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 analyze the weekly Hong Kong Connect flows with our data engine.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into CNOOC, Meituan, Xiaomi, alongside utility names.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into CNOOC, Meituan, Xiaomi, alongside utility names.


Hong Kong Connect Flows: Chinese Were Buying Utilities Towards End of 2021

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a>, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a> are the three stocks that made the most money in 2021 based on our call.</li>
<li>
<a href="https://www.smartkarma.com/entities/kunlun-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:10054:1" rel="noopener">Kunlun Energy (135 HK)</a> is the best-performing one with 52.3% return, and this is followed by <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan (916 HK)</a> at 45.1% and <a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a> at 33.9%.</li>
<li>We continue to like all of them into 2022 as they will be benefited by sustained growth of city-gas projects, government's push for wind power and infrastructure investments, respectively.</li>
</ul>



Kunlun Energy (135 HK), China Longyuan Power (916 HK) and China Communications Construction (1800 HK) are the three stocks that made the most money in 2021 based on our call.

Kunlun Energy (135 HK) is the best-performing one with 52.3% return, and this is followed by China Longyuan (916 HK) at 45.1% and China Communications Construction (1800 HK) at 33.9%.
We continue to like all of them into 2022 as they will be benefited by sustained growth of city-gas projects, government's push for wind power and infrastructure investments, respectively.


The Three Names that We Made the Most Money in 2021 and How They Will Fare in 2022

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

China High Speed Transmission Equip Grp / Equity Bottom-Up

<ul>
<li>Undemanding valuation at 6x PER, 2x EV/EBITDA, and 0.6x PBR due to low broker coverage</li>
<li>Top player domestically and top 3 globally for gearbox with clients including Siemens, Suzlon, and General Electric.</li>
<li>The beneficiary of the Chinese government supportive policy measure to achieve net-zero. </li>
</ul>


Undemanding valuation at 6x PER, 2x EV/EBITDA, and 0.6x PBR due to low broker coverage
Top player domestically and top 3 globally for gearbox with clients including Siemens, Suzlon, and General Electric.
The beneficiary of the Chinese government supportive policy measure to achieve net-zero. 


2022 High Conviction - China High Speed (658 HK): Renewable Energy Beneficiary

China Power International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a> has 20-30GW of potential clean energy project pipeline, and with its coal-fired power disposal plan, it has a strong case to achieve clean energy transformation. </li>
<li>Adjustment in tariff in Oct and new mechanism for 2022 tariff will see coal-fired profitability rebound. Potential asset injection from parent SPIC will also be positive long-term catalyst for CPI.  </li>
<li>We project its clean energy capacity growth may reach a CAGR of 44% in the 14th 5-year Plan, driving earnings momentum. Despite sharp rally YTD, valuations are still below peers. </li>
</ul>



China Power International (2380 HK) has 20-30GW of potential clean energy project pipeline, and with its coal-fired power disposal plan, it has a strong case to achieve clean energy transformation. 
Adjustment in tariff in Oct and new mechanism for 2022 tariff will see coal-fired profitability rebound. Potential asset injection from parent SPIC will also be positive long-term catalyst for CPI.  
We project its clean energy capacity growth may reach a CAGR of 44% in the 14th 5-year Plan, driving earnings momentum. Despite sharp rally YTD, valuations are still below peers. 


China Power International (2380 HK): Updates on an Ambitious Roadmap

Xinjiang Goldwind Science & Technology / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology H (2208 HK)</a> is a prime candidate to benefit from the growth in demand for wind power installation and generation in China's "Dual Carbon" policy.</li>
<li>It has healthy order backlog equals to 1.3x FY20 sales, potential for better margin from business mix and product upgrade and sustained wind power capacity growth with solid construction pipeline.</li>
<li>Goldwind is a laggard in YTD performance, and trading on undemanding multiples relative to peers. We also see room for narrowing its underperformance against its A-share in next year.</li>
</ul>



Xinjiang Goldwind Science &amp; Technology H (2208 HK) is a prime candidate to benefit from the growth in demand for wind power installation and generation in China's "Dual Carbon" policy.
It has healthy order backlog equals to 1.3x FY20 sales, potential for better margin from business mix and product upgrade and sustained wind power capacity growth with solid construction pipeline.
Goldwind is a laggard in YTD performance, and trading on undemanding multiples relative to peers. We also see room for narrowing its underperformance against its A-share in next year.


2022 High Conviction: Xinjiang Goldwind (2208 HK) - Riding The "Dual Carbon" Tailwinds

China

China Longyuan Power Group Corp Ltd designs, develops, manages, and operates wind farms.  The Company also sells the electricity generated by the wind farms.

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China Longyuan Power (916 HK)

Hong Kong Connect Flows: Chinese Were Buying Utilities Towards End of 2021

We highlight weekly Hong Kong Connect inflows into CNOOC, Meituan, Xiaomi, alongside utility names (Longyuan, China Resource Power, China Power...

Ke Yan, CFA, FRM

The Three Names that We Made the Most Money in 2021 and How They Will Fare in 2022

Going into 2022, we continue to like the three best-performing stocks based on our call in 2021, namely Kunlun Energy, China Longyuan Power and...

Osbert Tang, CFA

2022 High Conviction - China High Speed (658 HK): Renewable Energy Beneficiary

Trading at a deep discount to its hist valuation, is enough to justify investing in China High Speed. Coupled with a supportive policy by the...

Henry Soediarko

China Power International (2380 HK): Updates on an Ambitious Roadmap

Clean energy transformation will be supported by pipeline projects on hand and potential asset injection from parent. Coal-fired profitability...

Osbert Tang, CFA

2022 High Conviction: Xinjiang Goldwind (2208 HK) - Riding The "Dual Carbon" Tailwinds

Goldwind should ride on solid demand for wind power installation, margin expansion and commissioning of own wind farms. Valuations are undemanding...

Osbert Tang, CFA

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