APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> seeks to raise up to US$197m in its Hong Kong IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
In our previous notes, we talked about the company’s historical performance and PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Bonds / In Depth: China’s ultra-long bonds may test PBOC’s monetary toolkit</li><li>Badminton /: Teenage Chinese badminton star’s death draws criticism of first responders</li><li>Central bank /: PBOC bond-borrowing plan fuels expectation of action to raise yields</li></ul>

Bonds / In Depth: China’s ultra-long bonds may test PBOC’s monetary toolkitBadminton /: Teenage Chinese badminton star’s death draws criticism of first respondersCentral bank /: PBOC bond-borrowing plan fuels expectation of action to raise yields

CX Daily: China’s Ultra-Long Bonds May Test PBOC’s Monetary Toolkit 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.</li>
<li>This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.</li>
<li>We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass</li>
</ul>


Mega-Cap growth names such as AMZN, TSLA, MSFT, GOOGL, and META have picked up the slack as semiconductors (SMH, SOXX, NVDA, AVGO, etc.) are simply consolidating after getting extended.
This was a possibility we discussed in last week's Compass (6/25/24), which means we are not seeing any lasting rotation away from large-cap growth.
We remain bullish on all names listed (including the semiconductors), and we continue to recommend an overweight to large-cap growth (relative to value) as initially discussed in our 5/29/24 Compass


Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - 1Q24 recap & our three stock-picking ideas

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>NTES US: &lt;Naraka: Bladepoint&gt; PC Celebrates Third Anniversary with Several New Updates (+)</li>
<li>BIDU US: Baidu Netdisk Adds Vertical Screen Playback Feature to Accommodate Micro-Dramas (+)</li>
<li>AMZN US/BABA US: TikTok Shop to launch in Spain (-)</li>
</ul>


NTES US: &lt;Naraka: Bladepoint&gt; PC Celebrates Third Anniversary with Several New Updates (+)
BIDU US: Baidu Netdisk Adds Vertical Screen Playback Feature to Accommodate Micro-Dramas (+)
AMZN US/BABA US: TikTok Shop to launch in Spain (-)


[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

CX Daily: China’s Ultra-Long Bonds May Test PBOC’s Monetary Toolkit

Bonds / In Depth: China’s ultra-long bonds may test PBOC’s monetary toolkit After China’s Ministry of Finance kicked off this year’s 1 trillion...

Caixin Global

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cirrus Aircraft IPO - Fundamentally Sound but Parent Still Under Sanction

Cirrus Aircraft (0153126D US) seeks to raise up to US$197m in its Hong Kong IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

CX Daily: China’s Ultra-Long Bonds May Test PBOC’s Monetary Toolkit

Bonds / In Depth: China’s ultra-long bonds may test PBOC’s monetary toolkit After China’s Ministry of Finance kicked off this year’s 1 trillion...

Caixin Global

Remain Overweight Large-Cap Growth; Downgrading Materials to Underweight; Software Buys $MSTR $CRWD

Remain Overweight Large-Cap Growth $IWF as discussed 5/29/24; Downgrading Materials $XLB to Underweight; Buy/Stay Long Software Stocks $IGV $MSFT...

Vermilion Research

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

[Blue Lotus Daily-TMT Update]:NTES US/BIDU US/AMZN US/BABA US/002230 SZ/9992 HK/1024 HK

​Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.

Blue Lotus Research Institute

Celebrating third anniversary with updates, Baidu Netdisk adds vertical screen playback, TikTok Shop to launch in Spain.