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 Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 24th.</li>
<li>We estimate the weekly outflows to be US$432.1 million, led by information technology, materials, and offset by health care, consumer discretionary, consumer staples.</li>
<li>We highlight flows for Chongqing Changan Automobile, Chongqing Sokon Industry Group Stock, Sungrow Power Supply, BYD.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 24th.
We estimate the weekly outflows to be US$432.1 million, led by information technology, materials, and offset by health care, consumer discretionary, consumer staples.
We highlight flows for Chongqing Changan Automobile, Chongqing Sokon Industry Group Stock, Sungrow Power Supply, BYD.


Northbound Flows (Nov 24th): Chongqing Changan Automobile, Sokon, Sungrow Power, BYD

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)</li>
<li>Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were <a href="https://www.smartkarma.com/entities/chongqing-changan-automobi-b" target="_blank" data-smartkarma-citation="entities:13472:1" rel="noopener">Chongqing Changan Automobile Company (200625 CH)</a> to buy, BYD to sell.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same few names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, etc, but the nets are changing (and Chongqing Changan)
Last week, NORTHBOUND were again net sellers (RMB -3.16bn), but Shanghai saw net buys. The top two flows were Chongqing Changan Automobile Company (200625 CH) to buy, BYD to sell.


Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, Foxconn, and this week Longi Green Energy. Nets are smaller.</li>
<li>Last week, NORTHBOUND was again net sellers, showing three weeks ago (the only weekly net buy in months) may have been a fluke.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Zhongji Innolight, Foxconn, and this week Longi Green Energy. Nets are smaller.
Last week, NORTHBOUND was again net sellers, showing three weeks ago (the only weekly net buy in months) may have been a fluke.


Mainland Connect NORTHBOUND Flows (To 17 Nov 23): Net Sales Again, Dominated by Financials

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The loss from repossessed motorcycles from the subsidiary SCAP should exert downward pressure on earnings during 3Q23-4Q23, which will be evident under the SG&A expense item.</li><li>However, the company anticipates that the impact of this situation peaked last quarter and will subsequently taper off in 4Q23 to 1Q24.</li><li>We maintain a Buy rating, with a fair value of Bt56.43.</li></ul>

The loss from repossessed motorcycles from the subsidiary SCAP should exert downward pressure on earnings during 3Q23-4Q23, which will be evident under the SG&A expense item.However, the company anticipates that the impact of this situation peaked last quarter and will subsequently taper off in 4Q23 to 1Q24.We maintain a Buy rating, with a fair value of Bt56.43.

Analyst Briefing Srisawad Corporation Plc. (SAWAD)

<ul>
<li>This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.</li>
<li>The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are still smaller.</li>
<li>Last week, NORTHBOUND returned to net OUTflow after the previous week saw the first net buy in 3mos. This week saw RMB 7.95bn of net NORTHBOUND selling.</li>
</ul>


This is the somewhat-brand-spanking-new Quiddity Mainland Connect NORTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor.
The same five names continue at the top of the gross flows list - Kweichow Moutai, Contemporary Amperex, Wuliangye Yibin, Foxconn Industrial, and BYD. Nets are still smaller.
Last week, NORTHBOUND returned to net OUTflow after the previous week saw the first net buy in 3mos. This week saw RMB 7.95bn of net NORTHBOUND selling.


Mainland Connect NORTHBOUND Flows (To 10 Nov 23): Back To Net Sales (Ping An, Eoptolink, Innolight)

China

East Money Information Co., Ltd. operates online financial information platform.  The Company's products include internet advertising and financial data.

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East Money Information (300059 CH)

Northbound Flows (Nov 24th): Chongqing Changan Automobile, Sokon, Sungrow Power, BYD

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Chongqing Changan Automobile, Sokon, Sungrow Power...

Ke Yan, CFA, FRM

Mainland Connect NORTHBOUND Flows (To 24 Nov 23): Chongqing Changan (Bought) Vs BYD (Sold)

Mainland Connect (NORTHBOUND) flows continue to sell net selling. This week was RMB -3.16bn. The big buy this week was Chongqing Changan, the big...

Travis Lundy

Mainland Connect NORTHBOUND Flows (To 17 Nov 23): Net Sales Again, Dominated by Financials

Mainland Connect (NORTHBOUND) flows were negative again. Nearly RMB 5bn and net sells across both exchanges four days out of five. Financials were...

Travis Lundy

Analyst Briefing Srisawad Corporation Plc. (SAWAD)

The loss from repossessed motorcycles from the subsidiary SCAP should exert downward pressure on earnings during 3Q23-4Q23, which will be evident...

Krungthai XSpring

Mainland Connect NORTHBOUND Flows (To 10 Nov 23): Back To Net Sales (Ping An, Eoptolink, Innolight)

Mainland Connect NORTHBOUND flow was back to net selling last week. Top names were still top names. Property & Construction a net buy. BYD a big...

Travis Lundy

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