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

<ul><li>Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership).</li><li>Wingtech believes the order has no significant impact on operations.</li><li>Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited.</li></ul>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.

Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer Fab (“NWF”) (acquired in 2021 with 100% ownership).Wingtech believes the order has no significant impact on operations.Potential loss may incur if future transaction price is lower than the acquisition price but the impact should be limited.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.

Wingtech (600745 CH) – NWF Divesture Order Will Have Trivial Impact on Operation

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 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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.</li>
<li>Overall, net outflow over the past week was ~US$2.4bn, split between Shanghai (-US$1.15bn) and Shenzhen (-US$1.25bn).</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (300750 CH)</a> and <a href="https://www.smartkarma.com/entities/pylon-technologies-co-ltd" target="_blank" data-smartkarma-citation="entities:33153:1" rel="noopener">Pylon Technologies (688063 CH)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/kweichow-moutai-co-ltd-a" target="_blank" data-smartkarma-citation="entities:1553:1" rel="noopener">Kweichow Moutai (600519 CH)</a> and <a href="https://www.smartkarma.com/entities/inner-mongolia-yili-indus-a" target="_blank" data-smartkarma-citation="entities:3220:1" rel="noopener">Inner Mongolia Yili Industrial Group (600887 CH)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net outflow over the past week was ~US$2.4bn, split between Shanghai (-US$1.15bn) and Shenzhen (-US$1.25bn).
The largest inflows were into CATL (300750 CH) and Pylon Technologies (688063 CH). The largest outflows were in Kweichow Moutai (600519 CH) and Inner Mongolia Yili Industrial Group (600887 CH).


Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

<ul><li>Wingtech announced its 3Q22 results. 3Q revenue declined slightly by 2.1% YoY and 0.8% QoQ, to RMB13.6bn. NP to shareholders declined by 5.8% YoY but grew 12.2% QoQ to RMB762mn.</li><li>GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22).</li><li>We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi business.</li></ul>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.

Wingtech announced its 3Q22 results. 3Q revenue declined slightly by 2.1% YoY and 0.8% QoQ, to RMB13.6bn. NP to shareholders declined by 5.8% YoY but grew 12.2% QoQ to RMB762mn.GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22).We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi business.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.

Wingtech (600745 CH) – Mispriced Business Represents Attractive Buying Opportunity

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.</li>
<li>We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.</li>
<li>We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.
We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.
We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.


Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

China

Wingtech Technology Co.,Ltd manufactures communications equipment. The Company produces mobile phones, tablets, smart devices, and other equipment. Wingtech Technology also operates real estate development, hotel management, financing, and other businesses.

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Wingtech Technology (600745 CH)

Wingtech (600745 CH) – NWF Divesture Order Will Have Trivial Impact on Operation

Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer...

CMB International

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

Shanghai/Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.4bn, split between Shanghai (...

David Blennerhassett

Wingtech (600745 CH) – Mispriced Business Represents Attractive Buying Opportunity

GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22). We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi...

CMB International

Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

We analyzed northbound Shanghai/Shenzhen connect and highlight flows for Tianqi Lithium, Midea, Kweichow Moutai, Sungrow Power.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wingtech (600745 CH) – NWF Divesture Order Will Have Trivial Impact on Operation

Wingtech received an official notice from the UK government on 17 Nov that the Company was required to sell at least 86% stake of its Newport Wafer...

CMB International

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

Shanghai/​​​​​​​​​​​​​​​​​​​Shenzhen Northbound Connect: Weekly Moves (3 November 2022)

Overall, net outflow over the past week in the HK -Shanghai-Shenzhen Northbound Connect facilities was ~US$2.4bn, split between Shanghai (...

David Blennerhassett

Wingtech (600745 CH) – Mispriced Business Represents Attractive Buying Opportunity

GPM increased to 20.2% in 3Q22 (vs. 17.0%/17.2% in 3Q21/2Q22). We think 3Q results were solid and confirmed the resilience of Wingtech’s power semi...

CMB International

Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

We analyzed northbound Shanghai/Shenzhen connect and highlight flows for Tianqi Lithium, Midea, Kweichow Moutai, Sungrow Power.

Ke Yan, CFA, FRM

Shanghai/Shenzhen Northbound Connect: Weekly Moves (3 November 2022)