Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 29th. The aggregated net margin trading position is USD394,952m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI TECHNOLOGIES, GCH TECHNOLOGY, BOE.


A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> managed to bag a new business deal with <a href="https://www.smartkarma.com/entities/mirle-automation-corp" target="_blank" data-smartkarma-citation="entities:6166:1" rel="noopener">Mirle Automation (2464 TT)</a> to manufacture robotic dogs and will increase its revenue by 60% in 4 years. </li>
<li>Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. </li>
<li>Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning <a href="https://www.smartkarma.com/entities/minth-group-limited" target="_blank" data-smartkarma-citation="entities:9232:1" rel="noopener">Minth Group (425 HK)</a> . </li>
</ul>



Minth Group (425 HK) managed to bag a new business deal with Mirle Automation (2464 TT) to manufacture robotic dogs and will increase its revenue by 60% in 4 years. 
Minth's valuation should expand, nearer to that of AI and technology companies with an average of 37x PER, while Minth is valued at 10-12x PER. 
Sell-Side brokers raised the target price to between HKD 46 and 57, implying around 24-54% upside for owning Minth Group (425 HK) . 


<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of May 22nd. The aggregated net margin trading position is USD389,895m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE, YUANJIE SEMI, ZHONGJI INNOLIGHT.


A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

Time Interconnect Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/time-interconnect-technology-limited" target="_blank" data-smartkarma-citation="entities:34829:1" rel="noopener">Time Interconnect Technology (1729 HK)</a> is looking to raise around US$300m from a primary share placement.</li>
<li>TIME Interconnect Technology Limited (TIME) makes cable assembly products, server products, and networking and speciality cables.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Time Interconnect Technology (1729 HK) is looking to raise around US$300m from a primary share placement.
TIME Interconnect Technology Limited (TIME) makes cable assembly products, server products, and networking and speciality cables.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Aequitas:Time Interconnect Placement-Opportunistic Raising but Momentum Is Strong;Last Deal Did Well

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Huaqin Technology / Equity Capital Markets

<ul>
<li>The IPO pricing is up to HK$77.7, about 32% discount to Huaqin A-share), higher than normal discount range of 25-30%. 14.2x P/E based on 2026 forecast is lower than peers.</li>
<li>The IPO pricing strategy is "flexible", indicating that investment banks have taken risks into account when setting the price, as HK market's valuation of consumer electronics ODM becomes more rational.</li>
<li>Conservative scenario is P/E of 15-17x. Neutral scenario is P/E of 18-20x. Optimistic scenario is P/E above 21x. So, Huaqin’s IPO pricing leaves room for future potential upside.</li>
</ul>


The IPO pricing is up to HK$77.7, about 32% discount to Huaqin A-share), higher than normal discount range of 25-30%. 14.2x P/E based on 2026 forecast is lower than peers.
The IPO pricing strategy is "flexible", indicating that investment banks have taken risks into account when setting the price, as HK market's valuation of consumer electronics ODM becomes more rational.
Conservative scenario is P/E of 15-17x. Neutral scenario is P/E of 18-20x. Optimistic scenario is P/E above 21x. So, Huaqin’s IPO pricing leaves room for future potential upside.


Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Taiwan

Foxconn Industrial Internet Co., Ltd. operates as a communication network equipment development company. The Company develops and sells network switches, routers, wireless devices, web servers, set top boxes, smart home gateways, and other products. Foxconn Industrial Internet also manufactures storage equipment.

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Foxconn Industrial Internet (601138 CH)

Minth (425): A Breath of Fresh Air

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

Aequitas:Time Interconnect Placement-Opportunistic Raising but Momentum Is Strong;Last Deal Did Well

Time Interconnect Technology (1729 HK) is looking to raise around US$300m from a primary share placement. In this note we talk about the deal...

Akshat Shah

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Huaqin's IPO pricing of HK$77.70/share is still conservative in our view, which has not fully priced in Huaqin’s strong moat in the industry chain...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (May 29th): INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, BOE

We analyzed A-share margin trading positions report for the past week and highlighted INDUSTRIAL BANK, ANHUI JIANGHUAI AUTOMOBILE, KUANG-CHI...

Ke Yan, CFA, FRM

Minth (425): A Breath of Fresh Air

​Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...

Henry Soediarko

A-Share Margin Trading Weekly (May 22nd): JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted JIANGSU XINQUAN AUTOMOTIVE TRIM, LENS TECHNOLOGY, BOE,...

Ke Yan, CFA, FRM

Aequitas:Time Interconnect Placement-Opportunistic Raising but Momentum Is Strong;Last Deal Did Well

Time Interconnect Technology (1729 HK) is looking to raise around US$300m from a primary share placement. In this note we talk about the deal...

Akshat Shah

Pre-IPO Huaqin (3296 HK) - Thoughts on the IPO Pricing and the Outlook

Huaqin's IPO pricing of HK$77.70/share is still conservative in our view, which has not fully priced in Huaqin’s strong moat in the industry chain...

Xinyao (Criss) Wang

Minth Group secures new deal with Mirle Automation to manufacture robotic dogs, revenue to increase by 60% in 4 years. Valuation expected to rise,...