Founder of Antler Capital

Stanley Tsai, CFA

Equity Bottom-Up

People's Insurance (PICC) / Equity Bottom-Up

<ul>
<li>To build on our earlier work on the insurance space -- and as we search for beta-neutral relative value plays -- we look at PICC Group-H's SOTP valuation.</li>
<li>The group's life and health business has historically traded at a steep implicit discount to China Life-H, perhaps deservedly so. But price dislocations do occur from time to time.</li>
<li>We share our cheat sheet on how we approach these opportunities, which are often good for a quick 10% trade. As usual, we highlight the potential risks as well.</li>
</ul>


To build on our earlier work on the insurance space -- and as we search for beta-neutral relative value plays -- we look at PICC Group-H's SOTP valuation.
The group's life and health business has historically traded at a steep implicit discount to China Life-H, perhaps deservedly so. But price dislocations do occur from time to time.
We share our cheat sheet on how we approach these opportunities, which are often good for a quick 10% trade. As usual, we highlight the potential risks as well.


PICC Group / PICC P&C Pair: A Cheat Sheet to Improve Your Batting Average

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 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.</li>
<li>The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.
The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.


A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. </li>
<li>The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of <strong>11 deals</strong>.</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022. 
The following dataset includes all Korean IPOs above US$100m for the period of Calendar Years 2021-2022, which amounted to a total of 11 deals.
The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas Korea IPOs Bookrunner Performance (2021-2022)

Thematic (Sector/Industry)

<ul>
<li>The Jan. PMI readings corroborate what investors had already known over the break. But it is noteworthy that SMEs appear much less upbeat than large corporations.  </li>
<li>SMEs account for 60% of GDP and an even higher proportion of job creation. Policy support has been keeping many of them afloat throughout the pandemic. </li>
<li>As the deadline on the PBOC's SME support program is fast approaching, small regional banks may bear the brunt of the impact on the financial system.</li>
</ul>


The Jan. PMI readings corroborate what investors had already known over the break. But it is noteworthy that SMEs appear much less upbeat than large corporations.  
SMEs account for 60% of GDP and an even higher proportion of job creation. Policy support has been keeping many of them afloat throughout the pandemic. 
As the deadline on the PBOC's SME support program is fast approaching, small regional banks may bear the brunt of the impact on the financial system.


China's Micro Loan Market: Key Takeaways from the Jan PMI

<ul>
<li>In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.</li>
<li>The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>54 deals</strong>.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.
The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

China

China International Capital Corporation Limited operates as an international investment bank. The Company provides financial services, including investment banking, capital markets, securities sales and trading, fixed income, asset management, and private equity. China International Capital also offers individual wealth management and research services.

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

China International Capital (601995 CH)

PICC Group / PICC P&C Pair: A Cheat Sheet to Improve Your Batting Average

PICC Group / PICC P&C are an interesting pair that often provides investors with short windows for relative value trades. From the group's SOTP...

Stanley Tsai, CFA

A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.

Ke Yan, CFA, FRM

Aequitas Korea IPOs Bookrunner Performance (2021-2022)

In this note, we will take a look at bookrunner performance for Korean IPOs from 2021-2022, which includes all Korean IPOs above US$100m, amounting...

Ethan Aw

China's Micro Loan Market: Key Takeaways from the Jan PMI

For the most part, the Jan PMI gauges were in line with investor expectations, although the more pessimistic SME sector may be a cause for concern...

Stanley Tsai, CFA

Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022, which includes all ASEAN placements above...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)