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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.</li>
<li>We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.</li>
<li>We highlight flows for Chongqing Changan Automobile, CATL and Moutai.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 5th.
We estimate the weekly outflows to be US$719.9 million, led by information technology, consumer staples, and offset by utilities, financials, energy.
We highlight flows for Chongqing Changan Automobile, CATL and Moutai.


Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Foxconn Industrial Internet / Event-Driven

<ul>
<li>SSE 50 and SSE180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.</li>
<li>There could be five changes for the SSE 50 index and 18 changes for the SSE 180 index in June 2024.</li>
</ul>


SSE 50 and SSE180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
In this insight, we take a look at our expectations for potential index changes for SSE 50 and SSE 180 during the June 2024 index rebal event.
There could be five changes for the SSE 50 index and 18 changes for the SSE 180 index in June 2024.


Quiddity Leaderboard SSE50/180 Jun 24: US$1bn+ Index Flows Possible

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 13th.</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 weekly Hong Kong Connect flows for Meituan and Tencent.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of October 13th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight weekly Hong Kong Connect flows for Meituan and Tencent.


Hong Kong Connect Flows (Oct 13th): Meituan, Tencent

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.

Equity Bottom-Up

Haitong Securities Co Ltd (A) / Equity Bottom-Up

<ul>
<li>With the potential corporate action (see additional reading below) there is more interest in Haitong Securities but operationally it does not appear positive, for many reasons</li>
<li>The company is seeing worse revenue growth in asset management, brokerage and investment banking, while its Haitong Bank can see far higher credit costs</li>
<li>Total operating costs are now 63% of revenue, tax rate is a lot higher, litigation risks seem to be oversized, with potential impact to costs</li>
</ul>


With the potential corporate action (see additional reading below) there is more interest in Haitong Securities but operationally it does not appear positive, for many reasons
The company is seeing worse revenue growth in asset management, brokerage and investment banking, while its Haitong Bank can see far higher credit costs
Total operating costs are now 63% of revenue, tax rate is a lot higher, litigation risks seem to be oversized, with potential impact to costs


Haitong Securities - Portugal Bank Goodwill Impairment Surge | Overall: High Costs, Poor Revenue

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.</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 estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the outflows to be USD 65.0 million and highlight flows for Kuaishou Technology, Tencent, HSBC.


Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

China

Bank of Communications Co. Ltd. provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

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Bank Of Communications Co H (3328 HK)

Northbound Flows (Jan 5th): Chongqing Changan Automobile, CATL, Moutai

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Chongqing Changan Automobile, CATL, Moutai.

Ke Yan, CFA, FRM

Quiddity Leaderboard SSE50/180 Jun 24: US$1bn+ Index Flows Possible

One-way flows for the SSE 50 and SSE 180 during the June 2024 index rebal could be roughly US$891mn and US$187mn respectively.

Janaghan Jeyakumar, CFA

Hong Kong Connect Flows (Oct 13th): Meituan, Tencent

We analyzed the Hong Kong Connect Scheme for last week and highlight weekly flows for Meituan (3690HK) and Tencent (700HK).

Ke Yan, CFA, FRM

Haitong Securities - Portugal Bank Goodwill Impairment Surge | Overall: High Costs, Poor Revenue

Haitong Securities is set to privatize its wholly owned subsidiary Haitong International Securities for HKD3.4bn, announced this morning.

Daniel Tabbush

Hong Kong Connect Flows (Jul 28th): Kuaishou Technology, Tencent, HSBC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Kuaishou Technology, Tencent, HSBC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)