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 Sep 26th (reported today). The aggregated short interest was USD27.4bn.</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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 26th (reported today). The aggregated short interest was USD27.4bn.
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 Washington H Soul Pattinson&amp;Co, Northern Star Resources, Telix Pharmaceuticals, Goodman, TPG Telecom.


ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.</li>
<li>We tabulate league table 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 National Australia Bank, Wesfarmers.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 25th (reported today) which has an aggregated short interest worth USD24.8bn.
We tabulate league table 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 National Australia Bank, Wesfarmers.


ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

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>
<a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>'s IE considers <a href="https://www.smartkarma.com/entities/perenti-global-ltd" target="_blank" data-smartkarma-citation="entities:20505:1" rel="noopener">Perenti Global (PRN AU)</a>’s A$0.1238 cash plus 0.7111 PRN shares for each DDH share offer fair and reasonable. </li>
<li>The offer requires DDH1 shareholder approval. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.</li>
<li>The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%, respectively.</li>
</ul>



DDH1 (DDH AU)'s IE considers Perenti Global (PRN AU)’s A$0.1238 cash plus 0.7111 PRN shares for each DDH share offer fair and reasonable. 
The offer requires DDH1 shareholder approval. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.
The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%, respectively.


DDH1 (DDH AU): Scheme Meeting on 18 September

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/perenti-global-ltd" target="_blank" data-smartkarma-citation="entities:20505:1" rel="noopener">Perenti Global (PRN AU)</a> at A$0.1238 cash plus 0.7111 PRN shares for each DDH share, a 17.4% premium to DDH’s 5-day VWAP.</li>
<li>The key conditions are shareholder scheme approval and ACCC clearance. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.</li>
<li>The offer is attractive compared to peer multiples, and the net exchange ratio is fair on a 1-year basis. A critical risk is volatility risk around PRN shares.  </li>
</ul>



DDH1 (DDH AU) has entered a SID with Perenti Global (PRN AU) at A$0.1238 cash plus 0.7111 PRN shares for each DDH share, a 17.4% premium to DDH’s 5-day VWAP.
The key conditions are shareholder scheme approval and ACCC clearance. Shareholders representing 38.0% of outstanding shares will vote in favour of the scheme.
The offer is attractive compared to peer multiples, and the net exchange ratio is fair on a 1-year basis. A critical risk is volatility risk around PRN shares.  


DDH1 (DDH AU): Binding Offer from Perenti (PRN AU)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>Changes to the S&amp;P/ASX indices, <a href="https://www.smartkarma.com/entities/vaneck-vectors-rare-earth-strategic-metals-etf" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Vectors Rare Earth/Strategic Metals ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-aus-equal-wei" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">Vaneck Aus Equal Weight ETF</a>, and other indices will be implemented 17 March.</li>
<li>There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.</li>
<li>There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.</li>
</ul>


Changes to the S&amp;P/ASX indices, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Junior Gold Miners ETF, Vaneck Aus Equal Weight ETF, and other indices will be implemented 17 March.
There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.
There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.


Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Australia

NRW Holdings Limited provides mining and civil construction services. The Company offers rail formation, bulk earthworks, mine development, road and tunnel construction, topsoil removal, and a range of contract mining services. NRW Holdings serves customers in Australia.

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NRW Holdings (NWH AU)

ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Washington H Soul Pattinson&Co, Northern Star...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Wesfarmers.

Ke Yan, CFA, FRM

DDH1 (DDH AU): Scheme Meeting on 18 September

The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%,...

Arun George

DDH1 (DDH AU): Binding Offer from Perenti (PRN AU)

The offer is attractive compared to peer multiples, and the net exchange ratio is fair on a 1-year basis. A critical risk is volatility risk around...

Arun George

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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ASX Short Interest Weekly (Sep 26th): Washington H Soul Pattinson&Co, Northern Star Resources

We analyzed ASX short interest report for the past week and highlight short interest changes in Washington H Soul Pattinson&Co, Northern Star...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Apr 25th): National Australia Bank, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in National Australia Bank, Wesfarmers.

Ke Yan, CFA, FRM

DDH1 (DDH AU): Scheme Meeting on 18 September

The low spread points to a done deal. At the last close price and for the 6 October payment, the gross and annualised spread is 1.5% and 10.8%,...

Arun George

DDH1 (DDH AU): Binding Offer from Perenti (PRN AU)

The offer is attractive compared to peer multiples, and the net exchange ratio is fair on a 1-year basis. A critical risk is volatility risk around...

Arun George

Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday