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 Jul 7th (reported today) which has an aggregated short interest worth USD15.7bn.</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 Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley, Csl, ANZ, Aurizon.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 7th (reported today) which has an aggregated short interest worth USD15.7bn.
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 Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley, Csl, ANZ, Aurizon.


ASX Short Interest Weekly (Jul 7th): Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There is tremendous growth in Australian insolvencies, which is not simple a base effect</li>
<li>Construction insolvencies are up 75% YoY through mid June, the worst of any sector</li>
<li>NAB shows +17x exposures risk-weighted at 75%, PD +84% in qualifying revolving retail</li>
</ul>


There is tremendous growth in Australian insolvencies, which is not simple a base effect
Construction insolvencies are up 75% YoY through mid June, the worst of any sector
NAB shows +17x exposures risk-weighted at 75%, PD +84% in qualifying revolving retail


Australia Banks - Construction Insolvencies +75%, A Look at NAB Risk Weights, PD

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.</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 Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.
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 Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.


ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 23rd (reported today) which has an aggregated short interest worth USD15.8bn.</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 Mineral Resource, Macquarie, Aurizon, Endeavour, Flight Centre Tr, Rio Tinto.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 23rd (reported today) which has an aggregated short interest worth USD15.8bn.
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 Mineral Resource, Macquarie, Aurizon, Endeavour, Flight Centre Tr, Rio Tinto.


ASX Short Interest Weekly (Jun 23rd): Mineral Resource, Macquarie, Aurizon, Endeavour

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.</li>
<li>In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide</li>
<li>We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide
We have looked at the company’s past performance in our previous note, in this note we will talk about the updates since then and the trading dynamics.


Redox IPO Trading - Peers Have Mostly Corrected over the past Month

Australia

Westpac Banking Corporation offers general and savings banking services.  The Company provides investment portfolio management and advice, insurance services,  consumer finance, and money market services among other services.  Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

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Westpac Banking (WBC AU)

ASX Short Interest Weekly (Jul 7th): Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earth, Northern Star Re, Iluka...

Ke Yan, CFA, FRM

Australia Banks - Construction Insolvencies +75%, A Look at NAB Risk Weights, PD

Australia insolvencies are surging, especially in construction, manufacturing, hotels & restaurants. Risk is higher credit costs and bad loans for...

Daniel Tabbush

ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

We analyzed ASX short interest report for the past week and highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Jun 23rd): Mineral Resource, Macquarie, Aurizon, Endeavour

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resource, Macquarie, Aurizon, Endeavour,...

Ke Yan, CFA, FRM

Redox IPO Trading - Peers Have Mostly Corrected over the past Month

Redox (RDX AU), a chemical and ingredients distributor, raised around US$270m in its Australia IPO. The stock will begin to trade on 3rd July 2023.

Sumeet Singh

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