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 the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Banks led the outflow as offshore investors are concerned about the risk from property sectors.</li>
<li>We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Banks led the outflow as offshore investors are concerned about the risk from property sectors.
We highlight inflows into Mindray, Tianjin Zhonghuan, BYD and outflows from banks.


Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Monthly data just out reveals exceptionally strong aggregate financing growth</li>
<li>There is no interim period where the monthly new financing as been this high</li>
<li>China's SOE banks may be best positioned to benefit from new fiscal projects</li>
</ul>


Monthly data just out reveals exceptionally strong aggregate financing growth
There is no interim period where the monthly new financing as been this high
China's SOE banks may be best positioned to benefit from new fiscal projects


Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Credit

<ul>
<li>The Fed’s 75-bp rate hike was widely expected by the market.</li>
<li>We expect CT10 of 4% at year end and we see rising risk on the upside now that the war between Russian and Ukraine has no end in sight.</li>
<li>Slowing growth and uncontained inflation is spread-negative for Asian bonds, in our view, as rising rates will increase its refinancing risk.</li>
</ul>


The Fed’s 75-bp rate hike was widely expected by the market.
We expect CT10 of 4% at year end and we see rising risk on the upside now that the war between Russian and Ukraine has no end in sight.
Slowing growth and uncontained inflation is spread-negative for Asian bonds, in our view, as rising rates will increase its refinancing risk.


Bond Market Monitor: Between a Rock and a Hard Place

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.</li>
<li>We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
A-H premium increased by 1.8ppt last week, mainly led by health care, utilities, consumer discretionary sector.
We highlight A-H premium changes in Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.


A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

China

Agricultural Bank of China Limited provides a full range of commercial banking services. The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting.

Price Gauge
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Agricultural Bank Of China (1288 HK)

Northbound Flows: Mindray, Tianjin Zhonghuan, BYD, Banks

Northbound trade recorded $3.2bn outlfows last week. We highlight inflows into Shenzhen Mindray, Tianjin Zhonghuan, BYD and outflows from banks.

Ke Yan, CFA, FRM

China - Surging Stimulus

New data from China, shows huge growth in aggregate financing. This suggests that the government is going all out to support lending, and to...

Daniel Tabbush

Bond Market Monitor: Between a Rock and a Hard Place

Global recession is not a certainty yet but we are heading in that direction in 2023. Slowing growth and persistent inflation is spread-negative...

Bondcritic

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

A-H Premium Weekly: Cansino, Great Wall Motor, Shandong Xinhua

We highlight weekly A-H premium changes of Cansino, Great Wall Motor, Shandong Xinhua, Xinhua Winshare, First Tractor, Joinn Lab.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)