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 ASX Stocks as of Mar 7th (reported today) which has an aggregated short interest worth USD22.7bn.</li>
<li>We tabulate league table 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 BHP, Woodside Energy, Westpac.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 7th (reported today) which has an aggregated short interest worth USD22.7bn.
We tabulate league table 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 BHP, Woodside Energy, Westpac.


ASX Short Interest Weekly (Mar 7th): BHP, Woodside Energy, Westpac

Metals, Ores, and Mining Firms, Mint Finance

Pranay Yadav

Metals, Ores, and Mining Firms

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Thematic (Sector/Industry)

<ul>
<li>Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.</li>
<li>Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.</li>
<li>Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.</li>
</ul>


Iron Ore Dominance: Pilbara contributes 15% of Western Australia’s economic output, with iron ore exports supported by major operations like Mount Newman and global trade hubs such as Port Hedland.
Diversification into Green Energy: The region is expanding into lithium, manganese, and vanadium mining while advancing hydrogen projects like the A$140 million Pilbara Hydrogen Hub to drive renewable energy leadership.
Economic and Employment Impact: Pilbara has A$170 billion in active projects, supporting 40,000 construction jobs and 12,000 permanent roles.


Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

<ul>
<li>Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).</li>
<li>Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. </li>
<li>Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.</li>
</ul>


Mining Disruptions: Cyclones in Pilbara can disrupt mining and port operations, affecting global iron ore supply and pricing, as seen with Cyclone Veronica (2019) and Cyclone Zelia (2025).
Impact on Miners and Iron Ore: Post-cyclone stocks for major miners decline, with Rio Tinto showing increased volatility, iron ore prices tend to rise from weather impact. 
Economic Risks: Cyclone-related damage leads to higher operational costs and recovery expenses, impacting company revenues and reinforcing the financial risks of extreme weather in resource-dependent regions.


Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

<ul>
<li>The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.</li>
<li>BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.</li>
<li>Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.</li>
</ul>


The Pilbara is a globally significant mining region, known for its vast iron ore reserves, economic importance, and evolving role in renewable energy development.
BHP, Rio Tinto, and Fortescue drive Pilbara’s mining industry, with BHP and Fortescue increasing output by 2.1% and 5.5% over five years, while Rio Tinto's production declined by 0.6%.
Mining costs have surged, with Rio Tinto's unit costs rising 10.8% annually, the highest among the three, while Fortescue’s capital expenditure has grown 13% per year, outpacing competitors.


Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>Iron ore majors guide flattish growth for 2025, while China continues to have strong iron ore imports (4.2% YoY for CY24), despite weak steel production (-1.1% YoY). </li>
<li>Significant capacity growth commences in CY26 with the ramp-up of <a target="_blank">Rio Tinto Ltd (RIO AU)'s </a>Simandou project, equivalent to 6% of global seaborne trade ~100 million tons.  </li>
<li>We believe the iron ore price will be rangebound until 2026 (between 100-120 USD/ton), after which it is highly probable that it will decline to 80-90 USD/ton.</li>
</ul>


Iron ore majors guide flattish growth for 2025, while China continues to have strong iron ore imports (4.2% YoY for CY24), despite weak steel production (-1.1% YoY). 
Significant capacity growth commences in CY26 with the ramp-up of Rio Tinto Ltd (RIO AU)'s Simandou project, equivalent to 6% of global seaborne trade ~100 million tons.  
We believe the iron ore price will be rangebound until 2026 (between 100-120 USD/ton), after which it is highly probable that it will decline to 80-90 USD/ton.


Iron Ore Majors Guidance: Key To Understanding Supply Side in 2025

Australia

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

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Rio Tinto Ltd (RIO AU)

ASX Short Interest Weekly (Mar 7th): BHP, Woodside Energy, Westpac

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Woodside Energy, Westpac.

Ke Yan, CFA, FRM

Pilbara Mineral Hub – Part 3: Emerging Green Energy Hub

Pilbara powers Australia’s iron ore exports and is emerging as a green energy hub, driving economic growth through major mining, infrastructure,...

Mint Finance

Pilbara Mineral Hub – Part 2: Weather Risk From Cyclones

Pilbara’s iron ore sector is a cornerstone of global trade, but its vulnerability to cyclones presents persistent financial and operational risks.

Mint Finance

Pilbara Mineral Hub – Part 1: Iron Ore and Mining Giants

The Pilbara remains a vital mining and economic powerhouse, shaped by major industry players, evolving production trends, and a growing focus on...

Mint Finance

Iron Ore Majors Guidance: Key To Understanding Supply Side in 2025

Our insight summarizes the guidance from iron ore majors and the anticipated impact on prices starting in the calendar year 2026 when Rio Tinto's...

Sameer Taneja

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