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 May 2nd (reported today) which has an aggregated short interest worth USD26.3bn.</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 Westpac, Nextdc, Goodman, Asx, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 2nd (reported today) which has an aggregated short interest worth USD26.3bn.
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 Westpac, Nextdc, Goodman, Asx, South32.


ASX Short Interest Weekly (May 2nd): Westpac, Nextdc, Goodman, Asx, South32

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period. Discounts: GBL, 35.3% as of 2 May (vs. 37.6%);</li>
<li>Heineken Holding, 12.3% (vs. 11.2%); Industrivärden C, 9.1% (vs. 2.9%); Investor B, 5.8% (vs. 4.2%); Porsche Automobile Holding, 29.2% (vs. 31.9%); Rio DLC 25.8% (vs. 21.7%); Vivendi 40% (vs. 40.1%). </li>
<li>What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).</li>
</ul>


Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period. Discounts: GBL, 35.3% as of 2 May (vs. 37.6%);
Heineken Holding, 12.3% (vs. 11.2%); Industrivärden C, 9.1% (vs. 2.9%); Investor B, 5.8% (vs. 4.2%); Porsche Automobile Holding, 29.2% (vs. 31.9%); Rio DLC 25.8% (vs. 21.7%); Vivendi 40% (vs. 40.1%). 
What seems interesting (unchanged views): Porsche SE vs. listed assets and the Rio DLC (long RIO LN/short RIO AU).


Selected European HoldCos and DLC: April 2025 Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
Toyota Chair TOYODA made a proposal to take over <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>, not because he loves forklifts etc; but an opportunistic way to buy a large block of Toyota.</li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio Tinto Ltd (RIO AU)</a> shareholders voted down Palliser's proposal to review its dual-company structure. That was the right outcome.</li>
<li>
<a href="https://www.smartkarma.com/entities/hainan-meilan-international-airport-company-limited" target="_blank" data-smartkarma-citation="entities:12545:1" rel="noopener">Hainan Meilan (357 HK)</a>'s H-share Offer price of HK$10.62/share is not compelling; but it's not meant to be, as the SPA Buyer and Seller are ultimately controlled by Hainan SASAC.</li>
</ul>



Toyota Chair TOYODA made a proposal to take over Toyota Industries (6201 JP), not because he loves forklifts etc; but an opportunistic way to buy a large block of Toyota.

Rio Tinto Ltd (RIO AU) shareholders voted down Palliser's proposal to review its dual-company structure. That was the right outcome.

Hainan Meilan (357 HK)'s H-share Offer price of HK$10.62/share is not compelling; but it's not meant to be, as the SPA Buyer and Seller are ultimately controlled by Hainan SASAC.


Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.</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 National Australia Bank, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.
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 National Australia Bank, Wesfarmers.


ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

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>In April a Chinese buyer made an offer for Ross Beaty controlled <a href="https://www.smartkarma.com/entities/lumina-gold-corp" target="_blank" data-smartkarma-citation="entities:43346:1" rel="noopener">Lumina Gold (LUM CN)</a>, an Ecuador gold project. </li>
<li>One of our top picks <a href="https://www.smartkarma.com/entities/solaris-resources-inc" target="_blank" data-smartkarma-citation="entities:40176:1" rel="noopener">Solaris Resources (SLS CN)</a> surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.</li>
<li>Copper prices have remained resilient despite ongoing "USA vs the World" trade war.</li>
</ul>


In April a Chinese buyer made an offer for Ross Beaty controlled Lumina Gold (LUM CN), an Ecuador gold project. 
One of our top picks Solaris Resources (SLS CN) surged on the back of this news as it indicates Ecuador is open for business after the re-election of President Noboa.
Copper prices have remained resilient despite ongoing "USA vs the World" trade war.


Junior Copper Miners: Ecuador Sees M&A Action by China

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
52-week Range	0.00 - 0.00
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Rio Tinto Ltd (RIO AU)

ASX Short Interest Weekly (May 2nd): Westpac, Nextdc, Goodman, Asx, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Westpac, Nextdc, Goodman, Asx, South32.

Ke Yan, CFA, FRM

Selected European HoldCos and DLC: April 2025 Report

Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period.

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Wesfarmers.

Ke Yan, CFA, FRM

Junior Copper Miners: Ecuador Sees M&A Action by China

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (May 2nd): Westpac, Nextdc, Goodman, Asx, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Westpac, Nextdc, Goodman, Asx, South32.

Ke Yan, CFA, FRM

Selected European HoldCos and DLC: April 2025 Report

Discounts to NAV of covered holdcos mainly widened during April. CF Alba was delisted following conclusion of the takeover acceptance period.

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Toyota, Rio Tinto, Hainan Meilan, Fujitsu General

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Wesfarmers.

Ke Yan, CFA, FRM

Junior Copper Miners: Ecuador Sees M&A Action by China

​Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...

Nicolas Van Broekhoven

Chinese buyer's offer for Lumina Gold boosts Solaris Resources, signaling Ecuador's openness for business post-re-election of President Noboa,...