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 analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Utilities and consumer staples sectors let the increase of A-H premium while communication services, consumer discretionary and industries led the decrease.</li>
<li>We highlight the following A-H stocks: Shanghai Pharma, China Eastern Air, Huaneng Power, Shenzhen Hepalink.</li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Utilities and consumer staples sectors let the increase of A-H premium while communication services, consumer discretionary and industries led the decrease.
We highlight the following A-H stocks: Shanghai Pharma, China Eastern Air, Huaneng Power, Shenzhen Hepalink.


A-H Premium Weekly: Shanghai Pharma, China Eastern Air, Huaneng Power, Shenzhen Hepalink

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Depression / In Depth: What’s behind China’s growing problem with child depression</li><li>Covid-19 /Pfizer Covid drug deployed in virus-hit Chinese province for the first time</li><li>Gold mine /Papua New Guinea gold mine set to reopen after foreign owners agree to lower stakes</li></ul>

Depression / In Depth: What’s behind China’s growing problem with child depressionCovid-19 /Pfizer Covid drug deployed in virus-hit Chinese province for the first timeGold mine /Papua New Guinea gold mine set to reopen after foreign owners agree to lower stakes

CX Daily: What’s Behind China’s Growing Problem With Child Depression

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>Given significant presence in China, <a href="https://www.smartkarma.com/entities/shangri-la-asia-ltd" target="_blank" data-smartkarma-citation="entities:19690:1" rel="noopener">Shangri-La Asia (69 HK)</a> is geared towards China's more accommodative COVID policy. The good thing is that the share price has not yet reflected this. </li>
<li>Over the next 12-18 months, SLA will first benefit from tourism recovery outside of China, and then followed by powerful rebound in China's inbound travelers, particularly the high-end business visitors.</li>
<li>The resurgence in long-absented business visitors should bring in higher room yield and F&amp;B revenue. It has minimal refinancing and liquidity risks and these make its near-trough 0/48x P/B unjustified. </li>
</ul>


Given significant presence in China, Shangri-La Asia (69 HK) is geared towards China's more accommodative COVID policy. The good thing is that the share price has not yet reflected this. 
Over the next 12-18 months, SLA will first benefit from tourism recovery outside of China, and then followed by powerful rebound in China's inbound travelers, particularly the high-end business visitors.
The resurgence in long-absented business visitors should bring in higher room yield and F&amp;B revenue. It has minimal refinancing and liquidity risks and these make its near-trough 0/48x P/B unjustified. 


Shangri-La Asia (69 HK): Let's Go, What Are You Waiting For?

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>A/H premium increased by 5.7ppt WoW mainly driven by information technology and health care.</li>
<li>We highlight that 15 stocks reached their 52 week high of A/H premium last week.</li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
A/H premium increased by 5.7ppt WoW mainly driven by information technology and health care.
We highlight that 15 stocks reached their 52 week high of A/H premium last week.


A/H Premium Weekly: 15 Stocks at 52 Week High

China Southern Airlines / Equity Bottom-Up

<ul>
<li>While China Southern Airlines (1055 HK) saw passenger traffic up 17.3% in Jan, this is at the expense of higher capacity, leading to a 1.8pp YoY passenger load contraction. </li>
<li>Its cargo traffic underperformed both CEA and Air China with a YoY decline; and this is disappointing in a period of time where airfreight rate is at record-breaking level.  </li>
<li>We see reduced local travel demand, higher operating costs, weaker cargo business, pressure on yield and higher base of comparison key challenges in 2022, and prefer Air China Ltd (753 HK). </li>
</ul>


While China Southern Airlines (1055 HK) saw passenger traffic up 17.3% in Jan, this is at the expense of higher capacity, leading to a 1.8pp YoY passenger load contraction. 
Its cargo traffic underperformed both CEA and Air China with a YoY decline; and this is disappointing in a period of time where airfreight rate is at record-breaking level.  
We see reduced local travel demand, higher operating costs, weaker cargo business, pressure on yield and higher base of comparison key challenges in 2022, and prefer Air China Ltd (753 HK). 


China Southern Airlines (1055 HK): A Tough Start

China

China Eastern Airlines Corporation Limited, together with its subsidiaries, operates in the civil aviation industry. It offers passenger, cargo, mail delivery, ground, cargo handling, and other extended transportation services.

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China Eastern Airlines (670 HK)

A-H Premium Weekly: Shanghai Pharma, China Eastern Air, Huaneng Power, Shenzhen Hepalink

We highlight utilities, consumer staple, comm servcies, and consumer discretionary sector and the following A-H stocks: Shanghai Pharma, China...

Ke Yan, CFA, FRM

CX Daily: What’s Behind China’s Growing Problem With Child Depression

What’s behind China’s growing problem with child depression; Chinese airline industry reels after Guangxi crash; Pfizer Covid drug deployed in...

Caixin Global

Shangri-La Asia (69 HK): Let's Go, What Are You Waiting For?

Shangri-La Asia has benefited from China's domestic tourism recovery, and we expect this will be followed by better tourist flow outside of China...

Osbert Tang, CFA

A/H Premium Weekly: 15 Stocks at 52 Week High

We highlight that 15 stocks reached their 52 week high of A/H premium last week, including Xinjiang Gold Wind (2208 HK), Fuyao Glass (3606 HK),...

Ke Yan, CFA, FRM

China Southern Airlines (1055 HK): A Tough Start

CSA has a tough start for 2022 as reflected in weak Jan load and cargo performance. We see many challenges brewing in this year and expect the...

Osbert Tang, CFA

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52-week Range

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