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 113.5% as of Dec 16th.</li>
<li>The average A-H premium changed by -1.9ppt weeok on week, led by health care, consumer discretionary, energy and offset by consumer staples, real estate.</li>
<li>We highlight weekly changes in A-H premium for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino Biologics, Air China, Cosco Ship Holding.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 113.5% as of Dec 16th.
The average A-H premium changed by -1.9ppt weeok on week, led by health care, consumer discretionary, energy and offset by consumer staples, real estate.
We highlight weekly changes in A-H premium for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino Biologics, Air China, Cosco Ship Holding.


A-H Premium Weekly (Dec 16th): Weichai Power, Fuyao Glass, Tianqi Lithium

<ul>
<li>We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.</li>
<li>The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.</li>
<li>We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 118.8% as of Dec 2nd.
The average A-H premium changed by 0.6ppt week on week, led by consumer staples, real estate, information technology and offset by consumer discretionary, materials.
We highlight weekly changes in A-H premium for China Longyuan, Ganfeng Lithium, China Minsheng, Guolian Securities, Shanghai Fudan, Red Star Macalline, Joinn Lab, Cosco Shipping Energy, Great Wall Mortor.


A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

<ul>
<li>We analyse the changes of A/H premium on 140 stocks over the last week.</li>
<li>The decline in A-H premium were led by health care and consumer staples, which was offset by the increase in consumer discretionary. </li>
<li>We highlight A-H premium changes in Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.</li>
</ul>


We analyse the changes of A/H premium on 140 stocks over the last week.
The decline in A-H premium were led by health care and consumer staples, which was offset by the increase in consumer discretionary. 
We highlight A-H premium changes in Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.


A-H Premium Weekly: Zhejiang Shibao, PICC, CRRC

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Communications Construction / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-communications-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:265:1" rel="noopener">China Communications Construction (1800 HK)</a> has bucked the trend of weaker earnings growth in the last two quarters by posting a healthy 17.7% YoY net profit growth for 1Q22.</li>
<li>While gross margin contracted slightly, the good control on selling and administrative expenses have partly absorbed margin contraction. Its new contract value for 1Q22 has also reached record high.</li>
<li>With government's aggressive special purpose bond issue and infrastructure investment, we expect new contract momentum to pick up. Trading at 3.2x PER and 0.22x P/B, CCCC is massively undervalued.</li>
</ul>



China Communications Construction (1800 HK) has bucked the trend of weaker earnings growth in the last two quarters by posting a healthy 17.7% YoY net profit growth for 1Q22.
While gross margin contracted slightly, the good control on selling and administrative expenses have partly absorbed margin contraction. Its new contract value for 1Q22 has also reached record high.
With government's aggressive special purpose bond issue and infrastructure investment, we expect new contract momentum to pick up. Trading at 3.2x PER and 0.22x P/B, CCCC is massively undervalued.


China Comm Const (1800 HK): Grossly Undervalued by the Market

<ul>
<li>We analyse the changes of A/H premium on 138 stocks over the last week.</li>
<li>Real Estate, Industrials, Utilities Led the week on week A-H premium decline of 2.7ppt. </li>
<li>We highlight stocks including Shanghai Junshi, CIMC Vehicles, and CRCC Corp.</li>
</ul>


We analyse the changes of A/H premium on 138 stocks over the last week.
Real Estate, Industrials, Utilities Led the week on week A-H premium decline of 2.7ppt. 
We highlight stocks including Shanghai Junshi, CIMC Vehicles, and CRCC Corp.


A-H Premium Weekly: Real Estate, Industrials, Utilities Led the Decline

China

CRRC Corporation Limited manufactures rolling stock products. The Company produces locomotives, passenger carriages, freight wagons, vehicles key components, and other products. CRRC also provides vehicle repairing, investment management, and other services.

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CRRC Corp Ltd A (601766 CH)

A-H Premium Weekly (Dec 16th): Weichai Power, Fuyao Glass, Tianqi Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Weichai Power, Fuyao Glass, Tianqi Lithium, Cansino...

Ke Yan, CFA, FRM

A-H Premium Weekly (Dec 2nd): China Longyuan, Ganfeng Lithium

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Longyuan, Ganfeng Lithium, Shanghai Fudan, Red Star...

Ke Yan, CFA, FRM

A-H Premium Weekly: Zhejiang Shibao, PICC, CRRC

We highlight week-on-week A-H premium changes in stocks including Zhejiang Shibao, PICC, CRRC, Shandong Xinhua, and Shenwan Hongyuan.

Ke Yan, CFA, FRM

China Comm Const (1800 HK): Grossly Undervalued by the Market

CCCC's 1Q22 result reversed the trend of declining earnings momentum in 2H21, thanks to revenue recovery and improved cost dynamics. We take this...

Osbert Tang, CFA

A-H Premium Weekly: Real Estate, Industrials, Utilities Led the Decline

Real estate sector led the weekly A-H premium decline. In addition, we highlight A-H premium changes in stocks including Shanghai Junshi...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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