HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Eyebright Medical Technology / Equity Bottom-Up

<ul>
<li>At the current stage, the price of IOL that won the bidding in centralized procurement was above Eyebright’s ex-factory price, which means that the profits are still guaranteed. </li>
<li>If two core products (IOL &amp; OK lens) are both included in the centralized procurement in the future, Eyebright needs to broaden the product category and find new growth points.</li>
<li>We analyze the valuation from a different angle.We could not say that the current market value of Eyebright is at the bottom, but is more reasonable compared with last June. </li>
</ul>


At the current stage, the price of IOL that won the bidding in centralized procurement was above Eyebright’s ex-factory price, which means that the profits are still guaranteed. 
If two core products (IOL &amp; OK lens) are both included in the centralized procurement in the future, Eyebright needs to broaden the product category and find new growth points.
We analyze the valuation from a different angle.We could not say that the current market value of Eyebright is at the bottom, but is more reasonable compared with last June. 


Eyebright Medical Technology Beijing (688050.CH) - Some Points Worth the Attention

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>In keeping with tradition, the SSE and CSI have continued to use a 6 month minimum listing history. No one remembers how or why it started, but it carries on.</li>
<li>There are only 10 trading days to implementation and passive funds will need to trade multiple days of ADV on the inclusions and exclusions.</li>
<li>The adds, deletes and the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> have moved in lockstep since November. The CSI500 Index has outperformed over the period opening up a trading opportunity.</li>
</ul>


In keeping with tradition, the SSE and CSI have continued to use a 6 month minimum listing history. No one remembers how or why it started, but it carries on.
There are only 10 trading days to implementation and passive funds will need to trade multiple days of ADV on the inclusions and exclusions.
The adds, deletes and the SSE STAR50 (STAR50 INDEX) have moved in lockstep since November. The CSI500 Index has outperformed over the period opening up a trading opportunity.


STAR50 Index Rebalance: Index Committees Just Wanna Have Fun

<ul>
<li>The review period ended last week. There will either be 4 or 5 changes to the <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">SSE STAR50 (STAR50 INDEX)</a> depending on the minimum listing history period used.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-medicilon-inc" target="_blank" data-smartkarma-citation="entities:30368:1" rel="noopener">Shanghai Medicilon Inc (688202 CH)</a> is a high probability inclusion while there are 4 high probability deletions, irrespective of the minimum listing history period used.</li>
<li>The potential inclusions have continued to drop and have underperformed the potential deletions. The next couple of weeks could see a reversal in that trend.</li>
</ul>


The review period ended last week. There will either be 4 or 5 changes to the SSE STAR50 (STAR50 INDEX) depending on the minimum listing history period used.

Shanghai Medicilon Inc (688202 CH) is a high probability inclusion while there are 4 high probability deletions, irrespective of the minimum listing history period used.
The potential inclusions have continued to drop and have underperformed the potential deletions. The next couple of weeks could see a reversal in that trend.


STAR50 Index Rebalance Preview (March 2022): Falling Knives

<ul>
<li>The main question, for yet another rebalance, is whether the index committee chooses a 6 month minimum listing history or increases it to 12 months in line with the methodology.</li>
<li>That decision will result in either 4 or 5 changes at the rebalance. The deletions remain the same, while there is only 1 inclusion common across both lists.</li>
<li>There is a fair bit to trade on the potential inclusions and exclusions and we expect the inclusions to outperform the deletions over the next couple of months.</li>
</ul>


The main question, for yet another rebalance, is whether the index committee chooses a 6 month minimum listing history or increases it to 12 months in line with the methodology.
That decision will result in either 4 or 5 changes at the rebalance. The deletions remain the same, while there is only 1 inclusion common across both lists.
There is a fair bit to trade on the potential inclusions and exclusions and we expect the inclusions to outperform the deletions over the next couple of months.


STAR50 Index Rebalance Preview (March 2022): What Will The Index Committee Do?

<ul>
<li>In “<em>Investment opportunity in China healthcare industry</em>” we analyzed <a href="https://www.smartkarma.com/entities/ovctek-china-inc" target="_blank" data-smartkarma-citation="entities:29638:1" rel="noopener">Ovctek China Inc (300595 CH)</a>.</li>
<li>However, the stock price has fallen about 43% so far from the record high of RMB109.7/share in June.</li>
<li>Before investors decide to take advantage of this correction, it would be better to look at some potential risks of OVCTEK.</li>
</ul>


In “Investment opportunity in China healthcare industry” we analyzed Ovctek China Inc (300595 CH).
However, the stock price has fallen about 43% so far from the record high of RMB109.7/share in June.
Before investors decide to take advantage of this correction, it would be better to look at some potential risks of OVCTEK.


Ovctek China Inc (300595.CH) - Better See Some Potential Risks Before Making Decisions

China

Eyebright Medical Technology (Beijing) Co., Ltd. produces and sells medical devices. The Company manufactures and sells implantable ophthalmic supplies, surgical instruments, and other products. Eyebright Medical Technology (Beijing) markets its products throughout China.

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Eyebright Medical Technology (688050 CH)

Eyebright Medical Technology Beijing (688050.CH) - Some Points Worth the Attention

For centralized procurement of IOL and OK lens, Eyebright is "safe" in short term but not long term.If see the valuation from a different angle, we...

Xinyao (Criss) Wang

STAR50 Index Rebalance: Index Committees Just Wanna Have Fun

The index committee has used a 6 month minimum listing history again when they should have used 12. All stocks have performed terribly & passive...

Brian Freitas

STAR50 Index Rebalance Preview (March 2022): Falling Knives

There could be 4 or 5 changes to the index in March depending on the minimum listing history used. Turnover will be around 5% and the impact on the...

Brian Freitas

STAR50 Index Rebalance Preview (March 2022): What Will The Index Committee Do?

There could be 4 or 5 changes to the STAR50 Index at the March rebalance depending on whether the index committee uses a 6 month or 12 month...

Brian Freitas

Ovctek China Inc (300595.CH) - Better See Some Potential Risks Before Making Decisions

The insight mainly analyzed OVCTEK in terms of several potential risk points related to its business layout, development strategies,increasing...

Xinyao (Criss) Wang

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