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 Oct 25th (reported today) which has an aggregated short interest worth USD24.6bn.</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 Coles, Viva Energy, Nick Scali, Guzman Y Gomez, Mineral Resources, BHP, Goodman, Wisetech Global.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 25th (reported today) which has an aggregated short interest worth USD24.6bn.
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 Coles, Viva Energy, Nick Scali, Guzman Y Gomez, Mineral Resources, BHP, Goodman, Wisetech Global.


ASX Short Interest Weekly (Oct 25th): Coles, Viva Energy, Nick Scali, Guzman Y Gomez

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>EBOS Group's (EBO) 1Q25 trading update was robust, with EBITDA growth of +7.4% excluding the Chemist Warehouse (CW) contract, highlighting it is ably managing the contract loss.</li><li>FY25 EBITDA guidance was retained. Assuming the current growth rate holds, it implies EBITDA in line with consensus expectations.</li><li>We make no changes to our earnings forecasts. Our positive view is underpinned by a robust EPS outlook from FY25 driven by: (1) solid organic growth as EBO benefits from its shift towards higher growth and higher margin segments versus history, and (2) M&amp;A upside (we forecast FY25 debt headroom of A$350m). </li></ul>

EBOS Group's (EBO) 1Q25 trading update was robust, with EBITDA growth of +7.4% excluding the Chemist Warehouse (CW) contract, highlighting it is ably managing the contract loss.FY25 EBITDA guidance was retained. Assuming the current growth rate holds, it implies EBITDA in line with consensus expectations.We make no changes to our earnings forecasts. Our positive view is underpinned by a robust EPS outlook from FY25 driven by: (1) solid organic growth as EBO benefits from its shift towards higher growth and higher margin segments versus history, and (2) M&amp;A upside (we forecast FY25 debt headroom of A$350m). 

EBOS Group - 102nd AGM — Line and Length

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 11th (reported today) which has an aggregated short interest worth USD27.0bn.</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 Insurance Australia, Computershare, Goodman, Sigma Pharmaceuticals.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 11th (reported today) which has an aggregated short interest worth USD27.0bn.
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 Insurance Australia, Computershare, Goodman, Sigma Pharmaceuticals.


ASX Short Interest Weekly (Oct 11th): Insurance Australia, Computershare, Goodman

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 11th December 2023, pharmacy distributor <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> announced a "transformational merger" - in effect a reverse takeover - with mega chain Chemist Warehouse (CWG).</li>
<li>In <a href="https://skr.ma/qWWUZ," target="_blank" rel="noopener">Sigma Healthcare (SIG AU): Chemist Warehouse's Reverse Takeover</a> I flagged pushback from ACCC; but on balance thought the merger should still get up.</li>
<li>
<a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> struck a more tentative tone in <a href="https://skr.ma/Q9Kv1," target="_blank" rel="noopener">Sigma Healthcare: ASX200 Inclusion Now, MUCH More Squeezy Fun Later. Maybe... </a>Rightfully so it seems. The ACCC has now raised competition concerns. </li>
</ul>


Back on the 11th December 2023, pharmacy distributor Sigma Healthcare (SIG AU) announced a "transformational merger" - in effect a reverse takeover - with mega chain Chemist Warehouse (CWG).
In Sigma Healthcare (SIG AU): Chemist Warehouse's Reverse Takeover I flagged pushback from ACCC; but on balance thought the merger should still get up.

Travis Lundy struck a more tentative tone in Sigma Healthcare: ASX200 Inclusion Now, MUCH More Squeezy Fun Later. Maybe... Rightfully so it seems. The ACCC has now raised competition concerns. 


Sigma/Chemist Warehouse Merger: ACCC Has (Many) Issues

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Sep 20th (reported today) which has an aggregated short interest worth USD26.9bn.</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 Goodman, Evolution Mining, Woodside Energy, Macquarie, Australia And New Zealand Banking, Technology One, Computershare.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 20th (reported today) which has an aggregated short interest worth USD26.9bn.
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 Goodman, Evolution Mining, Woodside Energy, Macquarie, Australia And New Zealand Banking, Technology One, Computershare.


ASX Short Interest Weekly (Sep 20th): Goodman, Evolution Mining, Woodside Energy, Macquarie

Australia

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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EBOS Group (EBO AU)

ASX Short Interest Weekly (Oct 25th): Coles, Viva Energy, Nick Scali, Guzman Y Gomez

We analyzed ASX short interest report for the past week and highlight short interest changes in Coles, Viva Energy, Nick Scali, Guzman Y Gomez,...

Ke Yan, CFA, FRM

EBOS Group - 102nd AGM — Line and Length

EBOS Group's (EBO) 1Q25 trading update was robust, with EBITDA growth of +7.4% excluding the Chemist Warehouse (CW) contract, highlighting it is...

Forsyth Barr

ASX Short Interest Weekly (Oct 11th): Insurance Australia, Computershare, Goodman

We analyzed ASX short interest report for the past week and highlight short interest changes in Insurance Australia, Computershare, Goodman, Sigma...

Ke Yan, CFA, FRM

Sigma/Chemist Warehouse Merger: ACCC Has (Many) Issues

Sigma Healthcare (SIG AU) is up 14.6% as I type after news emerged it is offering franchisees who joined its network before 1 Jan 2024 the ability...

David Blennerhassett

ASX Short Interest Weekly (Sep 20th): Goodman, Evolution Mining, Woodside Energy, Macquarie

We analyzed ASX short interest report for the past week and highlight short interest changes in Goodman, Evolution Mining, Woodside Energy,...

Ke Yan, CFA, FRM

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