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 Bursa stocks as of Jun 20th. The aggregated short interest is USD362m.</li>
<li>We tabulate league tables 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 Sime Darby, Dialog, Top Glove, Ytl.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Jun 20th. The aggregated short interest is USD362m.
We tabulate league tables 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 Sime Darby, Dialog, Top Glove, Ytl.


Bursa Short Interest Weekly (Jun 20th): Sime Darby, Dialog, Top Glove, Ytl

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.</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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.
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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.


Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>RHB Bank remains our Malaysian bank top pick, as shown in our scorecard; CIMB shares have de-rated markedly year-to-date and are deep value</li>
<li>Scorecard topping RHB Bank has strong fundamental value credentials and it is narrowing the gap on returns with peers, whilst also improving its delinquency ratio</li>
<li>CIMB ranks third on our scorecard, due to its high NPL ratio but credit quality is improving; we see scope for operating efficiency gains and it has very attractive valuations</li>
</ul>


RHB Bank remains our Malaysian bank top pick, as shown in our scorecard; CIMB shares have de-rated markedly year-to-date and are deep value
Scorecard topping RHB Bank has strong fundamental value credentials and it is narrowing the gap on returns with peers, whilst also improving its delinquency ratio
CIMB ranks third on our scorecard, due to its high NPL ratio but credit quality is improving; we see scope for operating efficiency gains and it has very attractive valuations


Malaysian Banks Screen; Stick with RHB Bank and CIMB

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023</li>
<li>Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.</li>
<li>Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.</li>
</ul>


Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023
Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.
Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.


Malaysia: Sentiment Change Drives Positioning Off the Lows

<ul>
<li>RHB Bank is our Malaysian bank top pick, with its real turnaround potential for returns; CIMB remains a buy but is less compelling than RHB given its marked re-rating year-to-date</li>
<li>Our new buy RHB Bank is stand-out value versus its Malaysian peers and it is improving returns from low levels; its main delinquency challenges are concentrated in small overseas portfolios</li>
<li>We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations</li>
</ul>


RHB Bank is our Malaysian bank top pick, with its real turnaround potential for returns; CIMB remains a buy but is less compelling than RHB given its marked re-rating year-to-date
Our new buy RHB Bank is stand-out value versus its Malaysian peers and it is improving returns from low levels; its main delinquency challenges are concentrated in small overseas portfolios
We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations


Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

Malaysia

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Price Gauge
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CIMB Group Holdings (CIMB MK)

Bursa Short Interest Weekly (Jun 20th): Sime Darby, Dialog, Top Glove, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sime Darby, Dialog, Top Glove, Ytl.

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Ctos Digital, Eco World Develop,...

Ke Yan, CFA, FRM

Malaysian Banks Screen; Stick with RHB Bank and CIMB

Scorecard topping RHB Bank is the key pick with attractive valuations, improving returns; CIMB offers deep value with improving credit quality,...

Victor Galliano

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bursa Short Interest Weekly (Jun 20th): Sime Darby, Dialog, Top Glove, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sime Darby, Dialog, Top Glove, Ytl.

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Ctos Digital, Eco World Develop,...

Ke Yan, CFA, FRM

Malaysian Banks Screen; Stick with RHB Bank and CIMB

Scorecard topping ​RHB Bank is the key pick with attractive valuations, improving returns; CIMB offers deep value with improving credit quality,...

Victor Galliano

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

​RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...

Victor Galliano

Scorecard topping RHB Bank is the key pick with attractive valuations, improving returns; CIMB offers deep value with improving credit quality,...

RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...