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 Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.</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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 2nd. We estimate that they had an aggregated short interest worth USD1.9bn.
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 Delta Electronics, Scc, Krung Thai Bank, Gulf Energy Development, Tisco Financial, True, Cp Foods, Central Retail.


Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.</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 Advanced Info Service, PTT Oil and Retail.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Apr 18th. We estimate that they had an aggregated short interest worth USD1.8bn.
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 Advanced Info Service, PTT Oil and Retail.


Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.</li><li>A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.</li><li>If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. </li></ul>

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.A key market- moving highlight is the US announcement of reciprocal tariffs on April 2, targeting countries with trade surpluses with the US, including Thailand, along with potential tariff hikes in specific sectors such as pharmaceuticals, semiconductors, and lumber.If the announced rates exceed expectations, this could raise the risk of stagflation — slower economic growth coupled with accelerating inflation. 

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

<ul><li>KTX expects the index to continue weakening, setting new lows for the year, with the support levels for a potential rebound at 1,167/1,130 points and the resistance at 1,250/1,266 points.</li><li>We recommend buying once a strong technical reversal pattern, specifically a V-shaped recovery, emerges.</li><li>Key market highlights include: i) clarity on US reciprocal tariffs for countries with trade surpluses with the US, including Thailand, before enforcement in early April 2025; ii) economic stimulus measures from the Chinese government; iii) outcomes of the Fed, ECB, and BoE meetings; iv) market impact from the ex-dividend effect; and v) domestic politics, with the no-confidence debate against the government potentially leading to a Cabinet reshuffle.</li></ul>

KTX expects the index to continue weakening, setting new lows for the year, with the support levels for a potential rebound at 1,167/1,130 points and the resistance at 1,250/1,266 points.We recommend buying once a strong technical reversal pattern, specifically a V-shaped recovery, emerges.Key market highlights include: i) clarity on US reciprocal tariffs for countries with trade surpluses with the US, including Thailand, before enforcement in early April 2025; ii) economic stimulus measures from the Chinese government; iii) outcomes of the Fed, ECB, and BoE meetings; iv) market impact from the ex-dividend effect; and v) domestic politics, with the no-confidence debate against the government potentially leading to a Cabinet reshuffle.

Monthly Report: March 2025 (March 6, 2025)

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

National Australia Bank / Equity Bottom-Up

<ul>
<li>NAB holds significantly more maturing debt in the coming year than its largest 3 peer banks in Australia and also more than the 3 banks in Singapore, by comparison</li>
<li>The bank has grown its business loans aggressively, which can see lumpy bad loans in a poor economy, with high unseasoned loans, yet its HoH credit costs were flat</li>
<li>CRE loans are meaningful at NAB, adding another risk to maturing debt at the top of the rate cycle with what appears to optimistic credit costs in recent results</li>
</ul>


NAB holds significantly more maturing debt in the coming year than its largest 3 peer banks in Australia and also more than the 3 banks in Singapore, by comparison
The bank has grown its business loans aggressively, which can see lumpy bad loans in a poor economy, with high unseasoned loans, yet its HoH credit costs were flat
CRE loans are meaningful at NAB, adding another risk to maturing debt at the top of the rate cycle with what appears to optimistic credit costs in recent results


NAB - Maturing Debt AUD40bn | At Top of Rate Cycle | With High Unseasoned Loans, CRE Loans

Thailand

Krungthai Card Public Company Limited provides credit and debit card services, as well as other professional services.  The Company offers both VISA and MasterCard associated cards, and covers areas such as recurring payments in addition to traditional credit and debit card related services.

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Krungthai Card (KTC TB)

Thailand Short Interest Weekly (May 2nd): Delta Electronics, Scc, Krung Thai Bank

We analyzed SET short interest report for the past week and highlighted short interest changes in Delta Electronics, Scc, Krung Thai Bank, Gulf...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Apr 18th): Advanced Info Service, PTT Oil and Retail

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, PTT Oil and Retail.

Ke Yan, CFA, FRM

Monthly Report: April 2025 - Outlook: To Weaken Due to Stagflation Risks and Ex-Dividend Effect

KTX expects the index to remain weak and potentially set a new low for the year around 1,100/1,130 points, with the resistance at 1,200/1,211 points.

Krungthai XSpring

Monthly Report: March 2025 (March 6, 2025)

KTX expects the index to continue weakening, setting new lows for the year, with the support levels for a potential rebound at 1,167/1,130 points...

Krungthai XSpring

NAB - Maturing Debt AUD40bn | At Top of Rate Cycle | With High Unseasoned Loans, CRE Loans

NAB has more maturity debt than large peers, which can mean worse NIM impact when refinancing at the top of the rate cycle. Business loan growth...

Daniel Tabbush

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