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 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.</li>
<li>The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.
The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.
We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.


A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

<ul>
<li>We analyse the changes of A-H premium on 144 stocks over the last week. The average A-H premium was 112.4% as of Aug 9th.</li>
<li>The average A-H premium changed by 1.5ppt week-on-week, led by consumer discretionary, information technology, energy and offset by utilities, health care.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink, WuXi AppTec, Pharmaron, Hangzhou Tiger.</li>
</ul>


We analyse the changes of A-H premium on 144 stocks over the last week. The average A-H premium was 112.4% as of Aug 9th.
The average A-H premium changed by 1.5ppt week-on-week, led by consumer discretionary, information technology, energy and offset by utilities, health care.
We highlight weekly changes in A-H premium for Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink, WuXi AppTec, Pharmaron, Hangzhou Tiger.


A-H Premium Weekly (Aug 9th): Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 110.9% as of Aug 2nd.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by utilities, energy, financials and offset by consumer staples, real estate, information technology.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed, Goldwind Science.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 110.9% as of Aug 2nd.
The average A-H premium changed by -0.6ppt week-on-week, led by utilities, energy, financials and offset by consumer staples, real estate, information technology.
We highlight weekly changes in A-H premium for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed, Goldwind Science.


A-H Premium Weekly (Aug 2nd):Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Shanghai Pharmaceuticals / Equity Bottom-Up

<ul>
<li>Due to the low base in 2023, net profit in 2024 would show restorative growth, with net profit attributable to owners of the company reaching RMB5+ billion, up 33% YoY.</li>
<li>Different from Sinopharm/CRP whose assets are scattered in different listed companies, pharmaceutical assets/resources of SH Pharma are integrated within the Company, so the intrinsic value of this model is greater.</li>
<li>SH Pharma is undervalued. Interim dividend will be added in 2024.Future dividend ratio would remain 30+%.SH Pharma as a SOE takes the lead in responding to policies to increase dividends.</li>
</ul>


Due to the low base in 2023, net profit in 2024 would show restorative growth, with net profit attributable to owners of the company reaching RMB5+ billion, up 33% YoY.
Different from Sinopharm/CRP whose assets are scattered in different listed companies, pharmaceutical assets/resources of SH Pharma are integrated within the Company, so the intrinsic value of this model is greater.
SH Pharma is undervalued. Interim dividend will be added in 2024.Future dividend ratio would remain 30+%.SH Pharma as a SOE takes the lead in responding to policies to increase dividends.


Shanghai Pharmaceuticals (2607.HK/601607.CH) - Profit Will Resume High Growth in 2024

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 111.5% as of Jul 26th.</li>
<li>The average A-H premium changed by 3.6ppt week-on-week, led by utilities, information technology, financials and offset by consumer staples, communication services.</li>
<li>We highlight weekly changes in A-H premium for Asymchem Labor, Livzon Pharm, Shanghai Pharm, Pharmaron Beij, Hua Hong Semi, CICC.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 111.5% as of Jul 26th.
The average A-H premium changed by 3.6ppt week-on-week, led by utilities, information technology, financials and offset by consumer staples, communication services.
We highlight weekly changes in A-H premium for Asymchem Labor, Livzon Pharm, Shanghai Pharm, Pharmaron Beij, Hua Hong Semi, CICC.


A-H Premium Weekly (Jul 26th):Asymchem, Livzon Pharm, Shanghai Pharm, Pharmaron

China

Shanghai Pharmaceuticals Holding Co., Ltd manufactures pharmaceuticals. The Company develops and sells chemical and Chinese traditional medicines, healthcare products, and other products. Shanghai Pharmaceuticals Holding markets its products throughout China.

Shanghai Pharmaceuticals Holding (601607 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Pharmaceuticals Holding (601607 CH)

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 9th): Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Pharm, China Eastern, Air China,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 2nd):Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tiger,...

Ke Yan, CFA, FRM

Shanghai Pharmaceuticals (2607.HK/601607.CH) - Profit Will Resume High Growth in 2024

In 2024, SH Pharma's net profit will resume high growth due to 2023 low base. Interim dividend will be added in 2024. SH Pharma is undervalued and...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 26th):Asymchem, Livzon Pharm, Shanghai Pharm, Pharmaron

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Labor, Livzon Pharm, Shanghai Pharm, Pharmaron...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 9th): Asymchem Lab, Shanghai Pharm, China Eastern, Air China, Smic, Hepalink

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Lab, Shanghai Pharm, China Eastern, Air China,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 2nd):Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tiger,...

Ke Yan, CFA, FRM

Shanghai Pharmaceuticals (2607.HK/601607.CH) - Profit Will Resume High Growth in 2024

​In 2024, SH Pharma's net profit will resume high growth due to 2023 low base. Interim dividend will be added in 2024. SH Pharma is undervalued and...

Xinyao (Criss) Wang

A-H Premium Weekly (Jul 26th):Asymchem, Livzon Pharm, Shanghai Pharm, Pharmaron

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Asymchem Labor, Livzon Pharm, Shanghai Pharm, Pharmaron...

Ke Yan, CFA, FRM

In 2024, SH Pharma's net profit will resume high growth due to 2023 low base. Interim dividend will be added in 2024. SH Pharma is undervalued and...