HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

People's Insurance (PICC) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/people-s-insurance-co-group-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:362:1" rel="noopener">People's Insurance (PICC) (1339 HK)</a>’s 2022H1 performance outpaced the industry peers, mainly driven by the improved performance of motor vehicle insurance business and non-vehicle insurance business. </li>
<li>While non-life insurance business is the foundation/main driver of growth,life insurance business is the drag on performance, the successful transformation of which is an important factor to drive up valuation.</li>
<li>PICC’s is undervalued. The major catalyst could be the upcoming 20th National Congress, expecting some rally during this period. Due to unfriendly macro, the rally may not last long.</li>
</ul>



People's Insurance (PICC) (1339 HK)’s 2022H1 performance outpaced the industry peers, mainly driven by the improved performance of motor vehicle insurance business and non-vehicle insurance business. 
While non-life insurance business is the foundation/main driver of growth,life insurance business is the drag on performance, the successful transformation of which is an important factor to drive up valuation.
PICC’s is undervalued. The major catalyst could be the upcoming 20th National Congress, expecting some rally during this period. Due to unfriendly macro, the rally may not last long.


People's Insurance (PICC) (1339.HK) - The Rally (If Any) May Not Last Despite Undervalued

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 2nd.</li>
<li>We estimate inflows to be US D158m, led by information technology, Consumer Discretionary, industrials and offset materials, and consumer staples.</li>
<li>We highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and Xinghuacun.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 2nd.
We estimate inflows to be US D158m, led by information technology, Consumer Discretionary, industrials and offset materials, and consumer staples.
We highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and Xinghuacun.


Northbound Flows (Sep 2nd): GREE, CATL, Longi Green, BOE Technology

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 26th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in BYD and China Power Intl.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 26th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in BYD and China Power Intl.


<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 19th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in China Power Intl, HKEx, CLP, Geely, JD.com, ENN Energy.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 19th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in China Power Intl, HKEx, CLP, Geely, JD.com, ENN Energy.


HK Short Interest: China Power Intl, HKEx, CLP, Geely

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Short notional in Hong Kong is HK$439bn and has been falling over the last 18 months due to a drop in the market.</li>
<li>In terms of short notional to issue market cap, the Information Technology, Materials, Health Care and Consumer Discretionary sectors are up there, with Communication Services, Real Estate the least shorted.</li>
<li>Over the year, the largest shorts in terms of notional have been built on Xiaomi Corp, Meituan, JD.com, AIA Group Ltd, Postal Savings Bank of China, Orient Overseas, Techtronic Industries.</li>
</ul>


Short notional in Hong Kong is HK$439bn and has been falling over the last 18 months due to a drop in the market.
In terms of short notional to issue market cap, the Information Technology, Materials, Health Care and Consumer Discretionary sectors are up there, with Communication Services, Real Estate the least shorted.
Over the year, the largest shorts in terms of notional have been built on Xiaomi Corp, Meituan, JD.com, AIA Group Ltd, Postal Savings Bank of China, Orient Overseas, Techtronic Industries.


Hong Kong: Where Have Shorts Been Building Up?

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)

People's Insurance (PICC) (1339.HK) - The Rally (If Any) May Not Last Despite Undervalued

PICC’s 2022H1 performance outpaced its peers, and it is also undervalued. However, due to complicated environment/unfriendly macro and concerns...

Xinyao (Criss) Wang

Northbound Flows (Sep 2nd): GREE, CATL, Longi Green, BOE Technology

We analyzed northbound Shanghai/Shenzhen Connect last week and highlight flows for GREE, CATL, Longi Green, BOE Technology, China Tourism, and...

Ke Yan, CFA, FRM

HK Short Interest: BYD, China Power Intl

We analyzed the latest HK SFC Short Aggregate report and highlight short interest changes in BYD and China Power International.

Ke Yan, CFA, FRM

HK Short Interest: China Power Intl, HKEx, CLP, Geely

We highlight short interest changes in China Power Intl, HKEx, CLP, Geely, JD.com, ENN Energy based on latest Hong Kong SFC short aggregate report.

Ke Yan, CFA, FRM

Hong Kong: Where Have Shorts Been Building Up?

Short notional in HK has decreased as a result of falling prices. Shorts have been increasing on a lot of stocks over the year. A rally could see...

Brian Freitas

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