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 Nov 28th (reported today). The aggregated short interest was USD27.2bn.</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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 28th (reported today). The aggregated short interest was USD27.2bn.
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 Lynas Rare Earths, James Hardie Industries, Transurban, CAR, Macquarie.


ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul>
<li>Metcash's FY25 result was solid, showing resilience in Food &amp; Liquor.</li>
<li>Signs are positive for a recovery in Hardware, but rate cuts are key</li>
</ul>


Metcash's FY25 result was solid, showing resilience in Food &amp; Liquor.
Signs are positive for a recovery in Hardware, but rate cuts are key


Metcash Outlook: Tobacco Sales vs Rate Cuts

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/metcash-ltd" target="_blank" data-smartkarma-citation="entities:14632:1" rel="noopener">Metcash Ltd (MTS AU)</a> is looking to raise up to A$300m (US$195m) in its primary placement. The proceeds will be used to partially fund the acquisition of three businesses.</li>
<li>The deal would be a large one to digest at 22.5 days of three month ADV and 8.4% dilution. </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



Metcash Ltd (MTS AU) is looking to raise up to A$300m (US$195m) in its primary placement. The proceeds will be used to partially fund the acquisition of three businesses.
The deal would be a large one to digest at 22.5 days of three month ADV and 8.4% dilution. 
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


Metcash Placement - Not One, but Three Synergistic Acquisitions at a Go

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>SPASX200 gained steadily through the week despite slowing daily momentum, nearly reversing last week’s decline</li>
<li>Market breadth strengthened, with a broad rebound across optionable stocks.</li>
<li>Implied vols declined across most single stocks, bringing the average back toward mid range levels after last week’s elevated readings</li>
</ul>


SPASX200 gained steadily through the week despite slowing daily momentum, nearly reversing last week’s decline
Market breadth strengthened, with a broad rebound across optionable stocks.
Implied vols declined across most single stocks, bringing the average back toward mid range levels after last week’s elevated readings


Australia Single Stock Options (Nov 24– 27): Broad Rebound Pulls Implieds Lower

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/lynch-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:36359:1" rel="noopener">Lynch Group Holdings (LGL AU)</a> IE considers <a href="https://www.smartkarma.com/entities/tpg-inc" target="_blank" data-smartkarma-citation="entities:35361:1" rel="noopener">TPG Inc (TPG US)</a>’s A$2.155 offer fair and reasonable as it is within its A$1.93 to A$2.27 valuation range.</li>
<li>The offer is conditional on shareholder approval. The vote remains low-risk as the majority of substantial shareholders are supportive.   </li>
<li>The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%/5.1%.</li>
</ul>


The Lynch Group Holdings (LGL AU) IE considers TPG Inc (TPG US)’s A$2.155 offer fair and reasonable as it is within its A$1.93 to A$2.27 valuation range.
The offer is conditional on shareholder approval. The vote remains low-risk as the majority of substantial shareholders are supportive.   
The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%/5.1%.


Lynch Group (LGL AU): Scheme Vote on 21 November

Australia

Metcash Limited is a marketing and distribution company operating in the food and other consumer goods sectors.  The Company operates distribution centers serving grocery products for independent retail grocery stores, liquor distribution centers and cash and carry warehouses which serve retailers and businesses in the grocery, liquor, food services and convenience stores.

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Metcash Ltd (MTS AU)

ASX Short Interest Weekly (Nov 28th): Lynas Rare Earths, James Hardie Industries, Transurban, CAR

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earths, James Hardie Industries,...

Ke Yan, CFA, FRM

Metcash Outlook: Tobacco Sales vs Rate Cuts

Metcash's FY25 result was solid, showing resilience in Food & Liquor. Signs are positive for a recovery in Hardware, but rate cuts are key

FNArena

Metcash Placement - Not One, but Three Synergistic Acquisitions at a Go

Metcash Ltd (MTS AU) is looking to raise up to A$300m (US$195m) in its primary placement. The proceeds will be used to partially fund the...

Ethan Aw

Australia Single Stock Options (Nov 24– 27): Broad Rebound Pulls Implieds Lower

AS51 advanced despite fading daily momentum, while breadth strengthened and implied vols fell across most single stocks and sectors.

John Ley

Lynch Group (LGL AU): Scheme Vote on 21 November

The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%...

Arun George

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