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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan, Ping An Insurance, Akeso, China Telecom, Xiaomi, Kuaishou.


HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a> is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.</li>
<li>I discussed the investment case in <strong><em><a href="https://www.smartkarma.com/insights/aux-electric-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:198161" rel="noopener">Aux Electric IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.</li>
</ul>



Aux Electric (2580 HK) is the fifth-largest air conditioner provider globally as measured by volume. It has launched an HKEx IPO to raise up to US$462 million.
I discussed the investment case in Aux Electric IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.


Aux Electric IPO (2580 HK): Valuation Insights

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta, Geely Automobile.


HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 4th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, Innovent Biologics, SMIC, CMB, Giant Biogene, Xiaomi, Tencent, Alibaba, BOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 4th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, Innovent Biologics, SMIC, CMB, Giant Biogene, Xiaomi, Tencent, Alibaba, BOC.


HK Connect Flows Weekly (Jul 4th): CCB, Innovent Biologics, SMIC, CMB, Giant Biogene, Xiaomi

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>While <a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a>'s net profit grew 20.1% in FY24, there is a marked slowdown in 2H24 (+7.4%) vs. 1H24 (+37.5%), suggesting increased operating pressure. </li>
<li>North American sales slowed to 10.7% growth in 2H24, from 13% in 1H24. The deteriorating financial and operating performance affirmed that privatisation is an exit opportunity.</li>
<li>Its PER discount (on privatiation price) to peers has widened to 35-38%, compared with 25-30% in Dec. Its US exposure makes it unable to reap benefits from China market stimulus.</li>
</ul>


While Vesync (2148 HK)'s net profit grew 20.1% in FY24, there is a marked slowdown in 2H24 (+7.4%) vs. 1H24 (+37.5%), suggesting increased operating pressure. 
North American sales slowed to 10.7% growth in 2H24, from 13% in 1H24. The deteriorating financial and operating performance affirmed that privatisation is an exit opportunity.
Its PER discount (on privatiation price) to peers has widened to 35-38%, compared with 25-30% in Dec. Its US exposure makes it unable to reap benefits from China market stimulus.


Vesync (2148 HK): What Did the FY24 Results Tell?

Hong Kong

JS Global Lifestyle Company Limited designs, manufactures, and sells small household appliances globally, including cleaning, food preparation, and cooking products under brands like Joyoung, Shark, and Ninja. The company was founded in 1994 and is headquartered in Hong Kong.

Price Gauge
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JS Global Lifestyle (1691 HK)

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

Aux Electric IPO (2580 HK): Valuation Insights

Aux has launched an HKEx IPO to raise up to US$462 million. In this note, I present my forecasts and valuation. My analysis suggests that the IPO...

Arun George

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 4th): CCB, Innovent Biologics, SMIC, CMB, Giant Biogene, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, Innovent Biologics, SMIC, CMB, Giant Biogene,...

Ke Yan, CFA, FRM

Vesync (2148 HK): What Did the FY24 Results Tell?

Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Connect Flows Weekly (Sep 12th): Alibaba, Horizon Robotics, Pop Mart Intl, BYD, Meituan

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba (9988 HK), Horizon Robotics (9660 HK), Pop Mart...

Ke Yan, CFA, FRM

Aux Electric IPO (2580 HK): Valuation Insights

Aux has launched an HKEx IPO to raise up to US$462 million. In this note, I present my forecasts and valuation. My analysis suggests that the IPO...

Arun George

HK Connect Flows Weekly (Aug 22nd): China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto, Anta

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for China Life, Tencent, Alibaba, Kuaishou, AIA, Li Auto,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 4th): CCB, Innovent Biologics, SMIC, CMB, Giant Biogene, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, Innovent Biologics, SMIC, CMB, Giant Biogene,...

Ke Yan, CFA, FRM

Vesync (2148 HK): What Did the FY24 Results Tell?

​Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...

Osbert Tang, CFA

Vesync's profit growth slows in 2H24, indicating increased operating pressure and affirming privatisation as an exit opportunity. Its non-China...