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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.</li>
<li>SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.</li>
<li>Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.</li>
</ul>


The review period for the March review of the HSCI ended on 31 December. There are a lot of new listings that should be included in the index.
SenseTime is a high probability inclusion to the index, though it will only be added to Stock Connect in July once it completes 6 months and 20 trading days.
Xpeng and Li Auto will be added to Stock Connect in Feb/March if they pass the velocity test. We see Li Auto as failing the test, while Xpeng is close.


HSCI Index Rebalance and Stock Connect: Plenty of New Listings Should Be Included

Orient Overseas (International) / Index Rebalance

<ul>
<li>The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.</li>
<li>There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.</li>
<li>Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.</li>
</ul>


The review period for the March review of the HSCI ends on 31 December. There are expected to be a lot more inclusions than deletions at the review.
There are quite a few stocks that should be included following their listing over the last couple of months while others are now potential inclusions after passing the velocity test.
Quite a few of the potential deletions from the HSCI and Stock Connect have large holdings via Southbound Stock Connect and these stock could see some selling.


HSCI Index Rebalance and Stock Connect: More Inclusions than Exclusions in March

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE:  Swire, Hitachi Metal, Jardine, Softbank, Bingo, Japan Asia, Mainstream

<div>
<p><a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a>'s (Jiayuan) wholly-owned property management services arm <a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1153 HK)</a> ("JSH") priced its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1207/2020120700092.pdf" target="_blank" rel="noopener">global offering</a> yesterday and will commence trading today.</p>
</div>
<div>
<p>JSH expects to raise HK$0.579bn (US$0.074bn), before over-allotment.  Following the Offer, and before the over-allotment, Jiayuan's stake will decline to 75%.</p>
</div>
<div>
<p>Jiayuan is trading marginally above its peers, and its implied stub P/B is towards the upper end of the range compared to other parents of property management spin-offs. </p>
</div>
<div>
<p>More below the fold.</p>
</div>


Jiayuan International (2768 HK)'s (Jiayuan) wholly-owned property management services arm Jiayuan Services (1153 HK) ("JSH") priced its global offering yesterday and will commence trading today.


JSH expects to raise HK$0.579bn (US$0.074bn), before over-allotment.  Following the Offer, and before the over-allotment, Jiayuan's stake will decline to 75%.


Jiayuan is trading marginally above its peers, and its implied stub P/B is towards the upper end of the range compared to other parents of property management spin-offs. 


More below the fold.


Jiayuan Int'l (2768 HK): Fully Priced Ahead Of Jiayuan Services Spin-Off

Equity Capital Markets

Jiayuan Services / Equity Capital Markets

<div>
<p><a href="https://www.smartkarma.com/entities/jiayuan-services-holdings-limited" target="_blank" data-smartkarma-citation="entities:29205:1" rel="noopener">Jiayuan Services (1153 HK)</a> ("JSH") is the latest property management service companies to list. The Offer Price is <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1208/9541652/2020120800036.pdf" target="_blank" rel="noopener">$3.86</a>, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.</p>
<p>JSH is the spin-off of <a href="https://www.smartkarma.com/entities/jiayuan-international-group" target="_blank" data-smartkarma-citation="entities:22631:1" rel="noopener">Jiayuan International (2768 HK)</a>, which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.</p>
</div>
<div>
<p>JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  </p>
</div>
<div>
<p>On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. </p>
<p>Shares commence trading tomorrow.</p>
</div>
<div>
<p>More below the fold. </p>
</div>


Jiayuan Services (1153 HK) ("JSH") is the latest property management service companies to list. The Offer Price is $3.86, towards the upper end of the indicative Offer Price range of HK$3.15-HK$4.05/share.
JSH is the spin-off of Jiayuan International (2768 HK), which will own 75% in JSH after the IPO, down from 100% currently, before over-allotment.


JSH will raise HK$0.579bn (US$0.074bn), before over-allotment.  


On an FY20E PER metric, JSH is pitched at a premium to a basket of peers, and well-above similar-sized property management companies. 
Shares commence trading tomorrow.


More below the fold. 


Jiayuan Services (1153 HK): Small Player At A Big Price

Hong Kong

Jiayuan International Group is an investment holding company that invests in, develops, leases, and manages residential and commercial properties in the People's Republic of China. The company focuses on developing large-scale residential and commercial complexes, offering services in property development, sales, and investment. It was founded in 2003 and is headquartered in Central, Hong Kong.

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Jiayuan International (1J9 GR)

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Brian Freitas

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The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Jiayuan Int'l (2768 HK): Fully Priced Ahead Of Jiayuan Services Spin-Off

At 1.13x P/B, Jiayuan appears fully price. If the recent outperformance is on account of the listing of JSH today, even more, the reason to sell...

David Blennerhassett

Jiayuan Services (1153 HK): Small Player At A Big Price

I see no compelling reason why a management service company of this size, should be priced at a premium to larger, more liquid, and in many cases,...

David Blennerhassett

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