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 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.</li>
<li>The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 108.9% as of Sep 27th.
The average A-H premium changed by -1.5ppt week-on-week, led by real estate, consumer discretionary, information technology and offset by consumer staples, communication services, energy.
We highlight weekly changes in A-H premium for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.


A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 111.9% as of Sep 6th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by communication services, consumer discretionary, information technology and offset by real estate, financials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Guotai Junan Securities, Hangzhou Tiger, Shanghai Pharma, GAC Group, Haitong Securities.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 111.9% as of Sep 6th.
The average A-H premium changed by 1.3ppt week-on-week, led by communication services, consumer discretionary, information technology and offset by real estate, financials.
We highlight weekly changes in A-H premium for China Tourism, Guotai Junan Securities, Hangzhou Tiger, Shanghai Pharma, GAC Group, Haitong Securities.


A-H Premium Weekly (Sep 6th): China Tourism, Guotai Junan Securities, Tigermed, Shanghai Pharma

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.
We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.


A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Power International Development / Equity Bottom-Up

China Power International Development (2380 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> kicked off FY24 with an impressive 51.5% surge in 1H24 net profit. All business segments improved YoY, with hydropower being the best. </li>
<li>Both volume growth and cost reduction are the key drivers, supporting a 7.2pp gross margin expansion. The 5pp increase in the proportion of hydropower sold also lifted profitability.</li>
<li>CPI will grow its capacity to 52GW by end FY24, a 15.5% YoY and 7.8% HoH increase. Moreover, the upside will come from more asset injection from its parent.</li>
</ul>



China Power International (2380 HK) kicked off FY24 with an impressive 51.5% surge in 1H24 net profit. All business segments improved YoY, with hydropower being the best. 
Both volume growth and cost reduction are the key drivers, supporting a 7.2pp gross margin expansion. The 5pp increase in the proportion of hydropower sold also lifted profitability.
CPI will grow its capacity to 52GW by end FY24, a 15.5% YoY and 7.8% HoH increase. Moreover, the upside will come from more asset injection from its parent.


China Power International (2380 HK): Firing on All Cylinders

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.</li>
<li>The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.
The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.
We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.


A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

China

Huaneng Power International, Inc. is a Chinese electric power company primarily engaged in the development, construction, operation, and management of power plants. The company generates and sells electricity and heat from a diversified portfolio including coal-fired, gas-fired, hydro, wind, photovoltaic, and biomass resources. It was founded on June 30, 1994, and is headquartered in Beijing, China.

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

Huaneng Power International (902 HK)

A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 6th): China Tourism, Guotai Junan Securities, Tigermed, Shanghai Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Guotai Junan Securities, Hangzhou Tiger,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

China Power International (2380 HK): Firing on All Cylinders

CPI saw a 51.5% surge in 1H24 net profit, driven by growth in all business segments, particularly hydropower. Expansion in capacity and cost...

Osbert Tang, CFA

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 27th):China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Eastern, China Southern Airlines, Tsingtao, HPI, RemeGen.

Ke Yan, CFA, FRM

A-H Premium Weekly (Sep 6th): China Tourism, Guotai Junan Securities, Tigermed, Shanghai Pharma

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Guotai Junan Securities, Hangzhou Tiger,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

China Power International (2380 HK): Firing on All Cylinders

​CPI saw a 51.5% surge in 1H24 net profit, driven by growth in all business segments, particularly hydropower. Expansion in capacity and cost...

Osbert Tang, CFA

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

CPI saw a 51.5% surge in 1H24 net profit, driven by growth in all business segments, particularly hydropower. Expansion in capacity and cost...