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>Consensus. The Street reset its numbers after the March results and the May update, then stopped while July channel data weakened. We think a second reset is ahead.</li>
<li>Positioning. July's bounce is accompied by short covering. Southbound has been a seller since June and the company's buyback has been idle since April.</li>
<li>Guidance risk. Management has lowered the bar twice this year. We expect the results call to lower the growth tone again.</li>
</ul>


Consensus. The Street reset its numbers after the March results and the May update, then stopped while July channel data weakened. We think a second reset is ahead.
Positioning. July's bounce is accompied by short covering. Southbound has been a seller since June and the company's buyback has been idle since April.
Guidance risk. Management has lowered the bar twice this year. We expect the results call to lower the growth tone again.


SELL Pop Mart (9992 HK): Assessment of Short Pre 1H26 Results