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Smartkarma Daily Briefs

Mar 17
0

Daily Brief Quantitative Analysis: A-H Premium Weekly (Mar 15th): Air China and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power
  • HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com
  • Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports
  • Northbound Flows (Mar 15th): $5bn of Inflows Last Week
  • TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 15th.
  • The average A-H premium changed by -0.1ppt week-on-week, led by communication services, utilities, energy and offset by consumer staples, real estate, health care.
  • We highlight weekly changes in A-H premium for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power.

HK Short Interest Weekly: Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Mar 8th.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in Zijin Mining, Techtronic Ind, CNOOC, Kuaishou, HSBC, Trip.Com.

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.

Northbound Flows (Mar 15th): $5bn of Inflows Last Week

By Ke Yan, CFA, FRM

  • We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 15th.
  • We estimate the weekly inflows to be US$5,038.2 million, led by industrials, consumer discretionary, consumer staples sectors.
  • We highlight flows for CATL, Wuliangye, China Tourism, Moutai, Midea.

TWSE Short Interest Weekly (Mar 15th): Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Mar 15th which has an aggregated short interest worth USD70.1bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Wistron, Hon Hai, Asia Vital, Wt, Umc, Unimicron Tech, Wiwynn, Mediatek.

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Mar 17
0

Daily Brief Thematic (Sector/Industry): India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour. and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.
  • [Blue Lotus Daily]9926HK/1801HK/1877HK/BGNE/ZLAB/9995HK/1211HK/XPEV/1810HK/Chery Automobile/LI/NIO
  • [Blue Lotus Daily – TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.

By Nimish Maheshwari

  • What is a stress test? How it is being calculated?
  • Key Takeaways of Mutual Fund’s Stress Test Results. What should investors know?  
  • Flaws in SEBI’s Stress Testing Results and Way Ahead for investors

[Blue Lotus Daily]9926HK/1801HK/1877HK/BGNE/ZLAB/9995HK/1211HK/XPEV/1810HK/Chery Automobile/LI/NIO

By Eric Wen

  • 9926 HK /1801 HK /1877 HK/ BGNE/ ZLAB/9995 HK: US lobbying group distanced itself from Wuxi AppTec after being accused（/）
  • 1211 HK/ XPEV/ 1810 HK：GAC AION orders surged after price cuts（/）
  • Chery Automobile:It Is Reported that Chery Automobile Is in Talks with the Italian government to build a factory（/）

[Blue Lotus Daily – TMT Update]:BABA/002352 SZ/1519 HK/3690 HK/META/700 HK/259960 KRX

By Ying Pan

  • BABA/002352.SZ/1519.HK: Taobao/Tmall adjusts algorithm to favor merchants with better service capabilities (+/+/-)
  • 3690 HK: Meituan QuanQuan shift from direct operating into third party operating, and cut nearly 200 BD job positions(+)
  • 700 HK/259960 KRX:The development team of <PUBG> has unveiled its major game update plan for 2024.(+)  

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Mar 17
0

Daily Brief Event-Driven: HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs and more

By | Daily Briefs, Event-Driven

In today’s briefing:

  • HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs
  • Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • (Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing
  • Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation
  • Weekly Deals Digest (17 Mar) – JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa
  • Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy
  • A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow
  • Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?
  • Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

By Travis Lundy

  • A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.
  • Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
  • The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. 

Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.
  • We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.

(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing

By David Blennerhassett

Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation

By Sanghyun Park

  • Estimating FINANCIAL INVESTMENT’s dividend arbitrage positions’ exact size and liquidation plans is challenging. Yet, past trading patterns suggest a substantial portion may be liquidated soon, akin to January’s volume (≥₩2T).
  • Many local market participants expect a scenario unfolding post-March, aligning with KOSPI companies rescheduling ex-dividend dates. Expect substantial position liquidation by April’s end, likely impacting index negatively, akin to January.
  • Position setups should adapt to short-term index corrections, leveraging earnings season for earnings-based spreads using index short hedging.

Weekly Deals Digest (17 Mar) – JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa

By Arun George

Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net BUY RMB 32.8bn of A-shares on decent volume after one RMB-3bn week following 5 weeks straight of net buying total RMB +63bn. Foreigners are in.
  • The volume now is back to chasing momentum, but given so much net buying, much of it appears to be passive plus a CATL kicker.

A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow

By Travis Lundy

  • The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
  • SOUTHBOUND a net buyer every day since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.
  • For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

By Janaghan Jeyakumar, CFA

  • In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
  • As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.
  • Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.

Last Week in Event SPACE: Keisei Electric /Oriental Land, SingTel, Alumina/Alcoa, Li Ning

By David Blennerhassett

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Mar 17
0

Daily Brief Macro: The Weekly Market Monitor – The End of Goldilocks? and more

By | Daily Briefs, Macro

In today’s briefing:

  • The Weekly Market Monitor – The End of Goldilocks?

The Weekly Market Monitor – The End of Goldilocks?

