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 Apr 19th (reported today) which has an aggregated short interest worth USD18.6bn.</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 Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 19th (reported today) which has an aggregated short interest worth USD18.6bn.
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 Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group.


ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are no constituent changes for the MVIS Australia Equal Weight Index at the September rebalance. <a href="https://www.smartkarma.com/entities/jb-hi-fi-ltd" target="_blank" data-smartkarma-citation="entities:555:1" rel="noopener">JB Hi-Fi Ltd (JBH AU)</a> and <a href="https://www.smartkarma.com/entities/charter-hall-group" target="_blank" data-smartkarma-citation="entities:5593:1" rel="noopener">Charter Hall (CHC AU)</a> have avoided deletion.</li>
<li>Float and capping changes will result in a one-way turnover of 3.5% and in a one-way trade of A$69m.</li>
<li>There is a lot of short interest on stocks that will have passive buy/sell flows, but there will not be enough volume traded for shorts to use to reduce positions.</li>
</ul>


There are no constituent changes for the MVIS Australia Equal Weight Index at the September rebalance. JB Hi-Fi Ltd (JBH AU) and Charter Hall (CHC AU) have avoided deletion.
Float and capping changes will result in a one-way turnover of 3.5% and in a one-way trade of A$69m.
There is a lot of short interest on stocks that will have passive buy/sell flows, but there will not be enough volume traded for shorts to use to reduce positions.


MVIS Australia Equal Weight Index Rebalance: Float & Capping Changes

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.</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 Rio Tinto, Computershare, NAB, Wisetech Global, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.
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 Rio Tinto, Computershare, NAB, Wisetech Global, South32.


ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 18 December 2023, superannuation service provider <strong><a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a></strong> entered into a Scheme with Mitsubishi UFJ Financial Group.</li>
<li>MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. </li>
<li>The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. </li>
</ul>


Back on the 18 December 2023, superannuation service provider Link Administration (LNK AU) entered into a Scheme with Mitsubishi UFJ Financial Group.
MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. 
The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. 


Link Admin (LNK AU): 24th April Shareholder Vote

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> IE considers <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.</li>
<li>The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.</li>
<li>Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.</li>
</ul>


The Link Administration (LNK AU) IE considers Mitsubishi UFJ Financial (MUFG) (8306 JP)’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.
The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.
Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.


Link Admin (LNK AU): Scheme Vote on 24 April

Australia

Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

Computershare Ltd (CPU AU)

ASX Short Interest Weekly (Apr 19th): Woolworths, Ampol, Computershare, Fortescue, BHP, Seven Group

We analyzed ASX short interest report for the past week and highlight short interest changes in Woolworths, Ampol, Computershare, Fortescue, BHP,...

Ke Yan, CFA, FRM

MVIS Australia Equal Weight Index Rebalance: Float & Capping Changes

There are no constituent changes, but float/capping will result in one-way turnover of 3.5% and in a one-way trade of A$69m. JB Hi-fi and Charter...

Brian Freitas

ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global,...

Ke Yan, CFA, FRM

Link Admin (LNK AU): 24th April Shareholder Vote

This is done. Trading super tight at a 1.3%/9.3% gross/annualised spread. If in, stay in. Otherwise, I'd probably be looking elsewhere.

David Blennerhassett

Link Admin (LNK AU): Scheme Vote on 24 April

Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross...

Arun George