Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Haidilao International Holding / Equity Bottom-Up

<ul>
<li>Hong Kong is now the top-performing major world market this year.  With a large valuation disparity, both Hong Kong's and China's markets have more upside potential.</li>
<li>
<a href="https://www.smartkarma.com/entities/haidilao-international-holding" target="_blank" data-smartkarma-citation="entities:27044:1" rel="noopener">Haidilao International Holding (6862 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> are benefiting from the improvement in consumer sentiment with government stimulus targeting housing payments and consumption.
</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> surged in anticipation of increased market trading and IPOs.  Industry consolidation is also part of the improved sentiment.</li>
</ul>


Hong Kong is now the top-performing major world market this year.  With a large valuation disparity, both Hong Kong's and China's markets have more upside potential.

Haidilao International Holding (6862 HK) and Anta Sports Products (2020 HK) are benefiting from the improvement in consumer sentiment with government stimulus targeting housing payments and consumption.

Citic Securities (H) (6030 HK) surged in anticipation of increased market trading and IPOs.  Industry consolidation is also part of the improved sentiment.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 27)

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Obvious policy efforts are being made to drive consumption and improve consumer confidence.</li>
<li>Previous attempts have resulted in increased savings but policy direction has changed</li>
<li>Beaten-Up consumer names have a good risk-reward at this stage</li>
</ul>


Obvious policy efforts are being made to drive consumption and improve consumer confidence.
Previous attempts have resulted in increased savings but policy direction has changed
Beaten-Up consumer names have a good risk-reward at this stage


China Crosses the Rubicon - Direct Payments to Kickstart Consumption

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>On Tuesday, China announced fresh stimulus measures targeting the stock market and property sector.</li>
<li>The PBoC reduced the main policy rate and cut the RRR, signaling that further cuts were on the cards for later this year.</li>
<li>Further stimulus measures were announced today ahead of the Golden Week holiday. The discounts of Naspers and Prosus have rallied on the news, we see room for further upside.</li>
</ul>


On Tuesday, China announced fresh stimulus measures targeting the stock market and property sector.
The PBoC reduced the main policy rate and cut the RRR, signaling that further cuts were on the cards for later this year.
Further stimulus measures were announced today ahead of the Golden Week holiday. The discounts of Naspers and Prosus have rallied on the news, we see room for further upside.


Prosus X Naspers: Discounts Catch Bid on China Stimulus, Trip.com Stake Fully Exited

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In our earlier notes, we talked about the company’s past performance and undertook a peer comparison. In this note, we will look at valuations.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In our earlier notes, we talked about the company’s past performance and undertook a peer comparison. In this note, we will look at valuations.


China Resources Beverage Pre-IPO - Thoughts on Valuation

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 20th.</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 (9988 HK), Meituan (3690 HK).</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 20th.
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 (9988 HK), Meituan (3690 HK).


Hong Kong Connect Flows (Sep 20th): Alibaba, Meituan

China

Haidilao International Holding Ltd. operates Chinese cuisine restaurant brand focusing on hot pot cuisine. The Company provides hot pots, soup bases, dipping sauces, drinks, prepared food, and other products. Haidilao International Holding opens restaurants in Taiwan, Hong Kong, Singapore, South Korea, Japan, and the United States.

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

Haidilao International Holding (6862 HK)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 27)

HSI is the top performing major global index heading into 4Q2024. Haidilao and Anta both benefit from improved sentiment in consumer sector. Citic...

David Mudd

China Crosses the Rubicon - Direct Payments to Kickstart Consumption

Policy efforts are shifting towards driving consumption and boosting consumer confidence, presenting a favourable risk-reward opportunity for...

Rikki Malik

Prosus X Naspers: Discounts Catch Bid on China Stimulus, Trip.com Stake Fully Exited

The discounts of Naspers and Prosus have rallied following news flow out of China on fresh stimulus measures. There is likely room for further...

DMA

China Resources Beverage Pre-IPO - Thoughts on Valuation

China Resources Beverage has now filed its PHIP and will begin pre-marketing soon. We will have a look at its latest filing and revise our...

Sumeet Singh

Hong Kong Connect Flows (Sep 20th): Alibaba, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Meituan (3690 HK).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (September 27)

HSI is the top performing major global index heading into 4Q2024. Haidilao and Anta both benefit from improved sentiment in consumer sector. Citic...

David Mudd

China Crosses the Rubicon - Direct Payments to Kickstart Consumption

​Policy efforts are shifting towards driving consumption and boosting consumer confidence, presenting a favourable risk-reward opportunity for...

Rikki Malik

Prosus X Naspers: Discounts Catch Bid on China Stimulus, Trip.com Stake Fully Exited

The discounts of Naspers and Prosus have rallied following news flow out of China on fresh stimulus measures. There is likely room for further...

DMA

China Resources Beverage Pre-IPO - Thoughts on Valuation

China Resources Beverage has now filed its PHIP and will begin pre-marketing soon. We will have a look at its latest filing and revise our...

Sumeet Singh

Hong Kong Connect Flows (Sep 20th): Alibaba, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Meituan (3690 HK).

Ke Yan, CFA, FRM

Policy efforts are shifting towards driving consumption and boosting consumer confidence, presenting a favourable risk-reward opportunity for...