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

Haitong Unitrust International Financial Leasing / Event-Driven

Haitong Unitrust International Financial Leasing (1905 HK)

Haitong Unitrust International Financial Leasing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haitong-unitrust-international-financial-leasing-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:28044:1" rel="noopener">Haitong Unitrust International Financial Leasing (1905 HK)</a> halted trading on 5 October pending a takeover announcement. Its parent, Guotai Haitong Securities, owns 85% and will likely take it private.</li>
<li>A merger by absorption looks low-risk because no holder has a blocking stake and opposition at the AGM was negligible. A voluntary/delisting offer would face a tougher 90% acceptance hurdle.</li>
<li>My valuation methods point to an offer of HK$1.29–1.65 per share, a 7.5%–37.5% premium to the HK$1.20 close. </li>
</ul>



Haitong Unitrust International Financial Leasing (1905 HK) halted trading on 5 October pending a takeover announcement. Its parent, Guotai Haitong Securities, owns 85% and will likely take it private.
A merger by absorption looks low-risk because no holder has a blocking stake and opposition at the AGM was negligible. A voluntary/delisting offer would face a tougher 90% acceptance hurdle.
My valuation methods point to an offer of HK$1.29–1.65 per share, a 7.5%–37.5% premium to the HK$1.20 close. 


Haitong Unitrust (1905 HK): Trading Halt Points to a Likely Privatisation by the Parent

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance. Nonetheless, the MSCI EM index is bottoming and remains attractive from a price perspective.  In today's report we offer a technical appraisal of major EM markets, and offer a host of technically attractivec bottoms-up stock ideas across the EM universe.

EM Equity Strategy: Cyclicals Leading, China Surging

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

Thematic (Sector/Industry)

<ul><li>Party Congress - Xi more powerful, tighter state controls but big question on fundamental economic reform and will it happen.</li><li>Real estate still increasing but growth decelerating.</li><li>Aircraft disassembly stock idea looks interesting.</li><li><a href="https://www.smartkarma.com/insights/china-literature-ipo-positive-sentiment-despite-a-long-way-for-ip-monetization" target="_blank" data-smartkarma-citation="insights:14621">China Literature IPO</a> looks good.</li><li>Good detailed data on China sportswear market, market showing strong growth</li></ul>

Party Congress - Xi more powerful, tighter state controls but big question on fundamental economic reform and will it happen.Real estate still increasing but growth decelerating.Aircraft disassembly stock idea looks interesting.China Literature IPO looks good.Good detailed data on China sportswear market, market showing strong growth

Week that Was in China @Smartkarma: Party Congress, Aircraft, Baidu, Sportswear and More Children

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Is there really a value in the aircraft leasing business? Or is just the hype of market expectation? This report aims to give a more detailed and comprehensive explanation in the aircraft leasing business model which is more of an investment management business rather than transport related business. Air travel is still the only way to do cross-continental travel hence benefiting from the increasing middle class, especially in the emerging economies.

Is there really a value in the aircraft leasing business? Or is just the hype of market expectation? This report aims to give a more detailed and comprehensive explanation in the aircraft leasing business model which is more of an investment management business rather than transport related business. Air travel is still the only way to do cross-continental travel hence benefiting from the increasing middle class, especially in the emerging economies. 

Aircraft Leasing Companies: Boring Business?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

China Tourism Group Duty Free Corp Ltd / Equity Capital Markets

China Tourism Group Duty Free Corp Ltd (601888 CH)

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we will talk about the recent updates from its revised filings and revisit valuations.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) now aims to raise US$2-3bn in its H-share listing in Hong Kong.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we will talk about the recent updates from its revised filings and revisit valuations.


China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

Hong Kong

China Aircraft Leasing Group Holdings Limited is a full value chain aircraft solutions provider for the global aviation industry, offering services such as aircraft operating leasing, purchase and leaseback, portfolio trading, asset management, and aircraft disassembly and component sales. The company also provides maintenance, repair, and overhaul services, along with aviation finance. It was founded in 2006 and is headquartered in Hong Kong.

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China Aircraft Leasing Group (1848 HK)

Haitong Unitrust (1905 HK): Trading Halt Points to a Likely Privatisation by the Parent

Haitong Unitrust is halted pending a likely privatisation by its parent. A merger vote looks low-risk; I estimate a potential offer range of...

Arun George

EM Equity Strategy: Cyclicals Leading, China Surging

Broadly speaking, RS for MSCI EM is currently exhibiting some mild deterioration vs. MSCI EAFE following four months of clear outperformance....

Vermilion Research

Week that Was in China @Smartkarma: Party Congress, Aircraft, Baidu, Sportswear and More Children

Party Congress - Xi more powerful, tighter state controls but big question on fundamental economic reform and will it happen. Real estate still...

Scott Laprise/ 乐天虎

Aircraft Leasing Companies: Boring Business?

Is there really a value in the aircraft leasing business? Or is just the hype of market expectation? This report aims to give a more detailed and...

Henry Soediarko

China Tourism Group A/H Listing - Updates from Revised Filing and Quick Thoughts on Valuation

China Tourism Group Duty Free now aims to raise US$2-3bn in its H-share listing in Hong Kong. In this note, we talk about the revised filings along...

Sumeet Singh

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