APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.</li>
<li>In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.</li>
</ul>



T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
T.S. Lines (TSL) is a container shipping firm primarily operating in the Asia Pacific (APAC) region.
In a previous note, we looked at the firm’s past performance. In this note, we talk about the recent updates from its filings.


T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There were only 13 new listings on the Main Board of the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> in the third quarter of the year.</li>
<li>Of those stocks, we only see <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> having a chance of being added to the HSCI in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> should be added to Southbound Stock Connect next week after the price stabilisation period has ended.</li>
</ul>


There were only 13 new listings on the Main Board of the HKEX (388 HK) in the third quarter of the year.
Of those stocks, we only see Midea Group (300 HK) having a chance of being added to the HSCI in December.

Midea Group (300 HK) should be added to Southbound Stock Connect next week after the price stabilisation period has ended.


HSCI Index Rebalance Preview: Midea Group (300 HK) To Be Added in December; Stock Connect Next Week

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

Orient Overseas International / Equity Bottom-Up

<ul>
<li>We believe price momentum for global container carriers is unlikely to improve from here</li>
<li>As price momentum falters, carriers' shares could continue to give back big gains</li>
<li>We would look for near-term opportunities to reduce or eliminate exposure to sector</li>
</ul>


We believe price momentum for global container carriers is unlikely to improve from here
As price momentum falters, carriers' shares could continue to give back big gains
We would look for near-term opportunities to reduce or eliminate exposure to sector


Charts & Context | From Here, What Can Get Better for Container Carriers? | Reduce Sector Exposure

ZIM Integrated Shipping Services / Equity Bottom-Up

<ul>
<li>Price momentum in August eased slightly vs July, the first M/M dip since March</li>
<li>In the next two months, seasonality will moderate and Y/Y comps will get tougher</li>
<li>If Q4 momentum wanes, we feel continued strong share performance less likely</li>
</ul>


Price momentum in August eased slightly vs July, the first M/M dip since March
In the next two months, seasonality will moderate and Y/Y comps will get tougher
If Q4 momentum wanes, we feel continued strong share performance less likely


Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

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.

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.</li>
<li>We previously discussed the listing in <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-latest-updates-points-to-a-business-in-rude-health" target="_blank" data-smartkarma-citation="insights:157653" rel="noopener">Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health</a> and <a href="https://www.smartkarma.com/insights/midea-group-h-share-listing-ah-discount-views" target="_blank" data-smartkarma-citation="insights:157868" rel="noopener">Midea Group H Share Listing: AH Discount Views</a>. </li>
<li>Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH) has launched its H Share listing at HK$52.00-54.80 per share. Pricing will be on 13 September, and the listing on 17 September.
We previously discussed the listing in Midea Group H Share Listing: Latest Updates Points to a Business in Rude Health and Midea Group H Share Listing: AH Discount Views. 
Our valuation analysis suggests that the H Share listing range is attractive. We would participate in the listing.


Midea Group H Share Listing (300 HK): Valuation Insights

China

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

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COSCO Shipping Holdings (1919 HK)

T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we talk about the recent updates from its...

Clarence Chu

HSCI Index Rebalance Preview: Midea Group (300 HK) To Be Added in December; Stock Connect Next Week

Midea Group should be added to the HSCI in Dec. Black Sesame could just miss being added. Midea could be added to Southbound Stock Connect next...

Brian Freitas

Charts & Context | From Here, What Can Get Better for Container Carriers? | Reduce Sector Exposure

We believe container rates will continue to moderate in the near-term, and that in the absence of improving rates investors should look to reduce...

Tracking Traffic

Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

We believe the strong year-to-date price momentum enjoyed by most container carriers may moderate in Q4, which would make it difficult for some of...

Tracking Traffic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

T.S. Lines Pre-IPO - PHIP Updates - Shipping Volumes Improved, However Paid Another Large Dividend

T.S. Lines (TSL HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we talk about the recent updates from its...

Clarence Chu

HSCI Index Rebalance Preview: Midea Group (300 HK) To Be Added in December; Stock Connect Next Week

Midea Group should be added to the HSCI in Dec. Black Sesame could just miss being added. Midea could be added to Southbound Stock Connect next...

Brian Freitas

Charts & Context | From Here, What Can Get Better for Container Carriers? | Reduce Sector Exposure

We believe container rates will continue to moderate in the near-term, and that in the absence of improving rates investors should look to reduce...

Tracking Traffic

Monthly Container Shipping Tracker: Strong Price Momentum Likely to Moderate in Q4

We believe the strong year-to-date price momentum enjoyed by most container carriers may moderate in Q4, which would make it difficult for some of...

Tracking Traffic

Midea Group H Share Listing (300 HK): Valuation Insights

Midea has launched its H Share listing. Our valuation analysis suggests that the range is attractive, so we would participate in the listing.

Arun George