Report
Dave Nicoski ...
  • Ross LaDuke
EUR 233.15 For Business Accounts Only

Int'l Insights: EM Strategy

EM Outperforming; Favor EM over EAFE

With many global markets crumbling last week, one might assume that EM would have underperformed -- but that is not what transpired. What we saw was a decline in the US dollar which, along with improving coronavirus metrics in China, led to EM outperformance. Reiterating our 12/20/19 EM Strategy, we continue to believe EM is a better place to be than EAFE, supported by new highs in the EM vs. EAFE ratio and our ongoing belief that the US dollar is likely not headed for meaningfully new highs in the near-term... see charts below.

Below we highlight attractive and actionable themes within EM:

• EM Countries: China (MSCI China, Shenzhen A Share) offers a plethora of attractive setups and is a major focus in today's report. Taiwan (TAIEX) is another focus as it is one of the few global indexes that is not yet breaking down. Lastly, Turkey (ISE National 100) appears to offer an attractive pullback opportunity... see page 2.

• EM Sectors: Technology and Consumer Discretionary continue to be leadership -- remain overweight. Health Care exhibits price and RS bottoms, making it an attractive area to add exposure. Lastly, Communications is showing early signs of potential price and RS bottoms -- be selective... see page 3.

Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 4 we include a table of all stocks highlighted in this report.
Underlyings
Anhui Conch Cement Company Limited Class H

Autobio Diagnostics Co. Ltd. Class A

Autobio Diagnostics Co Ltd. Autobio Diagnostics Co., Ltd. is a China-based company and mainly engaged in development, manufacture and sales of diagnostics products. The Company's main products include gnostic products, microbiology detection products, and related devices. The immunodiagnostic products include microplate chemiluminescence diagnostic reagents, Enzyme-Linked immunosorbent assay diagnostic reagents, magnetic particle chemiluminescence detection reagents, and colloidal diagnostic reagents. The microbiology detection products include training detection reagents, susceptibility detection reagents and rapid detection reagents. The device products include microplate readers, chemiluminescence immunoassay analyzers, and united testing analyzers. The Company distributes its products in domestic markets.

Bajaj Finance Limited

Bajaj Finance Limited is a non-banking finance company (NBFC). The Company is engaged in lending and allied activities. It focuses on consumer lending, small and medium-sized enterprises (SME) lending, commercial lending, rural lending, fixed deposits and value-added services. Its consumer lending products include two-wheelers and three-wheelers finance, consumer durables finance, digital products finance, retailer finance, salaried personal loans, e-commerce consumer finance, e-commerce seller finance and home loan. Its SME lending products include loan against property and business loans. Its commercial lending products include loan against securities and financial institutions group lending business. Its rural lending products include personal loans cross-sell, salaried personal loans and gold loans. It offers retail fixed deposits and wholesale fixed deposits. It is engaged in life insurance distribution, general insurance distribution and mutual fund distribution.

Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A

BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY CO., LTD.is a China-based company principally engaged in the research, development, manufacture and distribution of waterproof materials. The Company's main products consist of waterproof membranes and waterproof coatings. The Company's products are mainly applied in the areas of building construction, express railway, subway and urban rail, expressway, urban road and bridge, airport, water conservancy facility and utility tunnel, among others. The Company is also involved in the engineering construction of waterproof projects and the provision of technology consulting services. The Company operates its business mainly in domestic market.

Beijing OriginWater Technology Co. Ltd. Class A

BEIJING ORIGINWATER TECHNOLOGY CO., LTD. is a China-based company principally engaged in the sale of water purifiers, as well as the provision of waste water treatment solutions. The Company primarily offers technical proposal design, engineering design, technology implementation and system integration, operation technical support and operation services. The Company is also involved in the production of membrane units and membrane material components; the research, development, manufacture and distribution of water purifiers, as well as the provision of water supply and drainage engineering services. The Company operates its business in domestic market.

Centre Testing International Group Co. Ltd. Class A

CENTRE TESTING INTERNATIONAL GROUP CO., LTD., formerly CENTRE TESTING INTERNATIONAL (SHENZHEN) CO., LTD., is a China-based company principally engaged in the provision of technical testing services in trading goods, consumer goods, industrial goods and life science areas. The Company mainly provides hazardous substance testing, safety inspection, Electro Magnetic Compatibility (EMC) testing, environment security testing, reliability and failure analysis of electrical and electronic products, material reliability and failure analysis, metal and non-metallic materials analysis, testing for textiles, shoes and leather, toy testing, construction material and light industrial product testing and vehicle and spare parts testing, among others. The Company operates its business in domestic and overseas markets.

