Daily BriefsIndustrials

Industrials: ANE Logistics, Sydney Airport, Bharat Electronics and more

In today’s briefing:

  • ANE Logistics IPO Initiation: Home Delivery
  • Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Aussie Pharma, Milton, Shinsei Bank
  • Bharat Electronics Ltd Rs Tactical BUY

ANE Logistics IPO Initiation: Home Delivery

By Arun George

ANE Logistics (1292621D CH) operates a leading express freight network in China’s less-than-truckload (LTL) market. ANE operated the largest express freight network in China as measured by annual total freight volume in each of 2017, 2018, 2019 and 2020, according to iResearch.

ANE passed its HKEx listing committee hearing and will start pre-marketing to raise up to $500 million, according to press reports. ANE’s shareholders include Centurium, Carlyle Group Inc (CG US), CDH, CPE, Nws Holdings (659 HK), Ping An, Goldman Sachs Group (GS US) and Inner Mongolia Yili Industrial Group (A) (600887 CH).

ANE is a play on China’s LTL market which offers substantial opportunities for market consolidation as the top 10 LTL operators in China had a market share of 5.7% by shipper spend in 2020, according to iResearch. As the largest (by freight volume), fastest-growing and most profitable player, ANE is well-positioned to be a market consolidator. On balance, we think that ANE’s fundamentals are solid and the IPO is worth a look for investors willing to brave the current weak sentiment on HKEx IPOs. 


Asia-Pac Weekly Risk Arb Summary: Sydney Airport, Aussie Pharma, Milton, Shinsei Bank

By David Blennerhassett

This insight provides a quick summary of gross/annualised (where possible) spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and how those spreads have changed over the last week; plus the next hard events over the coming weeks.

I number 36, mostly firm, deals around the region.

More below the fold.


Bharat Electronics Ltd Rs Tactical BUY

By Edelweiss

Ready for next leap

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