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 139 stocks over the last week.</li>
<li>Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.</li>
<li>We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. </li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.
We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. 


A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/air-china-ltd-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China Ltd (H) (753 HK)</a> has weaker passenger traffic in Mar and 1Q22 when compared with <a href="https://www.smartkarma.com/entities/china-southern-airlines-co-ltd" target="_blank" data-smartkarma-citation="entities:1078:1" rel="noopener">China Southern Airlines (1055 HK)</a>, and this is mostly due to the Olympics.</li>
<li>We expect one-off factors to remove starting Apr and traffic gap against CSA will narrow going forward. Its associate <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific (293 HK)</a> has also seen good pick-up in Mar. </li>
<li>Air China outperformed CSA by 8pp YTD. There are signs of quarantine requirement relaxation for incoming passengers, and we anticipate gradual international traffic recovery to bode well for Air China.</li>
</ul>



Air China Ltd (H) (753 HK) has weaker passenger traffic in Mar and 1Q22 when compared with China Southern Airlines (1055 HK), and this is mostly due to the Olympics.
We expect one-off factors to remove starting Apr and traffic gap against CSA will narrow going forward. Its associate Cathay Pacific (293 HK) has also seen good pick-up in Mar. 
Air China outperformed CSA by 8pp YTD. There are signs of quarantine requirement relaxation for incoming passengers, and we anticipate gradual international traffic recovery to bode well for Air China.


Air China (753 HK): Weaker 1Q22 Due to Exceptional Factors

<ul>
<li>We analyse the changes of A/H premium on 138 stocks over the last week.</li>
<li>Consumer staple, consumer discretionary and heathcare led the 3.0ppt weekly A-H premium decline. </li>
<li>We highlight names including Shenzhen HepaLink, Shandong Xinhua Pharm, and Shanghai Haohai Biological Technology.</li>
</ul>


We analyse the changes of A/H premium on 138 stocks over the last week.
Consumer staple, consumer discretionary and heathcare led the 3.0ppt weekly A-H premium decline. 
We highlight names including Shenzhen HepaLink, Shandong Xinhua Pharm, and Shanghai Haohai Biological Technology.


A-H Premium Weekly: Healthcare Led Premium Decline

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. </li>
<li>37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 
37 stocks reached 52 week high last week but most have retreated since, representing arb opportunities in volatile market. 


A/H Premium Weekly: Arb Opportunities Last Week

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>A/H premium increase was led by consumer Staples and consumer discretionary and industrials sectors.</li>
<li>We highlight A/H premium at 52 week peak: BYD, Xinjiang Gold Wind, Ganfeng Lithium. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
A/H premium increase was led by consumer Staples and consumer discretionary and industrials sectors.
We highlight A/H premium at 52 week peak: BYD, Xinjiang Gold Wind, Ganfeng Lithium. 


A/H Premium Weekly: BYD, Xinjiang Gold Wind, Ganfeng Lithium

China

China Southern Airlines Company Limited provides commercial airline services throughout China, Southeast Asia and other parts of the world.  The Company also provides other airline related services including aircraft maintenance and air catering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

China Southern Airlines (1055 HK)

A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

A-H premium declined by 5.7ppt last week, real estate, consumer discretionary and information technology led the decline. We highlight China...

Ke Yan, CFA, FRM

Air China (753 HK): Weaker 1Q22 Due to Exceptional Factors

Air China will see the negative factors affecting its 1Q22 traffic fade in the next few months. More relaxations of quarantine requirements for...

Osbert Tang, CFA

A-H Premium Weekly: Healthcare Led Premium Decline

A-H premium declined by 3.0ppt last week, led by consumer staple, consumer discretionary and heathcare. We highlight names including Shenzhen...

Ke Yan, CFA, FRM

A/H Premium Weekly: Arb Opportunities Last Week

We highlight average A/H premium was 4.7ppt lower last week, led by consumer discretionary, material and healthcare. 37 stocks reached 52w high...

Ke Yan, CFA, FRM

A/H Premium Weekly: BYD, Xinjiang Gold Wind, Ganfeng Lithium

We highlight A/H premium increase led by consumer Staples and consumer discretionary and industrials sectors, and stocks at 52 week high: BYD,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)