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 Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.</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 Bangchak, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 27th.We estimate that they had an aggregated short interest worth USD2.1bn.
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 Bangchak, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.</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 PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 20th.We estimate that they had an aggregated short interest worth USD2.0bn.
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 PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank, Gulf Energy Development.


Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Capital Markets

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia) / Equity Capital Markets

PT Daya Intiguna Yasa Tbk (Mr DIY Indonesia)

<ul>
<li>Home improvements player <a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">PT Daya Intiguna Yasa (Mr DIY Indonesia)</a> completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-daya-intiguna-yasa-tbk-mr-diy-indonesia" target="_blank" data-smartkarma-citation="entities:44124:1" rel="noopener">Mr DIY</a>  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia</a> as a proxy for this space.</li>
</ul>


Home improvements player PT Daya Intiguna Yasa (Mr DIY Indonesia) completed the book building for its IPO this week for its Jakarta listing where it seeks to raise US$296m. 

Mr DIY  has seen a rapid rollout of outlets with over 900 stores across Indonesia and SSSG over the last two years of 30%-40% and the company is already profitable. 

Mr DIY  has a 25% market share of the home improvements segment focusing on the mass market with affordable products. Prefer Aspirasi Hidup Indonesia as a proxy for this space.


Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>With improved 4Q24 QTD SSSG momentum both YoY and QoQ, driven by demand for repairs post-flood, increased purchasing power from government economic stimulus, and the post-harvest agricultural season, the 4Q24E outlook for the construction and decoration materials retail sector is expected to see a QoQ profit recovery and a stable YoY performance.</li><li>We maintain a Neutral investment weight for the sector. Although our study indicates that HMPRO's sales have the strongest correlation with five macroeconomic factors (which are expected to improve in 2Q-1Q) among peers, the valuation metrics suggest that HMPRO’s and GLOBAL's share prices are above the fair values, with profit growth expected at a 10% and 6% CAGR over the next two years.</li><li>Conversely, DOHOME's profit growth is projected at a CAGR of 30%, and its share price still presents 16% upside from its fair value. We thus select DOHOME as the top pick (Outperform; FV: Bt11.56).</li></ul>

With improved 4Q24 QTD SSSG momentum both YoY and QoQ, driven by demand for repairs post-flood, increased purchasing power from government economic stimulus, and the post-harvest agricultural season, the 4Q24E outlook for the construction and decoration materials retail sector is expected to see a QoQ profit recovery and a stable YoY performance.We maintain a Neutral investment weight for the sector. Although our study indicates that HMPRO's sales have the strongest correlation with five macroeconomic factors (which are expected to improve in 2Q-1Q) among peers, the valuation metrics suggest that HMPRO’s and GLOBAL's share prices are above the fair values, with profit growth expected at a 10% and 6% CAGR over the next two years.Conversely, DOHOME's profit growth is projected at a CAGR of 30%, and its share price still presents 16% upside from its fair value. We thus select DOHOME as the top pick (Outperform; FV: Bt11.56).

Commerce: Home Improvement - NOVEMBER 28, 2024

Equity Bottom-Up

<ul><li>KTX maintains a Neutral rating. The valuation metrics show that the stock price exceeds its current fair value while the tactical view has been revised to very limited downside risk (upgraded from neutral).</li><li>Our neutral view on the long-term growth prospects remains unchanged.</li><li>KTX has lowered the fair value to Bt14.68, using the earnings yield method with a required return of 3.9% (from the FV of Bt15.37 previously, based on a required return of 3.7%).</li></ul>

KTX maintains a Neutral rating. The valuation metrics show that the stock price exceeds its current fair value while the tactical view has been revised to very limited downside risk (upgraded from neutral).Our neutral view on the long-term growth prospects remains unchanged.KTX has lowered the fair value to Bt14.68, using the earnings yield method with a required return of 3.9% (from the FV of Bt15.37 previously, based on a required return of 3.7%).

SIAM GLOBAL HOUSE - 3Q24 Earnings Down YoY and QoQ, Below Market Estimates

Thailand

Siam Global House PCL is a retailer of home related products for construction, repair, decoration, and renovation. The Company sells construction materials, hand tools, furniture, and garden tools.

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Siam Global House (GLOBAL TB)

Thailand Short Interest Weekly (Dec 27th): Bangchak, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Bangchak, Gulf Energy Development.

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Dec 20th): PTT, CP AXTRA NON-VOTING DR, Bangchak, Kasikornbank

We analyzed SET short interest report for the past week and highlighted short interest changes in PTT, CP AXTRA NON-VOTING DR, Bangchak,...

Ke Yan, CFA, FRM

Mr DIY Indonesia IPO - Prefer Aspirasi Hidup Indonesia (ACES IJ)

Mr DIY has a 25% market share of the home improvements segment focusing on the mass market with affordable products. We prefer ACES IJ as a proxy...

Angus Mackintosh

Commerce: Home Improvement - NOVEMBER 28, 2024

With improved 4Q24 QTD SSSG momentum both YoY and QoQ, driven by demand for repairs post-flood, increased purchasing power from government economic...

Krungthai XSpring

SIAM GLOBAL HOUSE - 3Q24 Earnings Down YoY and QoQ, Below Market Estimates

The valuation metrics show that the stock price exceeds its current fair value while the tactical view has been revised to very limited downside...

Krungthai XSpring

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