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 analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.


Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Com7 Public Company Limited operates a chain of retail outlets that imports, retails, and distributes computers and IT-related products in Thailand. The Company offers products, such as smartphones, tablets, notebooks, and computer sets. Com7 also offers computer components, such as CPUs, hard drives, and network and accessories.

<ul><li>COM7’s core business remains very strong, as Thailand’s leading mobile phone retailer, with continued market share gains.</li><li>Secondary businesses such as EV taxi and UFUND are improving and support long-term growth.</li><li>We initiate coverage on COM7 with an Outperform rating and a target price of Bt25.50 (7% required return, 14x P/E).</li></ul>

COM7’s core business remains very strong, as Thailand’s leading mobile phone retailer, with continued market share gains.Secondary businesses such as EV taxi and UFUND are improving and support long-term growth.We initiate coverage on COM7 with an Outperform rating and a target price of Bt25.50 (7% required return, 14x P/E).

COM7 Plc. (COM7): A Strong Market Leader - Outperform (12M FWD Fair Value Bt25.50)

<ul><li>We are positive on ADVICE’s mobile business, as aggressive distribution expansion in 2026 is expected to lift its market share in Thailand to 4% by 2026, from 0.6% in 2024 (mobile revenue rising from Bt1.4bn to Bt5.7bn).</li><li>We expect ADVICE’s 2025 net profit to rise 21% YoY to Bt274mn on strong revenue growth and margin expansion, with 4Q25 profit of Bt76mn (+44% YoY, +5% QoQ) driven by iPhone 17 sales and the high season.</li><li>We expect ADVICE to post the strongest 2026 earnings growth among IT retailers, while trading at just 9.6x P/E, below the IT sector (~12x) and retail average (~13.5x).</li></ul>

We are positive on ADVICE’s mobile business, as aggressive distribution expansion in 2026 is expected to lift its market share in Thailand to 4% by 2026, from 0.6% in 2024 (mobile revenue rising from Bt1.4bn to Bt5.7bn).We expect ADVICE’s 2025 net profit to rise 21% YoY to Bt274mn on strong revenue growth and margin expansion, with 4Q25 profit of Bt76mn (+44% YoY, +5% QoQ) driven by iPhone 17 sales and the high season.We expect ADVICE to post the strongest 2026 earnings growth among IT retailers, while trading at just 9.6x P/E, below the IT sector (~12x) and retail average (~13.5x).

ADVICE IT INFINITE Plc. (ADVICE): Cheapest With The Strongest Growth Potential

<ul><li>The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.</li><li>We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.</li><li>Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.</li></ul>

The IT retail sector is expected to grow in 2026, outperforming consumer staples and home improvement sectors.We rate the IT retail sector Overweight, with ADVICE as our top pick at a target price of Bt6.50.Despite economic challenges, mobile phones remain essential to daily life, supporting sector resilience.

Commerce IT: Low Valuations, Solid Growth Outlook - Overweight