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 analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global, South32.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Apr 12th (reported today) which has an aggregated short interest worth USD19.0bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global, South32.


ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 18 December 2023, superannuation service provider <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> entered into a Scheme with Mitsubishi UFJ Financial Group.</li>
<li>MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. </li>
<li>The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. </li>
</ul>


Back on the 18 December 2023, superannuation service provider Link Administration (LNK AU) entered into a Scheme with Mitsubishi UFJ Financial Group.
MUFJ offered Link shareholders A$2.10/share (in cash) plus a A$0.16/share dividend (25% franked), or a 32.9% premium, all-in. 
The Scheme Meeting will now take place on the 24th April, with expected implementation on the 16 May. This looks done - and trading accordingly. 


Link Admin (LNK AU): 24th April Shareholder Vote

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.

<ul>
<li>The <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> IE considers <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.</li>
<li>The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.</li>
<li>Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.</li>
</ul>


The Link Administration (LNK AU) IE considers Mitsubishi UFJ Financial (MUFG) (8306 JP)’s A$2.26 offer fair and reasonable as it is within its A$2.11-2.70 per share valuation range.
The scheme remains conditional on several regulatory approvals - FIRB, Central Bank of Ireland, Isle of Man Financial Services Authority, India SEBI, and Financial Services Agency of Japan.
Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross/annualised spread was 1.3%/9.7%.


Link Admin (LNK AU): Scheme Vote on 24 April

<ul>
<li>On 13 February, <a href="https://www.smartkarma.com/entities/ansarada-group-ltd" target="_blank" data-smartkarma-citation="entities:30718:1" rel="noopener">Ansarada Group Ltd (AND AU)</a> entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).</li>
<li>The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction. </li>
<li>The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.</li>
</ul>


On 13 February, Ansarada Group Ltd (AND AU) entered a scheme implementation deed with Datasite. The offer price is A$2.50 per share, a 19.0% premium to the undisturbed price (12 February).
The offer requires FIRB approval along with shareholder approval of the inter-conditional scheme and carve-out transaction. 
The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread is 2.5%/8.3%.


Ansarada (AND AU): Datasite’s Binding A$2.50 Offer

<ul>
<li>Taxi-Related services operator <a href="https://www.smartkarma.com/entities/a2b-australia-ltd" target="_blank" data-smartkarma-citation="entities:16558:1" rel="noopener">A2B Australia (A2B AU)</a> has completed a large property sale and subsequently entered into a Scheme with Singapore's <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">ComfortDelGro Corp (CD SP)</a>.</li>
<li>The property sale enabled a $0.60/share fully franked dividend. Separately, and in addition, ComfortDelGro is offering A$1.45/share. Or A$2.05/share all-in. Before franking credits, for those who can take advantage. </li>
<li>The special divi ex-date is the 12 January. It is not conditional on the Scheme. Implementation for the Scheme, assuming all approvals are met, is expected mid-April.</li>
</ul>


Taxi-Related services operator A2B Australia (A2B AU) has completed a large property sale and subsequently entered into a Scheme with Singapore's ComfortDelGro Corp (CD SP).
The property sale enabled a $0.60/share fully franked dividend. Separately, and in addition, ComfortDelGro is offering A$1.45/share. Or A$2.05/share all-in. Before franking credits, for those who can take advantage. 
The special divi ex-date is the 12 January. It is not conditional on the Scheme. Implementation for the Scheme, assuming all approvals are met, is expected mid-April.


A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro

Australia

Computershare Limited operates share registries and computer bureaus which includes the administration of employee share and option plans and the provision of software that specializes in share registry, financial and stock markets. The Company also provides corporate trust services and acts as a trustee for clients' debt offerings in certain markets.

Price Gauge
52-week Range	0.00 - 0.00
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Computershare Ltd (CPU AU)

ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global,...

Ke Yan, CFA, FRM

Link Admin (LNK AU): 24th April Shareholder Vote

This is done. Trading super tight at a 1.3%/9.3% gross/annualised spread. If in, stay in. Otherwise, I'd probably be looking elsewhere.

David Blennerhassett

Link Admin (LNK AU): Scheme Vote on 24 April

Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross...

Arun George

Ansarada (AND AU): Datasite’s Binding A$2.50 Offer

The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ASX Short Interest Weekly (Apr 12th): Rio Tinto, Computershare, NAB, Wisetech Global, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Rio Tinto, Computershare, NAB, Wisetech Global,...

Ke Yan, CFA, FRM

Link Admin (LNK AU): 24th April Shareholder Vote

This is done. Trading super tight at a 1.3%/9.3% gross/annualised spread. If in, stay in. Otherwise, I'd probably be looking elsewhere.

David Blennerhassett

Link Admin (LNK AU): Scheme Vote on 24 April

Several substantial shareholders have sold or exited, lowering the scheme's risk. At the last close and for the 16 May payment, the gross...

Arun George

Ansarada (AND AU): Datasite’s Binding A$2.50 Offer

The offer price is reasonable and marginally short of the all-time high. At the last close and for an early June close, the gross/annualised spread...

Arun George

A2B (A2B AU): A$0.60 Fully Franked Divi + A$1.45/Share Offer From ComfortDelGro

Trading through terms at A$2.14/share as I type. Unless you can take advantage of the franking credits, look elsewhere. ComfortDelGro may bump. I...

David Blennerhassett