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 analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.</li>
<li>The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.</li>
<li>We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 117.2% as of Jul 14th.
The average A-H premium changed by -3.0ppt week on week, led by consumer discretionary, consumer staples, utilities and offset by real estate, communication services.
We highlight weekly changes in A-H premium for BankComm, ICBC, ABC, CCB, Remegen.


A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 120.6% as of Jul 7th.</li>
<li>The average A-H premium changed by 5.9ppt week on week, led by consumer staples, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan, Yankuang Energy, New China Life.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 120.6% as of Jul 7th.
The average A-H premium changed by 5.9ppt week on week, led by consumer staples, consumer discretionary, energy.
We highlight weekly changes in A-H premium for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan, Yankuang Energy, New China Life.


A-H Premium Weekly (Jul 7th): BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Utilities, Real Estate and Energy sectors ranked top 3 with A/H premium increases last week. </li>
<li>First Tractor, Huaneng Energy and Yankuang Energy ranked top 3 on A/H premium increases last week. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Utilities, Real Estate and Energy sectors ranked top 3 with A/H premium increases last week. 
First Tractor, Huaneng Energy and Yankuang Energy ranked top 3 on A/H premium increases last week. 


A/H Premium Weekly: Utilities, Real Estate, Energy Lifted Premium

<ul>
<li>We analyse the changes of A/H premium on 135 stocks over the last week.</li>
<li>Industrial, Energy and Communication Services were the top three sectors contributing to the A/H premium declines. </li>
<li>Yet 4 names are at 52 week high of A/H premium: Air China Ltd, Guangshen Railway, Shenzhen HepaLink, Beijing North Star.</li>
</ul>


We analyse the changes of A/H premium on 135 stocks over the last week.
Industrial, Energy and Communication Services were the top three sectors contributing to the A/H premium declines. 
Yet 4 names are at 52 week high of A/H premium: Air China Ltd, Guangshen Railway, Shenzhen HepaLink, Beijing North Star.


A/H Premium Weekly: Biggest A/H Premium Declines in a Year

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

The conflation of a global pandemic, marginal air freight capacity, the Suez Canal blockage, Chinese port productivity curtailment due to Covid restrictions, a ten-fold increase in freight rates, and skyrocketing steel prices, has culminated in the mother-of-all sub-optimisation recipes.  
I've discussed this situation in <a href="https://skr.ma/SjpKV" target="_blank" rel="noopener">Game Of Ports: China's "Suez Blockage" Disruption</a>, <a href="https://skr.ma/dft2W" target="_blank" rel="noopener">Squeeze Box: The Port Congestion Contagion</a>, and <a href="https://skr.ma/GGQfY" target="_blank" rel="noopener">Yang Ming Marine (2609 TT): Cargo Shipping In First Class</a>.
<a href="https://www.smartkarma.com/entities/singamas-container-hldgs" target="_blank" data-smartkarma-citation="entities:13602:1" rel="noopener">Singamas Container Hldgs (716 HK)</a> is the only listed pure-play container manufacturer.  The company announced a positive profit alert on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0312/2021031201050.pdf" target="_blank" rel="noopener">12 March</a> for FY20, followed by a further profit positive alert on the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0630/2021063001235.pdf" target="_blank" rel="noopener">30 June</a> for its first half financials. The most recent announcement flagged net profit not less than US$50mn compared to Singamas' then market cap of ~US$180mn.
Shares are up 35% in the last month and 169% in the past twelve months.
This week I had a chat with the Singamas' CFO to get a better understand of the dynamics currently at work, and what to expect going forward.

The conflation of a global pandemic, marginal air freight capacity, the Suez Canal blockage, Chinese port productivity curtailment due to Covid restrictions, a ten-fold increase in freight rates, and skyrocketing steel prices, has culminated in the mother-of-all sub-optimisation recipes.  
I've discussed this situation in Game Of Ports: China's "Suez Blockage" Disruption, Squeeze Box: The Port Congestion Contagion, and Yang Ming Marine (2609 TT): Cargo Shipping In First Class.
Singamas Container Hldgs (716 HK) is the only listed pure-play container manufacturer.  The company announced a positive profit alert on the 12 March for FY20, followed by a further profit positive alert on the 30 June for its first half financials. The most recent announcement flagged net profit not less than US$50mn compared to Singamas' then market cap of ~US$180mn.
Shares are up 35% in the last month and 169% in the past twelve months.
This week I had a chat with the Singamas' CFO to get a better understand of the dynamics currently at work, and what to expect going forward.

China

COSCO SHIPPING Development is a financial services company focused on shipping logistics. Its core businesses include container manufacturing, shipping leasing, and container leasing, alongside investment management and marine insurance brokerage. The company was founded in 1997 and is headquartered in Shanghai, China.

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COSCO SHIPPING Development (2866 HK)

A-H Premium Weekly (Jul 14th): 52 Week High A-H for Banks

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, ABC, CCB, Remegen.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jul 7th): BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BankComm, ICBC, CCB, BYD, Asymchem, Hisense, Baiyunshan,...

Ke Yan, CFA, FRM

A/H Premium Weekly: Utilities, Real Estate, Energy Lifted Premium

We highlight three sectors that lifted A/H premium last week utilities, real estate and energy. We also highlight three stocks with A/H premium...

Ke Yan, CFA, FRM

A/H Premium Weekly: Biggest A/H Premium Declines in a Year

The market average A/H premium registered the biggest declines in the past one year. We highlight top sectors by the decline of A/H premium, as...

Ke Yan, CFA, FRM

Singamas (716 HK): Q&A With The CFO

Even assuming Singamas makes a conservative US$50mn for FY22E, and applying an 8x PER multiple, its average over a four-year period in 2011-2014, I...

David Blennerhassett

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