Asia Pac ECM and Index Rebal, Shenton 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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 16th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight inflows into Wuxi Biologics (Cayman) Inc and CNOOC. </li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of September 16th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight inflows into Wuxi Biologics (Cayman) Inc and CNOOC. 


Hong Kong Connect Flows (Sep 16th): Chinese Buying Wuxi Biologics After Biden's New Executive Order

Equity Bottom-Up

<ul>
<li>New Horizon Health released positive profit alert last Friday. We speak with management post the profit alert.</li>
<li>The company is expected to achieve 410.9% total revenue growth compared to a year ago in 1H2022, based on the middle point of guidance.</li>
<li>The company has also achieved margin expansion thanks to a favorable change of mix to the high margin channel. </li>
</ul>


New Horizon Health released positive profit alert last Friday. We speak with management post the profit alert.
The company is expected to achieve 410.9% total revenue growth compared to a year ago in 1H2022, based on the middle point of guidance.
The company has also achieved margin expansion thanks to a favorable change of mix to the high margin channel. 


New Horizon Health-B: Ups Full Year Guidance by 20% Despite Pandemic

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>
<a href="https://www.smartkarma.com/entities/new-horizon-health-limited" target="_blank" data-smartkarma-citation="entities:31039:1" rel="noopener">New Horizon Health (6606 HK)</a> has made some improvements based on 2021 preliminary financial data. The newly launched UU Tube also enriches the product line. </li>
<li>However, the industry is still at the early stage. In front of fierce competition, ColoClear’s bottleneck is obvious. The cheaper products (Pupu Tube, UU Tube) could have more market acceptance. </li>
<li>Based on our analysis, our view is that the Company may rebound temporarily, but it is too early for a complete reversal.</li>
</ul>



New Horizon Health (6606 HK) has made some improvements based on 2021 preliminary financial data. The newly launched UU Tube also enriches the product line. 
However, the industry is still at the early stage. In front of fierce competition, ColoClear’s bottleneck is obvious. The cheaper products (Pupu Tube, UU Tube) could have more market acceptance. 
Based on our analysis, our view is that the Company may rebound temporarily, but it is too early for a complete reversal.


New Horizon Health (6606.HK) - Far from Complete Reversal

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.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/burning-rock-biotech-ltd" target="_blank" data-smartkarma-citation="entities:28970:1" rel="noopener">Burning Rock Biotech (BNR US) </a>is China’s leading NGS-based therapy selection testing company for late-stage cancer patients. Thus far, the company has completed more than 300,000 tissue and liquid-based tests.</li>
<li>The company is in a structural transition towards in-hospital business model, which is negatively impacting the blended ASP and profitability. Due to upcoming new product launch in next year and ongoing clinical studies, opex is now accounting for more than 230% of revenue, which is expected to continue.</li>
<li>Amid the recent spread of delta variant in China, this insight has analyzed near-term growth prospect of Burning Rock ahead of its Q3 results announcement on November 16.  </li>
</ul>



Burning Rock Biotech (BNR US) is China’s leading NGS-based therapy selection testing company for late-stage cancer patients. Thus far, the company has completed more than 300,000 tissue and liquid-based tests.
The company is in a structural transition towards in-hospital business model, which is negatively impacting the blended ASP and profitability. Due to upcoming new product launch in next year and ongoing clinical studies, opex is now accounting for more than 230% of revenue, which is expected to continue.
Amid the recent spread of delta variant in China, this insight has analyzed near-term growth prospect of Burning Rock ahead of its Q3 results announcement on November 16.  


Burning Rock Biotech (BNR US): Muted Near-Term Outlook on Resurgence of COVID-19 in China

China

New Horizon Health Limited is a China-based investment holding company focused on early cancer screening and in-home testing, with an emphasis on colorectal, gastric, and cervical cancers. Its key products include ColoClear and Pupu Tube. The company was founded in 2015 and is headquartered in Hangzhou, China.

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New Horizon Health (6YZ GR)

Hong Kong Connect Flows (Sep 16th): Chinese Buying Wuxi Biologics After Biden's New Executive Order

We analyzed Hong Connect flows last week and highlight Chinese purchase of Wuxi Biologics post new executive order signed on Monday.

Ke Yan, CFA, FRM

New Horizon Health-B: Ups Full Year Guidance by 20% Despite Pandemic

New Horizon Health released positive profit alert last Friday. We spoke to the management and understand that the company adjusted the full-year...

Ke Yan, CFA, FRM

New Horizon Health (6606.HK) - Far from Complete Reversal

New Horizon Health has made some improvements, but the bottleneck of ColoClear and challenges of cancer early screening/detection industry is still...

Xinyao (Criss) Wang

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

Burning Rock Biotech (BNR US): Muted Near-Term Outlook on Resurgence of COVID-19 in China

Burning Rock shares have recovered 20% from lows. This insight has analyzed near-term growth prospect of Burning Rock ahead of its Q3 results...

Tina Banerjee

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