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 May 30th. The aggregated short interest is USD360m.</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 Sime Darby, Genting Malaysia, Bumi Armada, Ammb, Genetec Technology.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 30th. The aggregated short interest is USD360m.
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 Sime Darby, Genting Malaysia, Bumi Armada, Ammb, Genetec Technology.


Bursa Short Interest Weekly (May 30th): Sime Darby, Genting Malaysia, Bumi Armada, Ammb

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of May 16th which has an aggregated short interest worth USD329m.</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 Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 16th which has an aggregated short interest worth USD329m.
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 Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct.


Bursa Short Interest Weekly (May 16th): Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

TA Securities Holdings Berhad

TA Securities Holdings Berhad (TASH) was incorporated in Malaysia on 1 July 1973 and is a wholly-owned subsidiary of TA Enterprise Berhad which is listed on the Main Market of Bursa Malaysia Securities Berhad (BMSB). Currently, the company has an issued and paid-up share capital of RM250 million. 

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>Ranhill Utilities Berhad’s (RANHILL) 4QFY23 results came in below expectations.</li><li>Stripping off exceptional items including matching grant from the government amounting to RM68.5mn (80% effective stake of RM85.7mn received), core loss was RM20.8mn.</li><li>The earnings miss was mainly attributed to higher-than-expected non-revenue water (NRW) maintenance costs.</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.

Ranhill Utilities Berhad’s (RANHILL) 4QFY23 results came in below expectations.Stripping off exceptional items including matching grant from the government amounting to RM68.5mn (80% effective stake of RM85.7mn received), core loss was RM20.8mn.The earnings miss was mainly attributed to higher-than-expected non-revenue water (NRW) maintenance costs.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.

Ranhill Utilities Berhad - Earnings Miss Due to High Maintenance Costs

<ul><li>SPAN has announced that the water tariffs for domestic users in the Peninsular Malaysia and Labuan will increase by an average of RM0.22/m3, effective 1 Feb 2024. In line with the announcement from SPAN, Johor will also raise its domestic water tariff, the first of such in 9 years.</li><li>We view the changes positively as this will boost RANHILL’s bottom-line and provide more cash flow to invest into lowering its NRW.</li><li>After adjusting our blended water tariff assumption from RM2.32/m3 to RM2.45/m3, we increase our FY24/FY25 earnings forecasts by 3.5%/3.4% respectively. </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.

SPAN has announced that the water tariffs for domestic users in the Peninsular Malaysia and Labuan will increase by an average of RM0.22/m3, effective 1 Feb 2024. In line with the announcement from SPAN, Johor will also raise its domestic water tariff, the first of such in 9 years.We view the changes positively as this will boost RANHILL’s bottom-line and provide more cash flow to invest into lowering its NRW.After adjusting our blended water tariff assumption from RM2.32/m3 to RM2.45/m3, we increase our FY24/FY25 earnings forecasts by 3.5%/3.4% respectively. 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.

Ranhill Utilities Berhad - First Domestic Water Tariff Hike in 9 Years

<ul><li>RANHILL has secured a RM283.9mn NRW reduction contract in Johor in a related party transaction. </li><li>This is the 7th consecutive NRW project in Johor that the group has secured since 2011. </li><li>We view the contract win positively as this would improve the margin of Ranhill SAJ compared with outsourcing it to an external party.</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.

RANHILL has secured a RM283.9mn NRW reduction contract in Johor in a related party transaction. This is the 7th consecutive NRW project in Johor that the group has secured since 2011. We view the contract win positively as this would improve the margin of Ranhill SAJ compared with outsourcing it to an external party.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.

Ranhill Utilities: 7th Consecutive NRW Project in Johor

Malaysia

Ranhill Utilities Berhad operates a water utility network. The Company offers water supply, non-revenue, waste water treatment, and clean energy services. Ranhill Utilities serves customers in Malaysia.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ranhill Utilities (RAHH MK)

Bursa Short Interest Weekly (May 30th): Sime Darby, Genting Malaysia, Bumi Armada, Ammb

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Sime Darby, Genting Malaysia, Bumi...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (May 16th): Dialog, Gamuda, Sime Darby Property, Inari Amertron, Wct

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

Ke Yan, CFA, FRM

Ranhill Utilities Berhad - Earnings Miss Due to High Maintenance Costs

Stripping off exceptional items including matching grant from the government amounting to RM68.5mn (80% effective stake of RM85.7mn received), core...

TA Securities Holdings Bhd

Ranhill Utilities Berhad - First Domestic Water Tariff Hike in 9 Years

After adjusting our blended water tariff assumption from RM2.32/m3 to RM2.45/m3, we increase our FY24/FY25 earnings forecasts by 3.5%/3.4%...

TA Securities Holdings Bhd

Ranhill Utilities: 7th Consecutive NRW Project in Johor

We are not surprised by the contract win as RT has been providing NRW reduction services for Ranhill SAJ since 2011. Maintain Hold with an...

TA Securities Holdings Bhd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)