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 Apr 26th (reported today) which has an aggregated short interest worth USD19.1bn.</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 Paladin Energy, Beach Energy, Computershare, Macquarie, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 26th (reported today) which has an aggregated short interest worth USD19.1bn.
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 Paladin Energy, Beach Energy, Computershare, Macquarie, Brambles.


ASX Short Interest Weekly (Apr 26th): Paladin Energy, Beach Energy, Computershare, Macquarie

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Thematic (Sector/Industry)

<ul>
<li>Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide another update on our favorite junior copper names.</li>
<li>Copper prices have started to tick up (+16% YTD) on squeezed global supply and <a href="https://www.smartkarma.com/entities/bhp-group-ltd-832e22a7-7a1d-49cf-b992-c6347084cbf8" target="_blank" data-smartkarma-citation="entities:21840:1" rel="noopener">BHP Group Ltd (BHP LN)</a>  making an offer for <a href="https://www.smartkarma.com/entities/anglo-american-plc" target="_blank" data-smartkarma-citation="entities:21798:1" rel="noopener">Anglo American (AAL LN)</a>.</li>
<li>Entree Resources (ETG CN) has performed strongest +29% while Arras Minerals (ARK V EQUITY) has been a laggard at -12% YTD.</li>
</ul>


Our insight 2024 High Conviction: Junior Copper Miners garnered significant interest in late 2023, we hereby provide another update on our favorite junior copper names.
Copper prices have started to tick up (+16% YTD) on squeezed global supply and BHP Group Ltd (BHP LN)  making an offer for Anglo American (AAL LN).
Entree Resources (ETG CN) has performed strongest +29% while Arras Minerals (ARK V EQUITY) has been a laggard at -12% YTD.


Junior Copper Miners: Many Juniors Are Lagging Copper Price YTD

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); </li>
<li>Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).</li>
<li>What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


The Discounts to NAV of covered holdcos mainly widened during April. Discounts to NAV: C.F.Alba, 49.1% (vs. 47.3%); GBL, 39% (vs. 38.1%); Heineken Holding, 17.3% (vs 16.7%); 
Industrivärden C, 4.7% (vs. 1.4%); Investor B, 8.3% (vs. 6.1%); Porsche Automobile Holding, 41.1% (vs. 45.4%). Rio DLC spread tightened to 22.5% (vs. to 24.9%).
What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: April'24 Report

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>BHP’s bid for Anglo American highlights the value currently in the mining sector</li>
<li>Chinese material stocks outperforming and the world is following suit</li>
<li>Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.</li>
</ul>


BHP’s bid for Anglo American highlights the value currently in the mining sector
Chinese material stocks outperforming and the world is following suit
Speculative buying exhaustion may prompt a correction in copper and provide a good entry point.


"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

<ul>
<li>On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's shares trade at 0.3% discount to proposal.</li>
<li>BHP is not paying any control premium. Despite its robust portfolio and recent share price appreciation, Anglo trades at a 18% discount compared to the sum of its parts (3018p). </li>
<li>Interloper risk is high. Antitrust risk seems low. As a defence, Anglo may conduct some portfolio simplification to unlock value. I would be long at current prices.</li>
</ul>


On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's shares trade at 0.3% discount to proposal.
BHP is not paying any control premium. Despite its robust portfolio and recent share price appreciation, Anglo trades at a 18% discount compared to the sum of its parts (3018p). 
Interloper risk is high. Antitrust risk seems low. As a defence, Anglo may conduct some portfolio simplification to unlock value. I would be long at current prices.


BHP to Consider Sweetened Proposal for Anglo

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.

Price Gauge
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Rio Tinto Ltd (RIO AU)

ASX Short Interest Weekly (Apr 26th): Paladin Energy, Beach Energy, Computershare, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Paladin Energy, Beach Energy, Computershare,...

Ke Yan, CFA, FRM

Junior Copper Miners: Many Juniors Are Lagging Copper Price YTD

BHP's bid for Anglo American has woken up generalist investors to the looming copper deficit forecast later this decade.

Nicolas Van Broekhoven

Selected European HoldCos and DLC: April'24 Report

The Discounts to NAV of covered holdcos mainly widened during April. What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO...

Jesus Rodriguez Aguilar

"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Rikki Malik

BHP to Consider Sweetened Proposal for Anglo

On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's...

Jesus Rodriguez Aguilar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Apr 26th): Paladin Energy, Beach Energy, Computershare, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Paladin Energy, Beach Energy, Computershare,...

Ke Yan, CFA, FRM

Junior Copper Miners: Many Juniors Are Lagging Copper Price YTD

BHP's bid for Anglo American has woken up generalist investors to the looming copper deficit forecast later this decade.

Nicolas Van Broekhoven

Selected European HoldCos and DLC: April'24 Report

The Discounts to NAV of covered holdcos mainly widened during April. What seems interesting: Porsche SE vs. listed assets and the Rio DLC (long RIO...

Jesus Rodriguez Aguilar

"There’s Gold in Them Thar Hills" – Value in the Diversified Mining Sector

​BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...

Rikki Malik

BHP to Consider Sweetened Proposal for Anglo

On 27 April, Reuters reported that BHP is considering making an improved offer for Anglo American after its initial proposal was rejected. Anglo's...

Jesus Rodriguez Aguilar

BHP bid for Anglo highlights value in the mining sector. The long-term underperformance of the sector is in the process of being reversed and has...