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 142 stocks over the last week. The average A-H premium was 112.0% as of Aug 26th.</li>
<li>The average A-H premium changed by 0.4ppt, led by Financials, Utilities and offset by Information Technology, Real Estate, Consumer Discretionary. </li>
<li>We highlight weekly changes in A-H premium for China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 112.0% as of Aug 26th.
The average A-H premium changed by 0.4ppt, led by Financials, Utilities and offset by Information Technology, Real Estate, Consumer Discretionary. 
We highlight weekly changes in A-H premium for China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC.


A-H Premium Weekly (Aug 26th): China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<ul><li>We initiate coverage on the three Chinese telcos following their impressive 1H22 results.</li><li>We rate all three as BUYs with China Unicom (762 HK, BUY) and China Telecom (728 HK, BUY) as our top picks.</li><li>Despite their outperformance YTD, all three are still attractive in PE valuation with a range of 5.6-7.5x FY23 earnings and div yld of 9.5- 9.9%.</li></ul>

We initiate coverage on the three Chinese telcos following their impressive 1H22 results.We rate all three as BUYs with China Unicom (762 HK, BUY) and China Telecom (728 HK, BUY) as our top picks.Despite their outperformance YTD, all three are still attractive in PE valuation with a range of 5.6-7.5x FY23 earnings and div yld of 9.5- 9.9%.

TMT – Chinese Telcos - Growth Momentum Sustained

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.</li>
<li>Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn) for Shanghai and (+US$0.3bn) for Shenzhen.</li>
<li>The largest inflows were into <a href="https://www.smartkarma.com/entities/china-international-marine-cntnrs-gp-ltd" target="_blank" data-smartkarma-citation="entities:11752:1" rel="noopener">China International Marine (2039 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>. The largest outflows were in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>and <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>.</li>
</ul>


Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn) for Shanghai and (+US$0.3bn) for Shenzhen.
The largest inflows were into China International Marine (2039 HK) and Li Ning (2331 HK). The largest outflows were in Meituan (3690 HK)and Kuaishou Technology (1024 HK).


Shanghai/​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

<ul>
<li>We analyse the changes of A/H premium on 142 stocks over the last week.</li>
<li>A-H premium declined by 0.6ppt wow, led by health care, communication services and real estate sector, and offset by the increase in consumer staple and consumer discretionary. </li>
<li>We highlight A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan Microelectronics.</li>
</ul>


We analyse the changes of A/H premium on 142 stocks over the last week.
A-H premium declined by 0.6ppt wow, led by health care, communication services and real estate sector, and offset by the increase in consumer staple and consumer discretionary. 
We highlight A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan Microelectronics.


A-H Premium Weekly (Aug 19th): Zoomlion, Cansino, China Telecom, Tianqi Lithium

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>Weekly A-H premium change of -0.7ppt was led by the consumer staple, consumer discretionary, and utilities sector.</li>
<li>We highlight stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH Haohai, China Telecom, and Sinotrans.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
Weekly A-H premium change of -0.7ppt was led by the consumer staple, consumer discretionary, and utilities sector.
We highlight stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH Haohai, China Telecom, and Sinotrans.


A-H Premium Weekly: Remegen, CNOOC, COSCO Shipping

China

China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

Price Gauge
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China Telecom (H) (728 HK)

A-H Premium Weekly (Aug 26th): China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC

We analyzed A-H premium last week and highlight weekly changes in A-H premium for China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC.

Ke Yan, CFA, FRM

TMT – Chinese Telcos - Growth Momentum Sustained

Despite their outperformance YTD, all three are still attractive in PE valuation with a range of 5.6-7.5x FY23 earnings and div yld of 9.5- 9.9%.

Quam Securities

Shanghai/Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn)...

David Blennerhassett

A-H Premium Weekly (Aug 19th): Zoomlion, Cansino, China Telecom, Tianqi Lithium

We highlight weekly A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan...

Ke Yan, CFA, FRM

A-H Premium Weekly: Remegen, CNOOC, COSCO Shipping

We highlight A-H premium changes for stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Aug 26th): China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC

We analyzed A-H premium last week and highlight weekly changes in A-H premium for China Telecom, China Life, Huaneng Power, Chongqing Iron, CICC.

Ke Yan, CFA, FRM

TMT – Chinese Telcos - Growth Momentum Sustained

Despite their outperformance YTD, all three are still attractive in PE valuation with a range of 5.6-7.5x FY23 earnings and div yld of 9.5- 9.9%.

Quam Securities

Shanghai/​​​​​​​​​​Shenzhen Southbound Connect: Weekly Moves (22 August 2022)

Inside is a recap of movements in the Shanghai/Shenzhen-HK Connect. Overall, the net outflow over the past week was ~US$0.21bn, split (-US$0.24bn)...

David Blennerhassett

A-H Premium Weekly (Aug 19th): Zoomlion, Cansino, China Telecom, Tianqi Lithium

We highlight weekly A-H premium changes for Zoomlion, Cansino, China Telecom, Tianqi Lithium, YOFC, Flat Glass, CSSC Offshore and Shanghai Fudan...

Ke Yan, CFA, FRM

A-H Premium Weekly: Remegen, CNOOC, COSCO Shipping

We highlight A-H premium changes for stocks including Remegen, CNOOC, COSCO Shipping, Cansino, Nanjing Panda, Shenzhen Hepalink, SH Fudan, SH...

Ke Yan, CFA, FRM

Shanghai/Shenzhen Southbound Connect: Weekly Moves (22 August 2022)