By Jeroen Blokland

  • US retail sales are off to a lousy start in 2024. Excess savings are gone, and the regular savings rate is low. The end of extraordinary US GDP growth?
  • The higher-than-expected producer price data robbed investors of the ‘Fed must cut rates soon’ narrative. Interestingly, the PPI suggests lower inflation from here.
  • Will the Bank of Japan finally remove its long-lasting negative interest rate policy? Wage growth says ‘yes.’

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Mar 17
0

Daily Brief Equity Bottom-Up: NEC (6701 JP): Generative AI Is the Spark and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • NEC (6701 JP): Generative AI Is the Spark, Not the Driver
  • [KE Holdings (BEKE US, BUY, TP US$24) Review]: Investor Friendly & Best-In-Class…Reiterate BUY

NEC (6701 JP): Generative AI Is the Spark, Not the Driver

By Scott Foster

  • The P/E ratio has risen above 20x this fiscal year from no more than 13x in the previous four years, reflecting successful restructuring and investor enthusiasm for AI. 
  • Profit margins are rising, but remain moderate in absolute terms with room for further improvement. The shares may consolidate, but they do not look overvalued.
  • Management is aiming for generative AI sales of ¥50 billion in three years time. This is less than 2% of total sales, but a positive indicator for NEC’s software business.

[KE Holdings (BEKE US, BUY, TP US$24) Review]: Investor Friendly & Best-In-Class…Reiterate BUY

By Eric Wen

  • KE Holdings’ (BEKE) reported C4Q23 revenue 6.2%/7.5% above our est./cons.. Its non-GAAP net income miss our est. by 8.3%, due to bad debt write-off and year-end bonus
  • Although recovery in new home market remains muddy, we view Beike’s commitment to deliver 5% yield through dividend and stock buyback as investor friendly. 
  • We reiterate BUY rating and maintain TP at US$24/ADS . 

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Mar 17
0

Most Read: Yankuang Energy Group, Shenzhen New Industries Biomedical Engineering-A, ZOZO Inc, Anycolor , Hang Seng Index, Tencent, NEC Corp, TSE Tokyo Price Index TOPIX, Korea Stock Exchange Kospi Index and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM
  • CSI300 Index Rebalance Preview: Potential Adds Outperforming Despite ETF Inflows
  • Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up
  • Anycolor (5032) – Great Quarter Guys! Again. Context Issues. Still.
  • EQD | Hang Seng (HSI): How Far Can It Rally Now?
  • HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs
  • NEC (6701 JP): Generative AI Is the Spark, Not the Driver
  • Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.
  • Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation

Index Rebalance & ETF Flow Recap: STAR50/100, FXI, NIFTY/NEXT50, S&P500, KOSPI, Goodman, Ecopro BM

By Brian Freitas

  • The last week was a very busy one. The coming week has some announcements and implementations but is a relatively quieter one.
  • The SSE STAR50 (STAR50 INDEX) and STAR100 Index changes for March will be implemented at the close on Friday, the 8th.
  • Another week of inflows for the iShares Emerging Markets ex-China (EMXC US) ETF as creations cross US$2bn for 2024. ETF AUM has gone from US$420m in 2021 to US$11bn now!

CSI300 Index Rebalance Preview: Potential Adds Outperforming Despite ETF Inflows

By Brian Freitas

  • With 85% of the review period complete, we see 11 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) in June.
  • We estimate one-way turnover of 1.2% at the rebalance leading to a one-way trade of CNY 7.3bn (US$1bn). There are a lot of stocks with multiple days ADV to trade.
  • The potential adds have outperformed the potential deletes despite large flows from the National Team into ETFs tracking the CSI 300 Index. That support for the potential deletes will reverse.

Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

By Brian Freitas

  • There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
  • There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
  • Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX). 

Anycolor (5032) – Great Quarter Guys! Again. Context Issues. Still.

By Travis Lundy

  • Nine months ago I first wrote on Anycolor (5032 JP). I thought the guidance growth pattern and valuations remarkable. Results handily beat guidance. Now we’re in Year 2 of guidance.
  • After the first full year listed, FY2024 guidance was for +30% in revenue to ¥33bn, and +35% growth in OP. For Q1, reported yesterday, actual results were +51% and +91%.
  • The stock is popping this AM, but it is still cheap vs growth rates and margins. There are, notably, still “context issues” here. They merit some consideration (and investigation).

EQD | Hang Seng (HSI): How Far Can It Rally Now?

By Nico Rosti

  • The Hang Seng Index is rallying and could co higher this week but it seems there isn’t much room to go really higher.
  • A good target to cover your LONG holdings would be 17500, for this coming week and/or the following week.
  • A pullback this coming week is also possible, so it’s not sure the index can rally more from here, or at least not without some correction first.

HK Connect SOUTHBOUND Flows (To 15 Mar 2024); Strong Net Buying on Tencent and ETFs

By Travis Lundy

  • A shares were up small on the week. The spivvier the better. HK was up better, especially among the liquid names.
  • Net SOUTHBOUND buying was +HK$21.4bn in the fourth post-holiday week vs +HK$17bn the week before. SOUTHBOUND has net bought every day since the end of Chinese New Year.
  • The flavour of SOUTHBOUND buying has been high-div SOEs for months and months. That is starting to change slightly. Tencent was a net buy the second week in a row. 

