Equity Analyst, Investory

Devi Subhakesan

Equity Analyst

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a> has offered118 million shares in Hong Kong, priced at HKD263 per share, a modest discount to its A share price.</li>
<li>More than half of the USD4 Billion Hong Kong share offering has already been subscribed by cornerstone investors.</li>
<li>Middle Eastern sovereign wealth funds are amongst CATL's key corner stone investors while the deal excluded US onshore investors given the mounting geopolitical tensions.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH) has offered118 million shares in Hong Kong, priced at HKD263 per share, a modest discount to its A share price.
More than half of the USD4 Billion Hong Kong share offering has already been subscribed by cornerstone investors.
Middle Eastern sovereign wealth funds are amongst CATL's key corner stone investors while the deal excluded US onshore investors given the mounting geopolitical tensions.


CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

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>Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war</li><li>China-U.S. /: U.S. tariff relief offers limited reprieve for Chinese small-parcel exporters</li><li>Takeaway /In Depth: JD.com wants to unseat China’s takeout king</li></ul>

Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade warChina-U.S. /: U.S. tariff relief offers limited reprieve for Chinese small-parcel exportersTakeaway /In Depth: JD.com wants to unseat China’s takeout king

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War 

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.

Jiangsu Hengrui Medicine / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH)</a>, a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.</li>
<li>We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing.
JHP Has been ranked as one of the global Top 50 pharmaceutical companies by Pharm Exec for six consecutive years since 2019.
We have looked at the company’s past performance and other deal dynamics in our previous note. In this note, we talk about the IPO pricing.


Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

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

Index Rebalance

<ul>
<li>With the review period complete, we forecast 10 changes for the <a href="https://www.smartkarma.com/entities/chinext-index" target="_blank" data-smartkarma-citation="entities:25483:1" rel="noopener">ChiNext Index (SZ399006 INDEX EQUITY)</a> and 5 changes for the ChiNext 50 Index in June.</li>
<li>The largest flows will be in stocks that are adds/deletes for both indices - and there are a few of those. Plus there are some overlaps with other indices.</li>
<li>While the forecast adds have outperformed the forecast deletes for both indices since January, near-term performance has not been great. That could change as we near the announcement date.</li>
</ul>


With the review period complete, we forecast 10 changes for the ChiNext Index (SZ399006 INDEX EQUITY) and 5 changes for the ChiNext 50 Index in June.
The largest flows will be in stocks that are adds/deletes for both indices - and there are a few of those. Plus there are some overlaps with other indices.
While the forecast adds have outperformed the forecast deletes for both indices since January, near-term performance has not been great. That could change as we near the announcement date.


ChiNext/​​​ChiNext50 Index Rebalance Preview: Whole Lotta Change

<ul><li>Gaokao / Cover Story: China’s decade-long quest to ease stress on pupils from an exam that shapes their life</li><li>China-U.S. /: China, U.S. cool trade row with temporary cut in tariffs</li><li>China-EU /: China, EU could keep clean tech partnership alive in other countries, economist says</li></ul>

Gaokao / Cover Story: China’s decade-long quest to ease stress on pupils from an exam that shapes their lifeChina-U.S. /: China, U.S. cool trade row with temporary cut in tariffsChina-EU /: China, EU could keep clean tech partnership alive in other countries, economist says

CX Daily: China, U.S. cool trade row with temporary cut in tariffs 

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

Despite pricing H-shares at only a modest discount to its A-shares and excluding U.S. onshore investors, CATL’s HK offering has seen robust demand...

Devi Subhakesan

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War

TOP STORIES Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war Uncertainty over the outlook for China’s exports...

Caixin Global

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh

ChiNext/ChiNext50 Index Rebalance Preview: Whole Lotta Change

There could be 10/5 changes for the Chinext/50 in June with 10 stocks having over 1x ADV to trade from passives. Adds have outperformed the deletes...

Brian Freitas

CX Daily: China, U.S. cool trade row with temporary cut in tariffs

Gaokao / Cover Story: China’s decade-long quest to ease stress on pupils from an exam that shapes their life With less than a month until he sits...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL (3750 HK): Powered by the PetroDollar. HK Offer Overview and Valuations.

Despite pricing H-shares at only a modest discount to its A-shares and excluding U.S. onshore investors, CATL’s HK offering has seen robust demand...

Devi Subhakesan

CX Daily: China’s Exporters Get More Help to Withstand Trump’s Trade War

TOP STORIES Exporters / In Depth: China’s exporters get more help to withstand Trump’s trade war Uncertainty over the outlook for China’s exports...

Caixin Global

Jiangsu Hengrui Pharma A/H Listing - Low-End Is Probably Close to Fair Value

Jiangsu Hengrui Medicine (600276 CH), a China-based pharmaceutical company, aims to raise around US$1.3bn in its H-share listing. In this note, we...

Sumeet Singh

ChiNext/​​​ChiNext50 Index Rebalance Preview: Whole Lotta Change

There could be 10/5 changes for the Chinext/50 in June with 10 stocks having over 1x ADV to trade from passives. Adds have outperformed the deletes...

Brian Freitas

CX Daily: China, U.S. cool trade row with temporary cut in tariffs

Gaokao / Cover Story: China’s decade-long quest to ease stress on pupils from an exam that shapes their life With less than a month until he sits...

Caixin Global

ChiNext/ChiNext50 Index Rebalance Preview: Whole Lotta Change