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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 31st.</li>
<li>We estimate the weekly inflows to be US$1,598.1 million, led by consumer staples, industrials, communication services sectors, and offset by financials, materials.</li>
<li>We highlight flows for Kweichow Moutai, Contemporary Amperex Technology, Byd, China Petroleum And Chemical, Foxconn Industrial Internet, Haier Smart Home, Beijing Kingsoft Office Software.Inc, East Money Information, Gree Electric Appliances.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of March 31st.
We estimate the weekly inflows to be US$1,598.1 million, led by consumer staples, industrials, communication services sectors, and offset by financials, materials.
We highlight flows for Kweichow Moutai, Contemporary Amperex Technology, Byd, China Petroleum And Chemical, Foxconn Industrial Internet, Haier Smart Home, Beijing Kingsoft Office Software.Inc, East Money Information, Gree Electric Appliances.


Northbound Flows (Mar 31st): Moutai, CATL, Byd, Sinopec, Foxconn, Haier Smart Home

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>Banking / Cover Story: 2008 Redux? SVB collapse raises questions about banking oversight</li><li>Research / China launches campaign to tackle pressing domestic challenges</li><li>Taiwan / Beijing welcomes ex-Taiwan leader’s visit to the mainland</li></ul>

Banking / Cover Story: 2008 Redux? SVB collapse raises questions about banking oversightResearch / China launches campaign to tackle pressing domestic challengesTaiwan / Beijing welcomes ex-Taiwan leader’s visit to the mainland

CX Daily: 2008 Redux? SVB Collapse Raises Questions About Banking Oversight

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>We stay bearish on <a href="https://www.smartkarma.com/entities/sitc-international-holdings" target="_blank" data-smartkarma-citation="entities:15301:1" rel="noopener">SITC International (1308 HK)</a> despite record net profit in FY22. The collapse in spot freight rate will take a toll on FY23 earnings.</li>
<li>Management is also conservative on outlook, citing both demand and supply issues. It expects gross margin to return to pre-pandemic levels (17-20%) in the future, vs. 41.8% in 2H22.</li>
<li>Market consensus is just too optimistic, projecting just 37% YoY decline in earnings for FY23. We believe actual earnings may be at least 18-27% lower than current street forecasts. </li>
</ul>


We stay bearish on SITC International (1308 HK) despite record net profit in FY22. The collapse in spot freight rate will take a toll on FY23 earnings.
Management is also conservative on outlook, citing both demand and supply issues. It expects gross margin to return to pre-pandemic levels (17-20%) in the future, vs. 41.8% in 2H22.
Market consensus is just too optimistic, projecting just 37% YoY decline in earnings for FY23. We believe actual earnings may be at least 18-27% lower than current street forecasts. 


SITC International (1308 HK): Still Not Easy to Find the Bright Spot

<ul>
<li>We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.</li>
<li>The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.</li>
<li>We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.</li>
</ul>


We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 109.4% as of Feb 3rd.
The average A-H premium changed by 6.3ppt week on week, led by consumer staples, real estate, materials.
We highlight weekly changes in A-H premium for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.


A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Dec 16th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in SITC, CMB, Hua Hong Semiconductor, Yum China, Wharf Real Estate.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Dec 16th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in SITC, CMB, Hua Hong Semiconductor, Yum China, Wharf Real Estate.


HK Short Interest Weekly: SITC, CMB, Hua Hong Semiconductor, Yum China, Wharf Real Estate

China

COSCO SHIPPING Holdings Co., Ltd. offers shipping services. The Company provides container shipping, terminal operation, bulk shipping, and container leasing services. COSCO SHIPPING Holdings conducts businesses worldwide.

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COSCO SHIPPING Holdings (601919 CH)

Northbound Flows (Mar 31st): Moutai, CATL, Byd, Sinopec, Foxconn, Haier Smart Home

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Moutai, CATL, Byd, Sinopec, Foxconn, Haier Smart Home.

Ke Yan, CFA, FRM

CX Daily: 2008 Redux? SVB Collapse Raises Questions About Banking Oversight

Cover Story: 2008 Redux? SVB collapse raises questions about banking oversight. China launches campaign to tackle pressing domestic challenges.

Caixin Global

SITC International (1308 HK): Still Not Easy to Find the Bright Spot

SITC is still facing tough operating environment with freight rate pressure. Market consensus looks too optimistic which means downgrade risks....

Osbert Tang, CFA

A-H Premium Weekly (Feb 3rd): Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Great Wall Motor, CICC, Shanghai Haohai, Chalieco, Cosco Ship.

Ke Yan, CFA, FRM

HK Short Interest Weekly: SITC, CMB, Hua Hong Semiconductor, Yum China, Wharf Real Estate

We analyzed the latest HK SFC report for aggregate short position as of Dec 16th and highlight short interest changes in SITC, CMB, Hua Hong...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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