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 139 stocks over the last week. </li>
<li>Health care, consumer discretionary, and energy led the week on week A-H premium increase of 3.8ppt. </li>
<li>We highlight A-H premium increases in CICC, Great Wall Motor, and Cansino Biologics.</li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week. 
Health care, consumer discretionary, and energy led the week on week A-H premium increase of 3.8ppt. 
We highlight A-H premium increases in CICC, Great Wall Motor, and Cansino Biologics.


A-H Premium Weekly: CICC, Great Wall Motor, Cansino

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>We update our forecast on CanSino’s performance in 2022, which could be much lower than that in 2021 due to the concerns on commercialization outlook of COVID-19 vaccine and MCV2/MCV4.</li>
<li>However, due to strong R&amp;D and technology platforms, the value of CanSino's pipeline is higher and its products could become the ceiling of pricing power for other homogeneous competing products.</li>
<li>We still think CanSino has investment value in long term despite the headwinds in short term.The market value by May 6 of HK$18.1 billion (PE/TTM at 7.22) is also attractive.</li>
</ul>


We update our forecast on CanSino’s performance in 2022, which could be much lower than that in 2021 due to the concerns on commercialization outlook of COVID-19 vaccine and MCV2/MCV4.
However, due to strong R&amp;D and technology platforms, the value of CanSino's pipeline is higher and its products could become the ceiling of pricing power for other homogeneous competing products.
We still think CanSino has investment value in long term despite the headwinds in short term.The market value by May 6 of HK$18.1 billion (PE/TTM at 7.22) is also attractive.


CanSino Biologics (688185.CH/6185.HK) -Difficulties in 2022 Cannot Mask Long-Term Investment Value

<ul>
<li>We analyse the changes of A/H premium on 139 stocks over the last week.</li>
<li>Healthcare, consumer discretionary and energy led the week on week A-H premium increase of 3.8ppt. </li>
<li>We highlight A-H premium changes in CICC, GWM, Cansino, CCC, Shanghai Fudan, CNOOC, PetroChina.</li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Healthcare, consumer discretionary and energy led the week on week A-H premium increase of 3.8ppt. 
We highlight A-H premium changes in CICC, GWM, Cansino, CCC, Shanghai Fudan, CNOOC, PetroChina.


Equity Capital Markets

Jiangsu Recbio Technology / Equity Capital Markets

<ul>
<li>RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.</li>
<li>In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.</li>
<li>In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.</li>
</ul>


RecBio is an innovative vaccine company with a focus on HPV vaccines. The company started book building to raise up to USD 98m via a Hong Kong listing.
In the previous note, we looked at the company's core products, including its HPV portfolio and the COVID-19 vaccine and the valuation.
In this note, we provide an update for the book building. We will run the deal through our ECM framework and provide an update on the deal.


RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast

<ul>
<li>The main performance contributor in 2021 was CanSino’s COVID-19 vaccine.However, the high vaccination rates, new alternatives (e.g. oral COVID-19 pills) and concerns on capacity make the future sales highly uncertain.</li>
<li>The commercialization performance of MCV2 and MCV4 would largely determine when CanSino could truly shift to relying on conventional vaccine business rather than COVID-19 vaccine to contribute performance.</li>
<li>Objectively speaking, CanSino’s pipeline, R&amp;D capability and technology platforms do have advantages and investment value.</li>
</ul>


The main performance contributor in 2021 was CanSino’s COVID-19 vaccine.However, the high vaccination rates, new alternatives (e.g. oral COVID-19 pills) and concerns on capacity make the future sales highly uncertain.
The commercialization performance of MCV2 and MCV4 would largely determine when CanSino could truly shift to relying on conventional vaccine business rather than COVID-19 vaccine to contribute performance.
Objectively speaking, CanSino’s pipeline, R&amp;D capability and technology platforms do have advantages and investment value.


CanSino Biologics (6185.HK/688185.CH) - Still Have Investment Value

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CanSino Biologics (6185 HK)

A-H Premium Weekly: CICC, Great Wall Motor, Cansino

We highlight week-on-week A-H premium increases in CICC (3908 HK/601995 CH), Great Wall Motor (2333 HK/601623 CH), and Cansino Biologics (6185 HK...

Ke Yan, CFA, FRM

CanSino Biologics (688185.CH/6185.HK) -Difficulties in 2022 Cannot Mask Long-Term Investment Value

2022 will be difficult for CanSino. We lowered performance forecast.But due to strong R&D and technology platforms, the value of CanSino's pipeline...

Xinyao (Criss) Wang

A-H Premium Weekly: CICC, Great Wall Motor, Cansino

We highlight weekly A-H premium changes in CICC, Great Wall Motor, Cansino, China Communication Construction, Shanghai Fudan, CNOOC, PetroChina.

Ke Yan, CFA, FRM

RecBio (江苏瑞科) IPO: Fairly Valued on Optimistic Industry Forecast

We provide an update for the book building of the Jiangsu Recbio IPO. We think the deal is fairly valued on an optimistic industry forecast.

Ke Yan, CFA, FRM

CanSino Biologics (6185.HK/688185.CH) - Still Have Investment Value

We analyzed our concerns on the uncertain outlook of COVID-19 vaccine and MCV2/MCV4 commercialization performance.But CanSino still has investment...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)