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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.4% as of Apr 12th.</li>
<li>The average A-H premium changed by -9.4ppt week-on-week, led by health care, utilities, information technology and offset by consumer staples.</li>
<li>We highlight weekly changes in A-H premium for GWM, Beigene, Cansino, First Tractor.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.4% as of Apr 12th.
The average A-H premium changed by -9.4ppt week-on-week, led by health care, utilities, information technology and offset by consumer staples.
We highlight weekly changes in A-H premium for GWM, Beigene, Cansino, First Tractor.


A-H Premium Weekly (Apr 12th): GWM, Beigene, Cansino, First Tractor

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Weichai Power Co Ltd H / Equity Bottom-Up

<ul><li>During the post-results call yesterday, Weichai expected the industry HDT demand in 2024E will be ~900k units (-2% YoY).</li><li>Of this, China demand is expected to fall by 10% YoY to 600k units while exports are expected to grow 20% YoY to 300k units.</li><li>Weichai expects the LNG price to stay low due to oversupply, which may help boost the demand for gas HDTs. </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.

During the post-results call yesterday, Weichai expected the industry HDT demand in 2024E will be ~900k units (-2% YoY).Of this, China demand is expected to fall by 10% YoY to 600k units while exports are expected to grow 20% YoY to 300k units.Weichai expects the LNG price to stay low due to oversupply, which may help boost the demand for gas HDTs. 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.

Weichai Power (2338 HK) - Key Takeaways from Post-Results Call

<ul><li>Weichai’s net profit in 2023 surged 84% YoY to RMB9bn, which is in line with the profit range of RMB8.58-9.32bn announced in Jan.</li><li>In 4Q23, net profit grew 58% YoY to RMB2.5bn. It’s worth noting that Weichai has declared a final dividend of RMB0.293/shr.</li><li>This, together with the interim dividend, implies that the payout ratio has reached 50% (up from 45% in 2022). </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.

Weichai’s net profit in 2023 surged 84% YoY to RMB9bn, which is in line with the profit range of RMB8.58-9.32bn announced in Jan.In 4Q23, net profit grew 58% YoY to RMB2.5bn. It’s worth noting that Weichai has declared a final dividend of RMB0.293/shr.This, together with the interim dividend, implies that the payout ratio has reached 50% (up from 45% in 2022). 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.

Weichai Power (2338 HK) - 4Q23 Net Profit +58% YoY

Weichai Power (000338 CH) - 4Q23 Net Profit +58% YoY; Payout Increased to 50%

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.</li>
<li>We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.</li>
<li>We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 22nd.
We estimate the weekly outflows to be US$934.0 million, led by health care, materials, information technology, and offset by communication services, industrials, consumer staples.
We highlight flows for CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software Technology.


Northbound Flows (Mar 22nd): CATL, Wuliangye, Midea, Wuxi Apptec, Moutai, Thunder Software

China

Weichai Power Co., Ltd. specializes in the research and development, manufacturing and sales of vehicles and parts. The Company produces engines, heavy vehicles, light vehicles, construction machinery, hydraulic products, automotive electronics, and related parts. Weichai Power markets its products across worldwide.

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Weichai Power (000338 CH)

A-H Premium Weekly (Apr 12th): GWM, Beigene, Cansino, First Tractor

We analyzed A-H premium changes in the past week and highlight A-H premium changes for GWM, Beigene, Cansino, First Tractor.

Ke Yan, CFA, FRM

Weichai Power (2338 HK) - Key Takeaways from Post-Results Call

During the post-results call yesterday, Weichai expected the industry HDT demand in 2024E will be ~900k units (-2% YoY). Of this, China demand is...

CMB International

Weichai Power (2338 HK) - 4Q23 Net Profit +58% YoY

Weichai’s net profit in 2023 surged 84% YoY to RMB9bn, which is in line with the profit range of RMB8.58-9.32bn announced in Jan.

CMB International