Chongqing Zhifei Biological Products Co. Ltd. Class A

Chongqing Zhifei Biological Products Co., Ltd. is a China-based company principally engaged in the research, development, production, sale and distribution of vaccine products. The Company's main products include bacterial vaccines for the prevention of meningitis and pneumonia-based bacteria, biological products for the prevision and treatment of tuberculosis, viral vaccines for the prevention of rabies virus, influenza virus and other virus, general drugs and other biological products, among others. The Company is also involved in the agency sale of vaccines. The Company distributes its products in domestic market and to overseas markets, with Central China as its main market.

Dongguan Eontec (A)

Dongguan Eontec Co., Ltd. is a China-based company principally engaged in the research, development, design, production and sale of new materials. The Company's main products include new energy automotive parts, consumer electronics components, light-emitting diode (LED) curtain walls, liquid metal products and industrial parts and molds. The Company distributes its products in domestic market and to overseas markets.

DOUZONE BIZON CO.LTD

Duzon Bizon Co Ltd Formerly known as Duzon Bizon Company Limited. Duzon Bizon Co., Ltd is a Korea-based company engaged in the provision of customized software and extended solutions for small and medium enterprises. The Company provides enterprise resource planning (ERP) software, such as lite ERP, standard ERP, extended ERP and financial ERP under the brand names of Duzon-iPlus, Duzon ERP-icube, ERP M/U and others, as well as electronic banking software used in u-billings and electronic tax invoices. It is also engaged in the provision of construction-use ERP, security solutions, hardware, telecommunication and mobile related solutions, as well as maintenance services. On June 5, 2014, it acquired 100% stake in DUZON SNS Co.,Ltd.

Equatorial Energia S.A.

Equatorial Energia is a holding company. Through its subsidiaries, Co. operates in the energy sector in Brazil. In the distribution segment, Co. controls Companhia Energetica do Maranhao, the sole concession operator in the State of Maranhao and Centrais Eletricas do Para S.A., the sole concession operator in the State of Para. In the generation segment, Co. held a 25.0% interest in Geradora de Energia do Norte S.A., which operated two thermoelectric power plants located in Maranhao at Dec 31 2014. In the marketing segment, Co. held indirectly at Dec 31 2014 a 51.0% interest in Sol Energias, an energy trading company and developer of products and services.

Escorts

Escorts is a holding company. Through its subsidiaries, Co. is engaged in the manufacture and sale of agricultural machines such as tractors, engines, round and flat tubes, double acting hydraulic shock absorbers for railway coaches, center buffer couplers, automobile shock absorbers, telescopic fronts and Mcpherson struts, brake blocks and all types of brakes used by railways. Co. also manufactures equipment for material handling and road construction. In addition, Co. is engaged in the provision of healthcare services and facilities, cellular telecommunications services, software development, provision of internet service, and other e-commerce, financial and investment services.

First Financial Holding Co. Ltd.

First Financial Holding is engaged in the investment and management of financial institutions. Through its subsidiaries, Co. is involved in SME business, mortgages, mutual-fund distribution, trade finance, deposit and lending; proprietary trading, underwriting and research, investment advisory, margin trading, options and futures; fund management and asset management; acquisition and management of non-performing loans for financial institutions; investment in distressed businesses and potentially undervalued companies; provision of consulting and management services to venture capital funds; and acting as broker to sell and distribute property & casualty insurance products.

Ford Otomotiv Sanayi A.S.

Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).

Formosa Sumco Technology

Formosa Sumco Technology is engaged in the manufacture, sale, import and export of silicon wafers for semiconductor industries.

GDS Holdings Ltd. Sponsored ADR Class A

Greentown Service Group Co. Ltd.

Greentown Service Group Co Ltd is a China-based company and mainly engaged in residential property management service. The main segments of the Company include Property Management Services, Property Consulting Services and Community Value-added Services. Property Management Services include security, cleaning, gardening, and repair and maintenance services. Property Consulting Services include consulting services to real estate developers and local property management companies to address various needs that arise during each major stage throughout the course of their property development projects and capitalizing on brand equity and expertise. Community Value-added Services mean that the Company provides property owners and residents of managed communities with access to an extensive array of daily necessities complemented by a wide assortment of life-style products and services through multiple channels.

