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 Stock Exchange of Thailand as of Nov 22nd.We estimate that they had an aggregated short interest worth USD2.3bn.</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 Bumrungrad Hospital (BH TB), True (TRUE TB).</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Nov 22nd.We estimate that they had an aggregated short interest worth USD2.3bn.
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 Bumrungrad Hospital (BH TB), True (TRUE TB).


Thailand Short Interest Weekly (Nov 22nd): Bumrungrad Hospital, True

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.</li><li>Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.</li><li>A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. </li></ul>

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.Overall, the index has been moving in the downchannel range of 1,320-1,410 points. In the short term, the index is rebounding after a sharp four-day decline of over 80 points last week.A sell signal could emerge if the index fails to break through the resistance at 1,366/1,374 points. 

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.</li><li>Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.</li><li>Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.Overall, the index is expected to move in a downtrend in the range of 1,300-1,410 points.Any rebound in the index is seen as a technical bounce back, likely due to the oversold condition as demonstrated by the oscillator indicator, with the short-term resistance at 1,356/1,365 points.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 29th December 2023, <a href="https://www.smartkarma.com/entities/kerry-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:367:1" rel="noopener">Kerry Logistics Network (636 HK)</a> (KLN) announced it would in-specie its entire 52.1% stake in <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a>.</li>
<li>Given <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> holds a 51.5% stake in KLN, it will hold 26.8% in KET post-in-specie, triggering an unconditional MTO. The MTO price will be THB5.50/share. </li>
<li>Thai SFC approval has now been <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0205/2024020501935.pdf" target="_blank" rel="noopener">satisfied</a>.  The MTO should commence around the 13th Feb. with payment ~26th March. KLN, cum-entitlement to KEX, is the 19 Feb.</li>
</ul>


On the 29th December 2023, Kerry Logistics Network (636 HK) (KLN) announced it would in-specie its entire 52.1% stake in Kerry Express Thailand (KEX TB).
Given S.F. Holding (002352 CH) holds a 51.5% stake in KLN, it will hold 26.8% in KET post-in-specie, triggering an unconditional MTO. The MTO price will be THB5.50/share. 
Thai SFC approval has now been satisfied.  The MTO should commence around the 13th Feb. with payment ~26th March. KLN, cum-entitlement to KEX, is the 19 Feb.


<ul>
<li>Last week <a href="https://www.smartkarma.com/entities/kerry-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:367:1" rel="noopener">Kerry Logistics Network (636 HK)</a> (KLN) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1229/2023122900152.pdf" target="_blank" rel="noopener">announced</a> it would in-specie its entire 52.1% stake in <a href="https://www.smartkarma.com/entities/kerry-express-thailand" target="_blank" data-smartkarma-citation="entities:29253:1" rel="noopener">Kerry Express Thailand (KEX TB)</a> (KET).</li>
<li>As <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> holds a controlling 51.5% stake in KLN after the 2021 partial Offer, it will hold 26.8% in KET post-in-specie. That triggers an unconditional MTO.  </li>
<li>The MTO price will be THB5.50/share. The key regulatory approval is Thai SFC. That won't be an issue. </li>
</ul>


Last week Kerry Logistics Network (636 HK) (KLN) announced it would in-specie its entire 52.1% stake in Kerry Express Thailand (KEX TB) (KET).
As S.F. Holding (002352 CH) holds a controlling 51.5% stake in KLN after the 2021 partial Offer, it will hold 26.8% in KET post-in-specie. That triggers an unconditional MTO.  
The MTO price will be THB5.50/share. The key regulatory approval is Thai SFC. That won't be an issue. 


Kerry Express (KEX TB): Kerry Logistics (636 HK)'s In-Specie Triggers MTO

Thailand

BTS Group Holdings PCL is primarily in the business of Mass Transit.  The Company operates Bangkok's BTS SkyTrain system and the Bus Rapid Transit (BRT) System. BTS Group Holdings PCL is also involved in Media & Advertising, Property Development, and Services business.

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BTS Group Holdings (BTS TB)

Thailand Short Interest Weekly (Nov 22nd): Bumrungrad Hospital, True

We analyzed SET short interest report for the past week and highlighted short interest changes in Bumrungrad Hospital, True.

Ke Yan, CFA, FRM

KTX Zoom - APRIL 24, 2024

Technically, the SET Index is expected to test the resistance at 1,366/1,374 points (10-day EMA/25-day EMA), with the support at 1,350/1,340 points.

Krungthai XSpring

KTX Zoom - APRIL 23, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,340/1,330 points and the resistance at 1,356/1,365 points.

Krungthai XSpring

Kerry Express (KEX TB)'s MTO Update

KLN is inexpensive at a trailing 3.2x PER for its stub ops - ex-KET. The five-year average is 6.7x (incl KET). KLN is up 15% since the in-specie...

David Blennerhassett

Kerry Express (KEX TB): Kerry Logistics (636 HK)'s In-Specie Triggers MTO

KET is trading 2% through term. Get involved if this were to dip below the net terms. Or buy outright is you have a firm conviction on the back...

David Blennerhassett

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