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.

Thematic (Sector/Industry)

<ul><li>Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.</li><li>However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.</li><li>If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.</li></ul><p><em>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.</em></p>

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision.However, we suggest investors to make use of it to take profits on POE names as 1) the recent POE rally (&gt;100% in 3 days) has largely priced in the policy support.If we recalled Oct 2021 and Mar 2022 when Vice Premier Liu /PBOC/CBIRC/MOHURD also came out with strong support, the actual implementation was not so straightforward which led to sector de-rating again.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.

China Property Sector – One day one policy: profit taking may start on POE names

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 October 28th.</li>
<li>We estimate the weekly outflows to be US$1,807.3 million, led by consumer staples, financials, and offset by information technology, energy, real estate.</li>
<li>We highlight flows for Tianqi Lithium, Longi Green, Shenzhen Mindray, Moutai, Ping An Bank, Wuxi Apptec, Ping An Insurance, CATL. </li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 28th.
We estimate the weekly outflows to be US$1,807.3 million, led by consumer staples, financials, and offset by information technology, energy, real estate.
We highlight flows for Tianqi Lithium, Longi Green, Shenzhen Mindray, Moutai, Ping An Bank, Wuxi Apptec, Ping An Insurance, CATL. 


Northbound Flows (Oct 28th): Moutai, Ping An Bank, Wuxi Apptec, Ping An Insurance, CATL

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

Index Rebalance

<ul>
<li>Last week we had the implementation of the first two tranches of the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> rebalance with the third tranche to be implemented at the close on Monday.</li>
<li>Thursday saw the NIFTY indices implementation while Friday marked the end of the review period for the December rebalance of the Hang Seng family of indices.</li>
<li>There were large inflows to China, Taiwan, Korea and Hong Kong ETFs during the week while there were some outflows from Japan.</li>
</ul>


Last week we had the implementation of the first two tranches of the Nikkei 225 (NKY INDEX) rebalance with the third tranche to be implemented at the close on Monday.
Thursday saw the NIFTY indices implementation while Friday marked the end of the review period for the December rebalance of the Hang Seng family of indices.
There were large inflows to China, Taiwan, Korea and Hong Kong ETFs during the week while there were some outflows from Japan.


Index Rebalance & ETF Flow Recap: S&P/ASX, China A50, SET50, Bilibili, Leapmotor, Onewo, CALB

Equity Research in HK and Mainland China

Li Tang

<ul>
<li>The China Development Bank has issued the first special loan for guaranteeing property in Shenyang, capital of Liaoning province, and resumption of qualified stalled projects.</li>
<li>We believe, even if the policy side is eased, the stimulus to housing demand is still limited</li>
<li>We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned developers.</li>
</ul>


The China Development Bank has issued the first special loan for guaranteeing property in Shenyang, capital of Liaoning province, and resumption of qualified stalled projects.
We believe, even if the policy side is eased, the stimulus to housing demand is still limited
We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned developers.


First Special Loan for Guaranteeing Property Deliveries Issued to Shenyang City

<ul>
<li>Following the repeated calls for stability of the economy and the housing market, local governments are stepping up support.</li>
<li>More cities cut the down-payment ratio for the first home buyers</li>
<li>In 2022 we expect a nuanced policy response to the downturn in the housing market:</li>
</ul>


Following the repeated calls for stability of the economy and the housing market, local governments are stepping up support.
More cities cut the down-payment ratio for the first home buyers
In 2022 we expect a nuanced policy response to the downturn in the housing market:


China

Poly Real Estate Group Co., Ltd. mainly develops and sells residential homes. The company is also in the business of leasing and rental of real estates, and property management.

Poly Real Estate Group Co., Ltd (600048 CH)

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Poly Real Estate Group Co., Ltd (600048 CH)

China Property Sector – One day one policy: profit taking may start on POE names

Property names are likely to trade high at market open today again on MOHURD’s relaxation of pre-sales escrow account supervision. However, we...

CMB International

Northbound Flows (Oct 28th): Moutai, Ping An Bank, Wuxi Apptec, Ping An Insurance, CATL

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Tianqi Lithium, Longi Green, Shenzhen Mindray, Moutai, Ping...

Ke Yan, CFA, FRM

Index Rebalance & ETF Flow Recap: S&P/ASX, China A50, SET50, Bilibili, Leapmotor, Onewo, CALB

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

First Special Loan for Guaranteeing Property Deliveries Issued to Shenyang City

We maintain preferences for high-quality, lower-leveraged developers, mostly state-owned, We view the home completion-side will to benefit...

Li Tang

China Cities Start Cutting Down-Payments

In terms of the investment impact, we expect the home market recovery to continue to be differentiated by region and developer

Li Tang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)