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 CSI 100 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 CHINA VANKE, PING AN INSURANCE, BOE TECHNOLOGY, TCL TECHNOLOGY, COSCO SHIPPING, GANFENG LITHIUM, Cosco Shipping, Ping An Insurance, China Vanke, Boe Technology, Tcl Technology.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 CHINA VANKE, PING AN INSURANCE, BOE TECHNOLOGY, TCL TECHNOLOGY, COSCO SHIPPING, GANFENG LITHIUM, Cosco Shipping, Ping An Insurance, China Vanke, Boe Technology, Tcl Technology.


CSI 100 Index Earning Revision (Nov): CHINA VANKE, PING AN INSURANCE, BOE, TCL

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.</li>
<li>Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.</li>
<li>Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.</li>
</ul>


MUYUAN’s 25H1 performance growth was strong. The core driving force lies in the Company's continued implementation of cost reduction and efficiency enhancement strategies, which have achieved satisfactory results.
Inflation expectations would push up hog prices. If the price can fluctuate within the range of RMB14-18/kg in next three years, it will provide a favorable profit environment for MUYUAN.
Valuation of MUYUAN should be higher than peers and the industry average. We raised our 2025 forecast. Based on 2025 net profit forecast, market value is about RMB240-300 billion.


Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods, China Vanke, Jinko Solar, Xinjiang Daqo.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods, China Vanke, Jinko Solar, Xinjiang Daqo.


CSI 300 Index Earning Revision (Jul): Wuxi Apptec, Eoptolink Technology, Ping An Insurance

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui Medicine, China Vanke, Tongwei.


CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

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.

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.</li>
<li>In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.</li>
<li>Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.</li>
</ul>


With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.


A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

China

Muyuan Foods Co., Ltd. conducts pigs farming businesses. The Company provides pigs breeding, raising, slaughtering, processing, and other services. Muyuan Foodstuff also produces animal feed products.

Price Gauge
52-week Range	0.00 - 0.00
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Muyuan Foods Co (2714 HK)

CSI 100 Index Earning Revision (Nov): CHINA VANKE, PING AN INSURANCE, BOE, TCL

We analyzed CSI 100's consensus for Nov 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), PING AN INSURANCE (601318 CH), BOE...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Jul): Wuxi Apptec, Eoptolink Technology, Ping An Insurance

We analyzed CSI 300's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods,...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

We analyzed CSI 100's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui...

Ke Yan, CFA, FRM

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 100 Index Earning Revision (Nov): CHINA VANKE, PING AN INSURANCE, BOE, TCL

We analyzed CSI 100's consensus for Nov 2025 and highlighted changes of EPS in CHINA VANKE (000002 CH), PING AN INSURANCE (601318 CH), BOE...

Ke Yan, CFA, FRM

Pre-IPO Muyuan Foods - Optimistic Performance Ensures the Future Growth Prospects

​MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Jul): Wuxi Apptec, Eoptolink Technology, Ping An Insurance

We analyzed CSI 300's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Eoptolink Technology, Ping An Insurance, Muyuan Foods,...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): Wuxi Apptec, Ping An Insurance, Muyuan Foods

We analyzed CSI 100's consensus for Jul 2025 and highlighted changes of EPS in Wuxi Apptec, Ping An Insurance, Muyuan Foods, Jiangsu Hengrui...

Ke Yan, CFA, FRM

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.

Sumeet Singh

MUYUAN's strong performance is driven by cost reduction and efficiency strategies. Inflation expectations to boost hog price.Valuation to surpass...