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 analysed the earning revision of component stocks of HSI 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 TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN.


HSI Index Earning Revision (Jun): TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Hong Kong equities weakened sharply, with the decline from the highs approaching 20% in stark contrast to global indexes</li>
<li>Single stock option activity picked up meaningfully as Put trading increased and Call share moved toward the lower end of its range.</li>
<li>Implied vols were sharply higher across the board as market weakness drove a broad repricing of single stock volatility.</li>
</ul>


Hong Kong equities weakened sharply, with the decline from the highs approaching 20% in stark contrast to global indexes
Single stock option activity picked up meaningfully as Put trading increased and Call share moved toward the lower end of its range.
Implied vols were sharply higher across the board as market weakness drove a broad repricing of single stock volatility.


Hong Kong Single Stock Options Weekly June 22–26: Option Volumes Jump on Continued Market Weakness

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. </li>
<li>The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. </li>
<li>Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.</li>
</ul>


Q1FY26 results will be out on 24/Jun, consensus expectation of core EPS6.15 (+5% YoY). This is better than its global rivals whom all saw YoY declines. 
The Middle-East war has negatively impacted on global holidays, but Trip.com's comprehensive products offerings and discounting has largely mitigated the situation. 
Our FV US$60 and HK$470 — premised on 14x FY26E P/E, on par with China's consumer discretionary multiple. This implied +33% UPSIDE potential from current market price.


Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
HKEX Expands Weekly Options: 17 new single-stock weekly expiries are launched in the next two weeks, doubling the offering of Hong Kong’s fast-growing short-dated options market.</li>
<li>
Why It Matters: Weekly expiries let traders and investors hedge or speculate around key events with precision. They offer lower premiums and higher gamma than longer-dated contracts.</li>
<li>
Momentum: Trading volumes in existing weeklies continues to rise, underscoring rising investor adoption and liquidity.</li>
</ul>



HKEX Expands Weekly Options: 17 new single-stock weekly expiries are launched in the next two weeks, doubling the offering of Hong Kong’s fast-growing short-dated options market.

Why It Matters: Weekly expiries let traders and investors hedge or speculate around key events with precision. They offer lower premiums and higher gamma than longer-dated contracts.

Momentum: Trading volumes in existing weeklies continues to rise, underscoring rising investor adoption and liquidity.


Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.</li>
<li>The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.</li>
<li>The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.</li>
</ul>


The June rebalance of the Hang Seng family of indices will use today's closing prices to cap the index constituent weights.
The net round-trip trade across all stocks across the five indices is estimated at HK$49.6bn (US$6.33bn). There is size to trade in a lot of stocks.
The stocks with forecast inflows marginally outperformed the stocks with forecast outflows prior to announcement of the changes, but there has been underperformance since announcement.


HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

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)

HSI Index Earning Revision (Jun): TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN

We analyzed HSI's consensus for Jun 2026 and highlighted changes of EPS in TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN.

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly June 22–26: Option Volumes Jump on Continued Market Weakness

Hong Kong equities weakened further as option volumes jumped, Put activity picked up, and implied vols rose across single stocks and the index.

John Ley

Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...

Mo Aziz

Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

Today, HKEX launches weekly trading in options on Geely (175 HK), Li Auto (2015 HK), XPeng (9868 HK), NetEase (9999 HK), Sun Hung Kai Properties...

Gaudenz Schneider

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

The June rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use 2 June closing prices for capping. The round-trip trade across the...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSI Index Earning Revision (Jun): TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN

We analyzed HSI's consensus for Jun 2026 and highlighted changes of EPS in TENCENT, AIA, PETROCHINA, LONGFOR, TRIP.COM, MEITUAN.

Ke Yan, CFA, FRM

Hong Kong Single Stock Options Weekly June 22–26: Option Volumes Jump on Continued Market Weakness

Hong Kong equities weakened further as option volumes jumped, Put activity picked up, and implied vols rose across single stocks and the index.

John Ley

Trip.com (TCOM US / 9961 HK): The Global OTA Compounder That Will Take Over the World

​Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...

Mo Aziz

Pop Mart, Trip.com, Geely Auto, and More: Weekly Options Start Trading on 15 June

Today, HKEX launches weekly trading in options on Geely (175 HK), Li Auto (2015 HK), XPeng (9868 HK), NetEase (9999 HK), Sun Hung Kai Properties...

Gaudenz Schneider

HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$6.3bn of Flows Post Capping (June 2026)

The June rebalance of the HSI, HSCEI, HSTECH, HSIII, HSHKBIO indices will use 2 June closing prices for capping. The round-trip trade across the...

Brian Freitas

Q1FY26 results show Trip.com outperforming global rivals with +5% YoY core EPS growth, despite Middle-East war impact on holidays. Analysts see...