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 Jun 16th (reported today) which has an aggregated short interest worth USD16.6bn.</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 Agl Energy, BHP, IDP Education, Pilbara Minerals, Cochlear, Worley, Computershare, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 16th (reported today) which has an aggregated short interest worth USD16.6bn.
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 Agl Energy, BHP, IDP Education, Pilbara Minerals, Cochlear, Worley, Computershare, Suncorp.


ASX Short Interest Weekly (Jun 16th): Pilbara Minerals, Cochlear, Worley, Computershare, Suncorp

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are unlikely to be any inclusions to the index in June while there are three stocks that are close to the deletion threshold.</li>
<li>Even if there are no constituent changes, there will be capping changes that will result in one-way turnover of over 4% and a one-way trade of A$78m.</li>
<li>Short interest on <a href="https://www.smartkarma.com/entities/amp-ltd" target="_blank" data-smartkarma-citation="entities:678:1" rel="noopener">AMP Ltd (AMP AU)</a> has been increasing as the stock has dropped and a further decline in the stock could lead to deletion.</li>
</ul>


There are unlikely to be any inclusions to the index in June while there are three stocks that are close to the deletion threshold.
Even if there are no constituent changes, there will be capping changes that will result in one-way turnover of over 4% and a one-way trade of A$78m.
Short interest on AMP Ltd (AMP AU) has been increasing as the stock has dropped and a further decline in the stock could lead to deletion.


MVIS Australia Equal Weight Index Rebalance: Potential Deletes & Capping Changes

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Feb 3rd (reported today) which has an aggregated short interest worth USD16.3bn.</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 Coles, Bhp, Northern Star, Macquarie, Xero.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Feb 3rd (reported today) which has an aggregated short interest worth USD16.3bn.
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 Coles, Bhp, Northern Star, Macquarie, Xero.


ASX Short Interest Weekly (Feb 3rd): Coles, Bhp, Northern Star, Macquarie, Xero

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sri Trang Gloves Thailand  / Equity Bottom-Up

<ul>
<li>Riding on COVID-driven demand boom, <a href="https://www.smartkarma.com/entities/sri-trang-gloves-thailand-public-company-limited" target="_blank" data-smartkarma-citation="entities:29141:1" rel="noopener">Sri Trang Gloves (Thailand) Public Company Limited (STGT TB)</a> reported record high performance in 2021, which is not likely to continue in near-term.</li>
<li>However, post pandemic, gloves demand is expected to improve on the back of increased glove usage from emerging markets with low gloves consumption per capita and heightened hygiene awareness.</li>
<li>STGT shares have corrected 15% thus far in this year, providing a good buy on dip opportunity. Shares can be considered for the long-haul.</li>
</ul>


Riding on COVID-driven demand boom, Sri Trang Gloves (Thailand) Public Company Limited (STGT TB) reported record high performance in 2021, which is not likely to continue in near-term.
However, post pandemic, gloves demand is expected to improve on the back of increased glove usage from emerging markets with low gloves consumption per capita and heightened hygiene awareness.
STGT shares have corrected 15% thus far in this year, providing a good buy on dip opportunity. Shares can be considered for the long-haul.


Sri Trang Gloves (Thailand) Public Company Limited (STGT TB): Short-Term Pain; Long-Term Gain

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Intco Medical Technology  Lt / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/intco-medical-technology-co-ltd-a" target="_blank" data-smartkarma-citation="entities:29782:1" rel="noopener">Intco Medical Technology Co., Ltd-A (300677 CH)</a> is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. </p><div class="content-highlight"><p>Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. </p></div>

Intco Medical Technology Co., Ltd-A (300677 CH) is the largest disposable gloves provider in China and the third-largest in the world as measured by production capacity as of 31 December 2020, according to Frost &amp; Sullivan. Intco which listed its A Share on the Shenzhen Stock Exchange on 21 July 2017, is seeking an H Share listing to raise $1 billion, according to press reports. Intco along with its global peers have benefited tremendously from the demand-supply imbalance for gloves due to the COVID-19 pandemic. Most peer share prices have declined since the start of the year in expectation of peak quarterly earnings in the second or third quarter of 2021. The glove industry has gone through two previous cycles but has re-rated at each cycle – sector average P/E of 11x in 2007-11 and P/E of 18x in 2013-17. As the industry continues to be underpinned by structural growth drivers, the sector will likely re-rate as sector earnings normalise. Overall, we think that Intco has attractive fundamentals to benefit from these market dynamics. 

Intco Medical IPO Initiation: Riding the Cycle

Australia

Ansell Limited provides health and safety protection solutions. The Company has operations in North America, Latin America, EMEA, and Asia. Ansell holds positions in the industrial and medical gloves market, as well as health and well being category worldwide.

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Ansell Ltd (ANN AU)

ASX Short Interest Weekly (Jun 16th): Pilbara Minerals, Cochlear, Worley, Computershare, Suncorp

We analyzed ASX short interest report for the past week and highlight short interest changes in Agl Energy, BHP, IDP Education, Pilbara Minerals,...

Ke Yan, CFA, FRM

MVIS Australia Equal Weight Index Rebalance: Potential Deletes & Capping Changes

There could be 3 deletions for the MVIS Australia Equal Weight Index in June. Capping changes could result in one-way turnover of 4.1% and a one...

Brian Freitas

ASX Short Interest Weekly (Feb 3rd): Coles, Bhp, Northern Star, Macquarie, Xero

We analyzed ASX short interest report for the past week and highlight short interest changes in Coles, Bhp, Northern Star, Macquarie, Xero.

Ke Yan, CFA, FRM

Sri Trang Gloves (Thailand) Public Company Limited (STGT TB): Short-Term Pain; Long-Term Gain

With strong financials and aggressive capacity expansion plans, STGT can be a long-term bet to gain from the post pandemic global gloves demand boom.

Tina Banerjee

Intco Medical IPO Initiation: Riding the Cycle

Intco is seeking an H Share listing to raise $1 billion, according to press reports. Overall, we think that Intco has attractive fundamentals to...

Arun George

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