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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.</li>
<li>Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.</li>
<li>Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.</li>
</ul>



CALB (3931 HK) priced its H Share at HK$38.00 per share to raise net proceeds of HK$9.9 billion (US$1.3 billion). The H Share will start trading tomorrow.
Grey market prices across various platforms show the shares last traded at HK$37.30-38.00 per share i.e., -2% down to unchanged compared to the IPO price.
Despite peer multiple derating, the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. CALB should be, at least, valued in line with peer multiples.


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

Zhejiang Leapmotor Technologie / Event-Driven

<ul>
<li>We see three new listings as potential inclusions to the HSCI in December. One is already in Stock Connect, one will be added to Stock Connect while one will not.</li>
<li>Given the large market moves, there will be many changes to the HSCI in March 2023. Quite a few stocks could remain in the HSCI but drop out of Connect.</li>
<li>Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.</li>
</ul>


We see three new listings as potential inclusions to the HSCI in December. One is already in Stock Connect, one will be added to Stock Connect while one will not.
Given the large market moves, there will be many changes to the HSCI in March 2023. Quite a few stocks could remain in the HSCI but drop out of Connect.
Some of the potential deletions/ Stock Connect drops have large Southbound holdings and some of these positions could be pared back over the next few months.


HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There's a Lot!)

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 125.5% as of Sep 30th.</li>
<li>The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.</li>
<li>We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 125.5% as of Sep 30th.
The average A-H premium changed by 6.5ppt weeok on week, led by consumer staples, industrials, communication services.
We highlight weekly changes in A-H premium for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port, China Tourism, Asymchem Lab, Flat Glass.


A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Tourism Group Duty Free / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, China Tourism's listing appears to have set the ball rolling for others to follow.</li>
<li>After a flurry of activity in the prior week, there weren't any major placements this week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, China Tourism's listing appears to have set the ball rolling for others to follow.
After a flurry of activity in the prior week, there weren't any major placements this week.


ECM Weekly (28th Aug 2022) - China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/china-tourism-group-duty-free-corp-ltd" target="_blank" data-smartkarma-citation="entities:12278:1" rel="noopener">China Tourism Group Duty Free Corp Ltd (601888 CH)</a> H Share's flat debut, <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (2007699D HK)</a>'s listing approval for a US$1.5 billion HKEx IPO.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/ramsay-health-care-ltd" target="_blank" data-smartkarma-citation="entities:673:1" rel="noopener">Ramsay Health Care (RHC AU)</a>, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>, <a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a>, <a href="https://www.smartkarma.com/entities/infomedia-ltd" target="_blank" data-smartkarma-citation="entities:11385:1" rel="noopener">Infomedia Ltd (IFM AU)</a>, <a href="https://www.smartkarma.com/entities/maca-ltd" target="_blank" data-smartkarma-citation="entities:11390:1" rel="noopener">MACA Ltd (MLD AU)</a>, DTAC/True </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - China Tourism Group Duty Free Corp Ltd (601888 CH) H Share's flat debut, Leapmotor (2007699D HK)'s listing approval for a US$1.5 billion HKEx IPO.
Event-Driven developments - Ramsay Health Care (RHC AU), Pendal Group (PDL AU), Link Administration (LNK AU), Nearmap Ltd (NEA AU), Infomedia Ltd (IFM AU), MACA Ltd (MLD AU), DTAC/True 


Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

China

China Tourism Group Duty Free Corporation Limited engages in sales of duty free goods and tax goods. The Company sells tobacco, wine and spirits, perfume, cosmetics, fashion and accessories, watches, jewelry, food, luggage products,and other products. China Tourism Group Duty Free also engages in investment and development of tourism destination commercial complexes.

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China Tourism Group Duty Free (1880 HK)

CALB IPO: Trading Debut

Grey market prices are down -2% to flat to the IPO price. Despite peer multiple derating, the IPO price implies a discount to the median peer EV...

Arun George

HSCI Index Rebalance and Stock Connect: Potential Changes in December & March (There's a Lot!)

There could be 3 adds in December while there will be MANY more changes in March. The adds should outnumber the deletes, but there will be many...

Brian Freitas

A-H Premium Weekly (Sep 30th): China Tourism at New Low Since Listing

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Ping An, Bankcomm, Angang Steel, Remegen, Qingdao Port,...

Ke Yan, CFA, FRM

ECM Weekly (28th Aug 2022) - China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Deals Digest (28 Aug) - Leapmotor, DTAC/True, Ramsay, Pendal, Link Admin, Infomedia, ResApp

Last week, notable developments occurred in Event-Driven (DTAC/True, Ramsay, Pendal, Link Admin, ResApp, Infomedia, Nearmap, MACA, Lifestyle) and...

Arun George

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