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 10th. The aggregated short interest is USD411m.</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 Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Oct 10th. The aggregated short interest is USD411m.
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 Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia.


Bursa Short Interest Weekly (Oct 10th): Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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

Sam Engineering & Equipment / Equity Bottom-Up

<ul><li>SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. </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.

SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. 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.

SAM Engineering & Equipment - A Disappointing Start

<ul><li>SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.</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.

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. We maintain HOLD on SAMEE with a higher TP of RM6.12.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.

SAM Engineering & Equipment - Ended with a Bang

<ul><li>Air travel has recovered to almost pre-pandemic levels with RPKs and ASKs back 94% and 98% of pre-Covid levels.</li><li>2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog.</li><li>The revenue contribution from B737 Max family products is less than 5%. </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.

Air travel has recovered to almost pre-pandemic levels with RPKs and ASKs back 94% and 98% of pre-Covid levels.2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog.The revenue contribution from B737 Max family products is less than 5%. 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.

SAM Engineering & Equipment - Aerospace Strength to Offset Equipment Weakness in the near Term

<ul><li>SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year estimates.</li><li>We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.</li><li>While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. </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.

SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year estimates.We are positive on SAMEE as: (i) the global semiconductor industry is gradually recovering from the inventory correction cycle; and (ii) aerospace is turning around strongly as global air passenger travel has recovered to &gt;99% of pre-pandemic level.While the group's Thailand expansion will take time before breaking-even, we are encouraged by the narrowing losses in each subsequent quarter. 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.

SAM Engineering & Equipment - Results in Line Despite Sequential Weakness

Malaysia

Sam Engineering & Equipment (M) Bhd manufactures production equipment and aerospace products.  The Company produces manufacturing machinery including test handlers, laser mark handlers, material handling systems, vision inspection and automation solutions; and offers metal machining and sheet metal fabrication services.

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

Sam Engineering & Equipment (SEQB MK)

Bursa Short Interest Weekly (Oct 10th): Frontken, IHH Healthcare, Bumi Armada, CIMB, SP Setia

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Frontken, IHH Healthcare, Bumi Armada,...

Ke Yan, CFA, FRM

SAM Engineering & Equipment - A Disappointing Start

SAMEE reported 1QFY25 core earnings of RM10m (-68% QoQ, -43% YoY) which missed expectations impacted by weaker-than-expected sales and EBITDA margin.

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Ended with a Bang

SAMEE reported FY24 core earnings of RM108m (+27% YoY) which beat expectations thanks to stronger-than-expected EBITDA margin.

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Aerospace Strength to Offset Equipment Weakness in the near Term

2023 was a record year for commercial aircraft with in terms of aircraft deliveries, net new orders and order backlog. The revenue contribution...

Hong Leong Investment Bank Berhad

SAM Engineering & Equipment - Results in Line Despite Sequential Weakness

SAMEE reported 9MFY24 core earnings of RM74m (+11% YoY). We deem the results to be within expectations at 80% of ours and consensus full-year...

Hong Leong Investment Bank Berhad

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)