APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.


TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Outbound continues to improve, March load factor matched pre-Covid level</li>
<li>Appears Chinese tourists are "spreading their wings", travelling farther afield</li>
<li>Trip.com has been best YTD performer in the space; can airlines catch up?</li>
</ul>


Outbound continues to improve, March load factor matched pre-Covid level
Appears Chinese tourists are "spreading their wings", travelling farther afield
Trip.com has been best YTD performer in the space; can airlines catch up?


Monthly Chinese Tourism Tracker | Outbound Recovery Continues, but Some Regional Destinations Lag

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Losses at <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> narrowed by 42.8% YoY to Rmb1.67bn in 1Q24. If not for the exchange losses, it will be reduced to below Rmb1bn.</li>
<li>Higher jet fuel prices have dragged result despite record 1Q revenue. However, an 8.3pp YoY margin expansion and a 4% decline in unit costs indicated profitability is climbing. </li>
<li>Valuations are too depressed as the share price is still lacklustre but quarterly losses and gross margin have already trimmed from the troughs of Rmb10.5bn and -98%, respectively.</li>
</ul>


Losses at Air China Ltd (H) (753 HK) narrowed by 42.8% YoY to Rmb1.67bn in 1Q24. If not for the exchange losses, it will be reduced to below Rmb1bn.
Higher jet fuel prices have dragged result despite record 1Q revenue. However, an 8.3pp YoY margin expansion and a 4% decline in unit costs indicated profitability is climbing. 
Valuations are too depressed as the share price is still lacklustre but quarterly losses and gross margin have already trimmed from the troughs of Rmb10.5bn and -98%, respectively.


Air China (753 HK): Steering Back to the Right Lane

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.</li>
<li>SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. 20 days straight net buying. NORTHBOUND saw big inflows Friday. A record day I believe.</li>
<li>HK stocks bounced VERY hard. Seemed like big allocation trade. HSCEI +8.7% vs CSI300 +1.2%. In H/A Pairs, liquid pairs saw Hs outperform their A by 4+% on average.</li>
</ul>


The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
SOUTHBOUND's consecutive buying streak ended on Monday 25-March, then started again. 20 days straight net buying. NORTHBOUND saw big inflows Friday. A record day I believe.
HK stocks bounced VERY hard. Seemed like big allocation trade. HSCEI +8.7% vs CSI300 +1.2%. In H/A Pairs, liquid pairs saw Hs outperform their A by 4+% on average.


A/H Premium Tracker (To 26 Apr 2024):  Best Week in a LONG Time for Hs Vs As - Time To Get Long H/A

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.
The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.


A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

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.

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China Southern Airlines (1055 HK)

TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we talk about its refiling updates and...

Ethan Aw

Monthly Chinese Tourism Tracker | Outbound Recovery Continues, but Some Regional Destinations Lag

The recovery in Chinese outbound tourism demand continued in March, but certain data suggest the pace of growth for some regional destinations is...

Tracking Traffic

Air China (753 HK): Steering Back to the Right Lane

Exchange losses, lower load, and higher jet fuel prices dragged 1Q24 despite record revenue. However, an 8.3pp YoY margin expansion and a 4% unit...

Osbert Tang, CFA

A/H Premium Tracker (To 26 Apr 2024): Best Week in a LONG Time for Hs Vs As - Time To Get Long H/A

AH Premia have finally turned a corner. Weeks of bouncing back and forth has led to lower premia, especially on average as wider spreads narrow...

Travis Lundy

A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)