Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Implied volatility has increased across the board, but while some stocks recorded a 5-10% increase, other just added 1-2%. Upcoming November earnings start to shape the term structure.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.

Highlights: Implied volatility has increased across the board, but while some stocks recorded a 5-10% increase, other just added 1-2%. Upcoming November earnings start to shape the term structure.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights: Major stocks, including <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi (1810 HK)</a>, and <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.

Highlights: Major stocks, including Tencent (700 HK), Xiaomi (1810 HK), and Meituan (3690 HK), trade at historically cheap implied volatility. Upcoming earnings are starting to be reflected in November IV.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

<ul>
<li>
Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlights:<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC (5 HK),</a><a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <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 (2318 HK)</a>, and <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> all display historically cheap implied volatility. Read on for trade suggestions.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.

Highlights:Tencent (700 HK), HSBC (5 HK),Meituan (3690 HK), Ping An (2318 HK), and JD.com (9618 HK) all display historically cheap implied volatility. Read on for trade suggestions.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Cheap Vs. Rich Volatility: What Cones Reveal in Tencent, HSBC, Meituan & More

<ul>
<li>
Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.

Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Opportunities Across 8 Hong Kong Stocks

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

FWD Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fwd-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:34332:1" rel="noopener">FWD Group Holdings (1828 HK)</a>, a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.</li>
<li>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.</li>
<li>We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.</li>
</ul>



FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.


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 (PNGAY US)

HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

Volatility cones for 8 popular HK stocks help traders and investors spot opportunities. The IV term structure is increasingly shaped by the...

Gaudenz Schneider

Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

Tencent, HSBC, Meituan, JD.com, Ping An, and Xiaomi trade below the 10th percentile for one-month implied volatility, highlighting potential...

Gaudenz Schneider

Cheap Vs. Rich Volatility: What Cones Reveal in Tencent, HSBC, Meituan & More

Volatility cones help identify cheap options trading opportunities in Tencent, HSBC, Meituan, Ping An, and JD.com, providing actionable insights...

Gaudenz Schneider

Volatility Cones: Opportunities Across 8 Hong Kong Stocks

Spot opportunities and manage risk in HK stocks reporting soon: Meituan (27 Aug), Ping An Ins. (27 Aug), Alibaba (29 Aug), BYD (29 Aug). Several...

Gaudenz Schneider

FWD IPO Trading - Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO. In this note, we talk about the...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Volatility Cones: Volatility on the Rise, Meituan and Ping An Historically Cheap

Volatility cones for 8 popular HK stocks help traders and investors spot opportunities. The IV term structure is increasingly shaped by the...

Gaudenz Schneider

Volatility Cones: Spotting Opportunities in Tencent, JD.com, Ping An & More

Tencent, HSBC, Meituan, JD.com, Ping An, and Xiaomi trade below the 10th percentile for one-month implied volatility, highlighting potential...

Gaudenz Schneider

Cheap Vs. Rich Volatility: What Cones Reveal in Tencent, HSBC, Meituan & More

​Volatility cones help identify cheap options trading opportunities in Tencent, HSBC, Meituan, Ping An, and JD.com, providing actionable insights...

Gaudenz Schneider

Volatility Cones: Opportunities Across 8 Hong Kong Stocks

Spot opportunities and manage risk in HK stocks reporting soon: Meituan (27 Aug), Ping An Ins. (27 Aug), Alibaba (29 Aug), BYD (29 Aug). Several...

Gaudenz Schneider

FWD IPO Trading - Tepid Demand

FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO. In this note, we talk about the...

Sumeet Singh

Volatility cones help identify cheap options trading opportunities in Tencent, HSBC, Meituan, Ping An, and JD.com, providing actionable insights...