Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Contemporary Amperex Technology / Equity Derivatives

Contemporary Amperex Technology (CATL-SR SP)

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
<strong>Most overbought</strong>: Meta, Hitachi Ltd, SK Hynix  <strong>Most oversold</strong>: Meituan, ICICI Bank, HKEX and Clearing, Ping An Insurance, Contemporary Amperex Technology (CATL), Komatsu, Hanwha Solutions, Zijin Mining, Shin Etsu Chemical</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought: Meta, Hitachi Ltd, SK Hynix  Most oversold: Meituan, ICICI Bank, HKEX and Clearing, Ping An Insurance, Contemporary Amperex Technology (CATL), Komatsu, Hanwha Solutions, Zijin Mining, Shin Etsu Chemical


WEEKLY Tactical Recap | Asymmetric Setup: SK Hynix, Meituan, ICICI, Ping An Insurance, CATL, Zijin M

Equity & Credit Research

Duncan Chan

Equity Bottom-Up

Contemporary Amperex Technology / Equity Bottom-Up

<ul>
<li>The market still largely values <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-co-limited-shs-unsp-singapore-depositary-receipt-repr-1-30-sh" target="_blank" data-smartkarma-citation="entities:48890:1" rel="noopener">Contemporary Amperex Technology (CATL-SR SP)</a> as a cyclical EV battery manufacturer, underestimating how AI-driven electricity demand shifts value toward storage integration and electricity infrastructure.</li>
<li>The VNET-related investment is unlikely to materially affect near-term earnings, but signals CATL positioning around AI-linked electricity infrastructure, storage integration and localized power resilience systems.</li>
<li>We remain constructive on CATL, with 12-month valuation outcomes ranging from HK$490 to HK$860+, depending on whether ESS achieves infrastructure-quality earnings, while our base-case valuation remains HK$720-750.</li>
</ul>


The market still largely values Contemporary Amperex Technology (CATL-SR SP) as a cyclical EV battery manufacturer, underestimating how AI-driven electricity demand shifts value toward storage integration and electricity infrastructure.
The VNET-related investment is unlikely to materially affect near-term earnings, but signals CATL positioning around AI-linked electricity infrastructure, storage integration and localized power resilience systems.
We remain constructive on CATL, with 12-month valuation outcomes ranging from HK$490 to HK$860+, depending on whether ESS achieves infrastructure-quality earnings, while our base-case valuation remains HK$720-750.


CATL: From Battery Supplier Toward Data Center Energy Infrastructure

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin long-term growth as it prepares for a Hong Kong IPO.</li><li>Chinese Politburo Member’s Downfall Exposes Shadowy Network Tied to Evergrande</li><li>A Caixin investigation into the downfall of Politburo member Ma Xingrui has uncovered a sprawling political-business syndicate that extracted billions of yuan from real estate deals and dumped toxic assets onto property giant China Vanke Co. Ltd.</li></ul>

China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin long-term growth as it prepares for a Hong Kong IPO.Chinese Politburo Member’s Downfall Exposes Shadowy Network Tied to EvergrandeA Caixin investigation into the downfall of Politburo member Ma Xingrui has uncovered a sprawling political-business syndicate that extracted billions of yuan from real estate deals and dumped toxic assets onto property giant China Vanke Co. Ltd.

CX Daily: Men, AI and a Retail Revamp Drive Xiaohongshu’s Pre-IPO Pivot 

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.

<ul>
<li>Asia has corrected 10%, propelled by Korea, Taiwan and Onshore China. AI capex anxiety, concerns about spike in inflation and interest rates and Middle East tensions are the main drivers.</li>
<li>Analysis of last 20 years' bear market shows that monetary policy tightening has been a regular feature of bear markets, unless severe macro-economic retrenchment (like in GFC) triggers the drawdown.</li>
<li>Asian policy rates are increasing but we don't think severe inflation spike is likely yet, unless the Iran war escalates sharply. We like materials, energy, AI "picks and shovels", financials.</li>
</ul>


Asia has corrected 10%, propelled by Korea, Taiwan and Onshore China. AI capex anxiety, concerns about spike in inflation and interest rates and Middle East tensions are the main drivers.
Analysis of last 20 years' bear market shows that monetary policy tightening has been a regular feature of bear markets, unless severe macro-economic retrenchment (like in GFC) triggers the drawdown.
Asian policy rates are increasing but we don't think severe inflation spike is likely yet, unless the Iran war escalates sharply. We like materials, energy, AI "picks and shovels", financials.


Asian Equities: Not a Forthcoming Collapse; Inflation and Rates the Key Issues

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

SHEIN Global Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shein-global-holdings-limited" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (625 HK)</a> (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.</li>
<li>Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.


Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

China

Contemporary Amperex Technology Co., Limited (CATL) is a global leader in new energy innovative technologies, specializing in the research, development, manufacturing, and sale of lithium-ion batteries for electric vehicles and energy storage systems. The company offers a diverse product lineup including various chemical systems and battery management solutions. CATL was founded in 2011 and is headquartered in Ningde, Fujian, China.

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Contemporary Amperex Technology (CATL-SR SP)

WEEKLY Tactical Recap | Asymmetric Setup: SK Hynix, Meituan, ICICI, Ping An Insurance, CATL, Zijin M

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

CATL: From Battery Supplier Toward Data Center Energy Infrastructure

AI-driven electricity demand is shifting value toward storage integration and infrastructure economics, potentially changing how CATL’s earnings...

Duncan Chan

CX Daily: Men, AI and a Retail Revamp Drive Xiaohongshu’s Pre-IPO Pivot

China’s lifestyle platform Xiaohongshu, known overseas as RedNote, is betting that a more diversified user base and business model can underpin...

Caixin Global

Asian Equities: Not a Forthcoming Collapse; Inflation and Rates the Key Issues

AI anxiety, inflation fear, Iran war driving Asia's drop. Monetary policy tightening triggers bear markets, but severe inflation unlikely unless...

Manishi Raychaudhuri

Aequitas: Shein Global Holdings IPO Trading - No Demand.. Existing Holders Took Half the Deal

SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing. In this...

Sumeet Singh

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