Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>The HSI opened 103 points lower and remained weak, slipping below the 26,000 level.</li><li>The surge in energy costs heightened concerns over inflation and its potential impact on global growth, weighing on risk appetite.</li><li>The semiconductor sector was strong throughout the day, with Sunmoon Microelectronics (688699 CH), Cambricon Technologies (688256 CH), and VeriSilicon Microelectronics (688521 CH) hitting their daily limit.</li></ul>

The HSI opened 103 points lower and remained weak, slipping below the 26,000 level.The surge in energy costs heightened concerns over inflation and its potential impact on global growth, weighing on risk appetite.The semiconductor sector was strong throughout the day, with Sunmoon Microelectronics (688699 CH), Cambricon Technologies (688256 CH), and VeriSilicon Microelectronics (688521 CH) hitting their daily limit.

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

Shenton Research

Shenton 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 MS-China 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 CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.</li>
</ul>


We analysed the earning revision of component stocks of MS-China 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 CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech, CANMAX TECHNOLOGIES.


MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR, CAMBRICON, METAX INTEGRATED CIRCUITS, ASR MICROELECTRONICS, VeriSilicon.


STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 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 CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, WENS FOODSTUFF, KUNLUN TECH.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING, CHINA STATE CONSTRUCTION ENGINEERING, Longi Green, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, WENS FOODSTUFF, KUNLUN TECH.


CSI 300 Index Earning Revision (Sep): CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING

Equity Capital Markets

ASR Microelectronics / Equity Capital Markets

<ul>
<li>ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.</li>
<li>We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


ASR Microelectronics, a fabless designer of cellular connectivity chips and AI SoCs, is seeking an A+H listing. MS and Haitong are the joint sponsors.
We look at the company's three segments: wireless connectivity chips, smart device SoCs and custom ASIC solutions.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

China

Verisilicon Microelectronics (Shanghai) Co., Ltd. manufactures and distributes chips. The Company provides chips designing, production, testing, marketing, and other related services. Verisilicon Microelectronics (Shanghai) markets its products worldwide.

Verisilicon Microelectronics S (688521 CH)

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Verisilicon Microelectronics S (688521 CH)

Quam Morning Note (4 May)

The HSI opened 103 points lower and remained weak, slipping below the 26,000 level. The surge in energy costs heightened concerns over inflation...

Quam Securities

MS-China Index Earning Revision (Sep): CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech

We analyzed MS-China's consensus for Sep 2026 and highlighted changes of EPS in CCB, TENCENT, ICBC, CHINA LIFE, BOC, LONGFOR, Legend Biotech,...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Sep): Biwin Storage, RAYTRON TECHNOLOGY, APT MEDICAL, TRINA SOLAR

We analyzed STAR50's consensus for Sep 2026 and highlighted changes of EPS in Biwin Storage (688525 CH), RAYTRON TECHNOLOGY (688002 CH), APT...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Sep): CHINA VANKE, CHINA RAILWAY CONSTRUCTION, COSCO SHIPPING

We analyzed CSI 300's consensus for Sep 2026 and highlighted changes of EPS in CHINA VANKE (000002 CH), CHINA RAILWAY CONSTRUCTION (601186 CH),...

Ke Yan, CFA, FRM

ASR Microelectronics (翱捷科技) A+H Pre-IPO: Early Thoughts

ASR Microelectronics is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

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52-week Range

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