Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Bottom-Up

<ul>
<li>Growth. 1H26 revenue growth slowed sharply vs what is implied from consensus, confirming the reset we expected heading into results.</li>
<li>Geography. Overseas revenue growth turned negative for the first time in the current growth cycle.</li>
<li>IP sustainability. The flagship IP "The Monsters" declined YoY, partially offset by Twinkle Twinkle.</li>
</ul>


Growth. 1H26 revenue growth slowed sharply vs what is implied from consensus, confirming the reset we expected heading into results.
Geography. Overseas revenue growth turned negative for the first time in the current growth cycle.
IP sustainability. The flagship IP "The Monsters" declined YoY, partially offset by Twinkle Twinkle.


SELL Pop Mart (9992 HK): 1H26 Post-Results Takeaway

<ul>
<li>Consensus. The Street reset its numbers after the March results and the May update, then stopped while July channel data weakened. We think a second reset is ahead.</li>
<li>Positioning. July's bounce is accompied by short covering. Southbound has been a seller since June and the company's buyback has been idle since April.</li>
<li>Guidance risk. Management has lowered the bar twice this year. We expect the results call to lower the growth tone again.</li>
</ul>


Consensus. The Street reset its numbers after the March results and the May update, then stopped while July channel data weakened. We think a second reset is ahead.
Positioning. July's bounce is accompied by short covering. Southbound has been a seller since June and the company's buyback has been idle since April.
Guidance risk. Management has lowered the bar twice this year. We expect the results call to lower the growth tone again.


SELL Pop Mart (9992 HK): Assessment of Short Pre 1H26 Results

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.</li>
<li>China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight</li>
<li>Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.</li>
</ul>


China exposure among GEM funds has rebounded to 26%, up from the 2024 low, but still far below the 37.5% peak. India has eased while Taiwan allocations hit new highs.
China remains a major EM underweight at -3.09% vs. benchmark, despite rising allocations. High Active funds stay the most underweight
Industrials see the strongest buying, while Utilities and Consumer sectors decline. Tencent and Alibaba dominate ownership, but many new names are entering the picture.


China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 10th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Gcl Technology (3800 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jul 10th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Kuaishou (1024 HK), Gcl Technology (3800 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Li Auto (2015 HK), Xiaomi (1810 HK).


Hong Kong Buybacks Weekly (Jul 10th): Tencent, Kuaishou, Gcl Technology, Link Reit

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>
<a target="_blank">Dream International (1126 HK)</a> had an upbeat H1FY25 call, guiding that the peak season in H2FY25 has been so busy the company is capacity-constrained, resulting in orders shifting into FY26.</li>
<li>The company will expand its capacity, putting up a plant each in China (local demand), Vietnam, and Indonesia, taking its overall maximum capacity revenue from 860 to 950 million USD.</li>
<li>Based on this improved outlook, we believe the stock trades at 10.7x FY25 PE, with a dividend yield of 5.1%, 16% of the market cap in cash. </li>
</ul>



Dream International (1126 HK) had an upbeat H1FY25 call, guiding that the peak season in H2FY25 has been so busy the company is capacity-constrained, resulting in orders shifting into FY26.
The company will expand its capacity, putting up a plant each in China (local demand), Vietnam, and Indonesia, taking its overall maximum capacity revenue from 860 to 950 million USD.
Based on this improved outlook, we believe the stock trades at 10.7x FY25 PE, with a dividend yield of 5.1%, 16% of the market cap in cash. 


Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season

China

Pop Mart is a Chinese toy company that designs, develops, and sells collectible toys and figurines, primarily in a "blind box" format. The company focuses on intellectual property (IP) creation and operation, producing toys based on both in-house IPs like Labubu and licensed themes such as Disney and Harry Potter. Pop Mart was founded in 2010 and is headquartered in Beijing, China.

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Pop Mart (9992 HK)

SELL Pop Mart (9992 HK): 1H26 Post-Results Takeaway

Pop Mart reported 1H26 results on 20 Aug. Revenue +23.8% YoY missed consensus. Overseas revenue turned negative, and THE MONSTERS revenue shrank....

Ke Yan, CFA, FRM

SELL Pop Mart (9992 HK): Assessment of Short Pre 1H26 Results

Pop Mart will report 1H26 on 20 Aug. Consensus has been reset twice, after the March and May updates, and has not moved since, while channel data...

Ke Yan, CFA, FRM

China & HK: Rebuild Slows Amid Heavy Sector and Stock Rotation

China & HK allocations are recovering, yet remain a major EM underweight. Rotation is active but cautious—Industrial inflows rise, while high...

Steven Holden

Hong Kong Buybacks Weekly (Jul 10th): Tencent, Kuaishou, Gcl Technology, Link Reit

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Dream International (1126 HK) Post Results Call: Moving Into A Great Peak Season

We summarize our gleanings from the Dream International (1126 HK) conference call. The call was extremely upbeat, and the company is likely to...

Sameer Taneja

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