Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of May 15th. The aggregated short interest is USD600m.</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 Top Glove, Public Bank, SP Setia, IOI Properties, Kossan Rubber Industries.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 15th. The aggregated short interest is USD600m.
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 Top Glove, Public Bank, SP Setia, IOI Properties, Kossan Rubber Industries.


Bursa Short Interest Weekly (May 15th): Top Glove, Public Bank, SP Setia, IOI Properties

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.</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 Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 27th. The aggregated short interest is USD526m.
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 Public Bank, Malaysian Resources, IJM, FARM FRESH, ITMAX System.


Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.</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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Mar 13th. The aggregated short interest is USD538m.
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 Bumi Armada, KPJ Healthcare, Inari Amertron, Hibiscus Petroleum, Telekom Malaysia.


Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

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.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> Board unanimously recommends that the shareholders REJECT <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a>’s cash/scrip conditional voluntary offer. </li>
<li>Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. </li>
<li>The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.</li>
</ul>


The Ijm Corp Bhd (IJM MK) Board unanimously recommends that the shareholders REJECT Sunway Bhd (SWB MK)’s cash/scrip conditional voluntary offer. 
Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. 
The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.


IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a> released its circular regarding its cash/scrip conditional voluntary offer for <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a>, valued at RM3.15. The Sunway EGM is on 26 March. </li>
<li>Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.</li>
<li>Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). </li>
</ul>



Sunway Bhd (SWB MK) released its circular regarding its cash/scrip conditional voluntary offer for Ijm Corp Bhd (IJM MK), valued at RM3.15. The Sunway EGM is on 26 March. 
Sunway shareholder approval will be forthcoming. The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way.
Risk/Reward is favourable. The shares trade marginally above the "true" undisturbed price while the gross spread at last close is 35.2% (23.8% based on Sunway’s last close). 


IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

Malaysia

Malaysian Resources Corporation Berhad is an investment holding company. Through its subsidiaries, the Company provides construction and engineering services, multimedia, property development and management, information technology services, and independent power producer. Malaysian Resources also manufactures and sells ceramic tiles and pre-stressed spun concrete piles.

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Malaysian Resources Corporation (MRC MK)

Bursa Short Interest Weekly (May 15th): Top Glove, Public Bank, SP Setia, IOI Properties

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Top Glove, Public Bank, SP Setia, IOI...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Mar 27th): Public Bank, Malaysian Resources, IJM, FARM FRESH

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Public Bank, Malaysian Resources, IJM,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Mar 13th): Bumi Armada, KPJ Healthcare, Inari Amertron

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Bumi Armada, KPJ Healthcare, Inari...

Ke Yan, CFA, FRM

IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

Sunway has few credible options to respond. The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back...

Arun George

IJM Corp (IJM MK): Risk/Reward as Sunway’s EGM Set for 26 March

The satisfaction of the 50% minimum acceptance condition, the key risk, is largely a political call which can go either way. Nevertheless, the risk...

Arun George

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