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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.</li>
<li>The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.</li>
<li>With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.</li>
</ul>


The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.
The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.
With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.


HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors</li>
<li>Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research</li>
<li>In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights</li>
</ul>


As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors
Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research
In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights


2021 Year in Review - Forensic Accounting in Equity Research

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.</li>
<li>The outlook for revenue and profit just got higher. A lot higher.</li>
<li>Also true, Tesla's easy comps may be coming to an end.</li>
</ul>



Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.
The outlook for revenue and profit just got higher. A lot higher.
Also true, Tesla's easy comps may be coming to an end.


Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

<ul>
<li>Sure the Elon Musk Show is on all channels, but he and <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> did have a very good year.</li>
<li>They also caught a lot of lucky breaks that won't last—which is overlooked by investors. </li>
<li>Next year will be different. And it starts in just two days.</li>
</ul>


Sure the Elon Musk Show is on all channels, but he and Tesla Motors (TSLA US) did have a very good year.
They also caught a lot of lucky breaks that won't last—which is overlooked by investors. 
Next year will be different. And it starts in just two days.


Look Away From Elon Musk To Gauge Tesla's Prospects—and Looming Risks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This morning, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> declared an interim dividend by way of in-specie distribution of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> / <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> shares. </li>
<li>The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...</li>
<li>...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.</li>
</ul>


This morning, Tencent (700 HK) declared an interim dividend by way of in-specie distribution of JD.com Inc (ADR) (JD US) / JD.com Inc. (9618 HK) shares. 
The distribution is 457,326,671 Tencent-held (86.4% of holdings) Class A Ordinary shares of JD.com - 1 share per 21 Tencent shares held - to Qualifying Shareholders on the record...
...date which is 25 January 2022, with 'delivery' on or about 25 March 2022. Non-Qualifying Shareholders will get cash. The details matter.


Tencent's Big In-Specie Dividend of JD.com Shares

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

We see the HSCEI 2022 div futures trading in line with our estimates while there could be more downside to the 2022/23 div spread. We'd look to get...

Brian Freitas

2021 Year in Review - Forensic Accounting in Equity Research

As a forensic accountant doing equity research, I strive to publish differentiated insights that augment investment research. I look back at 2021's...

Jason Yap, CFA

Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push. Also true, Tesla's easy comps may be coming to an end.

Vicki Bryan

Look Away From Elon Musk To Gauge Tesla's Prospects—and Looming Risks

Sure the Elon Show is on all channels, but he and Tesla did have a very good year. They also caught a lot of lucky breaks that won't last—which is...

Vicki Bryan

Tencent's Big In-Specie Dividend of JD.com Shares

Tencent has decided to distribute the vast majority of the JD.com shares it holds. JD.com got sold off and Tencent got a bump. The Tencent bump is...

Travis Lundy

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