Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Continued tailwinds for oil tanker stocks with tight markets keeping rates high</li>
<li>The copper supply and demand story is becoming more widely known and speculative interest is rising</li>
<li>Oil corrects  as the geopolitical premium subsides,but the longer-term story remains intact</li>
</ul>


Continued tailwinds for oil tanker stocks with tight markets keeping rates high
The copper supply and demand story is becoming more widely known and speculative interest is rising
Oil corrects  as the geopolitical premium subsides,but the longer-term story remains intact


Update on Some of the HK Commodity Stocks We Follow

<ul>
<li>China’s economic data is continuing to surprise on the upside.</li>
<li>Investors are starting to take notice and good news is not being ignored – a sign of a change in sentiment.</li>
<li>Economically sensitive and commodity-related sectors a good hunting ground for absolute returns</li>
</ul>


China’s economic data is continuing to surprise on the upside.
Investors are starting to take notice and good news is not being ignored – a sign of a change in sentiment.
Economically sensitive and commodity-related sectors a good hunting ground for absolute returns


What's up with Hong Kong? Bull Market Dude!

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND a net buyer every day since the end of Chinese New Year. Still. NORTHBOUND a huge net seller this week, but net buyers in size (RMB +86bn) over 8wks.</li>
<li>For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND a net buyer every day since the end of Chinese New Year. Still. NORTHBOUND a huge net seller this week, but net buyers in size (RMB +86bn) over 8wks.
For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).


A/H Premium Tracker (To 22 Mar 2024):  Liquid AH Premia Still At Wides

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>There is no immediate impact of termination of 2M Alliance between <a href="https://www.smartkarma.com/entities/ap-moller-maersk-a-s" target="_blank" data-smartkarma-citation="entities:24755:1" rel="noopener">Ap Moller - Maersk A/S (MAERSKA DC)</a> and Mediterranean Shipping Company in 2025, but there are some long-term implications.</li>
<li>The change in competitive landscape will add uncertain operating variables to <a href="https://www.smartkarma.com/entities/china-cosco-holdings-h" target="_blank" data-smartkarma-citation="entities:286:1" rel="noopener">COSCO Shipping Holdings (1919 HK)</a> and <a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a> as there is possibility of stiffer industry competition. </li>
<li>Port companies like <a href="https://www.smartkarma.com/entities/cosco-shipping-ports-ltd" target="_blank" data-smartkarma-citation="entities:360:1" rel="noopener">Cosco Shipping Ports (1199 HK)</a> and <a href="https://www.smartkarma.com/entities/china-merchants-port-holdings-company-ltd" target="_blank" data-smartkarma-citation="entities:15155:1" rel="noopener">China Merchants Port (144 HK)</a> may see improvement in their relative bargaining power, with potentially lower bulk volume discounts offered. </li>
</ul>


There is no immediate impact of termination of 2M Alliance between Ap Moller - Maersk A/S (MAERSKA DC) and Mediterranean Shipping Company in 2025, but there are some long-term implications.
The change in competitive landscape will add uncertain operating variables to COSCO Shipping Holdings (1919 HK) and Orient Overseas International (316 HK) as there is possibility of stiffer industry competition. 
Port companies like Cosco Shipping Ports (1199 HK) and China Merchants Port (144 HK) may see improvement in their relative bargaining power, with potentially lower bulk volume discounts offered. 


China Shipping Sector: Impacts of the Termination of 2M Alliance

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 analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.</li>
<li>We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.</li>
</ul>


We analyse the changes of A-H premium on 160 stocks over the last week. The average A-H premium was 62.5% as of Dec 5th.
The average A-H premium changed by -0.6ppt week-on-week, led by communication services, energy, consumer discretionary and offset by consumer staples, information technology.
We highlight weekly changes in A-H premium for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.


A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

China

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Update on Some of the HK Commodity Stocks We Follow

Revisiting some of the Hong Kong commodity stocks we have highlighted previously. Tanker rates remain high, copper demand grows amid speculation,...

Rikki Malik

What's up with Hong Kong? Bull Market Dude!

China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...

Rikki Malik

A/H Premium Tracker (To 22 Mar 2024): Liquid AH Premia Still At Wides

The Quiddity AH Monitor had a good week outperforming the biases on both long pairs and short pairs. AH Premia remain wide. Too wide. China...

Travis Lundy

China Shipping Sector: Impacts of the Termination of 2M Alliance

Termination of 2M Alliance may mean stiffer competition to be faced by Cosco Holdings and OOIL. Meanwhile, port companies like Cosco Shipping Port...

Osbert Tang, CFA

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Update on Some of the HK Commodity Stocks We Follow

Revisiting some of the Hong Kong commodity stocks we have highlighted previously. ​Tanker rates remain high, copper demand grows amid speculation,...

Rikki Malik

What's up with Hong Kong? Bull Market Dude!

​China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...

Rikki Malik

A/H Premium Tracker (To 22 Mar 2024): Liquid AH Premia Still At Wides

The Quiddity AH Monitor had a good week outperforming the biases on both long pairs and short pairs. AH Premia remain wide. Too wide. China...

Travis Lundy

China Shipping Sector: Impacts of the Termination of 2M Alliance

Termination of 2M Alliance may mean stiffer competition to be faced by Cosco Holdings and OOIL. Meanwhile, port companies like Cosco Shipping Port...

Osbert Tang, CFA

A-H Premium Weekly (Dec 5th): Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Jiangsu Expressway, China Vanke, Fibocom Wireless, Fuyao Glass.

Ke Yan, CFA, FRM

Revisiting some of the Hong Kong commodity stocks we have highlighted previously. Tanker rates remain high, copper demand grows amid speculation,...

China's stronger economic data is catching investors' attention, signalling a shift in sentiment and highlighting opportunities in economically...