Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Ping An Healthcare and Technology / Equity Bottom-Up

<ul>
<li>Ping An Healthcare and Technology Company (SEHK:1833) operates an Internet healthcare platform in China (Ping An Good Doctor), which delivers on-demand healthcare. Its mobile platform was launched in April 2015.     </li>
<li>It is one of the leading online healthcare providers in China and has reported strong growth in revenues and gross profit since inception.</li>
<li>The company has been positively impacted by the spread of COVID-19 with more people switching to online healthcare rather than visiting hospitals.</li>
</ul>


Ping An Healthcare and Technology Company (SEHK:1833) operates an Internet healthcare platform in China (Ping An Good Doctor), which delivers on-demand healthcare. Its mobile platform was launched in April 2015.     
It is one of the leading online healthcare providers in China and has reported strong growth in revenues and gross profit since inception.
The company has been positively impacted by the spread of COVID-19 with more people switching to online healthcare rather than visiting hospitals.


Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<ul>
<li>It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.</li>
<li>Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.</li>
<li>Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.</li>
</ul>


It has been an interesting year and short interest has varied a lot across countries, sectors and stocks. We look at changes in Hong Kong, Japan, Korea and Taiwan.
Shorts have soared in Korea following the resumption of short selling, while short interest has increased in the other countries too.
Ping An Insurance and BYD had the biggest short covering, while China Merchants Bank saw the largest increase in shorts over the year.


Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

<ul><li>ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 only</li><li>Expanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.</li><li>Still, a long way to go - Online healthcare is a domain full of risks. </li></ul>

ByteDance's ambition in healthcare - According to EqualOcean data, ByteDance has invested in 56 companies in 2021 onlyExpanding in adjacent fields - It is generally easier to invest in areas that are more compatible with a company's core businesses.Still, a long way to go - Online healthcare is a domain full of risks. 

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a> will be added to the HSI at the close on 3 December.</li>
<li>One-Way turnover is estimated at 5.05% and will result in a one-way trade of HK$10.1bn due to the inclusions, float changes and capping changes.</li>
<li>Currently at 64 members, Hang Seng Indexes is unlikely to reach its 80 index constituent target for the HSI by mid 2022 and the timeline is likely to be extended.</li>
</ul>



China Resources Beer Holdings (291 HK), ENN Energy (2688 HK), JD.com Inc. (9618 HK) and NetEase (9999 HK) will be added to the HSI at the close on 3 December.
One-Way turnover is estimated at 5.05% and will result in a one-way trade of HK$10.1bn due to the inclusions, float changes and capping changes.
Currently at 64 members, Hang Seng Indexes is unlikely to reach its 80 index constituent target for the HSI by mid 2022 and the timeline is likely to be extended.


HSI Index Rebalance: Tiptoeing to the 80 Index Member Target

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Webinar, we're excited to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" data-smartkarma-citation="accounts:4091" rel="noopener">Brian Freitas</a>, who will cover the upcoming rebalance of the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hong Kong Hang Seng Index (HSI INDEX)</a> as it pushes towards its target of 80 index members by mid-2022.</p>
<h3>The webinar will be hosted on Wednesday, 17 November 2021, 17:00 SGT/HKT.</h3>
<div>
<div>
<div class="content-highlight">
<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=85212464246" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
</div>
</div>
</div>
<div>
<p>Brian Freitas is a highly experienced ex-delta one trader with over 17 years of experience. He was previously with Barclays, Macquarie, Credit Suisse, and BNP Paribas.</p>
</div>

For our next Webinar, we're excited to welcome back Insight Provider Brian Freitas, who will cover the upcoming rebalance of the Hong Kong Hang Seng Index (HSI INDEX) as it pushes towards its target of 80 index members by mid-2022.
The webinar will be hosted on Wednesday, 17 November 2021, 17:00 SGT/HKT.



Register for the Webinar here




Brian Freitas is a highly experienced ex-delta one trader with over 17 years of experience. He was previously with Barclays, Macquarie, Credit Suisse, and BNP Paribas.


Smartkarma Webinar | Potential Inclusions to the Hang Seng Index (HSI INDEX)

China

JD Health International Inc. operates drug stores. The Company retails Chinese and Western medicines, nutrition products, health care products, and other products. JD Health International markets its products throughout China.

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JD Health International (6618 HK)

Ping An Health (Part 1): A Deep Dive into Online Medical Services Business

This is the first of a series of reports on Ping An Health and we deep dive into the company's fast-growing segment: Online Medical Services, its...

Shifara Samsudeen, FCMA, CGMA

Asia: The Year in Shorts

There have been large increases and decreases in short interest on stocks across HK, Japan, Korea and Taiwan over the year. We look at the biggest...

Brian Freitas

A Late Starter, ByteDance Begins to Accelerate Its Effort in Healthcare

The Chinese upstart behind TikTok has emerged into a major venture capital investor. Online healthcare (or telehealth) has been in the spotlight in...

EqualOcean

HSI Index Rebalance: Tiptoeing to the 80 Index Member Target

CR Beer, ENN Energy, JD.com & Netease will join the HSI after the close on 3 Dec. Some were expected, some are surprises. Turnover is 5%+ & the...

Brian Freitas

Smartkarma Webinar | Potential Inclusions to the Hang Seng Index (HSI INDEX)

On Wednesday, 17 November, 5pm SGT, join our webinar with Brian Freitas, who will cover the upcoming rebalance of the Hong Kong Hang Seng Index.

Smartkarma Research

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