Daily Brief Quantitative Analysis: Kelun-Biotech (科伦博泰) Pre-IPO: Candidates Are Differentiated and Promising and more

In today’s briefing:

Kelun-Biotech (科伦博泰) Pre-IPO: Candidates Are Differentiated and Promising
ASX Short Interest Weekly (Mar 24th): Pilbara Minerals, Aurizon, Arafura Rare Ear, New Hope
Global Emerging Markets: Reporting Season Summary, 4Q2022

Kelun-Biotech (科伦博泰) Pre-IPO: Candidates Are Differentiated and Promising

Kelun-Biotech, a China-based integrated innovative biopharmaceutical company, plans to raise up to US$ 300m via a Hong Kong listing.
In this note, we examine the company’s two core products, namely SKB264, a TROP2-ADC, and A166, a HER2-ADC. We also look at the company’s management and pre-IPO investors.
We think the company is worth investors attention with promising candidates. Its pre-IPO investor line-up is decent.

We analyzed the changes in short interest of ASX Stocks as of Mar 24th (reported today) which has an aggregated short interest worth USD44.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Aurizon, Arafura Rare Ear, New Hope, Medibank Private, De Grey Mining.

The 200 largest weighted companies in the GEM index reported average EPS growth of +14.2%y/y for 4Q22-to-date, slightly down from the +15.7% reported for 3Q22.
Only 54% of companies delivered positive sales surprises, and only 49% delivered positive EPS surprises, significantly down from the trend seen over the past 2 years.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.

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