Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

<p>Yinson Holdings Bhd's shareholder are placing out up to US$80m of his stake. In this insight, we will look at fundamentals of the company and score the deal in our quantitative ECM framework.</p><h2>Placement Specifics</h2><ul>
<li>Company Name: Yinson Holdings BHD</li>
<li>Ticker: YNS MK Equity</li>
<li>Secondary offering - Accelerated Bookbuild</li>
<li>Settlement date:1 Nov, 2016</li>
<li>Indicative deal price -3.00-3.05</li>
<li>Last Traded Price: MYR3.18</li>
<li>Implied placing discount: 4.1-5.7%</li>
<li>Offer Size (m): ~USD90 / MYR375</li>
<li>ADV (m): ~USD.42 / MYR1.76</li>
<li>This is a large…</li>
</ul>

Yinson Holdings Bhd's shareholder are placing out up to US$80m of his stake. In this insight, we will look at fundamentals of the company and score the deal in our quantitative ECM framework.Placement Specifics
Company Name: Yinson Holdings BHD
Ticker: YNS MK Equity
Secondary offering - Accelerated Bookbuild
Settlement date:1 Nov, 2016
Indicative deal price -3.00-3.05
Last Traded Price: MYR3.18
Implied placing discount: 4.1-5.7%
Offer Size (m): ~USD90 / MYR375
ADV (m): ~USD.42 / MYR1.76
This is a large…


Yinson Placement: Earning Visibility Is the Key

Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

<p>Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.</p><p>Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…</p>

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes on the back of relatively stable industrial production growth seen in the January-April period. The main contribution to industrial production came from electricity production and manufacturing, while mining continued to exhibit weakness.Electricity production grew 8.9% y-o-y in May on a 3-month moving average basis compared to 9.1% y-o-y in April…

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

<p><a href="https://www.smartkarma.com/entities/15640" target="_blank" data-smartkarma-citation="entities:15640">Sapurakencana Petroleum Bhd</a> (SAKP MK)'s strategic shareholder, <a href="https://www.smartkarma.com/entities/15294" target="_blank" data-smartkarma-citation="entities:15294">Seadrill Ltd</a> , is placing 490m shares (US$195-208m) after market today. Seadrill, a global leader in offshore drilling, has been a strategic shareholder of SapuraKencana post its restructuring and IPO in 2012. </p><p>The deal scores poorly in our Smartkarma Placement framework, mainly due to its large volume, negative earning revision, and high leverage. </p><p><strong>Placement specifics</strong></p><ul>
<li>Company Name: SapuraKencana Petroleum Bhd</li>
<li>Ticker: SAKP MK Equity</li>
<li>…</li>
</ul>

Sapurakencana Petroleum Bhd (SAKP MK)'s strategic shareholder, Seadrill Ltd , is placing 490m shares (US$195-208m) after market today. Seadrill, a global leader in offshore drilling, has been a strategic shareholder of SapuraKencana post its restructuring and IPO in 2012. The deal scores poorly in our Smartkarma Placement framework, mainly due to its large volume, negative earning revision, and high leverage. Placement specifics
Company Name: SapuraKencana Petroleum Bhd
Ticker: SAKP MK Equity
…


SapuraKencana Placement: SDRL Final Exits with Large Volume.

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

<h2><strong>Summary points</strong></h2><ul>
<li><div class="content-highlight"><strong>1986 remians the best comparable for oil prices now in our opinion.</strong></div></li>
<li><div class="content-highlight"><strong>Adjusting the oil price for the action of the dollar improves the analysis.  The dollar and oil/commodities are different and should be treated as such.</strong></div></li>
<li><div class="content-highlight"><strong>Fundamental factors of supply and demand provide a mixed picture for oil.  The 'energy feedback loop' is often overlooked.</strong></div></li>
<li><div class="content-highlight"><strong>The best the <em>market</em> can do is assume that today's real oil price will be the oil price in 12 months time.</strong></div></li>
<li><div class="content-highlight">
<strong>Financialisation of commodities is a big</strong>…</div></li>
</ul>

Summary points
1986 remians the best comparable for oil prices now in our opinion.
Adjusting the oil price for the action of the dollar improves the analysis.  The dollar and oil/commodities are different and should be treated as such.
Fundamental factors of supply and demand provide a mixed picture for oil.  The 'energy feedback loop' is often overlooked.
The best the market can do is assume that today's real oil price will be the oil price in 12 months time.

Financialisation of commodities is a big…


Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<p><strong>Chartonics webcast </strong>Tuesday 22 March 2016 </p><div><strong>Asia FX action</strong></div><p>To view click on this link:  <strong><a href="http://www.screencast.com/t/m9gF64uDp" target="_blank">http://www.screencast.com/t/m9gF64uDp</a> </strong>5:15 min.</p><p>We run through trade points in Asia FX.</p><div>
<strong>INR</strong> - Still short USD to 65.90, uptick is viewed as corrective and not a bad place to add to USD short.</div><div>
<strong>KRW</strong> - Our USD 1,175 short hit our trailing limit at 1,167 for a minor gain. We maintain our USD bearish call to 1,140 for those still holding the USD short. At 1,140-42 would be covering ST short and probing for a USD buy…</div>

Chartonics webcast Tuesday 22 March 2016 Asia FX actionTo view click on this link:  http://www.screencast.com/t/m9gF64uDp 5:15 min.We run through trade points in Asia FX.
INR - Still short USD to 65.90, uptick is viewed as corrective and not a bad place to add to USD short.
KRW - Our USD 1,175 short hit our trailing limit at 1,167 for a minor gain. We maintain our USD bearish call to 1,140 for those still holding the USD short. At 1,140-42 would be covering ST short and probing for a USD buy…

Malaysia

SapuraEnergy is a full fledged upstream oil and gas company. The Company provides engineering, procurement, construction, installation and commissioning services through its fabrication, hook-up and commissioning, and Offshore Construction and Subsea Services divisions.

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Sapura Energy (SAPE MK)

Yinson Placement: Earning Visibility Is the Key

Yinson Holdings Bhd's shareholder are placing out up to US$80m of his stake. In this insight, we will look at fundamentals of the company and score...

Ke Yan, CFA, FRM

Malaysia: Bank Negara Malaysia Cuts Rates by 25 Basis Points; Data Reflects Slowing Domestic Demand

Industrial production in Malaysia grew 2.7% y-o-y in May 2016 compared to 3.0% y-o-y in April. The slowdown seen in the latest data release comes...

Rajan Govil

SapuraKencana Placement: SDRL Final Exits with Large Volume.

Sapurakencana Petroleum Bhd (SAKP MK)'s strategic shareholder, Seadrill Ltd , is placing 490m shares (US$195-208m) after market today. Seadrill, a...

Ke Yan, CFA, FRM

Oil After 50%: Where Now for Stocks?

Summary points 1986 remians the best comparable for oil prices now in our opinion. Adjusting the oil price for the action of the dollar improves...

Mark Artherton

Asia FX Action Points

Chartonics webcast Tuesday 22 March 2016 Asia FX actionTo view click on this link: http://www.screencast.com/t/m9gF64uDp 5:15 min.We run through...

Thomas Schroeder

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