APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (LR HK)</a> is looking to raise about US$600m in its upcoming Hong Kong IPO.</li>
<li>Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.</li>
<li>In this note, we look at peers and undertake a peer comparison.</li>
</ul>



Lygend Resources &amp; Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO.
Lygend Resources &amp; Technology (Lygend) is a nickel trading and production firm with a portfolio covering multiple areas across the nickel industry value chain.
In this note, we look at peers and undertake a peer comparison.


Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Brookfield and EIG/MidOcean are Offering <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.</li>
<li>Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. </li>
<li>A firm offer will be contingent on ACCC and FIRB approval. Such a takeover may actually play into the Albanese government's future energy plans.</li>
</ul>


Brookfield and EIG/MidOcean are Offering Origin Energy (ORG AU) shareholders $9.00/share, a 54.9% premium to last close, by way of a Scheme. The Offer is non-binding and indicative.
Negotiations kicked off at $7.95 for the LNG developer in early August. Exclusive due diligence has been granted. 
A firm offer will be contingent on ACCC and FIRB approval. Such a takeover may actually play into the Albanese government's future energy plans.


Origin Energy: Brookfield's Energy Transition Bet

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 analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.</li>
<li>We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 4th (reported today) which has an aggregated short interest worth USD18.4bn.
We tabulate league table 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 Telstra, Macquarie, Wesfarmers, BHP, Newcrest Mining, Nextdc, Coles.


ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

Travis Lundy

<ul>
<li>In August, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> launched a $25/share bid - a price it saw as attractive and what target <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> saw as opportunistic. </li>
<li>Copper had fallen, and peer stock prices had fallen too. Since then, copper has rebounded and peers have too so what was a 25-30% premium no longer exists.</li>
<li>This means the price of OZL should "enjoy" different dynamics going forward.</li>
</ul>


In August, BHP Group Ltd (BHP AU) launched a $25/share bid - a price it saw as attractive and what target OZ Minerals Ltd (OZL AU) saw as opportunistic. 
Copper had fallen, and peer stock prices had fallen too. Since then, copper has rebounded and peers have too so what was a 25-30% premium no longer exists.
This means the price of OZL should "enjoy" different dynamics going forward.


OZ Minerals (OZL) - Copper and Comps Have Caught Up

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Yashili International Holdings / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads - <a href="https://www.smartkarma.com/entities/alliance-aviation-services-ltd" target="_blank" data-smartkarma-citation="entities:20401:1" rel="noopener">Alliance Aviation Services (AQZ AU)</a>, <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1" rel="noopener">21Vianet Group (VNET US)</a>, <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/genex-power-ltd" target="_blank" data-smartkarma-citation="entities:29079:1" rel="noopener">Genex Power Ltd (GNX AU)</a>, <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>.</li>
<li>Lowest spreads - <a href="https://www.smartkarma.com/entities/tyro-payments-ltd" target="_blank" data-smartkarma-citation="entities:28393:1" rel="noopener">Tyro Payments (TYR AU)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/china-vast-industrial-urban-development-company-limited" target="_blank" data-smartkarma-citation="entities:3212:1" rel="noopener">China Vast Industrial Urban Development (6166 HK)</a>, PTB.</li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations covered by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads - Alliance Aviation Services (AQZ AU), 21Vianet Group (VNET US), 111 Inc (YI US), Pendal Group (PDL AU), Genex Power Ltd (GNX AU), O2Micro International (OIIM US).
Lowest spreads - Tyro Payments (TYR AU), Nitro Software Ltd (NTO AU), Tassal (TGR AU), OZ Minerals Ltd (OZL AU), China Vast Industrial Urban Development (6166 HK), PTB.


Merger Arb Mondays (07 Nov) - Yashili, Fengxiang, Kingston, Pendal, Perpetual, ReadyTech, Nitro

Australia

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP AU)

Lygend Resources & Technology Pre-IPO Peer Comp - Peers Have Underperformed over the past Year

Lygend Resources & Technology (LR HK) is looking to raise about US$600m in its upcoming Hong Kong IPO. In this note, we look at peers and undertake...

Clarence Chu

Origin Energy: Brookfield's Energy Transition Bet

The Offer remains non-binding. I think a firm Offer will get up - but the final pricing may change subject to discussions with the government on...

David Blennerhassett

ASX Short Interest Weekly (Nov 4th): Telstra, Macquarie, Wesfarmers

We analyzed ASX short interest report for the past week and highlight short interest changes in Telstra, Macquarie, Wesfarmers, BHP, Newcrest...

Ke Yan, CFA, FRM

OZ Minerals (OZL) - Copper and Comps Have Caught Up

BHP bid for OZL at a premium to market, to peer and copper-implied fair. Since then, copper and peers have rebounded. OZL is no longer trading with...

Travis Lundy

Merger Arb Mondays (07 Nov) - Yashili, Fengxiang, Kingston, Pendal, Perpetual, ReadyTech, Nitro

This week, the highest gross spreads are Alliance Aviation (53.2%), VNET (43.1%), 111 (30.7%), Pendal (29.9%), Genex (25.0%), O2Micro (19.0%),...

Arun George

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