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

Shenton Research

Shenton 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.

Index Rebalance

<ul>
<li>We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.</li>
<li>Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.</li>
<li>We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.</li>
</ul>


We review the proposed HS TECH rule changes and screen an early beneficiary list for the December 2026 rebalance.
Our screening returns 20 ADD candidates, 10 based on market value and 10 based on revenue growth.
We expect all 30 current constituents are retained. 10 MV based stocks to be mechanical and sales growth for 10 growth based stocks to be cut off at 30%.


HS TECH Index Consultation: Rules and Beneficiary Analysis

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Anker Innovations Technology / Equity Capital Markets

<ul>
<li>Anker Innovations launched Hongkong IPO to raise nearly HK$4.6B. They are primarily engaged in the design and sale of consumer electronics in the global smart devices industry.  </li>
<li>Company intends to use the proceeds for product innovation, enhance product categories, for R&amp;D capabilities, for brand marketing initiatives, for global market strategy, for supply chain management and working capital.</li>
<li>Anker Innovations’ market presence, brand recognition and sustainable business model paves way for future growth prospects.  The valuation sought seems fairly reasonable. Investors can surely give it a go.</li>
</ul>


Anker Innovations launched Hongkong IPO to raise nearly HK$4.6B. They are primarily engaged in the design and sale of consumer electronics in the global smart devices industry.  
Company intends to use the proceeds for product innovation, enhance product categories, for R&amp;D capabilities, for brand marketing initiatives, for global market strategy, for supply chain management and working capital.
Anker Innovations’ market presence, brand recognition and sustainable business model paves way for future growth prospects.  The valuation sought seems fairly reasonable. Investors can surely give it a go.


Anker Innovations IPO: Enough Power Left For Smart Investors To Bank Upon

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> managed to bag a new business deal with <a href="https://www.smartkarma.com/entities/mirle-automation-corp" target="_blank" data-smartkarma-citation="entities:6166:1" rel="noopener">Mirle Automation (2464 TT)</a> to manufacture robotic dogs and will increase its revenue by 60% in 4 years. </li>
<li>Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. </li>
<li>Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning <a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> . </li>
</ul>



Minth Group (425 HK) managed to bag a new business deal with Mirle Automation (2464 TT) to manufacture robotic dogs and will increase its revenue by 60% in 4 years. 
Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. 
Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning Minth Group (425 HK) . 


Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Summary</h2><ul>
<li>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </li>
<li>
On…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Taiwan

FIT Hon Teng Limited designs, develops, produces, and sells interconnect solutions and related products, including electronic and optoelectronic connectors, antennas, acoustic components, cables, and modules. The company serves industries such as communications infrastructure, consumer electronics, mobile devices, automotive, industrial, and medical. It was established in 2013 and is headquartered in New Taipei City, Taiwan.

Price Gauge
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FIT Hon Teng (6088 HK)

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

A Truce in Trade War?

USTR requested comments on potential exclusions of products of China subject to tariffs. We analyze the potential beneficiaries of this Sino-US...

Evelyn Zhang

Anker Innovations IPO: Enough Power Left For Smart Investors To Bank Upon

Anker Innovations launches Hong Kong IPO to raise HK$4.6B for product innovation, global market strategy, and brand marketing. Future growth...

Tina Banerjee

Minth (425): A Breath of Fresh Air

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HS TECH Index Consultation: Rules and Beneficiary Analysis

HSIL announced HS TECH consultation on proposed rule changes. In this note, we analysis the proposed new rules changes and preview the potential...

Ke Yan, CFA, FRM

A Truce in Trade War?

USTR requested comments on potential exclusions of products of China subject to tariffs. We analyze the potential beneficiaries of this Sino-US...

Evelyn Zhang

Anker Innovations IPO: Enough Power Left For Smart Investors To Bank Upon

​Anker Innovations launches Hong Kong IPO to raise HK$4.6B for product innovation, global market strategy, and brand marketing. Future growth...

Tina Banerjee

Minth (425): A Breath of Fresh Air

​Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Anker Innovations launches Hong Kong IPO to raise HK$4.6B for product innovation, global market strategy, and brand marketing. Future growth...

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...