Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 5th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 5th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 5th): Tencent, Xiaomi, Cosco Shipping

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Indo Tambangraya Megah / Equity Bottom-Up

PT Indo Tambangraya Megah Tbk operates as a coal exploration and mining company that provides energy and electricity support. The Company operates in Indonesia and supplies coal to the world energy market.

<ul>
 <li>
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.</li>
 <li>
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.</li>
 <li>
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet where cash reserves constitute approximately 67% of the company's market capitalization.
  
Superior Shareholder Returns vs. Cyclical Headwinds: ITMG has a strong track record of returning value to shareholders via high dividend yields. However, the company's financial performance is currently impacted by a cyclical downturn in coal prices, which has compressed margins and reduced profitability from the peak levels of 2022.
  
Strategic Transition Amidst ESG Pressure: As a pure-play coal miner, ITMG faces significant long-term risks from the global energy transition. The company has initiated a transformation by investing in renewable energy, but its earnings remain overwhelmingly dependent on the thermal coal market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Indo Tambangraya Megah (ITMG IJ) - Dec 2025

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Partners Group Private Equity / Equity Bottom-Up

Partners Group Private Equity Ltd is a closed-ended fund incorporated in Guernsey. The Fund aims to provide shareholders with long-term capital growth and an attractive dividend yield. The Fund invests in diversified portfolio of private equity direct investments

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio value was up 10.6% in the 12 months to end-Q325, with two of its three holdings that floated last year (Vishal Mega Mart and Galderma) being important drivers. EBITDA growth and higher multiples contributed 7.0pp and 3.0pp, respectively, to this increase, partly offset by a 4.5pp impact of higher net debt (amid refinancing in late 2024 and early 2025 on improved terms to drive growth).

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25) and a further 22% of its end-September 2025 NAV in agreed sales processes. Another 11% of NAV is in listed holdings, which gradually will be sold off. Overall, PEY’s manager expects c €200m in proceeds in both FY25 and FY26, which would bring its exit activity closer to the historical average of 21% of opening NAV per year and which bodes well for its share buybacks. PEY posted a 2.1% NAV total return (TR) in Q325 (supported by a 2.6pp impact from changes in portfolio value), which partly offset the (largely fx-driven) 5.7% NAV TR decline in H125. On a constant currency basis, PEY’s portfolio value was up 10.6% in the 12 months to end-Q325, with two of its three holdings that floated last year (Vishal Mega Mart and Galderma) being important drivers. EBITDA growth and higher multiples contributed 7.0pp and 3.0pp, respectively, to this increase, partly offset by a 4.5pp impact of higher net debt (amid refinancing in late 2024 and early 2025 on improved terms to drive growth).

Partners Group Private Equity — Strong exits may trigger sizeable buybacks

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a> had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a "<a href="https://files.microcms-assets.io/assets/9cc6c4957a514b11b1d7cdc6bd2fec67/a6dd20c2f33441b4b5e595bb5e9f6293/20251201_vision_en.pdf" target="_blank" rel="noopener">Vision</a>" instead. </li>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> announced its Partial Tender Offer on TSURUHA (<a href="https://www.aeon.info/wp-content/uploads/news/pdf/2025/12/251202R_1.pdf" target="_blank" rel="noopener">Japanese</a>) at ¥2,900/share. Slightly lower than hoped. Much better than before. </li>
<li>AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. </li>
</ul>



Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a "Vision" instead. 
Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 


[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Lincotrade & Associates Holdings / Equity Bottom-Up

Lincotrade & Associates Holdings Limited operates as a holding company. The Company, through its subsidiaries, offers an integrated interior fitting-out solutions in commercial and residential premises, as well as showflats and sales galleries. Lincotrade & Associates Holdings serves customers in Singapore.

Lincotrade & Associates Holdings (LINASC SP)

<ul><li>Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.</li><li>Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.</li><li>Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.</li></ul>

Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow.Engro Corporation Chairman Tan Cheng Gay increased his interest to 25.01% by acquiring 11,870,000 shares at S$0.725 each.Sanli Environmental proposed a placement of up to 38,492,404 shares at S$0.260 each, raising up to S$10,008,025.

Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Buybacks
Buy them before they do

Hong Kong Buybacks Weekly (Dec 5th): Tencent, Xiaomi, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Primer: Indo Tambangraya Megah (ITMG IJ) - Dec 2025

Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet...

αSK

Partners Group Private Equity — Strong exits may trigger sizeable buybacks

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25)...

Edison Investment Research

Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow. Engro Corporation Chairman Tan Cheng Gay...

Singapore Exchange Ltd (SGX)

Hong Kong Buybacks Weekly (Dec 5th): Tencent, Xiaomi, Cosco Shipping

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Primer: Indo Tambangraya Megah (ITMG IJ) - Dec 2025

Impending 10% Share Buyback: A significant near-term catalyst is the planned 10% share buyback, strongly supported by a robust balance sheet...

αSK

Partners Group Private Equity — Strong exits may trigger sizeable buybacks

Partners Group Private Equity Limited (PEY) continues its strong exit activity with €65.4m in distributions in the first nine months of 2025 (9M25)...

Edison Investment Research

[Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share

AEON announced the TSURUHA Tender Offer at a revised price of ¥2,900. They really did not want to bump but that was childish. Smaller Tender but 6%...

Travis Lundy

Singtel Tops Buybacks; Soon Hock & Engro Chairs Boost Stakes; Sanli Eyes Growth with Placement

Institutions were net sellers of Singapore stocks from Nov 21 to Nov 27, with a S$552 million outflow. Engro Corporation Chairman Tan Cheng Gay...

Singapore Exchange Ltd (SGX)