HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Bright Smart Securities & Commodities / Equity Bottom-Up

Bright Smart Securities & Commodities (1428 HK)

<ul>
<li>The offer price of HK$3.28 by Ant Financial is attractive - 2.9x P/B and 8.3x PER, both on 12-month forward basis. It is also appealing relative to peers.</li>
<li>
<a href="https://www.smartkarma.com/entities/bright-smart-securities-and" target="_blank" data-smartkarma-citation="entities:20511:1" rel="noopener">Bright Smart Securities (1428 HK)</a>'s massive outperformance against the HSI showed its strong marketing and execution capabilities. Ant Financial will bring many synergies to it.  </li>
<li>Risk-Averse investors may take this opportunity to cash out, but we are on the long-term bull camp and prefer to hold for further upside. </li>
</ul>


The offer price of HK$3.28 by Ant Financial is attractive - 2.9x P/B and 8.3x PER, both on 12-month forward basis. It is also appealing relative to peers.

Bright Smart Securities (1428 HK)'s massive outperformance against the HSI showed its strong marketing and execution capabilities. Ant Financial will bring many synergies to it.  
Risk-Averse investors may take this opportunity to cash out, but we are on the long-term bull camp and prefer to hold for further upside. 


Bright Smart (1428 HK): To Sell or Not to Sell?

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 November 22nd.</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, Alibaba, Meituan, Ping An Insurance, Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 22nd.
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, Alibaba, Meituan, Ping An Insurance, Xiaomi.


Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 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 Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 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 Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile, CNOOC, Zto Express.


Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.</li>
<li>
<a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart International Group L (9992 HK)</a> announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.
</li>
<li>
<a href="https://www.smartkarma.com/entities/citic-securities-h" target="_blank" data-smartkarma-citation="entities:463:1" rel="noopener">Citic Securities (H) (6030 HK)</a> was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on <a href="https://www.smartkarma.com/entities/new-oriental-education-techn" target="_blank" data-smartkarma-citation="entities:32210:1" rel="noopener">New Oriental Education &amp; Technology (9901 HK).</a>
</li>
</ul>


HSCI index has seen an outperformance of the consumer discretionary sector since the stimulus announcement while materials and energy sectors have lagged.

Pop Mart International Group L (9992 HK) announced a blow out 3Q24 revenue number with international revenue up by over 400%. DB raised the its target price to $88.


Citic Securities (H) (6030 HK) was maintained a BUY by Huatai, raising its target price to $28.81.   JP Morgan maintained  OVERWEIGHT on New Oriental Education &amp; Technology (9901 HK).



BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 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 Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 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 Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx, Ping An Insurance, CMB.


Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

Hong Kong

Guotai Junan International is an integrated financial service provider offering wealth management, institutional investor services, corporate finance, and investment management. Its diverse offerings include brokerage, asset management, and digital asset trading. The company was established in Hong Kong in 1993 and is headquartered there.

Price Gauge
52-week Range	0.00 - 0.00
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Guotai Junan International (1788 HK)

Bright Smart (1428 HK): To Sell or Not to Sell?

Ant Financial's attractive offer price of HK$3.28 for Bright Smart is appealing relative to peers, and is at a good premium to historical P/B and...

Osbert Tang, CFA

Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar,...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bright Smart (1428 HK): To Sell or Not to Sell?

​Ant Financial's attractive offer price of HK$3.28 for Bright Smart is appealing relative to peers, and is at a good premium to historical P/B and...

Osbert Tang, CFA

Hong Kong Connect Flows (Nov 22nd): Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Tencent, Alibaba, Meituan, Ping An Insurance, Xiaomi.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 1st): Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Xiaomi, Geely Automobile, CCB, Xinyi Solar,...

Ke Yan, CFA, FRM

BUY/SELL/HOLD: Hong Kong Stock Updates (October 30)

The consumer discretionary sector shows increased momentum in Hong Kong. Pop Mart beat on 3Q revenue with 440% growth in revenue outside China....

David Mudd

Hong Kong Connect Flows (Oct 10th): Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, SMIC, Xiaomi, Innovent Biologics, Meituan, HKEx,...

Ke Yan, CFA, FRM

Ant Financial's attractive offer price of HK$3.28 for Bright Smart is appealing relative to peers, and is at a good premium to historical P/B and...