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 latest HK SFC report for aggregate short position as of May 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We estimate the total short interest to decrease by 4.2% WoW and highlight short changes in CK Asset, Alibaba.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of May 25th.
Top short increases and decreases were tabulated for one week and four week period. 
We estimate the total short interest to decrease by 4.2% WoW and highlight short changes in CK Asset, Alibaba.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.</li>
<li>On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in <a href="https://www.smartkarma.com/entities/coal-india-ltd" target="_blank" data-smartkarma-citation="entities:9117:1" rel="noopener">Coal India Ltd (COAL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri  laucnhes got pushed back.
On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN). 


ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>Despite a recovery in Chinese retail sales, JD.com’s revenue growth slow-down has accelerated, losing market share to disruptive online competitors amidst ramped-up pricing pressure.</li>
<li>Margin progression remains on track as JD.com refocuses on its core operations, optimizing its product mix and sales channels to improve operating efficiency.</li>
<li>JD.com trades on only a 4.1x Dec-23f PE multiple when excluding its net cash balance sheet and associates at book value.</li>
</ul>


Despite a recovery in Chinese retail sales, JD.com’s revenue growth slow-down has accelerated, losing market share to disruptive online competitors amidst ramped-up pricing pressure.
Margin progression remains on track as JD.com refocuses on its core operations, optimizing its product mix and sales channels to improve operating efficiency.
JD.com trades on only a 4.1x Dec-23f PE multiple when excluding its net cash balance sheet and associates at book value.


<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous notes, we highlighted which divisions could list and looked at some of the divisions in more detail. In this note, we will talk about the local operations.</li>
</ul>


On 28th Mar 2023, Alibaba (ADR) (BABA US) announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous notes, we highlighted which divisions could list and looked at some of the divisions in more detail. In this note, we will talk about the local operations.


Alibaba Potential IPOs - Part 5 - An Early Look at Local Operations

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting</li>
<li>FTA is making good progress on promoting its automated freight matching service</li>
<li>But other changes will require more time, and investors are impatient</li>
</ul>


Q1 Revenue growth and gains in profitability both strong, but Q2 guidance unexciting
FTA is making good progress on promoting its automated freight matching service
But other changes will require more time, and investors are impatient


Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

HK Short Interest Weekly: CK Asset, Baba

We analyzed the latest HK SFC report for aggregate short position as of May 25th and highlight short interest changes in Ck Asset, Baba.

Ke Yan, CFA, FRM

ECM Weekly (4th June 2023) - JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

JD.com: Three Key Controversies

In this insight, we analyse JD.com’s slowing revenue growth, margin progression, net cash balance sheet, macro and industry environment, and...

Wium Malan, CFA

Alibaba Potential IPOs - Part 5 - An Early Look at Local Operations

On 28th Mar 2023, Alibaba (BABA US) announced that it would adopt a new organizational and governance structure. In those note we take an early...

Sumeet Singh

Full Truck Alliance Q123 Earnings | Progress on Improving Mix | Other Changes Need More Time

Despite solid revenue growth and rising profitability in Q1, investors focused on unexciting Q2 guidance. In this note we highlight some...

Tracking Traffic

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