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 Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.</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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.
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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.


Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

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/sime-darby-berhad" target="_blank" data-smartkarma-citation="entities:20523:1" rel="noopener">Sime Darby (SIME MK)</a> entered a conditional sale and purchase agreement (SPA) to acquire PNB’s 61.18% stake in <a href="https://www.smartkarma.com/entities/umw-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1700:1" rel="noopener">UMW Holdings (UMWH MK)</a> for RM5.00 per share.</li>
<li>Once the SPA becomes unconditional, Sime Darby must launch an MGO for the remaining UMW shares at RM5.00 per share, an 8.2% premium to the last close.  </li>
<li>The SPA is conditional on Sime Darby's shareholder approval. The SPA and MGO are targeted to be completed in 4Q23 and 1Q24, respectively.</li>
</ul>



Sime Darby (SIME MK) entered a conditional sale and purchase agreement (SPA) to acquire PNB’s 61.18% stake in UMW Holdings (UMWH MK) for RM5.00 per share.
Once the SPA becomes unconditional, Sime Darby must launch an MGO for the remaining UMW shares at RM5.00 per share, an 8.2% premium to the last close.  
The SPA is conditional on Sime Darby's shareholder approval. The SPA and MGO are targeted to be completed in 4Q23 and 1Q24, respectively.


UMW Holdings (UMWH MK): Sime Darby’s Pre-Conditional MGO

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/my-eg-services-bhd" target="_blank" data-smartkarma-citation="entities:19765:1" rel="noopener">My E.G. Services (MYEG MK)</a> 's share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of services MyEG offers. </li>
<li>Plenty of the upsides from the new JV in the Philippines and Indonesia are yet to contribute to the full extent due to COVID-19.</li>
<li>Trades at 19x PER, a deep discount to its historical highs despite stable profitability and a healthy ROE at 23%.  </li>
</ul>



My E.G. Services (MYEG MK) 's share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of services MyEG offers. 
Plenty of the upsides from the new JV in the Philippines and Indonesia are yet to contribute to the full extent due to COVID-19.
Trades at 19x PER, a deep discount to its historical highs despite stable profitability and a healthy ROE at 23%.  


<div class="content-highlight">
The car sales tax holiday has proven to be a critical element that improved car sales during MCO and it has just been extended until June 2021 which means the upward momentum should carry forward to Q1 2021 at least. The postal business, typically a drag to the group, benefited from the MCO through stronger e-commerce activities and online marketplace that contributed positively to the postal business, similar to <a href="https://www.smartkarma.com/entities/singapore-post-ltd" target="_blank" data-smartkarma-citation="entities:150:1" rel="noopener">Singapore Post (SPOST SP)</a> . 
</div>
Compared to <a href="https://www.smartkarma.com/entities/umw-holdings-bhd" target="_blank" data-smartkarma-citation="entities:1700:1" rel="noopener">UMW Holdings (UMWH MK)</a> , DRB is trading at a 36.5% PBR discount, at a slight 8% PER premium, and a 26% EV/EBITDA discount.  DRB is trading at 4% PER discount, 89% PBR discount, and 56% EV/EBITDA discount, suggesting that it is relatively undervalued to the peers. Keep <a href="https://www.smartkarma.com/entities/drb-hicom-bhd" target="_blank" data-smartkarma-citation="entities:19627:1" rel="noopener">DRB-Hicom Bhd (DRB MK)</a> in your portfolio or buy if you have not.


The car sales tax holiday has proven to be a critical element that improved car sales during MCO and it has just been extended until June 2021 which means the upward momentum should carry forward to Q1 2021 at least. The postal business, typically a drag to the group, benefited from the MCO through stronger e-commerce activities and online marketplace that contributed positively to the postal business, similar to Singapore Post (SPOST SP) . 

Compared to UMW Holdings (UMWH MK) , DRB is trading at a 36.5% PBR discount, at a slight 8% PER premium, and a 26% EV/EBITDA discount.  DRB is trading at 4% PER discount, 89% PBR discount, and 56% EV/EBITDA discount, suggesting that it is relatively undervalued to the peers. Keep DRB-Hicom Bhd (DRB MK) in your portfolio or buy if you have not. 

DRB HiCom (DRB): Tax Holiday and E-Commerce Beneficiaries

Thematic (Sector/Industry)

Less than a year since the news hit that the Chinese outbreak spread to the world, <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> has announced its vaccine with more than 90% effective in preventing Covid-19 among those without evidence of prior infection. Similar to <a href="https://www.smartkarma.com/insights/china-outbreak-theme-winners-and-losers" target="_blank" data-smartkarma-citation="insights:35971" rel="noopener">China Outbreak Theme: Winners and Losers</a> , this insight will discuss the potential winners and losers from the announcement of the vaccine. Travel-related names such as airlines, airport operators, tour operators, the duty-free operators are the clear beneficiaries of this news while auto dealership will also benefit from the potential lower unemployment later on. Instant noodle makers, pc makers that benefit from the work-from-home rush, as well as glove makers will no longer enjoy the same growth rate in 1H, and in the case of the glove makers, both ASP and volumes may see a decline.

Less than a year since the news hit that the Chinese outbreak spread to the world, Pfizer Inc (PFE US) has announced its vaccine with more than 90% effective in preventing Covid-19 among those without evidence of prior infection. Similar to China Outbreak Theme: Winners and Losers , this insight will discuss the potential winners and losers from the announcement of the vaccine. Travel-related names such as airlines, airport operators, tour operators, the duty-free operators are the clear beneficiaries of this news while auto dealership will also benefit from the potential lower unemployment later on. Instant noodle makers, pc makers that benefit from the work-from-home rush, as well as glove makers will no longer enjoy the same growth rate in 1H, and in the case of the glove makers, both ASP and volumes may see a decline. 

Malaysia

 Bermaz Auto Berhad distributes and retails automobiles. The Company also provides after sale services.

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Bermaz Auto (BAUTO MK)

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Ctos Digital, Eco World Develop,...

Ke Yan, CFA, FRM

UMW Holdings (UMWH MK): Sime Darby’s Pre-Conditional MGO

Sime Darby entered a SPA to acquire PNB’s 61.18% stake in UMW for RM5.00 per share. When the SPA is unconditional, it will trigger an MGO at...

Arun George

MyEG (MYEG): Why Not Own It?

My E.G. Services' share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of...

Henry Soediarko

DRB HiCom (DRB): Tax Holiday and E-Commerce Beneficiaries

The car sales tax holiday improved car sales during MCO and it has just been extended until June 2021 The postal business, benefited from the MCO...

Henry Soediarko

Pfizer Vaccine: Winners and Losers

Similar to China Outbreak Theme: Winners and Losers , this insight will discuss the potential winners and losers from the announcement of the vaccine.

Henry Soediarko

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