Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM, XINYI SOLAR, HSBC, Meituan, Jd, AIA, Bidu, Sino Biopharm, Xinyi Solar.


HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.


HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

<ul>
<li>We analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.


HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

Korea Electric Power (KEPCO) / Equity Bottom-Up

<ul>
<li>Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.</li>
<li>These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.</li>
<li>In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.</li>
</ul>


Tariff turmoil crashed S&amp;P500 by 18% and MSCI Asia ex Japan by 13% over the past couple of weeks. But even amid this carnage, a handful of stocks have appreciated.
These "genuine defensives" are predominantly from utilities, telecommunications and consumer staples. HK/China and Korea dominate with one entry from Singapore. They have cheap valuations, stable earnings estimates and revenue visibility.
In addition to eleven defensives we highlight, there are other stocks that have appreciated - notably few HK pharmaceutical stocks HK and 18 Indian stocks. They are not cheap, however.


Asian Equities: A Few Genuine Defensives in This Bloodbath

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ck-infrastructure-holdings-l" target="_blank" data-smartkarma-citation="entities:163:1" rel="noopener">CK Infrastructure Holdings (1038 HK)</a>'s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.</li>
<li>Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.</li>
<li>The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.</li>
</ul>



CK Infrastructure Holdings (1038 HK)'s share price should pick up as its portfolio of non-US infrastructure assets will become increasingly attractive.
Its assets will benefit from re-pricing as global inflation rates trend higher. Meanwhile, it will gain from the translation of foreign earnings back to HK$.
The secured 5.7% and 6.2% dividend yield for FY25F and FY26F makes CKI appealing, especially given a track record of 28 consecutive years of dividend hike.


Hong Kong

CLP Holdings Limited is an investment holding company primarily engaged in the generation, retail, transmission, and distribution of electricity across the Asia-Pacific region, including Hong Kong, Mainland China, Australia, India, Thailand, and Taiwan. The company utilizes a diversified energy portfolio, including coal, gas, nuclear, and renewable sources, and also provides energy and infrastructure solutions. It was founded in 1901 and is headquartered in Kowloon, Hong Kong.

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CLP (2 HK)

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

We analyzed HSI's consensus for May 2025 and highlighted changes of EPS in Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.

Ke Yan, CFA, FRM

Asian Equities: A Few Genuine Defensives in This Bloodbath

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

CKI (1038 HK): It Is the Best Time

CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Earning Revision (Aug): AIA, HSBC, MEITUAN, JD.COM, BIDU, SINO BIOPHARM

We analyzed HSI's consensus for Aug 2025 and highlighted changes of EPS in AIA (1299 HK), HSBC (5 HK), MEITUAN (3690 HK), JD.COM (9618 HK), BIDU...

Ke Yan, CFA, FRM

HSI Index Earning Revision (Jun): Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining

We analyzed HSI's consensus for Jun 2025 and highlighted changes of EPS in Ntes, HSBC, Zto Express, Midea, CCB, Shenzhou Intl, Zijin Mining, Clp.

Ke Yan, CFA, FRM

HSI Index Earning Revision (May): Xiaomi, ICBC, Tencent, China Life, Meituan, Smic

We analyzed HSI's consensus for May 2025 and highlighted changes of EPS in Xiaomi, ICBC, Tencent, China Life, Meituan, Smic.

Ke Yan, CFA, FRM

Asian Equities: A Few Genuine Defensives in This Bloodbath

​Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

Manishi Raychaudhuri

CKI (1038 HK): It Is the Best Time

​CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...

Osbert Tang, CFA

Despite tariff turmoil crashing markets, a few stocks in utilities, telecom & consumer staples have appreciated. These genuine defensives have...

CKI is poised to perform with non-US assets becoming more attractive, benefitting from global inflation and foreign earnings translation, offering...