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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 16th.</li>
<li>We estimate the weekly inflows to be US$101.5 million, led by financials, consumer staples, communication services sectors, and offset by industrials, materials.</li>
<li>We highlight flows for China Merchants Bank, Shanghai Intl Airport, Tongwei.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of December 16th.
We estimate the weekly inflows to be US$101.5 million, led by financials, consumer staples, communication services sectors, and offset by industrials, materials.
We highlight flows for China Merchants Bank, Shanghai Intl Airport, Tongwei.


Northbound Flows (Dec 16th): CMB, Shanghai Intl Airport, Tongwei

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. </li>
<li>We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.</li>
<li>We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of November 4th. 
We estimate the weekly outflows to be US$727.6 million, led by consumer staples, utilities, and offset by materials, industrials, consumer discretionary.
We highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power, Yili, East Money, Wintech.


Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.</li>
<li>We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Consumer Staples ($4,362m of outflows) and financials ($1,929m of outflows) led the outflows in October.
We highlight inflows into Tianqi Lithium, BOE Technology, and outflows from Moutai, Ping An Bank/Insurance, Wulianye, Yili.


Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

OmniVision Integrated Circuits Group / Equity Bottom-Up

OmniVision Integrated Circuits Group (603501 CH)

<ul><li>Willsemi announced its 3Q22 results. 3Q revenue declined 26.5% YoY and 22.1% QoQ to RMB4.3bn.</li><li>NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.</li><li>GPM dropped to 28.4% in 3Q (vs. 33.3%/34.5% in 2Q22 and 2021).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Willsemi announced its 3Q22 results. 3Q revenue declined 26.5% YoY and 22.1% QoQ to RMB4.3bn.NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.GPM dropped to 28.4% in 3Q (vs. 33.3%/34.5% in 2Q22 and 2021).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Willsemi (603501 CH) – Sluggish 3Q22 Performance

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.</li>
<li>We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.</li>
<li>We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.
We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.
We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).


Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

China

OmniVision Integrated Circuits Group, Inc. manufactures image sensor and semiconductor products. The Company produces and sells complementary metal oxide semiconductors, protecting devices, power devices, power management integrated circuits, radio frequency devices, microphone sensors, and more. OmniVision Integrated Circuits Group markets its products worldwide.

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OmniVision Integrated Circuits Group (603501 CH)

Northbound Flows (Dec 16th): CMB, Shanghai Intl Airport, Tongwei

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for CMB, Shanghai Intl Airport, Tongwei.

Ke Yan, CFA, FRM

Northbound Flows (Nov 4th): Moutai, Yangtze Power, Yili, East Money, Wintech

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, BYD, Mindray, Tianqi, Moutai, Yangtze Power,...

Ke Yan, CFA, FRM

Northbound Flows Monthly (September): One Year High Outflows of $8.3bn

We analyzed the Shanghai/Shenzhen Connect Scheme for October and highlight flows for Tianqi Lithium, BOE Technology, Moutai, Ping An Bank...

Ke Yan, CFA, FRM

Willsemi (603501 CH) – Sluggish 3Q22 Performance

NP to shareholders recorded a net loss of RMB120mn, a hard hit from smartphone market weakness and slow digestion of CIS inventory.

CMB International

Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB,...

Ke Yan, CFA, FRM

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52-week Range

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