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 ASX Stocks as of Jan 6th (reported today) which has an aggregated short interest worth USD16.0bn.</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 Anz, Bhp, Yancoal Australia, Brambles.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jan 6th (reported today) which has an aggregated short interest worth USD16.0bn.
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 Anz, Bhp, Yancoal Australia, Brambles.


ASX Short Interest Weekly (Jan 6th): ANZ, Bhp, Yancoal Australi, Brambles

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 23rd (reported today) which has an aggregated short interest worth USD14.1bn.</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 CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 23rd (reported today) which has an aggregated short interest worth USD14.1bn.
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 CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.


ASX Short Interest Weekly (Dec 23rd): Short Covering for Banks

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.

Event-Driven

<ul>
<li>
<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> has entered into a SID with <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> at A$28.25 per share, a 49.3% premium to the undisturbed price (5 August).</li>
<li>The offer price is attractive. The key conditions are shareholder and regulatory (Brazil and Vietnam) approvals. The scheme meeting is in late March/early April 2023. </li>
<li>The key risk is the rise in copper prices. At last close and for the end-April payment, the gross and annualised spread to the offer is 1.6% and 4.8%, respectively.</li>
</ul>



OZ Minerals Ltd (OZL AU) has entered into a SID with BHP Group Ltd (BHP AU) at A$28.25 per share, a 49.3% premium to the undisturbed price (5 August).
The offer price is attractive. The key conditions are shareholder and regulatory (Brazil and Vietnam) approvals. The scheme meeting is in late March/early April 2023. 
The key risk is the rise in copper prices. At last close and for the end-April payment, the gross and annualised spread to the offer is 1.6% and 4.8%, respectively.


OZ Minerals (OZL AU)’s SID with BHP at A$28.25

<ul>
<li>
<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> has received a revised non-binding indicative offer from <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> at A$28.25 per share, a 13.0% premium to the previously rejected offer.</li>
<li>The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.</li>
<li>While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.</li>
</ul>



OZ Minerals Ltd (OZL AU) has received a revised non-binding indicative offer from BHP Group Ltd (BHP AU) at A$28.25 per share, a 13.0% premium to the previously rejected offer.
The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.
While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.


OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP

<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

Australia

29Metals Limited provides exploration and mining services. The Company explores and develops base and precious metals assets. 29Metals serves customers worldwide.

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29Metals (29M AU)

ASX Short Interest Weekly (Jan 6th): ANZ, Bhp, Yancoal Australi, Brambles

We analyzed ASX short interest report for the past week and highlight short interest changes in Anz, Bhp, Yancoal Australi, Brambles.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 23rd): Short Covering for Banks

We analyzed ASX short interest report for the past week and highlight short interest changes in CBA, Pilbara Minerals, Fortescue Metals, ANZ, NAB.

Ke Yan, CFA, FRM

OZ Minerals (OZL AU)’s SID with BHP at A$28.25

This is a done deal barring a dramatic increase in copper prices. At the last close and for the end-April payment, the annualised spread is 4.8%.

Arun George

OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP

While the offer is below the rumoured Board's target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is...

Arun George

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

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