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 latest HK SFC report for aggregate short position as of Mar 1st.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Meituan, Shk Ppt, Baba, Bud Apac, New World Dev.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Mar 1st.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Meituan, Shk Ppt, Baba, Bud Apac, New World Dev.


HK Short Interest Weekly: Meituan, Shk Ppt, Baba, Bud Apac, New World Dev

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> places out 1% of <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.</li>
<li>
<a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for  both <a href="https://www.smartkarma.com/entities/alumina-ltd" target="_blank" data-smartkarma-citation="entities:939:1" rel="noopener">Alumina Ltd (AWC AU) </a> and <a href="https://www.smartkarma.com/entities/azure-minerals-ltd" target="_blank" data-smartkarma-citation="entities:16538:1" rel="noopener">Azure Minerals (AZS AU)</a> are trading wide; both potentially FIRB-related.</li>
</ul>



Keisei Electric Railway Co (9009 JP) places out 1% of Oriental Land (4661 JP), but rejects lowering its stake to 15%.  That is the end of the near-term catalyst.

New World Development (17 HK) popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.
The spreads for  both Alumina Ltd (AWC AU)  and Azure Minerals (AZS AU) are trading wide; both potentially FIRB-related.


Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

Sun Hung Kai Properties / Equity Bottom-Up

<ul>
<li>Markets continue to be extremely bearish on HK/China, we look at the latest property market fundamentals and macro indicators, as well as company updates of our top picks</li>
<li>In the latest budget, the HK government just announced to scrap all spicy measures on property market and eased mortgage policy</li>
<li>With government support, we view the bottom of physical market is near.  For further re-rating, we need interest rate to go down, as well as resumed fund flows.</li>
</ul>


Markets continue to be extremely bearish on HK/China, we look at the latest property market fundamentals and macro indicators, as well as company updates of our top picks
In the latest budget, the HK government just announced to scrap all spicy measures on property market and eased mortgage policy
With government support, we view the bottom of physical market is near.  For further re-rating, we need interest rate to go down, as well as resumed fund flows.


HK RE Series (2): Market Is Still Bearish but Bottom Is Near, Few Things Needed for Re-Rating

<ul>
<li>Despite the lifting of the "spicy" property cooling measures last week, <a href="https://www.smartkarma.com/entities/new-world-development" target="_blank" data-smartkarma-citation="entities:7037:1" rel="noopener">New World Development (17 HK)</a> has plumbed fresh P/B lows after a (very) brief respite. </li>
<li>Preceding my comments on NWD are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Despite the lifting of the "spicy" property cooling measures last week, New World Development (17 HK) has plumbed fresh P/B lows after a (very) brief respite. 
Preceding my comments on NWD are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Troubling Signs For NWD (17 HK)

<ul>
<li>Apart from being mildly EPS accretive, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<a href="https://www.smartkarma.com/entities/cie-de-saint-gobain" target="_blank" data-smartkarma-citation="entities:21547:1" rel="noopener">Cie De Saint-Gobain (SGO FP)</a> firms a decade-high-plus Offer price for <a href="https://www.smartkarma.com/entities/csr-ltd" target="_blank" data-smartkarma-citation="entities:17380:1" rel="noopener">CSR Ltd (CSR AU)</a> - this is done.</li>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul>


Apart from being mildly EPS accretive, Keisei Electric Railway Co (9009 JP)'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. 

Cie De Saint-Gobain (SGO FP) firms a decade-high-plus Offer price for CSR Ltd (CSR AU) - this is done.

Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?


Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

Hong Kong

New World Development Company Limited, through its subsidiaries, develops and invests in properties, provides contracting services, property management, and transportation services.  The Company also operates infrastructure business, telecommunication services, department stores, hotels and restaurants, and media and technology business.

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New World Development (17 HK)

HK Short Interest Weekly: Meituan, Shk Ppt, Baba, Bud Apac, New World Dev

We analyzed the latest HK SFC report for aggregate short position as of Mar 1st and highlight short interest changes in Meituan, Shk Ppt, Baba, Bud...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

HK RE Series (2): Market Is Still Bearish but Bottom Is Near, Few Things Needed for Re-Rating

This is an update to the Original of HK RE stocks. Valuation has become even more compelling. However, we need a few catalysts (physical market...

Jacob Cheng

StubWorld: Troubling Signs For NWD (17 HK)

I might have been a tad premature suggesting that NWD will eke out gains after the government abandoned the property cooking measures. One wonders...

David Blennerhassett

Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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