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 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.</li>
<li>The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.</li>
<li>We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 127.1% as of Dec 1st.
The average A-H premium changed by 4.7ppt week on week, led by consumer staples, utilities, communication services.
We highlight weekly changes in A-H premium for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.


A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

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 143 stocks over the last week. The average A-H premium was 113.9% as of Jun 9th.</li>
<li>The average A-H premium changed by -1.9ppt week on week, led by consumer discretionary, materials, industrials and offset by consumer staples, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for BYD Co Ltd and China Construction Bank.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.9% as of Jun 9th.
The average A-H premium changed by -1.9ppt week on week, led by consumer discretionary, materials, industrials and offset by consumer staples, information technology, communication services.
We highlight weekly changes in A-H premium for BYD Co Ltd and China Construction Bank.


<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.9% as of Jun 9th.</li>
<li>The average A-H premium changed by -1.9ppt week on week, led by consumer discretionary, materials, industrials and offset by consumer staples, information technology, communication services.</li>
<li>We highlight weekly changes in A-H premium for CCB, China Longyuan and BYD.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 113.9% as of Jun 9th.
The average A-H premium changed by -1.9ppt week on week, led by consumer discretionary, materials, industrials and offset by consumer staples, information technology, communication services.
We highlight weekly changes in A-H premium for CCB, China Longyuan and BYD.


A-H Premium Weekly (Jun 9th): CCB, China Longyuan, BYD

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 12th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC.


Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

China

Anhui Expressway Co. Ltd. principally holds, operates and develops toll expressways and highways in Anhui province in China.

Price Gauge
52-week Range	0.00 - 0.00
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Anhui Expressway Co Ltd H (995 HK)

A-H Premium Weekly (Dec 1st): CMB, Ping An Insurance, Beigene, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, Ping An Insurance, Beigene, Ganfeng Lithium.

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 (Jun 9th): BYD, CCB

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BYD Co Ltd, and China Construction Bank.

Ke Yan, CFA, FRM

A-H Premium Weekly (Jun 9th): CCB, China Longyuan, BYD

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CCB, China Longyuan, BYD Co Ltd.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 12th): CNOOC, BOC, Petrochina, China Shenhua Energy, CCB, HKEX, SMIC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Cnooc, Bank Of China, Petrochina, China Shenhua Energy,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)