Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Shenzhen Kinwong Electronic  / Equity Capital Markets

<ul>
<li>Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.</li>
<li>The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.</li>
<li>We also assess the preliminary valuation through the A-H premium range and selected peer set.</li>
</ul>


Kinwong, a PCB maker, is seeking an A+H listing. CITIC, BOA, and Guolian are the sponsors.
The note covers the company's core segments: automotive electronics and telecommunication and data infrastructure.
We also assess the preliminary valuation through the A-H premium range and selected peer set.


Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.


A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

HK/China Equity Long-Short

Osbert Tang, CFA

Luxshare Precision Industry / Equity Capital Markets

<ul>
<li>We consider <a href="https://www.smartkarma.com/entities/luxshare-precision-industry-co-ltd-3f59eaa1-da7f-4d9b-add0-c8efccfee0d5" target="_blank" data-smartkarma-citation="entities:50296:1" rel="noopener">Luxshare Precision Industry (2475 HK)</a>'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. </li>
<li>Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. </li>
<li>The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.</li>
</ul>


We consider Luxshare Precision Industry (2475 HK)'s H-share IPO not expensive, especially given its gigantic market capitalisation which will attract interests. 
Its 3-year EPS CAGR is forecast at 19.2%, and its position as a local and global leader in precision intelligent manufacturing solutions justify a premium to peers. 
The IPO price is set at 17.6% discount to the A-share. It can at least trade on 10% discount, translating into a price of HK$69.12, or 9.2% upside.


Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-dtech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50210:1" rel="noopener">Guangdong Dtech Technology</a> (Dtech) aims to raise around US$612m in its H-share listing.</li>
<li>Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Guangdong Dtech Technology (Dtech) aims to raise around US$612m in its H-share listing.
Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Guangdong Dtech Technology A/H Listing - Expensive but Similar Listings Have Done Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-dtech-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:50210:1" rel="noopener">Guangdong Dtech Technology</a> aims to raise around US$600m in its H-share listing.</li>
<li>Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Guangdong Dtech Technology aims to raise around US$600m in its H-share listing.
Dtech is an integrated provider of precision manufacturing solutions for key process segments of the global printed circuit board (PCB) fabrication value chain.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Guangdong Dtech Technology A/H Listing - Peak Growth, Margins and Valuations

China

Suzhou Dongshan Precision Manufacturing Co., Ltd. develops, manufactures and sells precision metal plate and cast metal.  The Company's products include communication equipment precision metal part, and machine bed precision metal part.

Price Gauge
52-week Range	0.00 - 0.00
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Suzhou Dongshan Precision A (002384 CH)

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Aequitas: Guangdong Dtech Technology A/H Listing - Expensive but Similar Listings Have Done Well

Guangdong Dtech Technology (Dtech) aims to raise around US$612m in its H-share listing. In this note, we talk about the H-share pricing.

Sumeet Singh

Aequitas: Guangdong Dtech Technology A/H Listing - Peak Growth, Margins and Valuations

Guangdong Dtech Technology aims to raise around US$600m in its H-share listing. In this note, we talk about the company's past performance

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kinwong (景旺电子) A+H Pre-IPO: Early Thoughts

Kinwong is seeking an A+H listing. This note covers the company's business, industry context, and early valuation thoughts.

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY (000766 CH),...

Ke Yan, CFA, FRM

Luxshare Precision (2475 HK) IPO: We See Some Potential Upside

​Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.

Osbert Tang, CFA

Aequitas: Guangdong Dtech Technology A/H Listing - Expensive but Similar Listings Have Done Well

Guangdong Dtech Technology (Dtech) aims to raise around US$612m in its H-share listing. In this note, we talk about the H-share pricing.

Sumeet Singh

Aequitas: Guangdong Dtech Technology A/H Listing - Peak Growth, Margins and Valuations

Guangdong Dtech Technology aims to raise around US$600m in its H-share listing. In this note, we talk about the company's past performance

Sumeet Singh

Luxshare Precision Industry's H-share IPO is attractively priced with strong growth potential and a discount to A-share, offering upside potential.