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 latest HK SFC report for aggregate short position as of Nov 17th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight weekly short changes in AIA, Baba and Beigene.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 17th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight weekly short changes in AIA, Baba and Beigene.


HK Short Interest Weekly: AIA, Baba, Beigene

Analyst

Steve

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> is the second largest China sportswear company at 20% market share in 2022.</li>
<li>The thesis for Anta lies in Anta's above-industry earnings growth for the next 3 years, low market expectations on China sportswear sector, and flexible multi-brand strategy.</li>
<li>Anta trades at a forward PE of 17x based on estimated 2024 earnings, with around 15-20% expected net profit growth in 2024-2026.</li>
</ul>



Anta Sports Products (2020 HK) is the second largest China sportswear company at 20% market share in 2022.
The thesis for Anta lies in Anta's above-industry earnings growth for the next 3 years, low market expectations on China sportswear sector, and flexible multi-brand strategy.
Anta trades at a forward PE of 17x based on estimated 2024 earnings, with around 15-20% expected net profit growth in 2024-2026.


2024 High Conviction:  Anta Sports (2020 HK)

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Sichuan Baicha Baidao Industrial / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial </a>(SBBI) is looking to raise up to US$300m in its upcoming HK IPO. </li>
<li>SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. 
SBBI sells new-style tea drinks through its ChaPanda stores. According to F&amp;S, SBBI ranked third in China’s new-style tea shop market with a market share of 6.6%.
In this note, we talk about the positive aspects of the deal.


Sichuan Baicha Baidao Pre-IPO - The Positives - Riding on Franchise Store Expansion

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Oct 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Anta Sports, Hkex, Shenzhou Intl, China Mobile.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Oct 20th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Anta Sports, Hkex, Shenzhou Intl, China Mobile.


HK Short Interest Weekly: Anta Sports, Hkex, Shenzhou Intl, China Mobile

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>If <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a> earnings disappoints, buy the dip. <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> is buying for the long-term.</li>
<li>
<a href="https://www.smartkarma.com/entities/mgm-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:472:1" rel="noopener">MGM China Holdings (2282 HK)</a> has gained market share in mass table market, VIP, and total revenue. Yet MGM's FY24E EV/EBITDA is ~40% below its two-year forward average EV/EBITDA pre-Covid.</li>
<li>If you had a J-REIT portfolio, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> would go in and push something else out or smaller. I think one gets beta-plus, which is usually called alpha.</li>
</ul>


If Descente Ltd (8114 JP) earnings disappoints, buy the dip. Itochu Corp (8001 JP) is buying for the long-term.

MGM China Holdings (2282 HK) has gained market share in mass table market, VIP, and total revenue. Yet MGM's FY24E EV/EBITDA is ~40% below its two-year forward average EV/EBITDA pre-Covid.
If you had a J-REIT portfolio, Sankei Real Estate (2972 JP) would go in and push something else out or smaller. I think one gets beta-plus, which is usually called alpha.


Last Week In Event SPACE: Shinko Electric Industries, MGM China, Decente, Sankei Real Estate,

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

HK Short Interest Weekly: AIA, Baba, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Nov 17th and highlight short interest changes in AIA, Baba, Beigene.

Ke Yan, CFA, FRM

2024 High Conviction: Anta Sports (2020 HK)

Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...

Steve

Sichuan Baicha Baidao Pre-IPO - The Positives - Riding on Franchise Store Expansion

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. The company sells new style tea drinks through...

Sumeet Singh

HK Short Interest Weekly: Anta Sports, Hkex, Shenzhou Intl, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Oct 20th and highlight short interest changes in Anta Sports, Hkex,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Shinko Electric Industries, MGM China, Decente, Sankei Real Estate,

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK Short Interest Weekly: AIA, Baba, Beigene

We analyzed the latest HK SFC report for aggregate short position as of Nov 17th and highlight short interest changes in AIA, Baba, Beigene.

Ke Yan, CFA, FRM

2024 High Conviction: Anta Sports (2020 HK)

​Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...

Steve

Sichuan Baicha Baidao Pre-IPO - The Positives - Riding on Franchise Store Expansion

Sichuan Baicha Baidao Industrial (SBBI) is looking to raise up to US$300m in its upcoming HK IPO. The company sells new style tea drinks through...

Sumeet Singh

HK Short Interest Weekly: Anta Sports, Hkex, Shenzhou Intl, China Mobile

We analyzed the latest HK SFC report for aggregate short position as of Oct 20th and highlight short interest changes in Anta Sports, Hkex,...

Ke Yan, CFA, FRM

Last Week In Event SPACE: Shinko Electric Industries, MGM China, Decente, Sankei Real Estate,

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Anta Sports (2020 HK) is the second largest sportswear company in China. Its above-industry earnings growth, low market expectations, and multi...