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 Bursa stocks as of Oct 31st. The aggregated short interest is USD438m.</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 Inari Amertron, Ekovest, Mah Sing, Cahya Mata Sarawak, KPJ Healthcare.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Oct 31st. The aggregated short interest is USD438m.
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 Inari Amertron, Ekovest, Mah Sing, Cahya Mata Sarawak, KPJ Healthcare.


Bursa Short Interest Weekly (Oct 31st): Inari Amertron, Ekovest, Mah Sing, Cahya Mata Sarawak

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 26th. The aggregated short interest is USD386m.</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 Sunway Real Estate Investment Trust, CIMB, Sime Darby, Inari Amertron, Ekovest.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 26th. The aggregated short interest is USD386m.
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 Sunway Real Estate Investment Trust, CIMB, Sime Darby, Inari Amertron, Ekovest.


Bursa Short Interest Weekly (Sep 26th): Sunway Real Estate Investment Trust, CIMB, Sime Darby

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Sep 19th. The aggregated short interest is USD377m.</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 CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Sep 19th. The aggregated short interest is USD377m.
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 CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia.


Bursa Short Interest Weekly (Sep 19th): CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia

External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>PIE’s 1HFY23 results disappointed on reduced orders for highmargin consignment-based products, coupled with higher utilities and staff costs.</li><li>It continues to engage with prospective customers in the server, medical device, and consumer product space.</li><li>We cut our FY23−24F net profit forecasts by 21% each, reduce our TP by 11% to RM3.61 (from RM4.05) but maintain our OUTPERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PIE’s 1HFY23 results disappointed on reduced orders for highmargin consignment-based products, coupled with higher utilities and staff costs.It continues to engage with prospective customers in the server, medical device, and consumer product space.We cut our FY23−24F net profit forecasts by 21% each, reduce our TP by 11% to RM3.61 (from RM4.05) but maintain our OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>PIE has concluded negotiations with four prospective customers and their potential orders are now proceeding to the qualification and sampling stages, with mass production expected in FY24.</li><li>It is revamping its Thai operations to ride on the EV ramp-up by Foxconn in 2024.</li><li>We maintain our forecasts, TP of RM3.61 and OUTPERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PIE has concluded negotiations with four prospective customers and their potential orders are now proceeding to the qualification and sampling stages, with mass production expected in FY24.It is revamping its Thai operations to ride on the EV ramp-up by Foxconn in 2024.We maintain our forecasts, TP of RM3.61 and OUTPERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

P.I.E. Industrial -  Growth Plans Beyond Current Lull Intact

Malaysia

P.I.E. Industrial Berhad is an investment holding company which provides management services. Through its subsidiaries, the Company has operation in contract manufacturing services, manufactures raw wires and cables, and trades personal computer peripheral products.

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Pie Industrial (PIE MK)

Bursa Short Interest Weekly (Oct 31st): Inari Amertron, Ekovest, Mah Sing, Cahya Mata Sarawak

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Inari Amertron, Ekovest, Mah Sing,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Sep 26th): Sunway Real Estate Investment Trust, CIMB, Sime Darby

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sunway Real Estate Investment Trust,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Sep 19th): CIMB, Gamuda, Sime Darby, VS Industry, Telekom Malaysia

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in CIMB, Gamuda, Sime Darby, VS Industry,...

Ke Yan, CFA, FRM

P.I.E. Industrial - Down But Not Out

PIE’s 1HFY23 results disappointed on reduced orders for highmargin consignment-based products, coupled with higher utilities and staff costs.

Kenanga Investment Bank Bhd

P.I.E. Industrial - Growth Plans Beyond Current Lull Intact

PIE has concluded negotiations with four prospective customers and their potential orders are now proceeding to the qualification and sampling...

Kenanga Investment Bank Bhd

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