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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 28th (reported today) which has an aggregated short interest worth USD16.3bn.</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 Woodside Energy, NAB, Macquarie, BHP, CSL, Northern Star Re.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 28th (reported today) which has an aggregated short interest worth USD16.3bn.
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 Woodside Energy, NAB, Macquarie, BHP, CSL, Northern Star Re.


ASX Short Interest Weekly (Jul 28th): Woodside Energy, NAB, Macquarie, BHP, CSL, Northern Star Re

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.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, China Tourism managed to price its IPO above the mid-point.</li>
<li>There were a host of placements and blocks this week across the region.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism managed to price its IPO above the mid-point.
There were a host of placements and blocks this week across the region.


ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Cleanaway Waste Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a> is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.</li>
<li>Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative.  Short interest on the stock has been on the rise as well.</li>
<li>The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.</li>
</ul>



Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for funding its Blueprint 2030 initiatives.
Cleanaway Waste Management (CWY) had recently released its update for the Blueprint 2030 initiative.  Short interest on the stock has been on the rise as well.
The deal is relatively large at 21.3 days of three month ADV, representing 6.3% of current mcap.


Cleanaway Waste Management Placement - Accretive Acquisition Could Outweigh Weak Momentum

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Cleanaway Waste Management / Event-Driven

<ul>
<li>The AFR is reporting that KKR is preparing an Offer for waste management outfit <strong><a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a></strong>. No price has been revealed. </li>
<li>This is a business KKR understands. It bought, and shortly thereafter sold, Cleanaway 15 years ago. </li>
<li>KKR also recently sought to acquire Waste Management New Zealand.</li>
</ul>


The AFR is reporting that KKR is preparing an Offer for waste management outfit Cleanaway Waste Management (CWY AU). No price has been revealed. 
This is a business KKR understands. It bought, and shortly thereafter sold, Cleanaway 15 years ago. 
KKR also recently sought to acquire Waste Management New Zealand.


IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>An <a href="https://www.afr.com/street-talk/cleanaway-in-kkr-s-crosshairs-20220419-p5aed3" target="_blank" rel="noopener">AFR article</a> claimed that <a href="https://www.smartkarma.com/entities/kkr-co-inc" target="_blank" data-smartkarma-citation="entities:27333:1" rel="noopener">KKR &amp; Co Inc (KKR US)</a> is preparing an offer for <a href="https://www.smartkarma.com/entities/transpacific-industries-group-ltd" target="_blank" data-smartkarma-citation="entities:19885:1" rel="noopener">Cleanaway Waste Management (CWY AU)</a>. The shares rose 5.9% to close at A$3.24.</li>
<li>KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “<em>infrastructure-like</em>’’. </li>
<li>Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with <a href="https://www.smartkarma.com/entities/bingo-industries-ltd" target="_blank" data-smartkarma-citation="entities:24067:1" rel="noopener">Bingo Industries (BIN AU)</a>’s acquisition multiple, would imply A$3.92.</li>
</ul>


An AFR article claimed that KKR &amp; Co Inc (KKR US) is preparing an offer for Cleanaway Waste Management (CWY AU). The shares rose 5.9% to close at A$3.24.
KKR has a long history with Cleanaway. Private equity has recently acquired waste management companies that are increasingly viewed as “infrastructure-like’’. 
Cleanaway’s scale, cash generation and modest leverage make it a target. A forward EV/EBITDA multiple of 15.8x, in line with Bingo Industries (BIN AU)’s acquisition multiple, would imply A$3.92.


Australia

Transpacific Industries Group Ltd. provides integrated industrial cleaning and waste management solutions to customers across Australia and New Zealand. The Company also imports and distributes heavy-duty commercial vehicles.

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Cleanaway Waste Management (CWY AU)

ASX Short Interest Weekly (Jul 28th): Woodside Energy, NAB, Macquarie, BHP, CSL, Northern Star Re

We estimate the ASX short interests to be USD 16.2bn and highlight short interest changes in Woodside Energy, NAB, Macquarie, BHP, CSL, Northern...

Ke Yan, CFA, FRM

ECM Weekly (21st Aug 2022) - China Tourism, SoCar, Beauty Farm, ANZ, Max, Judo, Steadfast, Cleanaway

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Cleanaway Waste Management Placement - Accretive Acquisition Could Outweigh Weak Momentum

Cleanaway Waste Management (CWY AU) is looking to raise US$242m (A$350m) to fund its acquisition of Global Renewables Holdings (GRL) and for...

Clarence Chu

KKR's Waste Measurement For Cleanaway?

Factoring in a control premium, there is easily another ~20% upside from here. CWY has a pretty open register - that won't be lost on KKR....

David Blennerhassett

KKR to Make a Move for Cleanaway?

An AFR article claimed that KKR is preparing an offer for Cleanaway. A forward EV/EBITDA multiple of 15.8x, in line with Bingo’s acquisition...

Arun George

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