9 August 2024 | 10:25PM SGT _ EM Weekly Fund Flows Monitor All EM Asian markets saw foreign selling this week, led by A-shares and Taiwan; US$18bn outflows since July peak; Not much HF de-grossing in Japan Foreign (FII) flows / positioning n EM Asian region saw selling (-US$6.5bn) across markets this week, led by A-shares (-US$2.1bn) and Taiwan (-US$2bn). Korea (-US$1.2bn), India (-US$1.1bn) and ASEAN (-US$0.1bn) also saw net outflows wow. n EM Asia ex-China has seen little net foreign buying this year afte ...

11 August 2024 | 4:13PM HKT _ China Insurance Framing and quantifying industry responses to lower yields; Buy China Life H, Ping An H/A, NCI H up to Neutral In response to declines in long-term bond yield, the regulator has asked lifers to reduce product pricing rates and improve expense efficiency, in order to stabilize long-term margin. We believe share prices have not reflected the potential benefits of lifers' responses in a lower yield environment. Within, we provide a framework to quantify the negativ ...

China: PBOC reiterated supportive stance and called for refinement of monetary policy framework in Q2 monetary policy report 10 August 2024 | 6:30PM HKT Bottom line: The PBOC maintained an easing bias in its Q2 monetary policy report with more focus on counter-cyclical adjustment to support economic growth and refinement of monetary policy framework. In the statement, the central bank pledged to "create a favorable monetary and financial environment for achieving the full-year economic and social developmen ...

9 August 2024 | 8:07PM HKT China: Q2 2024 BOP data suggest faster capital outflows Bottom line: China's preliminary Balance of Payments (BOP) data showed faster capital outflows in Q2 2024 on the back of more outflows through the direct investment channel and foreigners' selling of RMB assets as well. Current account surplus widened in Q2 from Q1 due entirely to a higher goods trade surplus, and FX reserves decreased in Q2. Main points: 1.The preliminary BOP data show three main categories of China's intern ...

Rating Change 12 August 2024 BUY Prior rating: HOLD 41% side Target price: HK$5.70 Prior TP: HK$3.60 1478 HK Price: HK$4.05 TP basis: PE Sector rating: NEUTRAL Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 8.5 4.7 5.6 Core EPS 17.0 5.6 3.4 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0 40 80 120 160 200 240 280 Turnover Q Technology HSI ...

Target Price Change 12 August 2024 BUY 125% side Target price: HK$29.00 Prior TP: HK$33.00 1548 HK Price: HK$12.90 TP basis: SOTP Sector rating: OVERWEIGHT Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue (8.1) (19.5) 0 Core EPS NM NM 0 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Turnover Genscript Biotech HSI | --- | --- ...

Target Price Change 13 August 2024 BUY 75% side Target price: US$24.62 Prior TP: US$22.03 BEKE US Price: US$14.03 TP basis: EV/EBITDA Sector rating: - Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 6.8 8.5 9.4 Adjusted EPS 10.7 11.5 12.1 Source: BOCI Research estimates Trading Summary US$ Turnover (US$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/2314/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 0 100 200 300 400 500 600 700 800 900 Tu ...

s August 13, 2024 Online Media: Neutral Earnings Review China Literature (772 HK, BUY, TP: HK$32.00) | --- | --- | --- | --- | |-------------------------------------------------------|-------|-----------------|-------------| | Target Price: HK$32.00 | | Price: HK$25.35 | | | Potential up/downside to TP +/-% | | | +26% | | 52-Week High/Low (HK$) | | | 33.50/20.40 | | Market Cap (US$mn) | | | 3,337 | | Shares Outstanding (mn) | | | 1,026 | | 3-mth ADTV (US$mn) | | | 10 | | Free Float (%) | | | 40 | | Major Sh ...

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9 August 2024 | 9:47PM HKT Si Fu, Ph.D. +852-2978-0200 | si.fu@gs.com Goldman Sachs (Asia) L.L.C. _ China Weekly Kickstart MXCN gained 2% but A-shares lost 2% amid heightened global market volatility; Export growth missed while import growth beat expectations in July MXCN gained 1.6% but CSI300 lost 1.6% this week when key North Asian equity markets experienced significant volatility. On Aug 3, the State Council released a document on boosting services consumption. On Aug 7, Shenzhen became the 2nd Tier-1 c ...