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 Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.</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 Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.
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 Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.


Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 19th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Kuaishou (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Xiaomi (1810 HK), Cosco Shipping (1919 HK).


Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

MacbeePlanet,Inc. provides marketing data analysis services. The Company offers consumer inflow paths and behavior patterns data analysis, consumer behavior machine learning, and analytics consulting services. MacbeePlanet serves clients across Japan.

<ul><li>We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing environments at major clients, given their relative concentration.</li><li>Key challenges include higher media costs in the lending and credit card sectors, reduced advertising spend in the investment sector, and shifts in competitive conditions and advertising pricing in the healthcare sector</li><li>2) a slower pace of new customer acquisitions compared to the initial plan, with the evolving industry environment and increasing complexity of customer marketing needs. In the near term, there is limited visibility into how earnings growth can be re-accelerated meaningfully in our view, despite initiatives in place to drive new businesses and develop verticals in retail and signage media.</li></ul>

We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing environments at major clients, given their relative concentration.Key challenges include higher media costs in the lending and credit card sectors, reduced advertising spend in the investment sector, and shifts in competitive conditions and advertising pricing in the healthcare sector2) a slower pace of new customer acquisitions compared to the initial plan, with the evolving industry environment and increasing complexity of customer marketing needs. In the near term, there is limited visibility into how earnings growth can be re-accelerated meaningfully in our view, despite initiatives in place to drive new businesses and develop verticals in retail and signage media.

Macbee Planet (7095 JP) - A Year of Contraction, Followed by a Recovery

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Warner Music Group Corp. records and publishes music. The Company offers music recording, merchandising, sponsoring, touring, and artist management services. Warner Music Group serves customers worldwide.

<ul><li>Warner Music Group (WMG) reported a strong financial performance in the fourth quarter and for the entire fiscal year ending September 30, 2025.</li><li>The company highlighted strategic market maneuvers and operational refinements, contributing to an enhanced market position and robust growth in streaming and overall revenues.</li><li>The following are key takeaways from the earnings call, reflecting both the positives and negatives in the company's recent performance.</li></ul>

Warner Music Group (WMG) reported a strong financial performance in the fourth quarter and for the entire fiscal year ending September 30, 2025.The company highlighted strategic market maneuvers and operational refinements, contributing to an enhanced market position and robust growth in streaming and overall revenues.The following are key takeaways from the earnings call, reflecting both the positives and negatives in the company's recent performance.

Warner Music Group Is Rewiring Its Digital Supply Chain—And That Could Quietly Expand Margins at Scale!

NetEase, Inc. operates as an leading internet technology company providing online services including content, community, communication, and commerce. The Company develops and operates online games, electronic commerce, internet media, innovative business, and other businesses. NetEase expands its businesses to Japan, North American, and other other international markets.

<ul><li>NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.</li><li>Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.</li><li>This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.</li></ul>

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic advancements and challenges.Throughout this period, NetEase demonstrated robust growth, with total revenues increasing by 8% year-over-year to RMB 28.4 billion.This growth was mainly propelled by a 12% rise in revenues from its games and related value-added services, emphasizing the company's strength in game content production and delivery.

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangchak (BCP TB), Ngern Tid...

Ke Yan, CFA, FRM

Hong Kong Buybacks Weekly (Dec 19th): Tencent, Xiaomi, Kuaishou

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Macbee Planet (7095 JP) - A Year of Contraction, Followed by a Recovery

We believe the key read-across from Q1-2 FY4/26 results is that the company faces two key challenges: 1) changes in both business and marketing...

Astris Advisory Japan

Warner Music Group Is Rewiring Its Digital Supply Chain—And That Could Quietly Expand Margins at Scale!

Warner Music Group (WMG) reported a strong financial performance in the fourth quarter and for the entire fiscal year ending September 30,...

Baptista Research

NetEase’s New Business Models Look Disruptive—Could This Be the Next Massive Competitive Edge?

NetEase, Inc., a key player in the global gaming industry, recently showcased its third-quarter earnings for 2025, highlighting both its strategic...

Baptista Research