Guangzhou Haige Communications Group Incorporated Company Class A

Guangzhou Haige Communications Group Incorporated Company is a China-based company, principally engaged in the research and development, manufacture and distribution of communication equipment and navigation equipment. The Company's products include wireless communication products, Beidou navigation products, Transavia products and software and information services. The Company mainly distributes its products within domestic markets.

Guangzhou Hongli Opto Electronic (A)

Hongli Zhihui Group Co.,Ltd., formerly GUANGZHOU HONGLI OPTO-ELECTRONIC CO., LTD., is a China-based company principally engaged in the research, development, production and sale of light emitting diode (LED) devices and related application products. The Company's LED products mainly include surface mount (SMD) LED products, LED application products and lamp LED products. Its main products are white-light LED products. Its application products primarily include LED lamp strips, fluorescent lamps, tube lamps, panel lamps and spotlight lamps, as well as automotive signal and lighting products. The Company's products are mainly applied in general illumination, backlight sources, automobile signals and lighting, special lighting, special-purpose lighting and display screens, among other fields. The Company distributes its products within domestic markets and to overseas markets.

Guangzhou Wondfo Biotech Co. Ltd. Class A

Guangzhou Wondfo Biotech Co Ltd. GUANGZHOU WONDFO BIOTECH CO., LTD. is a China-based company principally engaged in research, manufacture and sales of point-of-care testing (POCT) reagents, POCT instrument and related products. According to the testing result, the Company' products can be divided into qualitative testing products and quantitative testing products. According to the usage, the Company' products include pregnancy testing series, infectious diseases testing series, drugs (drug abuse) testing series and chronic disease testing series. The Company's products are used in POCT, clinical test, field test and personal health management, among others.

Hainan Poly Pharm (A)

Hainan Poly Pharm Co., Ltd. is a China-based company principally engaged in the research, development, production and sales of medicine. The Company operates through two main segments. The Main Business segment is primarily involved in the research, development and production of injections, oral solid dosages, dry suspensions and active pharmaceuticals ingredients (API). The Company's products include anti-allergic medicine, antibiotic medicine and digestive. The Other Business segment is mainly engaged in the construction engineering design, decoration design and provision of construction engineering technology services, among others.

Hangzhou Tigermed Consulting Co. Ltd. Class A

Hangzhou Tigermed Consulting Co., Ltd. is a China-based company principally engaged in the provision of clinical research services. The Company provides clinical research related consulting services and clinical test technical services. Its technical services include researcher selection, experiment plan designing, test monitoring, the management and collection of clinical test data, as well as the management of drugs applied in experiments, among others. Its research projects cover hepatitis, oncology and cardiovascular fields, among others. The Company operates businesses in both domestic and overseas markets.

Hartalega Holdings Bhd.

Hartalega Holdings is an investment holding company. Through its subsidiaries, Co. is engaged in manufacturing, retail and wholesale of latex gloves; as well as leasing of property, research and development of automation systems.

HIWIN Technologies Corp.

Hiwin Technologies and its subsidiaries are engaged in the research and development, design, manufacture, sale and repair of ballscrew, linear guideway, bearings, robot, linear motor system, linear actuator, and positioning measurement system.

Jiangsu Yangnong Chemical Co. Ltd. Class A

Jiangsu Yangnong Chemical is engaged in the manufacture, process, and sale of synthetic pyrethroids products and other fine chemicals products used in agricultural and public health sectors. Through its subsidiary, Co. is also engaged in manufacture, processing, sale and application services of pesticide and midbody; technology development; import and export of technology; and act as an agent for different kind of commodity goods . Co. has two main business segments which compriesd of methrin for public health use and methrin for agricultural use.

Jiangxi Fushine Pharmaceutical Co Ltd.

Kakao Corp.

Kakao is engaged in the provision of Internet services to its users and advertisers. Co. provides its owned and operated online properties and services for its users. Co. provides a range of tools and marketing services designed to enable businesses to reach its users for its advertisers.

Kossan Rubber Industries Bhd.

