Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Russia’s invasion of Ukraine is forcing the US and European administrations to wrestle with the vulnerabilities in their uranium supply chains. </li>
<li>The situation is also re-emphasising the spotlight on the future role of nuclear energy in the power grids. </li>
<li>Uranium prices are up 44% since the invasion began, with the price for nuclear fuel at a decade high.</li>
</ul>


Russia’s invasion of Ukraine is forcing the US and European administrations to wrestle with the vulnerabilities in their uranium supply chains. 
The situation is also re-emphasising the spotlight on the future role of nuclear energy in the power grids. 
Uranium prices are up 44% since the invasion began, with the price for nuclear fuel at a decade high.


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

JL Mag Rare-Earth   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jl-mag-rare-earth-co-ltd" target="_blank" data-smartkarma-citation="entities:28098:1" rel="noopener">JL Mag Rare-Earth Co Ltd (300748 CH)</a> is a leading producer of high-performance rare earth permanent magnets. It has launched an H-Share listing to raise $570 million at the mid-point. </li>
<li>In <a href="https://www.smartkarma.com/insights/jl-mag-rare-earth-secondary-listing-magnetic-moments" target="_blank" data-smartkarma-citation="insights:62262" rel="noopener">JL Mag Rare-Earth Secondary Listing: Magnetic Moments</a>, we stated that it has attractive fundamentals and the secondary listing is worth a closer look. </li>
<li>Our valuation analysis suggests that the H-Share price range is fair. Pricing is expected on 17 January with an H-Share listing on 14 January.</li>
</ul>



JL Mag Rare-Earth Co Ltd (300748 CH) is a leading producer of high-performance rare earth permanent magnets. It has launched an H-Share listing to raise $570 million at the mid-point. 
In JL Mag Rare-Earth Secondary Listing: Magnetic Moments, we stated that it has attractive fundamentals and the secondary listing is worth a closer look. 
Our valuation analysis suggests that the H-Share price range is fair. Pricing is expected on 17 January with an H-Share listing on 14 January.


JL Mag Rare-Earth H-Share Listing: Valuation Insights

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

<ul>
<li>JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  </li>
<li>JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.</li>
<li>In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.</li>
</ul>


JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing.  
JLM is a producer of high-performance REPMs. It ranked first in the world by high-performance REPM production volume in 2020 with a market share of approximately 14.5%.
In this note, we look at the company’s past performance, and try to gauge a suitable A/H premium.


JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jl-mag-rare-earth-co-ltd" target="_blank" data-smartkarma-citation="entities:28098:1" rel="noopener">JL Mag Rare-Earth Co Ltd (300748 CH)</a> is a leading producer of high-performance rare earth permanent magnets. It is pre-marketing an H Share listing to raise $500 million.  </li>
<li>JL Mag Rare-Earth is a play on the global trends of carbon emission reduction. It is delivering high growth with a good margin profile. </li>
<li>JL Mag Rare-Earth has attractive fundamentals and we believe the secondary listing is worth a closer look. </li>
</ul>



JL Mag Rare-Earth Co Ltd (300748 CH) is a leading producer of high-performance rare earth permanent magnets. It is pre-marketing an H Share listing to raise $500 million.  
JL Mag Rare-Earth is a play on the global trends of carbon emission reduction. It is delivering high growth with a good margin profile. 
JL Mag Rare-Earth has attractive fundamentals and we believe the secondary listing is worth a closer look. 


JL Mag Rare-Earth Secondary Listing: Magnetic Moments

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

Cracks are beginning to show, particularly in EM/China where the MSCI EM index (EEM-US) is breaking below major $52 base support, the Shanghai Composite is breaking below 3500, the CSI 300 is breaking below 4885, and Hong Kong's Hang Seng is breaking below 27,000 support. Thankfully we have stayed away from areas hardest hit since EM/China has had poor relative performance for quite some time. Despite this being largely self-induced and very China-specific due to China's regulatory crackdown, the overhang could linger as additional Sectors/industries could be targeted. Moreover, it certainly does not help our already cautious and neutral outlook, but rather reinforces it.

Cracks are beginning to show, particularly in EM/China where the MSCI EM index (EEM-US) is breaking below major $52 base support, the Shanghai Composite is breaking below 3500, the CSI 300 is breaking below 4885, and Hong Kong's Hang Seng is breaking below 27,000 support. Thankfully we have stayed away from areas hardest hit since EM/China has had poor relative performance for quite some time. Despite this being largely self-induced and very China-specific due to China's regulatory crackdown, the overhang could linger as additional Sectors/industries could be targeted. Moreover, it certainly does not help our already cautious and neutral outlook, but rather reinforces it.

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

Australia

Lynas Corporation Limited explores and mines for rare earth minerals such as cerium and neodymium.

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Lynas Corp Ltd (LYC AU)

Uranium: Fuelling Fears

Russia’s invasion of Ukraine is forcing the US and European administrations to wrestle with the vulnerabilities in their uranium supply chains....

David Blennerhassett

JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing. In this note, we look at the deal dynamics and provide our...

Sumeet Singh

JL Mag Rare-Earth Secondary Listing: Magnetic Moments

JL Mag Rare-Earth is pre-marketing an H Share listing to raise $500 million. JL Mag Rare-Earth has attractive fundamentals and we believe the...

Arun George

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

Cracks are beginning to show, particularly in EM/China. Key support violations include the MSCI EM index below $52, the Shanghai Comp below 3500,...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uranium: Fuelling Fears

Russia’s invasion of Ukraine is forcing the US and European administrations to wrestle with the vulnerabilities in their uranium supply chains....

David Blennerhassett

JL Mag Rare-Earth H-Share Listing: Valuation Insights

It has launched an H-Share listing to raise $570 million at the mid-point of the H-Share price range. Our valuation analysis suggests that the H...

Arun George

JL Mag Rare-Earth A/H Listing - Ticks the Right EV and Clean Energy Boxes, Thoughts on Valuation

JL Mag Rare-earth Co. Ltd (JLM) aims to raise around US$300m via its H-shares listing. In this note, we look at the deal dynamics and provide our...

Sumeet Singh

JL Mag Rare-Earth Secondary Listing: Magnetic Moments

JL Mag Rare-Earth is pre-marketing an H Share listing to raise $500 million. JL Mag Rare-Earth has attractive fundamentals and we believe the...

Arun George

Weakness Contained To EM & China Thus Far; Actionable Themes: Tech, Utilities, Financials, Materials

Cracks are beginning to show, particularly in EM/China. Key support violations include the MSCI EM index below $52, the Shanghai Comp below 3500,...

Vermilion Research