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 analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.</li>
<li>The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.</li>
</ul>


We analyse the changes of A-H premium on 179 stocks over the last week. The average A-H premium was 70.1% as of May 1st.
The average A-H premium changed by 1.5ppt week-on-week, led by real estate, consumer discretionary, health care and offset by utilities, energy.
We highlight weekly changes in A-H premium for Great Wall Motor, China Oilfield Services, China Life, CATL, China Railway, CMB.


A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

Thematic (Sector/Industry)

<div class="content-highlight"><p style="text-align: center;"> Retail (+6%), Wholesale (+6%) and Production (+2%)</p></div><p style="text-align: center;"> </p><p><strong>Auto Sales Rebounded to 6% yoy</strong></p><p>1.7 mm passenger vehicles were sold (both wholesale and retail) in July.  Wholesale, retail and production volume grew 6%, 6%, and 2% year-over-year, respectively, reflecting a rebound in auto industry.</p><p>Through 7months (7M 2017), retail, wholesale, and production in China grew 2%, 3%, and 5% year-over-year respectively.   </p><p>SUV sales continued to drive the industry growth. 7M 2017, SUV sales grew by 17.5%, 18.6% and…</p>

 Retail (+6%), Wholesale (+6%) and Production (+2%) Auto Sales Rebounded to 6% yoy1.7 mm passenger vehicles were sold (both wholesale and retail) in July.  Wholesale, retail and production volume grew 6%, 6%, and 2% year-over-year, respectively, reflecting a rebound in auto industry.Through 7months (7M 2017), retail, wholesale, and production in China grew 2%, 3%, and 5% year-over-year respectively.   SUV sales continued to drive the industry growth. 7M 2017, SUV sales grew by 17.5%, 18.6% and…

China's Auto Sales Rebounded in July 2017

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI AC Asia Pacific Excluding Japan Index / Technical Analysis

MSCI AC Asia Pacific Excluding Japan Index (MXAPJ INDEX)

MSCI AC Asia Pacific Excluding Japan Index

<p>As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.</p><p>Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.</p>

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.

<div class="content-highlight"><p style="text-align: center;">Production (5%), Wholesale (3%), and Retail (5%)</p></div><h2>Auto Sales Temporarily Rebounded on Pricing Discounts</h2><p>Last month/Jun 2017, Auto retail, wholesale, production in China grew 5%, 3%, and 5% year-over-year, respectively, reflecting a temporary rebound in China’s car sales. The month started off slowly but the reported wholesale data accelerated towards the end of June, as OEMs started to wrap up H1. Notably, during the last week in June, sales grew 12% year-over-year as pricing discounts accelerated…</p>

Production (5%), Wholesale (3%), and Retail (5%)Auto Sales Temporarily Rebounded on Pricing DiscountsLast month/Jun 2017, Auto retail, wholesale, production in China grew 5%, 3%, and 5% year-over-year, respectively, reflecting a temporary rebound in China’s car sales. The month started off slowly but the reported wholesale data accelerated towards the end of June, as OEMs started to wrap up H1. Notably, during the last week in June, sales grew 12% year-over-year as pricing discounts accelerated…

China's Auto Sales Monthly Data - June 2017

China Specialist, Auto and Industrial Specialist

Victoria Li

<p><span class="s1">The hangover of the 2015-16 purchase tax rebate for vehicles &lt;1.6L and the subsequent 16%y/y growth in sales in China autos is still reverberating through 2017.  In April passenger car production (-3%y/y, -19%m/m) and sales (-4%y/y, -18%m/m) had the first y/y decline since September 2015. We are anticipating a y/y decline in automotive production in China in 2017 as laid out in our outlook piece for 2017 (China Auto 2017 - Hangover time). </span></p><p>There have been plenty of credible arguments why sales…</p>

The hangover of the 2015-16 purchase tax rebate for vehicles &lt;1.6L and the subsequent 16%y/y growth in sales in China autos is still reverberating through 2017.  In April passenger car production (-3%y/y, -19%m/m) and sales (-4%y/y, -18%m/m) had the first y/y decline since September 2015. We are anticipating a y/y decline in automotive production in China in 2017 as laid out in our outlook piece for 2017 (China Auto 2017 - Hangover time). There have been plenty of credible arguments why sales…

China Auto - First Decline in Auto Production in 19 Months, Only a First Step Towards Normalisation

China

Great Wall Motor is a Chinese automobile manufacturer specializing in the design, development, production, and sale of a diverse range of vehicles, including SUVs, pickup trucks, sedans, and new energy vehicles under various brands. The company also produces automotive parts and components. It was founded in 1984 and is headquartered in Baoding, Hebei, China.

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

Great Wall Motor (2333 HK)

A-H Premium Weekly (May 1st): Great Wall Motor, China Oilfield Services, China Life, CATL

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, China Oilfield Services, China Life, CATL,...

Ke Yan, CFA, FRM

China's Auto Sales Rebounded in July 2017

Retail (+6%), Wholesale (+6%) and Production (+2%) Auto Sales Rebounded to 6% yoy1.7 mm passenger vehicles were sold (both wholesale and retail)...

JL Warren Capital

Asia: Developing Leadership

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is...

Vermilion Research

China's Auto Sales Monthly Data - June 2017

Production (5%), Wholesale (3%), and Retail (5%)Auto Sales Temporarily Rebounded on Pricing DiscountsLast month/Jun 2017, Auto retail, wholesale,...

JL Warren Capital

China Auto - First Decline in Auto Production in 19 Months, Only a First Step Towards Normalisation

The hangover of the 2015-16 purchase tax rebate for vehicles <1.6L and the subsequent 16%y/y growth in sales in China autos is still...

Victoria Li

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)