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 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.</li>
<li>The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.</li>
<li>We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 106.3% as of May 17th.
The average A-H premium changed by -7.7ppt week-on-week, led by consumer staples, real estate, utilities.
We highlight weekly changes in A-H premium for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.


A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.</li>
<li>The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.
The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.
We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.


A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 8th.</li>
<li>The average A-H premium changed by -1.4ppt week-on-week, led by consumer staples, industrials, financials and offset by information technology, consumer discretionary, energy.</li>
<li>We highlight weekly changes in A-H premium for CNOOC, Air China, China Southern Air, Guangzhou Auto.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 8th.
The average A-H premium changed by -1.4ppt week-on-week, led by consumer staples, industrials, financials and offset by information technology, consumer discretionary, energy.
We highlight weekly changes in A-H premium for CNOOC, Air China, China Southern Air, Guangzhou Auto.


A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

Jiangsu Expressway (H) / Equity Bottom-Up

<ul>
<li>We find good value in <a href="https://www.smartkarma.com/entities/jiangsu-express-co-ltd-h" target="_blank" data-smartkarma-citation="entities:9956:1" rel="noopener">Jiangsu Expressway (H) (177 HK)</a> - its 8.3x PER is cheap relative to 10.4% EPS CAGR and P/B multiple of 1.06x is below historical average.</li>
<li>It has an extremely secured dividend stream for the next two years, yielding at least 6.3%. 1Q23 result showed a solid recovery, and potentially adding upside to earnings outlook.</li>
<li>Key drivers are stronger traffic recovery, rise in contribution from clean energy, margin expansion through cost control and completion of new projects in the next two years.</li>
</ul>


We find good value in Jiangsu Expressway (H) (177 HK) - its 8.3x PER is cheap relative to 10.4% EPS CAGR and P/B multiple of 1.06x is below historical average.
It has an extremely secured dividend stream for the next two years, yielding at least 6.3%. 1Q23 result showed a solid recovery, and potentially adding upside to earnings outlook.
Key drivers are stronger traffic recovery, rise in contribution from clean energy, margin expansion through cost control and completion of new projects in the next two years.


Jiangsu Expressway (177 HK): A Decent Play Even After Rally

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.</li>
<li>The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.</li>
<li>We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 117.4% as of Sep 29th.
The average A-H premium changed by 1.5ppt week on week, led by health care, industrials, consumer discretionary and offset by consumer staples, utilities, real estate.
We highlight weekly changes in A-H premium for Beigene, China Vanke, Guangzhou Automobile Group, Wuapptec Co Ltd.


A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

China

Rizhao Port Co., Ltd. operates Rizhao ports in Rizhao, Shandong. The company handles, warehouses, and transports containers and bulk and general cargoes.

Qinhuangdao Port Company Limited loads, stores, transports port cargo. The Company's main products include liquid chemicals, iron ore and coal, oil and other cargo, containers and other products.

Dongguan Development Holdings Co., Ltd invests, develops, and operates toll collection for the Dongguan expressway.

Dongguan Development (Holdings) Co., (000828 CH)

Henan Zhongyuan Expressway Company Limited finances, operates, and maintains expressways and bridges in China. The Company collects tolls for the Zheng Luo Expressway and the Zhengzhou Yellow River Bridge.

Fujian Expressway Development Co., Ltd. constructs, maintains, manages, and provides toll collection services for the Quanxia Expressway and the Fuquan Expressway in Fujian Province, China.

Fujian Expressway Development Co, Ltd. (600033 CH)

Guangxi Wuzhou Communications Co., Ltd. constructs and manages transportation infrastructure facilities including highways, bridges, ports, and other related facilities. The Company manages the Pingwang Road, the Nanwu Road, the Jinyi Road, and the Jinglan Bridge in Guangxi.

Guangxi Wuzhou Communications (600368 CH)

Jiangxi Ganyue Expressway Co., Ltd. maintains, operates, and manages toll expressways, bridges, and other transportation facilities.  The Company manages the Changjiu Expressway, the Changzhang Expressway, the Changfu Expressway, and the Yinsanjiao Overpass.

Jiangxi Ganyue Expressway Co., (600269 CH)

Hubei Chutian Expressway Co., Ltd. maintains, operates, and develops toll expressways in Hubei province in China.

