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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 8th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Nov 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Cosco Shipping (1919 HK), Sinopec (386 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were AIA (1299 HK), Tencent (700 HK), Swire Pacific (19 HK).


Hong Kong Buybacks Weekly (Nov 8th): AIA, Cosco Shipping, Sinopec

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Ping An Healthcare and Technology / Index Rebalance

<ul>
<li>The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 29 November and implemented close on 13 December.</li>
<li>
<a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a>, <a href="https://www.smartkarma.com/entities/zx-inc" target="_blank" data-smartkarma-citation="entities:36624:1" rel="noopener">ZX (9890 HK)</a> and <a href="https://www.smartkarma.com/entities/ysb-inc" target="_blank" data-smartkarma-citation="entities:35982:1" rel="noopener">YSB (9885 HK)</a> could be deleted from the index at the December rebalance.</li>
<li>There is a lot to sell in <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology (1833 HK)</a> and the recent jump in the stock price could provide an opportunity to exit/short.</li>
</ul>


The review period for the December rebalance of the CSI Overseas China Internet Index ended 31 October. The changes should be announced 29 November and implemented close on 13 December.

Ping An Healthcare and Technology (1833 HK), ZX (9890 HK) and YSB (9885 HK) could be deleted from the index at the December rebalance.
There is a lot to sell in Ping An Healthcare and Technology (1833 HK) and the recent jump in the stock price could provide an opportunity to exit/short.


KWEB Index Rebalance Preview: 3 Potential Deletions in December

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)</li>
<li>BABA US:DingTalk adds new features to its 365 Membership (/)</li>
<li>BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)</li>
</ul>


BABA US/3690 HK:Ele.me Launches Group Ordering Service, Mimicking Meituan's "PinHaoFan".(-)
BABA US:DingTalk adds new features to its 365 Membership (/)
BABA US/JD US/PDD US:Taobao launches advertising rebate campaign for newly joined merchants (+/-/-)


[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

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 Bottom-Up

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a> 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. </li>
<li>The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.</li>
<li>On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . </li>
</ul>



GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY, and 3Q2024 group-adjusted EBITDA in positive territory. 
The fintech segment saw outstanding loans up 3x in 3Q2024 but NPLs remained low at around 1%, with the segment expected to breakeven by 4Q2024, one year ahead of expectations.
On-Demand services saw strong growth and improved profitability, driven by increasing MTUs through hemat products and the rollout of more premium product offerings. Expect adjusted EBITDA breakeven for FY2024 . 


GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Hong Kong Buybacks Weekly (Nov 8th): AIA, Cosco Shipping, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

KWEB Index Rebalance Preview: 3 Potential Deletions in December

There could be 3 deletions in December plus selling in the 5 largest stocks due to capping. The largest selling is in Ping An Health. YSB and ZX...

Brian Freitas

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY,...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Buybacks Weekly (Nov 8th): AIA, Cosco Shipping, Sinopec

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were AIA (1299 HK),...

Ke Yan, CFA, FRM

KWEB Index Rebalance Preview: 3 Potential Deletions in December

There could be 3 deletions in December plus selling in the 5 largest stocks due to capping. The largest selling is in Ping An Health. YSB and ZX...

Brian Freitas

[Blue Lotus Daily-TMT Update]:BABA US/3690 HK/JD US/PDD US/IQ US/700 HK

​Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.

Blue Lotus Research Institute

SF Holdings A/H Listing - Recent Updates as the US$1.5bn Raise Gets Closer

S.F. Holding (002352 CH), China’s largest express delivery company, is now said to be looking to raise around US$1.5bn in its H-share listing. In...

Sumeet Singh

GoTo Gojek Tokopedia (GOTO IJ) - Fintech Leading The Charge

GoTo Gojek Tokopedia 3Q2024 results made for positive reading, with core proforma GTV increasing by 74% YoY, with net revenues growing +106% YoY,...

Angus Mackintosh

Ele.me launches group ordering service to compete with Meituan, DingTalk enhances 365 Membership, Taobao offers advertising rebate for new merchants.