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 Nov 8th (reported today) which has an aggregated short interest worth USD25.2bn.</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 National Australia Bank, Sigma Pharmaceuticals, Macquarie, Aristocrat Leisure, Evolution Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 8th (reported today) which has an aggregated short interest worth USD25.2bn.
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 National Australia Bank, Sigma Pharmaceuticals, Macquarie, Aristocrat Leisure, Evolution Mining.


ASX Short Interest Weekly (Nov 8th): National Australia Bank, Sigma Pharmaceuticals, Macquarie

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 21st (reported today) which has an aggregated short interest worth USD19.1bn.</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 Telstra, BHP, Aristocrat Leisu, Sonic Healthcare, Treasury Wine, Fortescue, Westpac, NAB, ANZ.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 21st (reported today) which has an aggregated short interest worth USD19.1bn.
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 Telstra, BHP, Aristocrat Leisu, Sonic Healthcare, Treasury Wine, Fortescue, Westpac, NAB, ANZ.


ASX Short Interest Weekly (Jun 21st): Telstra, BHP, Aristocrat Leisure, Sonic Healthcare

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 3rd (reported today) which has an aggregated short interest worth USD19.6bn.</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 Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 3rd (reported today) which has an aggregated short interest worth USD19.6bn.
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 Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol.


ASX Short Interest Weekly (May 3rd): Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/silver-lake-resources-ltd" target="_blank" data-smartkarma-citation="entities:6529:1" rel="noopener">Silver Lake Resources (SLR AU)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a> will merge. SLR shareholders receive 3.434 RED shares per SLR share, implying A$1.133, a 10.4% discount to the undisturbed price. </li>
<li>The merger is strategically sensible as the combined entity should re-rate due to scale, diversification and better cash flow generation.</li>
<li>The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.  </li>
</ul>



Silver Lake Resources (SLR AU) and Red 5 Ltd (RED AU) will merge. SLR shareholders receive 3.434 RED shares per SLR share, implying A$1.133, a 10.4% discount to the undisturbed price. 
The merger is strategically sensible as the combined entity should re-rate due to scale, diversification and better cash flow generation.
The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.  


Silver Lake (SLR AU): Merger Terms Favour Red 5 (RED AU)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/silvercorp-metals-inc-139c2b2c-b1be-4cd9-92d7-257aca9924c9" target="_blank" data-smartkarma-citation="entities:38823:1" rel="noopener">Silvercorp Metals (SVM US)</a> has switched to an off-market takeover offer. The <a href="https://www.smartkarma.com/entities/orecorp-ltd" target="_blank" data-smartkarma-citation="entities:8120:1" rel="noopener">Orecorp Ltd (ORR AU)</a> consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.</li>
<li>The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. </li>
<li>The crucial question is whether <a href="https://www.smartkarma.com/entities/perseus-mining-ltd" target="_blank" data-smartkarma-citation="entities:15306:1" rel="noopener">Perseus Mining (PRU AU)</a> is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. </li>
</ul>



Silvercorp Metals (SVM US) has switched to an off-market takeover offer. The Orecorp Ltd (ORR AU) consideration remains unchanged at A$0.19 cash and 0.0967 SVM shares per ORR share.
The takeover offer is conditional on a 50.1% minimum acceptance condition, achievable in the absence of a superior proposal. 
The crucial question is whether Perseus Mining (PRU AU) is comfortable with SVM effectively controlling ORR. We think that there is a low probability of Perseus launching a competing proposal. 


OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

Australia

Capricorn Metals Ltd operates as an exploration and production company. The Company specializes in the gold exploration and production services. Capricorn Metals serves customers in Australia.

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

Capricorn Metals (CMM AU)

ASX Short Interest Weekly (Nov 8th): National Australia Bank, Sigma Pharmaceuticals, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Sigma Pharmaceuticals,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 21st): Telstra, BHP, Aristocrat Leisure, Sonic Healthcare

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, BHP, Aristocrat Leisu, Sonic Healthcare,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (May 3rd): Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol

We analyzed ASX short interest report for the past week and highlight short interest changes in Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol.

Ke Yan, CFA, FRM

Silver Lake (SLR AU): Merger Terms Favour Red 5 (RED AU)

The merger terms are more favourable for RED shareholders than SLR shareholders, posing a risk for the vote. The merger may draw out rival suitors.

Arun George

OreCorp (ORR AU): Silvercorp Switches to a Takeover Offer to Counter Perseus

The takeover offer is conditional on a 50.1% minimum acceptance condition, which is achievable. A counteroffer by Perseus depends on whether it is...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)