In today’s briefing:
- HSCI / HK Connect Sep 2026 Implementation: Pre-Implementation Update
- Shenzhen Intl (152 HK): Look Beyond the History
- Container Port Terminal Screener September 2026 – Structural Margin Increases
- All-Link Air & Sea Limited: Smaller Forwarder, Fast Lane
HSCI / HK Connect Sep 2026 Implementation: Pre-Implementation Update
- HK Connect implementation will be effective on 7 Sep 2026 before market open, with 53 ADDs and 15 DELETEs.
- ADDs gained +5.2% on average over the bridge and DELETEs fell 10.9%. All 15 DELETEs closed the bridge lower.
- Historically, positive-bridge ADDs extended their gains in the first implementation week and negative-bridge ADDs were flat. DELETEs kept falling. We place each group in its historical reference set below.
Shenzhen Intl (152 HK): Look Beyond the History
- Shenzhen International (152 HK)‘s loss-making 1H26 is disappointing, but looking ahead, the potential profit recovery in 2H26 is more important.
- It may potentially book a significant gain from the South China Logistics Park transformation in 2H26, possibly leading to an attractive dividend yield of 8.7%.
- Its 0.33x 12-month forward P/B, 2SD below average, has already discounted the market concerns. Stripping out Shenzhen Expressway (600548 CH) , its other assets are free.
Container Port Terminal Screener September 2026 – Structural Margin Increases
- Initiation of A Container Port Terminal Product introduced our rationale for covering companies that exhibit monopolistic/oligopolistic characteristics, as evidenced by their historical pricing/volume growth. We began with four companies.
- Asian Terminals (ATI PM) has since been privatized, leaving our coverage universe at International Container Terminal Services (ICT PM), Port of Tauranga (POT NZ), and Westports Holdings (WPRTS MK)
- Results for the companies have demonstrated structural margin improvements despite a challenging environment, indicating strong pricing power.
All-Link Air & Sea Limited: Smaller Forwarder, Fast Lane
- All-Link is an asset-light ASEAN freight forwarder: it coordinates cargo movement without owning aircraft, ships, warehouses or trucks.
- The listed business is two operations: a three-person Singapore booking-and-billing platform that produced 90.4% of FY25 revenue, and labour-intensive owned operations in the Philippines and Malaysia that produced the remaining 9.6%.
- Possible niche in US-bound air cargo from Vietnam.
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