Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899" rel="noopener">Hang Seng Index (HSI INDEX)</a>, <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY)</a> and <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909" rel="noopener">Nikkei 225 (NKY INDEX)</a> all have elevated implied vols vs their peers and vs historical observations for October.</li>
<li>
<a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617" rel="noopener">NIFTY Index (NIFTY INDEX)</a> , <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>  implied vols are on the low end of what is typically realized in October.</li>
<li>Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.</li>
</ul>



Hang Seng Index (HSI INDEX), Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX EQUITY) and Nikkei 225 (NKY INDEX) all have elevated implied vols vs their peers and vs historical observations for October.

NIFTY Index (NIFTY INDEX) , S&amp;P 500 INDEX (SPX INDEX) and S&amp;P/ASX 200 (AS51 INDEX)  implied vols are on the low end of what is typically realized in October.
Most markets see price weakness in the 3rd week of the month with realized volatility underperforming over the back half of the month.


EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.</li><li>This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).</li><li>Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An posted solid 1Q results, with Group OPAT up 7.6% YoY to RMB40.8bn, outpacing our estimate of RMB39.2bn.This increase can be attributed to 1) a resilient L&amp;H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable surge in AM profitability (+193.3%).Group NPAT fell 7.4% YoY to RMB25bn, slightly better than our estimate of RMB24.3bn, due to heightened market headwinds in 1Q26. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

<ul><li>Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.</li><li>We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.</li><li>For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An is scheduled to report 1Q26 earnings on Apr 28 (Tue) post-market.We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&amp;H and asset management (AM) segments.For Life OPAT, we forecast a 4.5% YoY increase in 1Q26 (1Q25: +5.0% YoY) supported by steady insurance AUM growth and a stable interest rate, which should help narrow the decline in CSM release. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

<ul><li>Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).</li><li>Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.</li><li>The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in 4Q25, slightly lower than our estimate of RMB135.9bn (link).Group NPAT reported at RMB134.8bn in FY25, up 6.5% YoY, modestly higher than our estimate of RMB133.1bn.The gap between OPAT and NPAT involved non-operating items incl. 1) RMB9.06bn in short-term investment variance from L&amp;H business (vs. FY24: -RMB3.9bn) and 2) RMB8.6bn in one-off losses from the combined effect of consolidation of subsidiaries and sale of Autohome, and revaluation losses on higher value of H-share convertible bonds. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Be inspired by sophisticated, live, multi-leg options strategies on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (2318 HK)</a>, executed over the period from 6 to 12 June on the Hong Kong exchange.</li>
<li>
Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.</li>
<li>
Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,</li>
</ul>



Be inspired by sophisticated, live, multi-leg options strategies on Ping An Insurance (2318 HK), executed over the period from 6 to 12 June on the Hong Kong exchange.

Highlights: Many strategies creatively utilize weekly expiries, sometimes employing options with as little as one or two days to maturity to generate upfront yield or financing.

Why read: Detailed examples and break-down of complex option strategies provide actionable insights that could inspire similar strategies,


Ping An (2318 HK): Strategic Insights and Top Option Trades

China

Ping An Insurance (Group) Company of China Limited provides products and services through its five ecosystems in financial services, healthcare, auto services, real estate services and Smart City solutions. The Group's insurance business writes property, casualty, and life insurance products.

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Ping An Insurance Group of (601318 CH)

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

This increase can be attributed to 1) a resilient L&H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable...

CMB International

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&H and asset management (AM) segments.

CMB International

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in...

CMB International

Ping An (2318 HK): Strategic Insights and Top Option Trades

Noteworthy options strategies executed on the Hong Kong exchange, utilizing weekly expiries and short-term options for upfront yield or financing....

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EQD | Asia Monthly Vol Roadmap: Elevated IV's in CSI300 and Hang Seng Present Tactical Opportunity

​Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...

John Ley

Ping An (2318 HK/601318 CH) - 1Q OPAT a Slight Beat;

This increase can be attributed to 1) a resilient L&H OPAT uptrend (+4.6% vs CMBI est: +4.5%); 2) PAB profit turnaround (+3.0%); and 3) a notable...

CMB International

Ping An (2318 HK) - Expect Resilient OPAT, NPAT to Slide on Equity Swings; Solid NBV Uptrend

We expect Group OPAT to remain resilient at RMB39.2bn, up 3.5% YoY (vs. 1Q25: +2.4% YoY) primarily driven by L&H and asset management (AM) segments.

CMB International

Ping An (2318 HK) - Group OPAT Back to Double-Digit Rise...

Ping An delivered robust FY25 results with Group OPAT back to double-digit growth of 10.3% YoY to RMB134.4bn, translating to 35.3% YoY rise in...

CMB International

Ping An (2318 HK): Strategic Insights and Top Option Trades

Noteworthy options strategies executed on the Hong Kong exchange, utilizing weekly expiries and short-term options for upfront yield or financing....

Gaudenz Schneider

Implied volatility levels across key Asian indices present several tactical opportunities this month for outright or pairs trades...