Kossan Rubber Industries is an investment holding company. Co. is engaged in manufacturing and selling rubber products. Through its subsidiaries, Co. is also engaged in the manufacturing of latex examination gloves; manufacturing and marketing of rubber based parts and products; manufacturing and dealing in rubber products; fabrication and installation of machinery; and the manufacturing of surgical, procedure and examination gloves.

Lien Hwa Industrial Corp.

Co. is engaged in agricultural products; grain processing; multi-level processing of grain; purchasing and sale of fructose, glucose and other raw materials; processing, purchasing, transport, manufacturing and sale of wheat flour, wheat bran, rice flour, buckwheat flour, barley without bran, oatmeal, barley bran, rice and coarse cereals; manufacturing, transport and sale of yacht.

Longfor Group Holdings Ltd.

Longfor Properties Co. is an investment holding company. Through its subsidiaries, Co. is principally engaged in the property development, property investment and property management businesses in the People's Republic of China. Co. has three segments: property development, which develops and sells office premises, commercial and residential properties; property investment, which leases investment properties, which are developed by Co. to generate rental income and to gain from the appreciation in the properties' values in the long term; and property management and related services, which mainly represents the income generated from property management.

Nanjing King-friend Biochemical Pharmaceutical Co. Ltd. Class A

Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. is a China-based company principally engaged in the research and development, production and sales of heparin-related products. The Company's main products include standard heparin raw materials, low molecular weight heparin raw materials and their preparations, such as heparin sodium raw materials, heparin sodium, enoxaparin sodium injection, dalteparin sodium injection and Naqu Heparin Calcium Injection. The Company mainly exports its products to the United States and European countries.

NCsoft Corporation

NCsoft is engaged in the development and distribution of on-line games, software licensing and other related services. Co.'s products are "Lineage", "Lineage II", "Guild Wars" and "Tabula Rasa". Co.'s games are massively multiplayer online role-playing games that enable players from different countries play together through the Internet.

New Oriental Education & Technology Group Inc. Sponsored ADR

Nine Dragons Paper Holdings Ltd.

Nine Dragons Paper (Holdings) is principally engaged in the manufacture and sales of packaging paper, recycled printing and writing paper and specialty paper products in the People's Republic of China. Co.'s main products include: linerboard, corrugating medium and coated duplex board, as well as recycled printing and writing paper. Co.'s linerboard category consists of kraftlinerboard, testlinerboard, white top linerboard and coated linerboard). Co.'s printing and writing paper category includes uncoated woodfree paper and office paper.

Ningbo Sanxing Electric (A)

Ningbo Sanxing Medical Electric Co.,Ltd. is a China-based company principally engaged in intelligent power distribution and medical service businesses. The Company operates through two segments. Intelligent Power Distribution segment is mainly engaged in the production, research and development and sales of intelligent electric meters, power distribution terminals, power metering boxes, transformers and switches, among others. Medical Service segment is mainly engaged in the construction, operation, investment and acquisition of hospitals, as well as the finance leasing of hospitals, among others. The Company operates businesses in both domestic and overseas markets.

Pidilite Industries Limited

Pidilite Industries is engaged in the manufacturing and selling of consumer and bazaar products and speciality industrial chemical. Co.'s business is divided into three major segments: consumer & bazaar products, industrial products and other segments. Consumer & bazaar products consist of mainly adhesives, sealants, art materials and construction chemicals. Industrial products consists of organic pigments, industrial resins and industrial adhesives. Other segments consist of VAM manufacturing unit of Vinyl Chemicals (India) Ltd.

S.F. Holding Co. Ltd. Class A

S.F. Holding Co., Ltd., formerly Maanshan Dingtai Rare Earth & New Materials Co., Ltd., is a China-based company principally engaged in the provision of integrated express logistics services. The Company provides integrated logistics services, such as warehousing management, sales forecasting, big data analysis and settlement management. The Company's logistics products include various express services, such as business express, e-commerce express, warehousing and distribution and international express; heavy cargo transport services, such as general cargo transport and heavy cargo express transport, as well as cold chain logistics services for food and pharmaceutical industries. The Company also offers value-added services, including insured transport, payment collection and others. The Company operates its businesses in domestic and overseas markets.

Sentral Mitra Informatika

PT Sentral Mitra Informatika Tbk is an Indonesia-based company primarily engaged as an information technology solutions provider. The Company sells hardware products, such as printers, servers, notebooks, desktops, spare parts for computers, as well as smartphones and tablets. Other than selling hardware, the Company also provides software services and enterprise solutions, such as customer helpdesk, seat management, document production and system management automation.

