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 Hong Kong Connect flows with our data engine for holding position as of December 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight weekly Hongkong connect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of December 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly Hongkong connect flows for Meituan and Tencent.


Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 24th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Xpeng, Tencent, Meituan and Li Auto.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 24th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Xpeng, Tencent, Meituan and Li Auto.


Hong Kong Connect Flows (Nov 24th): Xpeng, Tencent, Meituan, Li Auto

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 17th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 17th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.


Hong Kong Connect Flows (Nov 17th): Meituan, Tencent, Xiaomi

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>Double 11 result was indeed a miss, but it was an industrywide issue.</li><li>If we include the fairly robust offline sale growth, the figures are not that bad.</li><li>Anyhow, after factoring in all guidance cut and share price retreat, the current valuation is not too demanding.</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.

Double 11 result was indeed a miss, but it was an industrywide issue.If we include the fairly robust offline sale growth, the figures are not that bad.Anyhow, after factoring in all guidance cut and share price retreat, the current valuation is not too demanding.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.

Xtep (1368 HK) – Guidance Cut After a Weak Double 11 Festival

<ul><li>What is new? Xtep’s retail sales in 3Q23 grew by high-teens YoY, in line with CMBI est. of 18%.</li><li>In terms of breakdown, offline sales were faster than online and Xtep Kids had a 30%+ growth and running category also delivered a 25%+ sales growth.</li><li>Retail discount was at 25%-30% off, in line with management’s comments in Aug 2023. </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.

What is new? Xtep’s retail sales in 3Q23 grew by high-teens YoY, in line with CMBI est. of 18%.In terms of breakdown, offline sales were faster than online and Xtep Kids had a 30%+ growth and running category also delivered a 25%+ sales growth.Retail discount was at 25%-30% off, in line with management’s comments in Aug 2023. 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.

Xtep (1368 HK) – An Inline 3Q23 and Strong FY24E Guidance

China

Xtep International Holdings Limited designs, develops, manufactures, markets, and sells sportswear, including footwear, apparel, and accessories for adults and children. The company operates a multi-brand portfolio, featuring its core Xtep brand alongside international brands such as Saucony and Merrell. It was founded in 1987 and is headquartered in Xiamen, Fujian, China.

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Xtep (1368 HK)

Hong Kong Connect Flows (Dec 1st): Meituan, Tencent

We analyzed southbound weekly Hong Kong connect flows in the past week and we highlighted weekly flows for Meituan and Tencent.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 24th): Xpeng, Tencent, Meituan, Li Auto

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Xpeng, Tencent, Meituan, Li Auto.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Nov 17th): Meituan, Tencent, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlight Hongkong connect flows for Meituan, Tencent and Xiaomi.

Ke Yan, CFA, FRM

Xtep (1368 HK) – Guidance Cut After a Weak Double 11 Festival

Double 11 result was indeed a miss, but it was an industrywide issue. If we include the fairly robust offline sale growth, the figures are not that...

CMB International

Xtep (1368 HK) – An Inline 3Q23 and Strong FY24E Guidance

In terms of breakdown, offline sales were faster than online and Xtep Kids had a 30%+ growth and running category also delivered a 25%+ sales growth.

CMB International

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