Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Zoomlion Heavy Industry H / Equity Bottom-Up

<ul>
<li>Hong Kong continues its secular bull market and has now reached its first significant resistance in the 24k to 25k.  Growth factor investing is leading in long-only investing.</li>
<li>Mainland buyers continue buying Hong Kong stocks at a historic rate with buying focused in the tech sector and specifically in AI-related companies.</li>
<li>
<a href="https://www.smartkarma.com/entities/zoomlion-heavy-industry-h" target="_blank" data-smartkarma-citation="entities:7817:1" rel="noopener">Zoomlion Heavy Industry H (1157 HK)</a> has broken its double-top formation and is at a new high.  <a href="https://www.smartkarma.com/entities/vtech-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18812:1" rel="noopener">Vtech Holdings (303 HK)</a> broke out to a new high with improving momentum.
</li>
</ul>


Hong Kong continues its secular bull market and has now reached its first significant resistance in the 24k to 25k.  Growth factor investing is leading in long-only investing.
Mainland buyers continue buying Hong Kong stocks at a historic rate with buying focused in the tech sector and specifically in AI-related companies.

Zoomlion Heavy Industry H (1157 HK) has broken its double-top formation and is at a new high.  Vtech Holdings (303 HK) broke out to a new high with improving momentum.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (March 6)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 6th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.


Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>In the September data are clear signs of slowing momentum &amp; price moderation</li>
<li>Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing</li>
<li>Without catalysts, we would AVOID holding shares of global container names</li>
</ul>


In the September data are clear signs of slowing momentum &amp; price moderation
Seasonality, NAM de-stocking, anniversary of Red Sea re-routes all contributing
Without catalysts, we would AVOID holding shares of global container names


Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">CIMC Enric Holdings (3899 HK)</a> has underperformed benchmark Indices YTD, and its business segments are undervalued based on their earnings performance. </li>
<li>The clean energy segment is only valued at HK$3.4bn, or 24% of the stock's total. However, it is the largest earnings generator in 1H24, contributing 60% of 1H24 profit.</li>
<li>CLPT's earnings contribution is 22% more than CIMC Safeway's, but it is only valued at 27% of the latter, equivalent to an undemanding 9.8x annualised PER.</li>
</ul>



CIMC Enric Holdings (3899 HK) has underperformed benchmark Indices YTD, and its business segments are undervalued based on their earnings performance. 
The clean energy segment is only valued at HK$3.4bn, or 24% of the stock's total. However, it is the largest earnings generator in 1H24, contributing 60% of 1H24 profit.
CLPT's earnings contribution is 22% more than CIMC Safeway's, but it is only valued at 27% of the latter, equivalent to an undemanding 9.8x annualised PER.


CIMC Enric (3899 HK): Mispriced, with Good Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cimc-enric-holdings-ltd" target="_blank" data-smartkarma-citation="entities:47:1" rel="noopener">CIMC Enric Holdings (3899 HK)</a>'s 1H24 result is below expectations, but the growth outlook is promising. Management also guided for a solid recovery in 2H24.</li>
<li>Backlog and new orders rose 42.5% and 29.4%, respectively, with chemical and environmental orders rebounded sharply QoQ. The overall margin will be better in 2H24.</li>
<li>Hydrogen revenue should reach Rmb1bn in FY24 (1H24: Rmb450m). New coke oven gas (COG) to hydrogen projects may generate Rmb10bn revenue by FY27, or 43% of FY23 revenue.</li>
</ul>



CIMC Enric Holdings (3899 HK)'s 1H24 result is below expectations, but the growth outlook is promising. Management also guided for a solid recovery in 2H24.
Backlog and new orders rose 42.5% and 29.4%, respectively, with chemical and environmental orders rebounded sharply QoQ. The overall margin will be better in 2H24.
Hydrogen revenue should reach Rmb1bn in FY24 (1H24: Rmb450m). New coke oven gas (COG) to hydrogen projects may generate Rmb10bn revenue by FY27, or 43% of FY23 revenue.


CIMC Enric (3899 HK): Things Are Getting Better

Hong Kong

CIMC Enric Holdings Ltd. designs, manufactures, and markets gas equipment.  The Company produces compressors, pressure vessels, gas refueling station trailers, and other gas equipment, as well as transportation equipment such as containers, trailers, tank equipments and airport equipments.

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CIMC Enric Holdings (3899 HK)

Technically Speaking, Breakouts and Breakdowns: HONG KONG (March 6)

Hong Kong continues its secular bull market outperforming global markets over the last year. After advancing more than 20% this year, the market...

David Mudd

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

In September's data there are clear signs of sharply slowing momentum in the global container trades. We recommend avoiding shares of the carriers...

Tracking Traffic

CIMC Enric (3899 HK): Mispriced, with Good Upside

CIMC Enric has undervalued business segments, with clean energy leading in earnings but underrepresented in value. CLPT is also too cheap due to...

Osbert Tang, CFA

CIMC Enric (3899 HK): Things Are Getting Better

CIMC Enric's controlling shareholder, CIMC Group, has increased its holdings by 0.41% over the peak of the recent Hong Kong market rally (27-Sep to...

Osbert Tang, CFA

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52-week Range

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Technically Speaking, Breakouts and Breakdowns: HONG KONG (March 6)

Hong Kong continues its secular bull market outperforming global markets over the last year. After advancing more than 20% this year, the market...

David Mudd

Hong Kong Connect Flows (Dec 6th): Alibaba, CCB, Sunny Optical, Xpeng, CMB

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, CCB, Sunny Optical, Xpeng, CMB.

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker: As Momentum Wanes, Best to Avoid Carriers' Shares (October 2024)

In September's data there are clear signs of sharply slowing momentum in the global container trades. We recommend avoiding shares of the carriers...

Tracking Traffic

CIMC Enric (3899 HK): Mispriced, with Good Upside

​CIMC Enric has undervalued business segments, with clean energy leading in earnings but underrepresented in value. CLPT is also too cheap due to...

Osbert Tang, CFA

CIMC Enric (3899 HK): Things Are Getting Better

CIMC Enric's controlling shareholder, CIMC Group, has increased its holdings by 0.41% over the peak of the recent Hong Kong market rally (27-Sep to...

Osbert Tang, CFA

CIMC Enric has undervalued business segments, with clean energy leading in earnings but underrepresented in value. CLPT is also too cheap due to...