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

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 analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Feb 10th.</li>
<li>The average A-H premium changed by 3.6ppt week on week, led by health care, consumer discretionary, information technology and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, Huadian, Huaneng, Datang Intl.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Feb 10th.
The average A-H premium changed by 3.6ppt week on week, led by health care, consumer discretionary, information technology and offset by real estate.
We highlight weekly changes in A-H premium for Great Wall Motor, Huadian, Huaneng, Datang Intl.


A-H Premium Weekly (Feb 10th): Premium Compressed for Utilities

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Haohai Biological Technology / Equity Bottom-Up

Shanghai Haohai Biological Technology (6826 HK)

<ul>
<li>Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.</li>
<li>The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-haohai-biological-technology-a" target="_blank" data-smartkarma-citation="entities:29220:1" rel="noopener">Shanghai Haohai Biological Technology-A (688366 CH) </a>is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.</li>
</ul>


Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.
The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.

Shanghai Haohai Biological Technology-A (688366 CH) is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.


Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.</li>
<li>The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.
The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.


A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. </li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight flows of China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country Garden Services, Anta. 


Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 106.3% as of Jan 20th.</li>
<li>The average A-H premium changed by -2.6ppt week on week, led by financials, consumer staples, energy and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart Home, Weichai Power, Fuyao Glass, China Shenhua, CSSC Offshore, Huaxin Cement, China Oilfield, CICC, China Life.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 106.3% as of Jan 20th.
The average A-H premium changed by -2.6ppt week on week, led by financials, consumer staples, energy and offset by health care.
We highlight weekly changes in A-H premium for Haier Smart Home, Weichai Power, Fuyao Glass, China Shenhua, CSSC Offshore, Huaxin Cement, China Oilfield, CICC, China Life.


A-H Premium Weekly (Jan 20th): Haier Smart Home, Weichai Power, Fuyao Glass, China Shenhua

China

Shanghai Haohai Biological Technology engages in the research, development, manufacture, and sale of biomedical materials and pharmaceutical products. The company focuses on therapeutic areas including ophthalmology, medical aesthetics and wound care, orthopedics, and anti-adhesion and hemostasis, with key products such as intraocular lenses, hyaluronic acid dermal fillers, and sodium hyaluronate injections. It is headquartered in Shanghai, China, and was founded in 2007.

Price Gauge
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Shanghai Haohai Biological Technology (6826 HK)

A-H Premium Weekly (Feb 10th): Premium Compressed for Utilities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, Huadian, Huaneng, Datang Intl.

Ke Yan, CFA, FRM

Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

Continuous M&A fails to bring ideal performance to Haohai. Medical aesthetics is the main growth driver, but Haohai is lack of competitiveness....

Xinyao (Criss) Wang

A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: Health Care Led Inflows in Jan

We analyzed the Hong Kong Connect Scheme for January and highlight flows for China Mobile, BYD, Simcere, ICBC, CNOOC, Meituan, Geely, CCB, Country...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 20th): Haier Smart Home, Weichai Power, Fuyao Glass, China Shenhua

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Haier Smart Home, Weichai Power, Fuyao Glass, China Shenhua.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)