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 139 stocks over the last week.</li>
<li>Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.</li>
<li>We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. </li>
</ul>


We analyse the changes of A/H premium on 139 stocks over the last week.
Real estate, consumer discretionary and information technology led the 5.7ppt A-H premium decline last week.
We highlight stocks including China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan. 


A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

China Construction Bank H / Equity Bottom-Up

<ul>
<li>CCB is our preferred pick, given its attractive valuations, strong capital adequacy, healthy ROE and sound credit quality; CCB’s real estate exposure is limited and it sector delinquency is low</li>
<li>We also pick PSBC for its good value, its attractive PEG ratio and healthy credit quality and coverage; its real estate exposure, and its related delinquency, are both very low</li>
<li>We are negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage, its high exposures to real estate relative to its peers and fast rising delinquency</li>
</ul>


CCB is our preferred pick, given its attractive valuations, strong capital adequacy, healthy ROE and sound credit quality; CCB’s real estate exposure is limited and it sector delinquency is low
We also pick PSBC for its good value, its attractive PEG ratio and healthy credit quality and coverage; its real estate exposure, and its related delinquency, are both very low
We are negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage, its high exposures to real estate relative to its peers and fast rising delinquency


China Banks – 4Q21 KPIs Support Our Stock Picks

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 8th. Due to public holiday in Hong Kong, the announcement was delayed by 2 days.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight property names that saw short interest increase last week: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase 3 clinical trial results for COVID-19 treatment.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Shanghai / Cover Story: The disrupted lifelines of the Shanghai outbreak</li><li>GDP / China’s first-quarter GDP growth beats expectations with 4.8% rise</li><li>Banking / China Merchants Bank president removed from his position</li></ul>

Shanghai / Cover Story: The disrupted lifelines of the Shanghai outbreakGDP / China’s first-quarter GDP growth beats expectations with 4.8% riseBanking / China Merchants Bank president removed from his position

CX Daily: The Disrupted Lifelines of the Shanghai Outbreak

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Information Technology, Materials, and Real Estate led the inflows while Health Care and Communication Services led the outflows.</li>
<li>We highlight inflows into Moutai, CSCC, Beijing Oriental Yuhong, Sungrow and outflows from Jiangsu Hengrui.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine.
Information Technology, Materials, and Real Estate led the inflows while Health Care and Communication Services led the outflows.
We highlight inflows into Moutai, CSCC, Beijing Oriental Yuhong, Sungrow and outflows from Jiangsu Hengrui.


Northbound Flows: Moutai, CSCC, Beijing Oriental Yuhong, Sungrow

China

China Merchants Bank Co., Ltd. operates as a commercial bank. The Company provides deposits, loans, wealth management, asset custody, finance leasing, investment banking, and other banking services. China Merchants Bank conducts businesses domestically and internationally.

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China Merchants Bank A (600036 CH)

A-H Premium Weekly: China Southern, Shanghai Junshi, Shanghai Haohai, Shanghai Fudan

A-H premium declined by 5.7ppt last week, real estate, consumer discretionary and information technology led the decline. We highlight China...

Ke Yan, CFA, FRM

China Banks – 4Q21 KPIs Support Our Stock Picks

CCB is our preferred pick with the best " all rounder" attributes; we also like PSBC for its good value and solid credit quality; China Minsheng...

Victor Galliano

HK Short Interest: Property Shorts

We highlight property names that saw weekly short interest increase: Cifi, Country Garden, Country Garden services, and Kintor which reported Phase...

Ke Yan, CFA, FRM

CX Daily: The Disrupted Lifelines of the Shanghai Outbreak

Cover Story: The disrupted lifelines of the Shanghai outbreak. China’s first-quarter GDP growth beats expectations with 4.8% rise

Caixin Global

Northbound Flows: Moutai, CSCC, Beijing Oriental Yuhong, Sungrow

We highlight weekly northbound inflows into Moutai, CSCC, Beijing Oriental Yuhong, Sungrow as well as outflows from Jiangsu Hengrui.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)