Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton 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.

Equity Bottom-Up

<ul>
<li>Growth. 1H26 revenue growth slowed sharply vs what is implied from consensus, confirming the reset we expected heading into results.</li>
<li>Geography. Overseas revenue growth turned negative for the first time in the current growth cycle.</li>
<li>IP sustainability. The flagship IP "The Monsters" declined YoY, partially offset by Twinkle Twinkle.</li>
</ul>


Growth. 1H26 revenue growth slowed sharply vs what is implied from consensus, confirming the reset we expected heading into results.
Geography. Overseas revenue growth turned negative for the first time in the current growth cycle.
IP sustainability. The flagship IP "The Monsters" declined YoY, partially offset by Twinkle Twinkle.


SELL Pop Mart (9992 HK): 1H26 Post-Results Takeaway