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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.</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 flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology.


Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We recently spoke to Q-Tech’s mgmt. and we maintain our positive view on high-end Android recovery to drive ASP/shipment upside in FY24E.</li><li>Q-tech also expected GPM improvement in 1H24E thanks to better product mix and easing competition.</li><li>For 1Q24, Q-Tech posted impressive growth of 23%/179% YoY in mobile/non-mobile CCM shipment, thanks to inventory restocking, customers’ project cycles and auto/IoT order wins.  </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.

We recently spoke to Q-Tech’s mgmt. and we maintain our positive view on high-end Android recovery to drive ASP/shipment upside in FY24E.Q-tech also expected GPM improvement in 1H24E thanks to better product mix and easing competition.For 1Q24, Q-Tech posted impressive growth of 23%/179% YoY in mobile/non-mobile CCM shipment, thanks to inventory restocking, customers’ project cycles and auto/IoT order wins.  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.

Q-Tech (1478 HK) - 1Q24 Shipment Rebound on Track; Auto & IoT as Next Growth Drivers

<ul><li>Q-Tech reported a strong Jan shipment recovery in mobile/non-mobile camera modules and fingerprint modules thanks to strong smartphone demand, highend product ramp-up and customers’ project cycle.</li><li>Following a weak 2023, we are positive that Android recovery and spec upgrade in 1H24E should drive smartphone CCM growth, and non-mobile CCM (auto/ARVR/IoT) should remain steady thanks to a customer order rebound, new product launches and mass production.</li><li>We trim FY24/25E EPS by 33/36% mainly to reflect weak FY23E earnings preannouncement (down 35-45% YoY) and mild shipment/GPM recovery in FY24/25E.</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.

Q-Tech reported a strong Jan shipment recovery in mobile/non-mobile camera modules and fingerprint modules thanks to strong smartphone demand, highend product ramp-up and customers’ project cycle.Following a weak 2023, we are positive that Android recovery and spec upgrade in 1H24E should drive smartphone CCM growth, and non-mobile CCM (auto/ARVR/IoT) should remain steady thanks to a customer order rebound, new product launches and mass production.We trim FY24/25E EPS by 33/36% mainly to reflect weak FY23E earnings preannouncement (down 35-45% YoY) and mild shipment/GPM recovery in FY24/25E.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.

Q-Tech (1478 HK) - Jan Shipment Beat; Focus on High-End Smartphone Recovery in 1H24E

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 2nd.</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 the weekly Hong Kong connect flows for Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 2nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong connect flows for Tencent.


Hong Kong Connect Flows (Feb 2nd): Tencent

Thematic (Sector/Industry)

<ul>
<li>Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.</li>
<li>For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.</li>
<li>Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. </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.


Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus, mainly due to a favourable product mix and better leverage, despite weak China sales (- 12.9% YoY) and one less week of sales compared with last year.
For FY2Q24E, mgmt. expected overall revenue and iPhone sales to be both US$5bn less YoY due to a high base in CY1Q23 caused by iPhone supply constraints, while the service segment revenue should increase YoY at a similar double-digit growth rate compared with the Dec quarter.
Given Huawei’s comeback in China and a lack of foldable phones in 2024, we believe iPhone shipments will face challenges in the near term, and Apple may focus on improving its shipment mix towards higherend Pro models. 

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.

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

China

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

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Q Technology Group (1478 HK)

Hong Kong Connect Flows (May 10th): BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou Technology

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, Li Auto, Meituan, HSBC, Tencent, CNOOC, Kuaishou...

Ke Yan, CFA, FRM

Q-Tech (1478 HK) - 1Q24 Shipment Rebound on Track; Auto & IoT as Next Growth Drivers

We recently spoke to Q-Tech’s mgmt. and we maintain our positive view on high-end Android recovery to drive ASP/shipment upside in FY24E.

CMB International

Q-Tech (1478 HK) - Jan Shipment Beat; Focus on High-End Smartphone Recovery in 1H24E

We trim FY24/25E EPS by 33/36% mainly to reflect weak FY23E earnings preannouncement (down 35-45% YoY) and mild shipment/GPM recovery in FY24/25E.

CMB International

Hong Kong Connect Flows (Feb 2nd): Tencent

We have analyzed southbound Hong Kong connect flows in the past week and highlighted Hong Kong connect flows for Tencent.

Ke Yan, CFA, FRM

Technology - Apple FY1Q24 Beat on Better Margins and Resilient Service Revenue

Apple reported FY1Q24 (CY4Q23) revenue of US$119.6bn (+2% YoY) and EPS of US$2.18 (+16% YoY), which are in line and 4% above consensus

CMB International

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