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 statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 20th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Tencent (700 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 20th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), HSBC (5 HK), Tencent (700 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), HSBC (5 HK).


Hong Kong Buybacks Weekly (Oct 20th): Aia, Hsbc, Tencent

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>There is little in the long-term and current figures of <a href="https://www.smartkarma.com/entities/bank-of-china-ltd-h" target="_blank" data-smartkarma-citation="entities:656:1" rel="noopener">Bank Of China Ltd (H) (3988 HK)</a> that leaves one assured of strength, stability, earnings power, and rather the opposite.</li>
<li>Sharply expanding LDR is an increase in loans relative to deposits, and it tends to drive rising NIM. Where LDR expands (a lot) but NIM contracts, it is a concern. </li>
<li>The bank appears to have a 2-3x higher base of credit costs/operating profit, with an ROE of 10% now vs 18% some years ago - with much more geopolitical risk. </li>
</ul>


There is little in the long-term and current figures of Bank Of China Ltd (H) (3988 HK) that leaves one assured of strength, stability, earnings power, and rather the opposite.
Sharply expanding LDR is an increase in loans relative to deposits, and it tends to drive rising NIM. Where LDR expands (a lot) but NIM contracts, it is a concern. 
The bank appears to have a 2-3x higher base of credit costs/operating profit, with an ROE of 10% now vs 18% some years ago - with much more geopolitical risk. 


Bank of China - Surging LDR, Falling NIM, ROE, with Higher Base of Credit Costs/Operating Income

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Asirvad Micro Finance Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial, Kotak, Nomura, SBI Caps.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>As per the CRISIL report, Asirvad was the largest MFI in India in terms of geographical coverage and third largest MFI in India in terms of AUM, in FY23.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial, Kotak, Nomura, SBI Caps.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
As per the CRISIL report, Asirvad was the largest MFI in India in terms of geographical coverage and third largest MFI in India in terms of AUM, in FY23.


Asirvad Micro Finance Limited Pre-IPO Tearsheet

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 13th.</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 weekly Hong Kong Connect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly Hong Kong Connect flows for Meituan and Tencent.


Hong Kong Connect Flows (Oct 13th): Meituan, Tencent

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 29th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba.


HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

United Kingdom

HSBC Holdings plc is the holding company for the HSBC Group. The Company provides a variety of international banking and financial services, including retail and corporate banking, trade, trusteeship, securities, custody, capital markets, treasury, private and investment banking, and insurance.  The Group operates worldwide.

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HSBC Holdings (5 HK)

Hong Kong Buybacks Weekly (Oct 20th): Aia, Hsbc, Tencent

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK), HSBC...

Ke Yan, CFA, FRM

Bank of China - Surging LDR, Falling NIM, ROE, with Higher Base of Credit Costs/Operating Income

BOC has seen LDR expansion accompanied by narrowing NIM, raising questions on marginal lending. ROE is worsening dramatically, with credit costs...

Daniel Tabbush

Asirvad Micro Finance Limited Pre-IPO Tearsheet

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. The deal will be run by JM Financial,...

Clarence Chu

Hong Kong Connect Flows (Oct 13th): Meituan, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight weekly flows for Meituan (3690HK) and Tencent (700HK).

Ke Yan, CFA, FRM

HK Short Interest Weekly: Wuxi Bio, Xpeng, Mnso, Bidu, Meituan, China Mobile, Baba

We analyzed the latest HK SFC report for aggregate short position as of Sep 29th and highlight short interest changes in Wuxi Bio, Xpeng, Mnso,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)