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 17th. The aggregated short interest is USD437m.</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, Top Glove, VS Industry, Bumi Armada, Malakoff.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Oct 17th. The aggregated short interest is USD437m.
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, Top Glove, VS Industry, Bumi Armada, Malakoff.


Bursa Short Interest Weekly (Oct 17th): Frontken, Top Glove, VS Industry, Bumi Armada, Malakoff

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

Supercomnet Technologies / Equity Bottom-Up

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.</li><li>FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.</li><li>We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.</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.

Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year forecasts, respectively.FY23 net profit declined 9.6% to RM29.7mn as revenue decreased 12.8% to RM138.1mn.We attribute the weaker performance to: i) lower demand from industrial and automotive segments, ii) electricity tariff hike, iii) oneoff expenses of RM0.9mn related to the transfer of listing to the main market of Bursa Malaysia and iv) fair value expenses related to ESOS.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.

Supercomnet Technologies Berhad - Recovery Intact

<ul><li>Despite the delay of contributions from customer I and N as well as issues within customer M, we believe that Supercomnet’s earnings growth would remain intact as 2 of its largest customers, Edward and Ambu, would increase purchase orders in FY24.</li><li>Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun Plant.</li><li>In addition, the group is in talk with a European automotive player on sales of wire harness. </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.

Despite the delay of contributions from customer I and N as well as issues within customer M, we believe that Supercomnet’s earnings growth would remain intact as 2 of its largest customers, Edward and Ambu, would increase purchase orders in FY24.Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun Plant.In addition, the group is in talk with a European automotive player on sales of wire harness. 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.

Supercomnet Technologies Berhad - Minor Hiccups

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full-year forecasts respectively.</li><li>The variance was largely attributed to weaker-than-expected sales.</li><li>9M23 PBT decreased by 21.0% to RM27.9mn as revenue fell 14.7% to RM103.2mn. </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.

Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full-year forecasts respectively.The variance was largely attributed to weaker-than-expected sales.9M23 PBT decreased by 21.0% to RM27.9mn as revenue fell 14.7% to RM103.2mn. 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.

Supercomnet Technologies Berhad - Lower than Expected Sales

<ul><li>Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.</li><li>We deem the results to be within expectations as we expect the group to deliver a better performance in 2H23. </li><li>2Q23 net profit increased 4.0% QoQ to RM7.3mn despite lower revenue of 10.8% to RM33.3mn. </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.

Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.We deem the results to be within expectations as we expect the group to deliver a better performance in 2H23. 2Q23 net profit increased 4.0% QoQ to RM7.3mn despite lower revenue of 10.8% to RM33.3mn. 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.

Supercomnet Technologies Berhad - A Satisfactory 2Q23 Performance

Malaysia

Supercomnet Technologies Berhad manufactures wires and cables.  The Company produces equipment cables, shielded wires, computer cables, power supply cords, speaker wires, jumper cables, keyboard cables, monitor cables, coaxial cables, printer cables, USB cables, patch cord cables, and other products.

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Supercomnet Technologies (SCT MK)

Bursa Short Interest Weekly (Oct 17th): Frontken, Top Glove, VS Industry, Bumi Armada, Malakoff

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Frontken, Top Glove, VS Industry, Bumi...

Ke Yan, CFA, FRM

Supercomnet Technologies Berhad - Recovery Intact

Supercomnet Technologies Berhad’s (Scomnet) FY23 net profit of RM29.7mn was within our expectations but below consensus at 96.9/93.2% of full-year...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - Minor Hiccups

Meanwhile, we expect the automotive segment to recover strongly in FY24 as the temporary drop in sales was due to the revamp of Stellantis Gurun...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - Lower than Expected Sales

Supercomnet Technologies Berhad’s (Scomnet) 9M23 net profit of RM21.7mn (-19.3% YTD) was below our expectations and consensus at 55.1/57.3% of full...

TA Securities Holdings Bhd

Supercomnet Technologies Berhad - A Satisfactory 2Q23 Performance

Supercomnet Technologies Berhad’s (Scomnet) 1H23 net profit of RM14.3mn came in at 36.3/36.6% of ours and consensus’s full-year estimates.

TA Securities Holdings Bhd

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