Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

IMAX China Holding / Equity Capital Markets

As part of our IPO coverage, we closely followed Hong Kong IPOs over 2015, and wrote on most of the larger deals. In this insight, we've used the data from our deal coverage to highlight a few interesting analytics about the deals that we saw over the past year.We've analysed 53 IPO deals and keyed in on 5 charts: the overall performance distribution, and IPO performance based on sector, market cap, lead broker and retail participation. <div class="content-remarks">For our analysis we have selected listings in Hong Kong…</div>

As part of our IPO coverage, we closely followed Hong Kong IPOs over 2015, and wrote on most of the larger deals. In this insight, we've used the data from our deal coverage to highlight a few interesting analytics about the deals that we saw over the past year.We've analysed 53 IPO deals and keyed in on 5 charts: the overall performance distribution, and IPO performance based on sector, market cap, lead broker and retail participation. For our analysis we have selected listings in Hong Kong…

5 Key Charts to Wrap-Up 2015 HK IPO - Broker, Sector, and Retail Analytics

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Reading everyday of depressed shipping should one make one anxious. When I joined my 1st ship in early 2002...shipping was boring. Frankly it was not the top choice for a job but it did pay in dollars. The sole motive for me was the money and maybe I didn't want to be another software engineer from India. Tankers were the good ships (solely because they paid more). Dry bulk gave more leisure time..they stayed on ports longer, with job at Bergesen touted as the prized catch..they used to carry…

Reading everyday of depressed shipping should one make one anxious.   When I joined my 1st ship in early 2002...shipping was boring. Frankly it was not the top choice for a job but it did pay in dollars. The sole motive for me was the money and maybe I didn't want to be another software engineer from India.   Tankers were the good ships (solely because they paid more). Dry bulk gave more leisure time..they stayed on ports longer, with job at Bergesen touted as the prized catch..they used to carry…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

China Railway Construction Corp / Equity Bottom-Up

&nbsp;China Railway Construction Corp, or CRCC, reported mixed results for the year to Sept. 30 that fell around 10% short of our original revenue and net profit estimates. The miss was driven by slower-than-expected commencements in new infrastructure projects, in addition to a sharp decline in new overseas contracts wins.We continue to believe that CRCC&rsquo;s 2016-17 growth prospects remain intact, as the government has rolled out more infrastructure projects to help stimulate the economy. We maintain our fair value estimate of HKD 11, along with our very high uncertainty rating, and we consider the current share price to be fairly valued.Our nomoat rating remains unchanged, underpinned by fierce competition that leaves CRCC with little pricing power.Analyst:&nbsp;John Hu

&nbsp;China Railway Construction Corp, or CRCC, reported mixed results for the year to Sept. 30 that fell around 10% short of our original revenue and net profit estimates. The miss was driven by slower-than-expected commencements in new infrastructure projects, in addition to a sharp decline in new overseas contracts wins.We continue to believe that CRCC&rsquo;s 2016-17 growth prospects remain intact, as the government has rolled out more infrastructure projects to help stimulate the economy. We maintain our fair value estimate of HKD 11, along with our very high uncertainty rating, and we consider the current share price to be fairly valued.Our nomoat rating remains unchanged, underpinned by fierce competition that leaves CRCC with little pricing power.Analyst:&nbsp;John Hu

CRCC Reported Mixed Q3 2015 result; FVE Maintained at HKD 11

Information Technology Consultant

Ishita Jain

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than 100 GWs a year of installed generating capacity from wind, a third of the world&rsquo;s total. Generating capacity is up tenfold in the last decade and three of the world&rsquo;s top ten turbine manufacturers are Chinese. Xinjiang&nbsp;Goldwind, the world&rsquo;s second largest wind turbine maker, seems poised to continue its growth story and be instrumental in shaping the Chinese wind energy market.

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than 100 GWs a year of installed generating capacity from wind, a third of the world&rsquo;s total. Generating capacity is up tenfold in the last decade and three of the world&rsquo;s top ten turbine manufacturers are Chinese. Xinjiang&nbsp;Goldwind, the world&rsquo;s second largest wind turbine maker, seems poised to continue its growth story and be instrumental in shaping the Chinese wind energy market.

Flying along China's wind of change: Goldwind

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Railway Signal & Communication / Equity Capital Markets

China Rail Signal &amp; Communication (CRSC) plans to raise US$1.4-2.0bn through issuance of primary shares.At the outset the past and projected growth for the company looks appealing and the book already being covered by the cornerstone and anchor investors makes the IPO a sure shot to float despite the turbulent markets. However, valuation leaves much to be desired as there are larger and also cheaper stocks available to invest in the same overall theme. In addition, future growth for CRSC is expected to come from a lot of segments other than the core business of new high speed rail (HSR) orders, which in itself raises concerns on the company's ability to deliver the projected growth. Moreover, the company's involvement in the 2011 accident, should lead to it trading at a discount to other rail related stocks and not at a premium, in our view.We would avoid the deal.

China Rail Signal &amp; Communication (CRSC) plans to raise US$1.4-2.0bn through issuance of primary shares.At the outset the past and projected growth for the company looks appealing and the book already being covered by the cornerstone and anchor investors makes the IPO a sure shot to float despite the turbulent markets. However, valuation leaves much to be desired as there are larger and also cheaper stocks available to invest in the same overall theme. In addition, future growth for CRSC is expected to come from a lot of segments other than the core business of new high speed rail (HSR) orders, which in itself raises concerns on the company's ability to deliver the projected growth. Moreover, the company's involvement in the 2011 accident, should lead to it trading at a discount to other rail related stocks and not at a premium, in our view.We would avoid the deal.

Banking on One Belt, One Road and non-core segments for growth. We don't see a green signal

China

China Railway Signal & Communication Corporation Limited manufactures rail transit related systems. The Company researches, develops, designs, manufactures, sells and installs rail transit communication and signal systems. China Railway Signal & Communication also provides consulting, design and supervision work for urban transit projects and mainline railway projects.

China Railway Signal & Communication (3969 HK)

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China Railway Signal & Communication (3969 HK)

5 Key Charts to Wrap-Up 2015 HK IPO - Broker, Sector, and Retail Analytics

As part of our IPO coverage, we closely followed Hong Kong IPOs over 2015, and wrote on most of the larger deals. In this insight, we've used the...

Ke Yan, CFA, FRM

"Shipping Has to Become BORING Again"

Reading everyday of depressed shipping should one make one anxious. When I joined my 1st ship in early 2002...shipping was boring. Frankly it was...

Drewry Maritime Financial Research

CRCC Reported Mixed Q3 2015 result; FVE Maintained at HKD 11

China Railway Construction Corp, or CRCC, reported mixed results for the year to Sept. 30 that fell around 10% short of our original revenue and...

Morningstar, Inc.

Flying along China's wind of change: Goldwind

China, land of coal and smog, is now increasing the generation of electricity from renewable sources faster than any other country, with more than...

Ishita Jain

Banking on One Belt, One Road and non-core segments for growth. We don't see a green signal

China Rail Signal & Communication (CRSC) plans to raise US$1.4-2.0bn through issuance of primary shares.At the outset the past and projected...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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