Shengjing Bank (H)

Shengjing Bank Co., Ltd. is principally engaged in the provision of corporate and personal deposits, loans, advances, settlement and treasury business. The Company operates its business through four segments. The Corporate Banking segment is engaged in the provision of a range of financial products and services to corporations, government agencies and financial institutions. The Retail Banking segment is engaged in the provision of a range of financial products and services to retail customers. The Treasury Business segment is engaged in inter-bank money market transactions, repurchases transactions and investments. The Others segment is engaged in equity investment and other business which cannot form a single reportable segment.

Shenzhen Kangtai Biological Products Co. Ltd. Class A

Shenzhen Kangtai Biological Products Co.,Ltd. is a China-based company and mainly engaged in research and development, manufacture and sale of vaccine. The main products of the company are recombinant hepatitis B virus, haemophilus influenzae type b combined vaccine, measles rubella combined attenuated live vaccine, non-cell Bai Bai Po haemophilus influenzae combined vaccine and other products. The Company operates its businesses primary in domestic market.

Sichuan Chengfei Integration Technology (A)

Sichuan Chengfei Integration Technology is engaged in the design, research and manufacture of tools and molds; development and application of computer integration technology; manufacture of digital control and hi-tech products; export of self-produced products and technology; and import of raw materials for production, instrument and meter, machinery and equipment, spare parts and technology. Co.'s major products are automobile cover parts mold external digital control processing products. Co.'s major customers include Chery Automobile, Guangzhou Honda Automobile, Shanghai Volkswagen Automotive, Shenyang Brilliance Jinbei Automobile and FAW-VW Automobile.

Sino-American Silicon Products Inc.

Sino-American Silicon Products Inc. is a Taiwan-based company principally engaged in the research, development, design, manufacture and distribution of semiconductor silicon wafer materials and related components. The Company's principal products include solar silicon ingots, solar silicon wafers, semiconductor ingots, semiconductor wafers, solar cells and solar module products. The Company mainly operates through two business segments: semiconductor business segment and solar business segment. The Company is also engaged in the provision of related technology, management and consultancy services. The Company mainly operates its business in Taiwan, the rest of Asia and the Americas.

Standard Foods Corporation

Standard Foods is engaged in manufacturing and selling nutrition foods, cooking oil and dairy food and beverage. Co.'s products included baby milk powder and nutritional supplements, bottle baby food, oat products, low-fat, skim and functional series milk powder, and healthcare products. Through its subsidiaries, Co. is also engaged in manufacturing and selling computer peripheral equipment and computer information products.

SYSTEX Corp.

SYSTEX CORPORATION is a Taiwan-based company principally engaged in the research, development, production and sales of computer software. The Company also provides intelligent financial services, new retail full channel full payment services and digital technology product services. The Company distributes its products in domestic market to overseas markets.

TAL Education Group Sponsored ADR Class A

Tata Consumer Products Limited

Tata Tea is a holding company based in India. Through its subsidiaries, Co. is engaged in the cultivation, manufacture, sale and export of tea, instant tea, coffee, instant coffee, pepper and in investment holding operations. Co. has five major brands in the Indian market - Tata Tea, Tetley, Kanan Devan, Chakra Gold and Gemini -- catering to all major consumer segments for tea. Co. has a 100% export-oriented unit (KOSHER & HACCP certified) manufacturing Instant Tea in Munnar, Kerala. The Tata Tea and Tetley portfolios of branded offerings caters specifically to the Australian, Middle East, West Asia, North Africa, Poland, Russia and Kazakhstan markets.

Tingyi (Cayman Islands) Holding Corp.

Tingyi Cayman Islands Holdings is an investment holding company and engaged in trading of spare parts of machineries and raw materials. Co. and its subsidiaries are principally engaged in the manufacture and sale of instant noodles, beverages and instant food products.

Top Glove Corporation Bhd.

Top Glove is a holding company. Co. is engaged in the provision of management services. Through its subsidiaries, Co. is engaged in the manufacturing and trading of gloves, the provision of management services, property investment, investment holding, producing and selling concentrate latex, as well as plantation of rubber trees. Through its associate, Sonic Clean Pte. Ltd., Co. provides aqueous cleaning services, consumable cleaning and subassembly work in clean room environment and investment holding. Co. and its subsidiaries have five reportable operating segments: Malaysia, Thailand, The People's Republic of China, The British Virgin Islands, and Others.

