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 analysed the earning revision of component stocks of HSI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.</li>
</ul>


We analysed the earning revision of component stocks of HSI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.


HSI Index Earning Revision (Mar): Oil and Tech

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>February numbers noisy, so we look at combined January-February change in volume</li>
<li>In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%</li>
<li>Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context</li>
</ul>


February numbers noisy, so we look at combined January-February change in volume
In the first two months of 2026, four China-listed companies' parcel volume up &lt; 8%
Single-Digit growth makes cost cuts tough, puts ZTO's 10%+ growth target into context


Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

<ul>
<li>Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y</li>
<li>FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25</li>
<li>ZTO focus has shifted from growth to higher rates of shareholder returns</li>
</ul>


Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y
FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25
ZTO focus has shifted from growth to higher rates of shareholder returns


ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

<ul>
<li>As expected, the pace of top-line growth slowed in Q425 following a strategic change in Q325</li>
<li>We're encouraged by the company's strong improvement in Q425 Adjusted OpInc margin</li>
<li>Modest forward PER and strong capital returns suggest BUY closer to US$8 per ADS</li>
</ul>


As expected, the pace of top-line growth slowed in Q425 following a strategic change in Q325
We're encouraged by the company's strong improvement in Q425 Adjusted OpInc margin
Modest forward PER and strong capital returns suggest BUY closer to US$8 per ADS


Full Truck Alliance Q425 Results: Q325 Change Hit Top-Line Growth, but Lifted OPM%; Buy near US$8

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> has announced that Wasion will be included in the index effective the 9th of March 2026. </li>
<li>Typically, this spurs inflow into the stock; thus, it is very likely that <a href="https://www.smartkarma.com/entities/wasion-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:421:1" rel="noopener">Wasion Group Holdings (3393 HK)</a> share price will rise. </li>
<li>The question is when to lock in some profit—is it soon or just before the index inclusion date?</li>
</ul>



Hang Seng Index (HSI INDEX) has announced that Wasion will be included in the index effective the 9th of March 2026. 
Typically, this spurs inflow into the stock; thus, it is very likely that Wasion Group Holdings (3393 HK) share price will rise. 
The question is when to lock in some profit—is it soon or just before the index inclusion date?


China

JD Logistics is a technology-driven supply chain solutions and logistics services provider, offering warehousing, distribution, and express and freight delivery. It serves various industries including fast-moving consumer goods, apparel, and automotive. The company is headquartered in Beijing, China, and was founded in 2007.

Price Gauge
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JD Logistics (2618 HK)

HSI Index Earning Revision (Mar): Oil and Tech

We analyzed HSI's consensus for Mar 2026 and highlighted changes of EPS in ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.

Ke Yan, CFA, FRM

Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

Combined January-February parcel volume grew by <8%, continuing the trend of sub-10% growth seen in Q425. Under these conditions it will be...

Tracking Traffic

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

On March 17 ZTO reported Q425 results that showed a steep decline in profitability, and a possible shift to higher rates of returns to shareholders

Tracking Traffic

Full Truck Alliance Q425 Results: Q325 Change Hit Top-Line Growth, but Lifted OPM%; Buy near US$8

In Q425, top-line growth slowed, but OpInc margin improved dramatically. Trading on 15x forward Adjusted Net Income, and supported by healthy cash...

Tracking Traffic

Wasion Holdings (3393): Index Inclusion

Hang Seng Index adds Wasion Holdings, this will boost share price and. The question is when to sell? Or shall investors sell completely?

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Earning Revision (Mar): Oil and Tech

We analyzed HSI's consensus for Mar 2026 and highlighted changes of EPS in ALIBABA, XIAOMI, HSBC, MEITUAN, LI AUTO, CNOOC.

Ke Yan, CFA, FRM

Monthly Chinese Express Tracker | Sluggish < 8% Volume Growth YTD from Four China-Listed Companies

Combined January-February parcel volume grew by <8%, continuing the trend of sub-10% growth seen in Q425. Under these conditions it will be...

Tracking Traffic

ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns

On March 17 ZTO reported Q425 results that showed a steep decline in profitability, and a possible shift to higher rates of returns to shareholders

Tracking Traffic

Full Truck Alliance Q425 Results: Q325 Change Hit Top-Line Growth, but Lifted OPM%; Buy near US$8

In Q425, top-line growth slowed, but OpInc margin improved dramatically. Trading on 15x forward Adjusted Net Income, and supported by healthy cash...

Tracking Traffic

Wasion Holdings (3393): Index Inclusion

​Hang Seng Index adds Wasion Holdings, this will boost share price and. The question is when to sell? Or shall investors sell completely?

Henry Soediarko

Hang Seng Index adds Wasion Holdings, this will boost share price and. The question is when to sell? Or shall investors sell completely?