Beijing Capital International Airport Company Limited operates both aeronautical and non-aeronautical business in the Beijing airport.  The Company provides aircraft movement and passenger service facilities, safety and security services, fire-fighting services, and ground handling services.  In addition, Beijing Capital operates duty free and other retail shops and leases properties.

Beijing Capital International Airport (BCIA) (694 HK)

Beijing Capital International Airport (BCIA)

Sichuan Haite High-tech Co., Ltd. maintains and repairs aircraft equipment including wireless equipment, instruments, electrical equipment, and power equipment.  The Company also develops and sells aircraft inspection equipment and technology.

The Sumitomo Warehouse Co., Ltd. operates warehousing and freight transportation businesses.  The Company provides integrated transportation services including marine, land, and air freight, and stores cargos in warehouses throughout Japan. Sumitomo Warehouse also operates a real estate leasing business.

Hutchison Port Holdings Trust is a port investor, developer and operator. The Company is also involved in transportation related services and logistics operations, including container storage and repair, container tracking, general and bulk cargo tranfer, warehousing, marine shuttle services and other related services.

Gujarat Pipavav Port Ltd. operates a marine shipping port.  The port loads and unloads container, bulk, and liquid cargo.

Gemadept Corporation is a shipping company.  The Company's business activities include port operations, 
container liner service, shipping and forwarding agency logistics, project cargo transport, real 
estate, and financial investment.

Westshore Terminals Investment Corp. operates a coal storage and loading terminal in British Columbia, Canada.

Yuexiu Transport Infrastructure Ltd., through its subsidiaries, invests in, develops, operates, and manages toll highways, expressways, and bridges in China.

Yuexiu Transport Infrastructure (1052 HK)

Ecorodovias Infraestrutura e Logistica SA is a road concession group in Brazil. The Groups concessionaires connect the main Brazilian ports to national production and consumption centers.

COSCO SHIPPING International (Hong Kong) Co., Ltd. provides shipping related services. The Company offers shipping, logistics, shipbuilding and ship repair services, ship trading agency services, marine insurance brokerage services, marine equipment and spare parts, coating products, and marine fuel and other related shipping products. COSCO International serves clients around the world.

Bintulu Port Holdings Berhad operates as a holding company. The Company, through its subsidiaries, provides port services. Bintulu Port Holdings serves customers in Malaysia.

Asian Terminals, Inc., through its subsidiaries, operates and manages port terminals in the Philippines. The company operates and manages the Manila South Harbor, the Inland Clearance Depot, the Port of Batangas, and the Port of General Santos, as well as off-dock container yards. It provides stevedoring, arrastre, warehousing, storage, carnage, container freight station, domestic cargo handling, passenger terminal, and other port related services for international shipping lines; and trucking, just-in-time delivery, brokerage, and maintenance and repair services. The company was formerly known as Marina Port Services, Inc. Asian Terminals, Inc. was incorporated in 1986 and is headquartered in Manila, the Philippines.

Sichuan Expressway Company Limited develops, invests in, and operates infrastructure projects including toll roads, bridges, tunnels, and ancillary facilities.

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

Sichuan Expressway Co H (107 HK)

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...

Ke Yan, CFA, FRM

Jiangsu Expressway (177 HK): A Decent Play Even After Rally

The recent fall in share price has put Jiangsu Expressway on an attractive yield of 7.3% and this is very secure given it has consistently paid out...

Osbert Tang, CFA

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (May 17th): 44 Stocks at 52 Week High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Shenhua, Sinopec, PetroChina, China Telecom, CICC, GWM.

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 8th): CNOOC, Air China, China Southern Air, Guangzhou Auto

​Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...

Ke Yan, CFA, FRM

Jiangsu Expressway (177 HK): A Decent Play Even After Rally

The recent fall in share price has put Jiangsu Expressway on an attractive yield of 7.3% and this is very secure given it has consistently paid out...

Osbert Tang, CFA

A-H Premium Weekly (Sep 29th): Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Beigene, China Vanke, Guangzhou Automobile, Wuapptec, Byd.

Ke Yan, CFA, FRM

Analysis of A-H premium changes on 146 stocks shows average premium of 123.2% on Mar 8th, with a -1.4ppt. We highlight changes for for CNOOC, Air...