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 Jun 13th (reported today). The aggregated short interest was USD27.1bn.</li>
<li>We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 13th (reported today). The aggregated short interest was USD27.1bn.
We tabulate league tables 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 Northern Star Resources, Cochlear, Commonwealth Bank Of Australia, Sigma Pharmaceuticals, Evolution Mining, Brambles.


ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.</li>
<li>The Sigma Healthcare - Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 8 ADDs and 6 DELs for ASX 300.
The Sigma Healthcare - Chemist Warehouse merger will be completed soon and there will be major inflows for Sigma Healthcare due to float percentage/share count upgrades.


Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 10 ADDs and 8 DELs for ASX 300.</li>
<li>
<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> is likely to experience major index inflows in March 2025 if the merger completes as planned.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the March 2025 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and seven changes for ASX 200. Separately we see 10 ADDs and 8 DELs for ASX 300.

Sigma Healthcare (SIG AU) is likely to experience major index inflows in March 2025 if the merger completes as planned.


Quiddity Leaderboard ASX Mar 25: Several Changes Likely; Major Inflows for Sigma Healthcare

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>Investors are on a knife edge, awaiting the catalyst with a capital C — a transactional third-party validation of CDC's valuation.</li><li>It is hard to overstate the importance of CDC for Infratil's (IFT) valuation.</li><li>It makes up over half our target price's gross asset value, and its impact is even greater on net asset value.</li></ul>

Investors are on a knife edge, awaiting the catalyst with a capital C — a transactional third-party validation of CDC's valuation.It is hard to overstate the importance of CDC for Infratil's (IFT) valuation.It makes up over half our target price's gross asset value, and its impact is even greater on net asset value.

Infratil - 1H25 Result — A Waiting Game

<ul><li>We approach Infratil (IFT) 1H25 result on Thursday, 14 November with a heightened degree of uncertainty. </li><li>IFT's largest EBITDAF contributor is One NZ. We see it as overall better placed than its peer, Spark NZ (SPK), but there is a risk that some of the headwinds SPK is facing, specifically with corporate mobile, has impacted One NZ as well.</li><li>For IFT's largest portfolio company, Canberra Data Centre (CDC), expectations have reached fever pitch. </li></ul>

We approach Infratil (IFT) 1H25 result on Thursday, 14 November with a heightened degree of uncertainty. IFT's largest EBITDAF contributor is One NZ. We see it as overall better placed than its peer, Spark NZ (SPK), but there is a risk that some of the headwinds SPK is facing, specifically with corporate mobile, has impacted One NZ as well.For IFT's largest portfolio company, Canberra Data Centre (CDC), expectations have reached fever pitch. 

Infratil - 1H25 Preview — Contracts and Competition

New Zealand

Infratil Limited is an infrastructure investment company. The Company invests in airports, energy such as renewable and waste-energy, and public transportation.

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Infratil (IFT AU)

ASX Short Interest Weekly (Jun 13th): Northern Star Resources, Cochlear

We analyzed ASX short interest report for the past week and highlight short interest changes in Northern Star Resources (NST AU), Cochlear (COH...

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Mar 25: LONGs up ~10% Vs SHORTs in a Month; More to Come

There are multiple names with significant impact (10x ADV or more) expected during the March 2025 rebalance. Expected ADDs could continue to...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Mar 25: Several Changes Likely; Major Inflows for Sigma Healthcare

We expect there to be a total of 650mn shares to buy from the ASX family during the March 2025 index rebal event. This is roughly US$1.1bn in flow...

Janaghan Jeyakumar, CFA

Infratil - 1H25 Result — A Waiting Game

Investors are on a knife edge, awaiting the catalyst with a capital C — a transactional third-party validation of CDC's valuation. It is hard to...

Forsyth Barr

Infratil - 1H25 Preview — Contracts and Competition

We approach Infratil (IFT) 1H25 result on Thursday, 14 November with a heightened degree of uncertainty. IFT's largest EBITDAF contributor is One NZ.

Forsyth Barr

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