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 analyzed the latest HK SFC report for aggregate short position as of Feb 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Alibaba, CCB, CNOOC, Time Interconnect Technology.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Alibaba, CCB, CNOOC, Time Interconnect Technology.


HK Short Interest Weekly: Alibaba, CCB, CNOOC, Time Interconnect Technology

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.


HS TECH Index Earning Revision (Feb): MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG, PING AN INSURANCE.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG, PING AN INSURANCE.


HSCEI Index Earning Revision (Feb): MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y</li>
<li>But OpInc and Adjusted EBITDA margins continued to decline in the period</li>
<li>Poor cost control, weight of ongoing investigation prompt us to AVOID the shares</li>
</ul>


The pace of Trip.com's Net Revenue growth picked up in Q425, to just under 21% Y/Y
But OpInc and Adjusted EBITDA margins continued to decline in the period
Poor cost control, weight of ongoing investigation prompt us to AVOID the shares


Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>'s FY25 profit warning indicated its overall loss and loss for the Core Local Commerce segment have narrowed sequentially in 4Q25.   </li>
<li>While it will remain in the red in 1Q26, the government's anti-involution benefits will filter through in the next few quarters, underpinning a return to profit. </li>
<li>Its FY27 PER of 14.1x is inexpensive relative to bigger peers. With a projected ROE of 18.5%, its P/B multiple of 3.2x is also not expensive. </li>
</ul>



Meituan (3690 HK)'s FY25 profit warning indicated its overall loss and loss for the Core Local Commerce segment have narrowed sequentially in 4Q25.   
While it will remain in the red in 1Q26, the government's anti-involution benefits will filter through in the next few quarters, underpinning a return to profit. 
Its FY27 PER of 14.1x is inexpensive relative to bigger peers. With a projected ROE of 18.5%, its P/B multiple of 3.2x is also not expensive. 


2026 High Conviction Update: Meituan (3690 HK) - Clearer Skies

Singapore

Trip.com Group is a leading global one-stop travel platform offering accommodation reservations, transportation ticketing, packaged tours, and corporate travel management services. It operates a portfolio of brands including Trip.com, Ctrip, Skyscanner, and Qunar. The company was founded in June 1999 and is headquartered in Shanghai, China.

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Trip.com Group (9961 HK)

HK Short Interest Weekly: Alibaba, CCB, CNOOC, Time Interconnect Technology

We analyzed the latest HK SFC report for aggregate short position as of Feb 20th and highlight short interest changes in Alibaba, CCB, CNOOC, Time...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Feb): MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO

We analyzed HS TECH's consensus for Feb 2026 and highlighted changes of EPS in MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Feb): MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG

We analyzed HSCEI's consensus for Feb 2026 and highlighted changes of EPS in MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG, PING AN INSURANCE.

Ke Yan, CFA, FRM

Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Top-line growth accelerated in Q425, but margin compression persisted. Management's poor cost control is frustrating, and an ongoing investigation...

Tracking Traffic

2026 High Conviction Update: Meituan (3690 HK) - Clearer Skies

Meituan's profit warning shows narrowing overall and Core Local Commerce losses in 4Q25, with potential return to profit in FY26 due to government...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: Alibaba, CCB, CNOOC, Time Interconnect Technology

We analyzed the latest HK SFC report for aggregate short position as of Feb 20th and highlight short interest changes in Alibaba, CCB, CNOOC, Time...

Ke Yan, CFA, FRM

HS TECH Index Earning Revision (Feb): MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO

We analyzed HS TECH's consensus for Feb 2026 and highlighted changes of EPS in MEITUAN, JD.COM, TENCENT, XPENG, BYD, Kuaishou, NIO.

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Feb): MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG

We analyzed HSCEI's consensus for Feb 2026 and highlighted changes of EPS in MEITUAN, TENCENT, China Life, ABC, CSPC Pharma, XPENG, PING AN INSURANCE.

Ke Yan, CFA, FRM

Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID

Top-line growth accelerated in Q425, but margin compression persisted. Management's poor cost control is frustrating, and an ongoing investigation...

Tracking Traffic

2026 High Conviction Update: Meituan (3690 HK) - Clearer Skies

​Meituan's profit warning shows narrowing overall and Core Local Commerce losses in 4Q25, with potential return to profit in FY26 due to government...

Osbert Tang, CFA

Meituan's profit warning shows narrowing overall and Core Local Commerce losses in 4Q25, with potential return to profit in FY26 due to government...