Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Hong Kong market is range bound with conglomerates showing strength over the last few weeks.  As the CNY/HKD strengthens the A/H premium should narrow.</li>
<li>
<a href="https://www.smartkarma.com/entities/sunevision-holdings-ltd" target="_blank" data-smartkarma-citation="entities:110:1" rel="noopener">SUNeVision Holdings (1686 HK)</a> reported good results on the back of increased demand driven by the AI sector. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a>,<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings (YUMC US)</a> reported flat sales and an increase in operating profit in a difficult fast food retail environment in China.
</li>
</ul>


Hong Kong market is range bound with conglomerates showing strength over the last few weeks.  As the CNY/HKD strengthens the A/H premium should narrow.

SUNeVision Holdings (1686 HK) reported good results on the back of increased demand driven by the AI sector. 


Yum China Holdings (9987 HK),Yum China Holdings (YUMC US) reported flat sales and an increase in operating profit in a difficult fast food retail environment in China.



BUY/SELL/HOLD: Hong Kong Stock Updates (September 12)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextdc-ltd" target="_blank" data-smartkarma-citation="entities:8570:1" rel="noopener">Nextdc Ltd (NXT AU)</a> aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non-underwritten SPP.</li>
<li>The company has undertaken a number of deals in the past, most of which have done ok. Although this one appears to be a bit opportunistic.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non-underwritten SPP.
The company has undertaken a number of deals in the past, most of which have done ok. Although this one appears to be a bit opportunistic.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


NEXTDC Placement - Good Track Record but Seems Opportunistic

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.</li><li>Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.</li><li>Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.</li></ul>

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets look to the US August unemployment report on 6 Sep and potential Fed Funds Rate cut on 18 Sep.Institutions have also been net buyers over the 4 sessions, with S$171 million of net inflow, led by Financials, REITs, and SATS.Beyond STI constituents, stocks that contributed to the net 4-session institutional inflow included Lendlease Global REIT, NetLink NBN Trust, iFAST Corp, Keppel DC REIT, CLINT, Suntec REIT & Nam Cheong.

Steady STI Trading Reflects Smooth Economic Landing Focus 

Capitaland Integrated Commercial Trust / Equity Bottom-Up

<ul><li>Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close, with S$31.5 million of net institutional inflow.</li><li>Leading the net institutional inflow over the four sessions were Singapore Exchange, Singapore Telecommunications, Yangzijiang Shipbuilding (Holdings), Jardine Cycle & Carriage, CapitaLand Ascendas REIT, Sembcorp Industries, Keppel DC REIT, Sheng Siong Group, ComfortDelGro Corporation, and CapitaLand Integrated Commercial Trust.</li><li>On August 12, IFS Capital Executive Director & Group CEO Randy Sim Cheng Leong acquired 1.1 million shares at an average price of S$0.11 per share.</li></ul>

Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close, with S$31.5 million of net institutional inflow.Leading the net institutional inflow over the four sessions were Singapore Exchange, Singapore Telecommunications, Yangzijiang Shipbuilding (Holdings), Jardine Cycle & Carriage, CapitaLand Ascendas REIT, Sembcorp Industries, Keppel DC REIT, Sheng Siong Group, ComfortDelGro Corporation, and CapitaLand Integrated Commercial Trust.On August 12, IFS Capital Executive Director & Group CEO Randy Sim Cheng Leong acquired 1.1 million shares at an average price of S$0.11 per share.

SIA Leads Buyback Consideration, Multi-Chem CEO Trims 69% Stake

<ul><li>Ever wondered what is currently driving the local and regional markets? Pranay Yadav is a Senior Research Analyst at Mint Finance, a Singapore based research and consulting firm offering nuanced and deep insights on global macro and its impact on Singapore stocks, REITs, and ETFs.</li><li>From Pranay Yadav, Senior Research Analyst, Mint Finance: Among Singapore REITs with exposure to data centre properties, only Digital Core REIT (DCRU) and Keppel DC REIT (AJBU) have models focused entirely on data centres.</li></ul>

Ever wondered what is currently driving the local and regional markets? Pranay Yadav is a Senior Research Analyst at Mint Finance, a Singapore based research and consulting firm offering nuanced and deep insights on global macro and its impact on Singapore stocks, REITs, and ETFs.From Pranay Yadav, Senior Research Analyst, Mint Finance: Among Singapore REITs with exposure to data centre properties, only Digital Core REIT (DCRU) and Keppel DC REIT (AJBU) have models focused entirely on data centres.

What's Trending: GenAI unleashes hyper demand for Data Centres

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

BUY/SELL/HOLD: Hong Kong Stock Updates (September 12)

Hong market should benefit from a stronger CNY/HKD as the Fed begins to cut rates. SUNeVision is benefiting from increased demand from the AI...

David Mudd

NEXTDC Placement - Good Track Record but Seems Opportunistic

Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non...

Sumeet Singh

Steady STI Trading Reflects Smooth Economic Landing Focus

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets...

Singapore Exchange Ltd (SGX)

SIA Leads Buyback Consideration, Multi-Chem CEO Trims 69% Stake

Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close,...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUY/SELL/HOLD: Hong Kong Stock Updates (September 12)

Hong market should benefit from a stronger CNY/HKD as the Fed begins to cut rates. SUNeVision is benefiting from increased demand from the AI...

David Mudd

NEXTDC Placement - Good Track Record but Seems Opportunistic

Nextdc Ltd (NXT AU) aims to raise around US$366m via a fully underwritten institutional placement, along with another US$133m via a non...

Sumeet Singh

Steady STI Trading Reflects Smooth Economic Landing Focus

Global focus on key economic indicators for a smooth US landing has led to four stable STI sessions with a 40-point range and 8% gain, as markets...

Singapore Exchange Ltd (SGX)

SIA Leads Buyback Consideration, Multi-Chem CEO Trims 69% Stake

Institutions were net buyers of Singapore stocks over the four trading sessions spanning Thursday August 8 through to Wednesday, August 14 close,...

Singapore Exchange Ltd (SGX)

What's Trending: GenAI unleashes hyper demand for Data Centres

Ever wondered what is currently driving the local and regional markets? Pranay Yadav is a Senior Research Analyst at Mint Finance, a Singapore...

Singapore Exchange Ltd (SGX)