Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.</li>
<li>According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.</li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for the HSCEI Index in June 2023.
According to our estimation, there could be two changes for the HSCEI in June 2023 and there could be one-way index flows of US$585mn.
The final index changes along with indicative capping and index weights could be published in Mid/Late-May 2023.


Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Country Garden Services / Equity Bottom-Up

<ul><li>The profit alert came slightly below expectation for both reported and core profits at -51% to -57%/+5% (vs. most bearish market expectation of -50%/+7%).</li><li>This may put its share price under pressure at the market opening.</li><li>However, we think the worst is almost over as 1) net profit growth may start to accelerate in 2023E at double digit with improving macro and the assumed addition of 100mn sqm managed GFA. 2) Country Garden started to see sales pick up in Feb (+10% MoM). 3) Impairment would be limited in 2023E after ~RMB2bn done in 2022. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The profit alert came slightly below expectation for both reported and core profits at -51% to -57%/+5% (vs. most bearish market expectation of -50%/+7%).This may put its share price under pressure at the market opening.However, we think the worst is almost over as 1) net profit growth may start to accelerate in 2023E at double digit with improving macro and the assumed addition of 100mn sqm managed GFA. 2) Country Garden started to see sales pick up in Feb (+10% MoM). 3) Impairment would be limited in 2023E after ~RMB2bn done in 2022. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CG Services (6098 HK) – Is it time to bottom fish yet?

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Tencent, Great Wall Motor, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Tencent, Great Wall Motor, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Mar 1st): Tencent, Great Wall Motor, CCB, HKEx

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the total inflows to be USD 960m and  highlight flows for Meituan, Xiaomi, Tencent.


Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.


Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning

China

Country Garden Services Holdings Co. Ltd. provides comprehensive property management services to residential, commercial, and public facilities in Mainland China. Its services encompass security, cleaning, landscaping, maintenance, and various community value-added offerings, alongside city services like sanitation and waste treatment. The company was founded in 1992 and is headquartered in Foshan, People's Republic of China.

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Country Garden Services (6098 HK)

Quiddity Flow Expectations HSCEI Jun 23: 2 ADDs/DELs Possible; Capping Flows US$585mn One-Way

According to my estimates based on the latest available data, Yum China and BeiGene are ADDs and Country Garden Holdings and Country Garden...

Janaghan Jeyakumar, CFA

CG Services (6098 HK) – Is it time to bottom fish yet?

The profit alert came slightly below expectation for both reported and core profits at -51% to -57%/+5% (vs. most bearish market expectation of ...

CMB International

Hong Kong Connect Flows (Mar 1st): Tencent, Great Wall Motor, CCB, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, Great Wall Motor, CCB, Hong Kong Exchanges And...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 17th): Meituan, Xiaomi, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight inflows for Meituan, Xiaomi and outflows from Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, HKEx, ICBC, CCB, Kuaishou Technology, Tencent, Li...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)