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 foreign holdings of TWSE Stocks as of Nov 15th which has an aggregated holding worth USD999.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,830mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Eva Airways, Mitac, TSMC, Quanta Computer, Hon Hai Precision Industry, Chailease, UMC.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 15th which has an aggregated holding worth USD999.2bn.
We estimate that foreign flows to be outflows of USD2,830mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Eva Airways, Mitac, TSMC, Quanta Computer, Hon Hai Precision Industry, Chailease, UMC.


TWSE Foreign Holding Weekly (Nov 15th): Eva Airways, Mitac, TSMC, Quanta Computer

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Jul 19th which has an aggregated short interest worth USD21.0bn.</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 Kinpo Elec, L&amp;K Engineering, Asia Cement, Yageo, Unimicron Tech, Ctbc Financial, Auo.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Jul 19th which has an aggregated short interest worth USD21.0bn.
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 Kinpo Elec, L&amp;K Engineering, Asia Cement, Yageo, Unimicron Tech, Ctbc Financial, Auo.


TWSE Short Interest Weekly (Jul 19th): Kinpo Elec, L&K Engineering, Asia Cement, Unimicron Tech

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.</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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 17th which has an aggregated short interest worth USD11.5bn.
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 Yageo, Yulon Motor, Nuvoton Tech, Airtac.


TWSE Short Interest Weekly (Feb 17th): Yageo, Yulon Motor, Nuvoton Tech, Airtac

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Cal-Comp Tech (Philippines) / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/cal-comp-tech-philippines" target="_blank" data-smartkarma-citation="entities:27347:1" rel="noopener">Cal-Comp Tech (Philippines) (CCTP PH)</a>/CCPH is the Philippine EMS/ODM subsidiary of NKG, a private global technology conglomerate based in Taiwan. CCPH aims to raise PHP9.3 billion ($184 million) through a primary offering (371 million new shares). The offer price is PHP25 per share with book building period running over 4-7 November. <div class="content-highlight">CCPH’s equity story is enticing as it offers solid growth, improving margin and cash generation. However, strong fundamentals are tarnished by poor disclosure. We will provide a view on the valuation in our next note.  </div>

Cal-Comp Tech (Philippines) (CCTP PH)/CCPH is the Philippine EMS/ODM subsidiary of NKG, a private global technology conglomerate based in Taiwan. CCPH aims to raise PHP9.3 billion ($184 million) through a primary offering (371 million new shares). The offer price is PHP25 per share with book building period running over 4-7 November. CCPH’s equity story is enticing as it offers solid growth, improving margin and cash generation. However, strong fundamentals are tarnished by poor disclosure. We will provide a view on the valuation in our next note.  

Cal-Comp Tech (Philippines) IPO Initiation: Manufacturing a Good Story

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<a href="https://www.smartkarma.com/entities/27347" target="_blank" data-smartkarma-citation="entities:27347:1">Cal-Comp Tech (Philippines) (CCTP PH)</a> is looking to raise about US$120m in its upcoming IPO in the Philippines. Proceeds raised will be mainly used for the expansion of its current manufacturing facilities, acquisition of new equipment, debt repayment, and general working capital.
CCTP is reliant on its Kinpo Singapore (KPO), its parent company, to maintain the relationship with customers. It does not help that its core product offering consisting of hard disk drives (HDDs) and calculators have been experiencing weaker demand and lower average selling price.
In this insight, we will be looking at the company financials, product breakdown, revenue drivers and its past transactions with its parent company to compare with indicative IPO price.

Cal-Comp Tech (Philippines) (CCTP PH) is looking to raise about US$120m in its upcoming IPO in the Philippines. Proceeds raised will be mainly used for the expansion of its current manufacturing facilities, acquisition of new equipment, debt repayment, and general working capital.
CCTP is reliant on its Kinpo Singapore (KPO), its parent company, to maintain the relationship with customers. It does not help that its core product offering consisting of hard disk drives (HDDs) and calculators have been experiencing weaker demand and lower average selling price.
In this insight, we will be looking at the company financials, product breakdown, revenue drivers and its past transactions with its parent company to compare with indicative IPO price.

Cal-Comp Tech (Philippines) Pre-IPO Review - Muted Growth in Core Products

Taiwan

Kinpo Electronics, Inc. manufactures and markets consumer electronic products. The Company's main products are electronic calculators, electronic dictionaries, facsimile machines, global positioning system (GPS) devices, cable modems, motherboards, digital still cameras (DSCs), and personal digital assistants (PDAs).

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