NEC (6701 JP): Generative AI Is the Spark, Not the Driver

By Scott Foster

  • The P/E ratio has risen above 20x this fiscal year from no more than 13x in the previous four years, reflecting successful restructuring and investor enthusiasm for AI. 
  • Profit margins are rising, but remain moderate in absolute terms with room for further improvement. The shares may consolidate, but they do not look overvalued.
  • Management is aiming for generative AI sales of ¥50 billion in three years time. This is less than 2% of total sales, but a positive indicator for NEC’s software business.

Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.
  • We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.

India’s Mutual Fund Stress Testing Is Not the Solution Which Is Need of Hour.

By Nimish Maheshwari

  • What is a stress test? How it is being calculated?
  • Key Takeaways of Mutual Fund’s Stress Test Results. What should investors know?  
  • Flaws in SEBI’s Stress Testing Results and Way Ahead for investors

Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation

By Sanghyun Park

  • Estimating FINANCIAL INVESTMENT’s dividend arbitrage positions’ exact size and liquidation plans is challenging. Yet, past trading patterns suggest a substantial portion may be liquidated soon, akin to January’s volume (≥₩2T).
  • Many local market participants expect a scenario unfolding post-March, aligning with KOSPI companies rescheduling ex-dividend dates. Expect substantial position liquidation by April’s end, likely impacting index negatively, akin to January.
  • Position setups should adapt to short-term index corrections, leveraging earnings season for earnings-based spreads using index short hedging.

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Mar 17
0

Daily Brief Financials: Korea Stock Exchange Kospi Index, KE Holdings and more

By | Daily Briefs, Financials

In today’s briefing:

  • Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation
  • [KE Holdings (BEKE US, BUY, TP US$24) Review]: Investor Friendly & Best-In-Class…Reiterate BUY

Investigating the Size and Timing of Korea’s Local Dividend Arbitrage Traders’ Position Liquidation

By Sanghyun Park

  • Estimating FINANCIAL INVESTMENT’s dividend arbitrage positions’ exact size and liquidation plans is challenging. Yet, past trading patterns suggest a substantial portion may be liquidated soon, akin to January’s volume (≥₩2T).
  • Many local market participants expect a scenario unfolding post-March, aligning with KOSPI companies rescheduling ex-dividend dates. Expect substantial position liquidation by April’s end, likely impacting index negatively, akin to January.
  • Position setups should adapt to short-term index corrections, leveraging earnings season for earnings-based spreads using index short hedging.

[KE Holdings (BEKE US, BUY, TP US$24) Review]: Investor Friendly & Best-In-Class…Reiterate BUY

By Eric Wen

  • KE Holdings’ (BEKE) reported C4Q23 revenue 6.2%/7.5% above our est./cons.. Its non-GAAP net income miss our est. by 8.3%, due to bad debt write-off and year-end bonus
  • Although recovery in new home market remains muddy, we view Beike’s commitment to deliver 5% yield through dividend and stock buyback as investor friendly. 
  • We reiterate BUY rating and maintain TP at US$24/ADS . 

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Mar 17
0

Daily Brief Energy/Materials: JSR Corp, Ganfeng Lithium and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • (Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing
  • Weekly Deals Digest (17 Mar) – JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa
  • A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow

(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing

By David Blennerhassett

Weekly Deals Digest (17 Mar) – JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa

By Arun George

A/H Premium Tracker (To 15 Mar 2024):  Liquid AH Premia Starting to Narrow

By Travis Lundy

  • The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
  • SOUTHBOUND a net buyer every day since the end of Chinese New Year. NORTHBOUND a huge net buyer this week, now net buyers in size (RMB +93bn) over 7 weeks.
  • For the first time in a while, AH premia among liquid stocks fell convincingly. Narrow AH premia pairs saw Hs outperform more than wide AH premia Hs (vs As).

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Mar 17
0

Daily Brief Industrials: TSE Tokyo Price Index TOPIX, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy

Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.
  • We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net BUY RMB 32.8bn of A-shares on decent volume after one RMB-3bn week following 5 weeks straight of net buying total RMB +63bn. Foreigners are in.
  • The volume now is back to chasing momentum, but given so much net buying, much of it appears to be passive plus a CATL kicker.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Mar 17
0

Daily Brief Industrials: TSE Tokyo Price Index TOPIX, Contemporary Amperex Technology (CATL) and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”
  • Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy

Updated Tool and New “Diff File Generator” for TSE “Mgmt Conscious of Capital Cost/Stock Price”

By Travis Lundy

  • In mid-January, the TSE announced a “name-and-shame” list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.
  • The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.
  • We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.

Mainland Connect NORTHBOUND Flows (To 15 Mar 2024): Biggest Net Buying in a While, CATL a Big Buy

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net BUY RMB 32.8bn of A-shares on decent volume after one RMB-3bn week following 5 weeks straight of net buying total RMB +63bn. Foreigners are in.
  • The volume now is back to chasing momentum, but given so much net buying, much of it appears to be passive plus a CATL kicker.

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