Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Contemporary Amperex Technology / Equity Derivatives

Contemporary Amperex Technology (CATL-SR SP)

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
Most overbought: Meta, Hitachi Ltd, SK Hynix  Most oversold: Meituan, ICICI Bank, HKEX and Clearing, Ping An Insurance, Contemporary Amperex Technology (CATL), Komatsu, Hanwha Solutions, Zijin Mining, Shin Etsu Chemical</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought: Meta, Hitachi Ltd, SK Hynix  Most oversold: Meituan, ICICI Bank, HKEX and Clearing, Ping An Insurance, Contemporary Amperex Technology (CATL), Komatsu, Hanwha Solutions, Zijin Mining, Shin Etsu Chemical


WEEKLY Tactical Recap | Asymmetric Setup: SK Hynix, Meituan, ICICI, Ping An Insurance, CATL, Zijin M

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>We launch the Emmer Capital Asia ex Japan Equity Model Portfolio. We shall measure the absolute and relative performance (vi-a-vis MSCI Asia-ex-Japan Index) of the portfolio and rebalance it monthly.</li>
<li>Our sector and market choices are governed by macro-economic and policy considerations. Asian consumption support, inflation divergence strengthening Asian currencies and market leading domestic exposures are some of the themes.</li>
<li>We are overweight HK/China, India, Korea; underweight Taiwan, ASEAN. We like consumer discretionary, communication services and technology, despite the latter's global footprint. We prefer high ROEs and dividend yields.</li>
</ul>


We launch the Emmer Capital Asia ex Japan Equity Model Portfolio. We shall measure the absolute and relative performance (vi-a-vis MSCI Asia-ex-Japan Index) of the portfolio and rebalance it monthly.
Our sector and market choices are governed by macro-economic and policy considerations. Asian consumption support, inflation divergence strengthening Asian currencies and market leading domestic exposures are some of the themes.
We are overweight HK/China, India, Korea; underweight Taiwan, ASEAN. We like consumer discretionary, communication services and technology, despite the latter's global footprint. We prefer high ROEs and dividend yields.


Asian Equities: Launching Our Asia Ex Japan Model Portfolio

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> converts from a Secondary Listing to an HKEX Dual-Primary Listing on 1 September. That should lead to Southbound Stock Connect inclusion from the open on 7 September.</li>
<li>
<a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> should be added to the CSI Hong Kong Connect Internet Index at the close on 18 September. That will add to the Southbound buying.</li>
<li>Passive trackers of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">HSI INDEX</a>, <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">HSCEI INDEX</a>, <a href="https://www.smartkarma.com/entities/hang-seng-tech-index" target="_blank" data-smartkarma-citation="entities:31367:1" rel="noopener">HSTECH INDEX</a> and HSIII Index will buy <a href="https://www.smartkarma.com/entities/baidu-inc-class-a" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a> at the December rebalance due to an increase in free float.</li>
</ul>



Baidu (9888 HK) converts from a Secondary Listing to an HKEX Dual-Primary Listing on 1 September. That should lead to Southbound Stock Connect inclusion from the open on 7 September.

Baidu (9888 HK) should be added to the CSI Hong Kong Connect Internet Index at the close on 18 September. That will add to the Southbound buying.
Passive trackers of the HSI INDEX, HSCEI INDEX, HSTECH INDEX and HSIII Index will buy Baidu (9888 HK) at the December rebalance due to an increase in free float.


Baidu (9888 HK): Dual Primary Today, Stock Connect Next Week, Then Index Flows

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>, India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/national-stock-exchange-of-india-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:267423" rel="noopener">National Stock Exchange of India IPO: The Investment Case</a>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.</li>
</ul>



National Stock Exchange (NSEIN IN), India's largest stock exchange, aims to raise up to US$2.4 billion through an IPO at a price range of Rs1,700 to Rs1,785.
I previously discussed the IPO in National Stock Exchange of India IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that NSE is fairly valued at the IPO price range. Therefore, I would pass on the IPO.


National Stock Exchange of India IPO: Valuation Insights

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.

National Stock Exchange of India / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise about US$2.4bn in its upcoming India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the index impact, or lack thereof.


Aequitas: NSE IPO -Index Flows Won’t Help in the near Term but Will Pickup Later

Hong Kong

Hong Kong Exchanges and Clearing Limited (HKEX) operates a range of equity, commodity, fixed income, and currency markets, providing listing, trading, clearing, and settlement services for securities and derivatives. It also functions as a frontline regulator for companies listed in Hong Kong. HKEX was formally established on March 6, 2000, and is headquartered in Exchange Square, Central, Hong Kong.

Hong Kong Exchanges and Clearing (388 HK)

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Hong Kong Exchanges and Clearing (388 HK)

WEEKLY Tactical Recap | Asymmetric Setup: SK Hynix, Meituan, ICICI, Ping An Insurance, CATL, Zijin M

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

Asian Equities: Launching Our Asia Ex Japan Model Portfolio

Emmer Capital's Asia ex JP Equity Model Portfolio is Overwt on HK/CN, India, Korea & underwt Taiwan, ASEAN. We like consumer discretionary, comm...

Manishi Raychaudhuri

Baidu (9888 HK): Dual Primary Today, Stock Connect Next Week, Then Index Flows

Buying via Southbound Stock Connect has been slow in Baidu. Mainland investors 'only' hold 32.87m shares (1.19% of shares out). That will receive a...

Brian Freitas

National Stock Exchange of India IPO: Valuation Insights

National Stock Exchange, India's largest stock exchange, aims to raise up to US$2.4 billion. In this note, I present my forecast and valuation.

Arun George

Aequitas: NSE IPO -Index Flows Won’t Help in the near Term but Will Pickup Later

National Stock Exchange (NSEIN IN) is looking to raise about US$2.4bn in its upcoming India IPO. In this note, we talk about the index flows or...

Sumeet Singh

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