Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.</li>
<li>The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.
The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.


A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>AIM needs to rely on both human rabies vaccine and HBV vaccine to contribute majority revenue,but the outlook is challenging. Their revenue would decline due to competition and product upgrading.</li>
<li>Most of AIM’s vaccine candidates are in early development stages. There’re many competing candidates in more advanced development stages.The pipeline lacks competitiveness and it's hard to generate forecasted profits.</li>
<li>Although the issue price is discounted significantly, AIM is still overvalued. Reducing the size of IPO to maintain a good share price doesn’t work. When investors exit,accumulated pressure will explode.</li>
</ul>


AIM needs to rely on both human rabies vaccine and HBV vaccine to contribute majority revenue,but the outlook is challenging. Their revenue would decline due to competition and product upgrading.
Most of AIM’s vaccine candidates are in early development stages. There’re many competing candidates in more advanced development stages.The pipeline lacks competitiveness and it's hard to generate forecasted profits.
Although the issue price is discounted significantly, AIM is still overvalued. Reducing the size of IPO to maintain a good share price doesn’t work. When investors exit,accumulated pressure will explode.


Pre-IPO AIM Vaccine - AIM Is Overvalued, with Uncompetitive Pipeline and Challenging Outlook

Equity Bottom-Up

<ul>
<li>CanSino’s performance declined in 22H1 due to decreased demand of COVID-19 vaccine. Since we have analyzed our concerns on performance in prior insight, there should be psychological expectations for the decline.</li>
<li>The COVID-19 vaccine business brings CanSino rich cash flow and helps it establish commercial team. Together with MCV2/MCV4/mRNA/PCV13i, it's too early to be completely bearish on CanSino.</li>
<li>The market has exaggerated the impact of performance decline of COVID-19 vaccine on CanSino. Although 2022 is a difficult year, it is a good time to bottom fish this stock.</li>
</ul>


CanSino’s performance declined in 22H1 due to decreased demand of COVID-19 vaccine. Since we have analyzed our concerns on performance in prior insight, there should be psychological expectations for the decline.
The COVID-19 vaccine business brings CanSino rich cash flow and helps it establish commercial team. Together with MCV2/MCV4/mRNA/PCV13i, it's too early to be completely bearish on CanSino.
The market has exaggerated the impact of performance decline of COVID-19 vaccine on CanSino. Although 2022 is a difficult year, it is a good time to bottom fish this stock.


CanSino Biologics (6185.HK/688185.CH) 2022H1 - It's Too Early to Be Completely Bearish on CanSino

<ul>
<li>We analyse the changes of A/H premium on 142 stocks over the last week.</li>
<li>A-H premium declined by 0.6ppt wow, led by health care, communication services and real estate sector, and offset by the increase in consumer staple and consumer discretionary. </li>
<li>We highlight A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan Microelectronics.</li>
</ul>


We analyse the changes of A/H premium on 142 stocks over the last week.
A-H premium declined by 0.6ppt wow, led by health care, communication services and real estate sector, and offset by the increase in consumer staple and consumer discretionary. 
We highlight A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan Microelectronics.


A-H Premium Weekly (Aug 19th): Zoomlion, Cansino, China Telecom, Tianqi Lithium

<ul>
<li>We analyse the changes of A/H premium on 142 stocks over the last week. The average A/H premium of 142 A/H stocks are 116.5%, increased by 3.0ppt over last week.</li>
<li>The average A/H premium changed by 3.0ppt week on week, led by Real Estate, financials, and consumer discretionary sectors.</li>
<li>We highlight A/H premium changes of Great Wall Motor, Guangzhou Auto, Hisense Home, Tianqi Lithium, Jiangxi Copper, Angang Steel, Maanshan Iron, BBMG, Alcoa, Zoomlion, Cansino, Holly Futures, and ABC. </li>
</ul>


We analyse the changes of A/H premium on 142 stocks over the last week. The average A/H premium of 142 A/H stocks are 116.5%, increased by 3.0ppt over last week.
The average A/H premium changed by 3.0ppt week on week, led by Real Estate, financials, and consumer discretionary sectors.
We highlight A/H premium changes of Great Wall Motor, Guangzhou Auto, Hisense Home, Tianqi Lithium, Jiangxi Copper, Angang Steel, Maanshan Iron, BBMG, Alcoa, Zoomlion, Cansino, Holly Futures, and ABC. 


A-H Premium Weekly: Tianqi Lithium at New Low Post H-Share IPO

China

CanSino Biologics is a biopharmaceutical company specializing in the research, development, manufacturing, and commercialization of innovative vaccine products for human use, primarily focusing on infectious diseases. Its product portfolio includes vaccines for meningitis, pneumonia, pertussis, diphtheria, tetanus, COVID-19, tuberculosis, shingles, and Ebola virus disease. The company was founded in 2009 and is headquartered in Tianjin, China.

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CanSino Biologics (6185 HK)

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

Pre-IPO AIM Vaccine - AIM Is Overvalued, with Uncompetitive Pipeline and Challenging Outlook

AIM's products/pipeline are lack of competitiveness due to fierce competition and product upgrading, with gloomy outlook. Although the issue price...

Xinyao (Criss) Wang