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 Aug 22nd. The aggregated short interest is USD408m.</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 YTL Power International, Public Bank, WCE, UEM Sunrise, Kossan Rubber Industries.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Aug 22nd. The aggregated short interest is USD408m.
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 YTL Power International, Public Bank, WCE, UEM Sunrise, Kossan Rubber Industries.


Bursa Short Interest Weekly (Aug 22nd): YTL Power International, Public Bank, WCE, UEM Sunrise

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Jul 4th. The aggregated short interest is USD371m.</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 Gamuda, Dialog, Top Glove, Axiata, Ytl Power International.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Jul 4th. The aggregated short interest is USD371m.
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 Gamuda, Dialog, Top Glove, Axiata, Ytl Power International.


Bursa Short Interest Weekly (Jul 4th): Gamuda, Dialog, Top Glove, Axiata, Ytl Power International

External broker reports(aggregated public sources), Hong Leong Investment Bank Berhad

Hong Leong Investment Bank Berhad

External broker reports(aggregated public sources)

Hong Leong Investment Bank Berhad operates as an investment banking company. The Company provides debt and equity funding, private debt securities issuance, merger and acquisitions, initial public offerings, corporate restructuring, and stockbroking services. 

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

<ul><li>UEMS had on 21 June 2023 entered into two agreements with Greystar, a US based real estate developer and manager.</li><li>The two agreements involved a land sale agreement and a fund-through agreement for the group’s Melbourne land.</li><li>Collectively, the total payment expected to be received from the two agreements are AUD277.3m (or RM873.7m).</li></ul><p><em>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.</em></p>

UEMS had on 21 June 2023 entered into two agreements with Greystar, a US based real estate developer and manager.The two agreements involved a land sale agreement and a fund-through agreement for the group’s Melbourne land.Collectively, the total payment expected to be received from the two agreements are AUD277.3m (or RM873.7m).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.

UEM Sunrise - UEMS Partners Greystar for Australia Project

Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/ascendas-india-trust" target="_blank" data-smartkarma-citation="entities:935" rel="noopener">Ascendas India Trust (AIT SP)</a> to develop its first Data Centre campus in Navi Mumbai</h3><ul><li>AIT will invest ~INR12bn (~S$216.6m) to develop and operate phase one of its first data centre campus on a prime site in India. It will be one of the largest data centre campuses in Airoli, a growing data centre hub in Navi Mumbai. The 6.6acre greenfield site will be developed in phases into a fully-fitted data centre campus with a total potential built-up area of up to 575,000sqft and 90MW of power to host customers such as global technology giants and cloud service providers, as well as large domestic enterprise clients</li><li>The total costs of the acquisition including purchase consideration will be financed through a combination of debt and internal resources. The acquisition of the site from third-party vendors is expected to be completed by 3Q21. The data centre campus will comprise two buildings. In phase one, the first building, which is scheduled to be ready by 2Q24, will have a built-up area of about 325,000sqft</li><li>The data centre campus site is situated in a prime location along Thane-Belapur Road, easily accessible from Mumbai city via the Eastern Express Highway. Navi Mumbai has emerged as a preferred data centre location since it offers proximity to sea cable landing stations, larger land parcels with clear title, abundant and scalable power, developed infrastructure and seamless vendor neutral network connectivity</li><li>When fully developed, the data centre campus will have an overall capacity to host ~8,500 racks and operate at an efficient power usage effectiveness of ~1.4. Post-acquisition and completion of the phase one, AIT’s portfolio size (including pipeline projects) will increase by 1.2% from ~24.9m sqft to 25.2m sqft.</li></ul>