Weihai Guangtai Airport (A)

Weihai Guangtai Airport Equipment is engaged in the development, manufacture and sale various type of aviation ground support equipment. Co. offers approximately 40 types of products such as aircraft ground power units, battery cart, GPU test cart, tow tractors, passenger boarding stairs, potable water service vehicles, lavatory service vehicles, catering trucks, container and pallet loader, baggage conveyor belt, emergency working vehicles, boarding lounge, jet starter unit, solid state, lightening equipment, aircraft refueller and aircraft deicing vehicles.

Wuxi Biologics (Cayman) Inc.

Wuxi Biologics Cayman Inc. WUXI BIOLOGICS (CAYMAN) INC. is an investment holding company. The Company along with its subsidiaries is mainly engaged in the discovery, research and development, manufacturing and sales of biologics products. The Company's primary products include the clinical active pharmaceutical ingredients, sterile liquid preparations, freeze-dried preparations, as well as small molecules antibiotics for injection drugs. The Company mainly distributes its products in the United States of America (USA) and the People's Republic of China (PRC) markets.

Wuxi Lead Intelligent Equipment Co. Ltd. Class A

Wuxi Lead Intelligent Equipment Co., Ltd.is a China-based company principally engaged in the research and development, design, production and sales of automation equipment. The Company provides full-automation intelligent equipment and solutions for manufacturers of energy conservation and environmental protection as well as new energy products such as lithium batteries, photovoltaic cells/components, 3C and film capacitors. The Company's main products include lithium battery equipment, photovoltaic equipment, capacitor equipment and 3C smart equipment. The Company mainly operates its business in the domestic market.

Yantai Eddie Precision Machinery Co. Ltd. Class A

Yantai Eddie Precision Machinery Co Ltd. Yantai Eddie Precision Machinery Co., Ltd. is a China-based company principally engaged in the research of hydraulic technology as well as the production and sales of hydraulic products. The Company's main products include hydraulic breakers, such as hydraulic breakers as well as the hydraulic products such as hydraulic pumps, hydraulic motors and multi-way control valves. The Company conducts its business both in the domestic market and overseas markets.

Zhejiang Dingli Machinery Co. Ltd. Class A

Zhejiang Dingli Machinery Co Ltd. ZHEJIANG DINGLI MACHINERY CO.,LTD is a China-based company principally engaged in the research and development, manufacture, sales and provision of services of aerial work platforms. The Company's main products include three types of aerial work platforms, which include scissor type, arm type and mast type. The Company's products are applied in various industries, such as aircraft and ship building and maintenance, building construction and installation, highway and bridge construction, municipal engineering projects, warehousing and supermarket.

Zhongsheng Group Holdings Ltd.

Zhongsheng Group Holdings is an investment holding company. Co. has dealership agreements to operate its 4S dealerships for a portfolio of automobile brands, consisting of luxury automobile brands, and mid-to-high end automobile brands. Through its one-stop automobile shop business structure, Co. provides a range of new automobiles and after-sales products and services in each of its 4S dealerships. Co.'s after-sales businesses provide spare parts, automobile accessories, repair and maintenance services, detailing services, and other automobile-related products and services. As of Dec 31 2014, Co. had 191 automobile dealerships across the People's Republic of China.

ZTO Express (Cayman) Inc. Sponsored ADR Class A

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Vermilion Research
Vermilion Research

Vermilion Research delivers timely, actionable, and unique research inputs to professional investors. Our research strategists highlight securities which we believe are at major inflection points, based on our various proprietary technical indicators, and offer asymmetric risk/return profiles. We believe our research methodology, which is not limited by industry sector or market capitalization, enables us to deliver superior investment recommendations.

Our process begins by organizing all actively traded stocks into coherent sectors, then into logical industry groups. We then apply our proprietary relative strength tools to identify developing price trends. Once attractive trends are identified within a selected sectors or groups, we screen for individual stocks which we believe offer the best risk/reward profile. Vermilion offers U.S. and global equity market research products. Vermilion’s research team, which has received numerous awards and accolades, has a combined 70 year of experience in the analysis of investment securities.

Analysts
Dave Nicoski

Ross LaDuke

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