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 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.</li>
<li>The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.</li>
</ul>


We analyse the changes of A-H premium on 185 stocks over the last week. The average A-H premium was 85.6% as of Jun 26th.
The average A-H premium changed by 5.5ppt week-on-week, led by real estate, information technology, utilities and offset by communication services, energy.
We highlight weekly changes in A-H premium for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.


A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

For now we view the recent pullback as a countertrend move that helped correct the extended and overbought conditions we noted over the past two weeks. Overhead resistance on the MSCI EM, EAFE, and ACWI ex-US indexes (all priced in local currency) is something to be aware of, however if the ACWI-US is above $70 our bullish outlook remains appropriate.  In today's report we highlight attractive charts in both defensive and cyclical Sectors. On the semi-defensive side, Sectors covered include Health Care and Services. On the cyclical side, Sectors covered include Energy, Financials, Materials, and Transportation

For now we view the recent pullback as a countertrend move that helped correct the extended and overbought conditions we noted over the past two weeks. Overhead resistance on the MSCI EM, EAFE, and ACWI ex-US indexes (all priced in local currency) is something to be aware of, however if the ACWI-US is above $70 our bullish outlook remains appropriate.  In today's report we highlight attractive charts in both defensive and cyclical Sectors. On the semi-defensive side, Sectors covered include Health Care and Services. On the cyclical side, Sectors covered include Energy, Financials, Materials, and Transportation

Global Equity Strategy: Short-Term Bullish Trends Clash With Longer-Term Resistance

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Thematic (Sector/Industry)

In April 2018, we published a FCF screen with the sole aim of identifying potential names which could prove to be strong candidates in a Small-Mid Cap portfolio. We move to update this list with a strong bias to the mid-cap stocks appearing.This screen performs well with markets where the value style is in favour. Given the market appears to be trending back to this style, we believe the Small-Mid Cap universe should capitalise on this over the next 12-months. We identify within the screen some high trading liquidity deep value candidates across the Asia Pacific universe.Our updated 2019 list of names contains 17 stocks, with a more diversified spread of countries and sectors, compared to April 2018. A point to note is that basic material stocks have strengthened within the composition. Interestingly, the style of stock which has increased its presence amongst the list is the contrarian style, highlighting an opening up in value.

In April 2018, we published a FCF screen with the sole aim of identifying potential names which could prove to be strong candidates in a Small-Mid Cap portfolio. We move to update this list with a strong bias to the mid-cap stocks appearing.This screen performs well with markets where the value style is in favour. Given the market appears to be trending back to this style, we believe the Small-Mid Cap universe should capitalise on this over the next 12-months. We identify within the screen some high trading liquidity deep value candidates across the Asia Pacific universe.Our updated 2019 list of names contains 17 stocks, with a more diversified spread of countries and sectors, compared to April 2018. A point to note is that basic material stocks have strengthened within the composition. Interestingly, the style of stock which has increased its presence amongst the list is the contrarian style, highlighting an opening up in value.

Screening the Silk Road: (Small-)Mid Cap Free Cash Flow

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<ul><li>Beer increased by 2% in total volume terms in 2017, to reach 169 million litres.</li><li>Imported lager maintained higher total volume sales than domestic lager in 2017.</li><li>Domestic economy lager was the most dynamic category in 2017, with total volume growth of 2%.</li><li>The average unit price rose by 1% in current terms in 2017.</li><li>San Miguel Brewery Hong Kong continued to lead beer in 2017, with a total volume share of 30%.</li><li>Over the forecast period, beer is projected to increase by a total volume CAGR of 2%, to reach 184 million litres in 2022.</li></ul>

Beer increased by 2% in total volume terms in 2017, to reach 169 million litres.Imported lager maintained higher total volume sales than domestic lager in 2017.Domestic economy lager was the most dynamic category in 2017, with total volume growth of 2%.The average unit price rose by 1% in current terms in 2017.San Miguel Brewery Hong Kong continued to lead beer in 2017, with a total volume share of 30%.Over the forecast period, beer is projected to increase by a total volume CAGR of 2%, to reach 184 million litres in 2022.

<ul class=""><li>Beer recorded a slight decline in total volume sales to 45.5 billion litres in 2017.</li><li>Demand for beer reached saturation in 2017.</li><li>Weissbier/Weizen/wheat beer was the most dynamic category in 2017, with total volume sales grew by 33%</li><li>Off-trade average unit prices of beer increased by 5% in 2017.</li><li>China Resources Beer (Holdings) Co Ltd continued to lead beer with a 26% total volume share in 2017.</li><li>Beer is expected to record a marginally negative total volume CAGR over the forecast period to fall to 45.0 billion litres in 2022.</li></ul>

Beer recorded a slight decline in total volume sales to 45.5 billion litres in 2017.Demand for beer reached saturation in 2017.Weissbier/Weizen/wheat beer was the most dynamic category in 2017, with total volume sales grew by 33%Off-trade average unit prices of beer increased by 5% in 2017.China Resources Beer (Holdings) Co Ltd continued to lead beer with a 26% total volume share in 2017.Beer is expected to record a marginally negative total volume CAGR over the forecast period to fall to 45.0 billion litres in 2022.

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

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Tsingtao Brewery Co Ltd A (600600 CH)

A-H Premium Weekly (Jun 26th): Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Midea, Cmoc, Htsc, China Longyuan, Times Electric, Innocare.

Ke Yan, CFA, FRM

Global Equity Strategy: Short-Term Bullish Trends Clash With Longer-Term Resistance

For now we view the recent pullback as a countertrend move that helped correct the extended and overbought conditions we noted over the past two...

Vermilion Research

Screening the Silk Road: (Small-)Mid Cap Free Cash Flow

In April 2018, we published a FCF screen with the sole aim of identifying potential names which could prove to be strong candidates in a Small-Mid...

David Lepper

Sector Capsule: Beer in Hong Kong, China

Beer increased by 2% in total volume terms in 2017, to reach 169 million litres. Imported lager maintained higher total volume sales than domestic...

Euromonitor International Ltd.

Sector Capsule: Beer in China

Beer recorded a slight decline in total volume sales to 45.5 billion litres in 2017. Demand for beer reached saturation in...

Euromonitor International Ltd.

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