Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Thematic (Sector/Industry)

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

Transport Sector, China and Asia-focused Research

Charles De Trenck

The "new" Economic Silk Belt initiative is not new, and includes more dimensions than initially believed to have. It is a positive for China and global infrastructure plays. But other issues include continued massive movement outward of people via construction workforces as well as potential and eventual growth of military influence.

The "new" Economic Silk Belt initiative is not new, and includes more dimensions than initially believed to have. It is a positive for China and global infrastructure plays. But other issues include continued massive movement outward of people via construction workforces as well as potential and eventual growth of military influence.

China's New International Political Economy

This post is a follow-up to discuss potential follow-on impacts of Hutchison Whampoa's restructuring on the Watson's retail segment. With a deal for O2 in the works, a Watson's listing or sale could be a source of permanent funding for this transaction. As an entity with its own currency, Watson's could accelerate its expansion program. The same is true if a retailer with global ambitions buys control.

This post is a follow-up to discuss potential follow-on impacts of Hutchison Whampoa's restructuring on the Watson's retail segment. With a deal for O2 in the works, a Watson's listing or sale could be a source of permanent funding for this transaction. As an entity with its own currency, Watson's could accelerate its expansion program. The same is true if a retailer with global ambitions buys control.

Hutchison Whampoa Restructuring: Next Move for Watson's? Part Two

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.</li>
<li>We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.</li>
<li>There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.</li>
</ul>


We see 37 potential adds (including plenty of new listings) and 25 potential deletes (on market cap and liquidity) for the Hang Seng Composite Index in September.
We expect 32 stocks to be added to Southbound Stock Connect following the rebalance while 24 stocks could be deleted from the trading link and become Sell-only.
There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.


HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Bloomberg reports that CGN, the parent and largest shareholder, is reconsidering taking <a href="https://www.smartkarma.com/entities/cgn-new-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4295:1" rel="noopener">CGN New Energy Holdings (1811 HK)</a> private. </li>
<li>CGN New Energy shares have underperformed the median peer's shares since the announcement of CGN's previous aborted privatisation attempt (2 March 2020) and on the last twelve-month basis.</li>
<li>The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer range of HK$2.80-4.30.</li>
</ul>


Bloomberg reports that CGN, the parent and largest shareholder, is reconsidering taking CGN New Energy Holdings (1811 HK) private. 
CGN New Energy shares have underperformed the median peer's shares since the announcement of CGN's previous aborted privatisation attempt (2 March 2020) and on the last twelve-month basis.
The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer range of HK$2.80-4.30.


CGN New Energy (1811 HK): Evaluating a Potential Privatisation

Singapore

Concord New Energy Group is an investment holding company focused on the renewable energy industry. It develops, owns, and operates wind and solar power plants, providing electricity generation, smart energy operations and maintenance, and green power and carbon trading solutions. The company is headquartered in Singapore and was founded in 2006.

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Concord New Energy (182 HK)

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr....

Kemp Dolliver, CFA

China's New International Political Economy

The "new" Economic Silk Belt initiative is not new, and includes more dimensions than initially believed to have. It is a positive for China and...

Charles De Trenck

Hutchison Whampoa Restructuring: Next Move for Watson's? Part Two

This post is a follow-up to discuss potential follow-on impacts of Hutchison Whampoa's restructuring on the Watson's retail segment. With a deal...

Kemp Dolliver, CFA

HSCI Index Rebalance Preview and Stock Connect: Potential Changes in September

There could be nearly 80 adds/deletes for the HSCI in September. That will trigger changes to the Southbound Stock Connect list and increase flows...

Brian Freitas

CGN New Energy (1811 HK): Evaluating a Potential Privatisation

The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer...

Arun George

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