HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Orient Overseas International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orient-overseas-international" target="_blank" data-smartkarma-citation="entities:801:1" rel="noopener">Orient Overseas International (316 HK)</a>'s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.  </li>
<li>Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter. </li>
<li>Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.</li>
</ul>



Orient Overseas International (316 HK)'s 25.9% YTD surge in share price is difficult to justify, as the load factor started to contract and the average freight rate declined.  
Transpacific and Asia-Europe freight rates plunged by 14.7% and 17.3% in 2Q25, respectively. The transpacific volume also registered the first YoY decline in the quarter. 
Its P/B of 0.85x is 1SD above average, and is way higher than FY21-22. However, the FY25F earnings of US$1.5bn are incomparable to US$7-10bn in FY21-22.


Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

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 Hong Kong Connect flows with our data engine for holding position as of June 27th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 27th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba, Xiaomi, BOC, Petrochina.


HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Eternal Beauty Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 30th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent, Alibaba, Xiaomi, BYD, AIA.


HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Shares of container carriers have surged on expectations of a strong recovery in volume</li>
<li>But April data show pricing continued to soften despite solid North American demand</li>
<li>The carriers themselves and other industry players remain downbeat; SHORT the carriers</li>
</ul>


Shares of container carriers have surged on expectations of a strong recovery in volume
But April data show pricing continued to soften despite solid North American demand
The carriers themselves and other industry players remain downbeat; SHORT the carriers


Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

China

T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.

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TS Lines (2510 HK)

Orient Overseas Intl (316 HK): Something Seems Not Quite Right!

OOIL's share price surge is hard to justify as freight rates decline, volume decelerates and load factor contracts. Its P/B ratio is also above...

Osbert Tang, CFA

HK Connect Flows Weekly (Jun 27th): CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent, Alibaba

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, SMIC, Meituan, Guotai Junan Intl, CMB, Tencent,...

Ke Yan, CFA, FRM

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty is now looking to raise around US$150m in its Hong Kong IPO. We have looked at the past performance earlier.

Sumeet Singh

HK Connect Flows Weekly (May 30th): Meituan, Horizon Robotics, CCB, China Mobile, CNOOC, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Meituan, Horizon Robotics, CCB, China Mobile, CNOOC,...

Ke Yan, CFA, FRM

Monthly Container Shipping Tracker | Pricing Still Weak | No Signs of a Recovery | SHORT (May 2025)

Pricing remains weak, and carriers kept FY25 guidance downbeat despite decent Q125 results (and US claims of progress on tariffs). We view the...

Tracking Traffic

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