SingaporeAscendas India Trust (AIT SP) to develop its first Data Centre campus in Navi MumbaiAIT will invest ~INR12bn (~S$216.6m) to develop and operate phase one of its first data centre campus on a prime site in India. It will be one of the largest data centre campuses in Airoli, a growing data centre hub in Navi Mumbai. The 6.6acre greenfield site will be developed in phases into a fully-fitted data centre campus with a total potential built-up area of up to 575,000sqft and 90MW of power to host customers such as global technology giants and cloud service providers, as well as large domestic enterprise clientsThe total costs of the acquisition including purchase consideration will be financed through a combination of debt and internal resources. The acquisition of the site from third-party vendors is expected to be completed by 3Q21. The data centre campus will comprise two buildings. In phase one, the first building, which is scheduled to be ready by 2Q24, will have a built-up area of about 325,000sqftThe data centre campus site is situated in a prime location along Thane-Belapur Road, easily accessible from Mumbai city via the Eastern Express Highway. Navi Mumbai has emerged as a preferred data centre location since it offers proximity to sea cable landing stations, larger land parcels with clear title, abundant and scalable power, developed infrastructure and seamless vendor neutral network connectivityWhen fully developed, the data centre campus will have an overall capacity to host ~8,500 racks and operate at an efficient power usage effectiveness of ~1.4. Post-acquisition and completion of the phase one, AIT’s portfolio size (including pipeline projects) will increase by 1.2% from ~24.9m sqft to 25.2m sqft.

ASEAN Builder's Scoop (5Jul21) - AIT Builds Its First DC in Navi Mumbai

<h2>Singapore</h2><h3><a href="https://www.smartkarma.com/entities/low-keng-huat-singapore-ltd" target="_blank" data-smartkarma-citation="entities:1928" rel="noopener">Low Keng Huat Singapore (LKH SP)</a> to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from office</h3><ul><li>LKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway Drive</li><li>The sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.</li></ul>

SingaporeLow Keng Huat Singapore (LKH SP) to sell Westgate Tower 40% stake; Buy 45% of Paya Lebar Square in a shift move to retail from officeLKH has entered agreements to sell its interests in Westgate Tower for S$97.1m, while buying the remaining 45% of Paya Lebar Square that it does not already own for S$90.5m. LKH hopes to focus on retail instead of commercial office developments as it has more experience in managing the former. The buyer of the Westgate Tower stake and seller of the Paya Lebar Square shares are Sun Venture Homes (SVH) and Sun Venture Realty (SVR), respectively. They are the joint venture partners of LKH in both properties.  LKH's interests in Westgate Tower to be sold comprise a 40% stake in each of Westgate Tower (WTPL) and Westgate Commercial (WCPL). Both entities collectively own 295 office units in Westgate Tower, a commercial office development at 1 Gateway DriveThe sale price for the Westgate Tower interests represents an excess of S$14.33m over the net book value of the relevant sale shares. It also includes shareholders' loans of an aggregate amount of S$80.5m owing to LKH. For FY21, the net loss attributable to WTPL and WCPL were S$2.6m and S$3.2m, respectively. LKH said that there is a S$8.11m gain on disposal with WTPL and a S$6.23m gain on disposal with WCPL. In the other transaction, LKH will acquire shares of Paya Lebar Square (PLSPL), which owns the Paya Lebar Square commercial office and retail development at 60 Paya Lebar Road, with 159 retail units and one office unit. LKH already owns 55% of PLSPL. The S$90.5m purchase price for the PLSPL stake includes a shareholder's loan of S$47.6m owing to SVR.

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

Malaysia

UEM Sunrise Bhd is a real estate investment and development company. The Company's activities include property development and land sales. The Company develops a range of projects including industrial, commercial, residential, healthcare and mixed used properties, government offices, universities, and others.

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Uem Sunrise Bhd (UEMS MK)

Bursa Short Interest Weekly (Aug 22nd): YTL Power International, Public Bank, WCE, UEM Sunrise

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in YTL Power International, Public Bank,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Jul 4th): Gamuda, Dialog, Top Glove, Axiata, Ytl Power International

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Gamuda, Dialog, Top Glove, Axiata, Ytl...

Ke Yan, CFA, FRM

UEM Sunrise - UEMS Partners Greystar for Australia Project

UEMS had on 21 June 2023 entered into two agreements with Greystar, a US based real estate developer and manager. The two agreements involved a...

Hong Leong Investment Bank Berhad

ASEAN Builder's Scoop (5Jul21) - AIT Builds Its First DC in Navi Mumbai

AIT builds its first DC in Navi Mumbai; ART in dispute on Park Hotel CQ asset; Link REIT looks into SG office market; LMRT closes 16 malls for...

SCCM Asia Research

ASEAN Builder's Scoop (14Jun21) - LKH Sells Westgate Tower Stake

LKH sells Westgate Tower stake, buys PLS stake; ISET assess WA space again; FIL valuation boosts post REIT listing; IGB Comm REIT largest MY office...

SCCM Asia Research

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