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 130.2% as of Oct 14th.</li>
<li>The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.</li>
</ul>


We analyse the changes of A-H premium on 142 stocks over the last week. The average A-H premium was 130.2% as of Oct 14th.
The average A-H premium changed by 5.3ppt weeok on week, led by information technology, real estate, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS.


A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

<ul>
<li>We analyse the changes of A/H premium on 142 stocks over the last week. The average A/H premium of 142 A/H stocks are 116.5%, increased by 3.0ppt over last week.</li>
<li>The average A/H premium changed by 3.0ppt week on week, led by Real Estate, financials, and consumer discretionary sectors.</li>
<li>We highlight A/H premium changes of Great Wall Motor, Guangzhou Auto, Hisense Home, Tianqi Lithium, Jiangxi Copper, Angang Steel, Maanshan Iron, BBMG, Alcoa, Zoomlion, Cansino, Holly Futures, and ABC. </li>
</ul>


We analyse the changes of A/H premium on 142 stocks over the last week. The average A/H premium of 142 A/H stocks are 116.5%, increased by 3.0ppt over last week.
The average A/H premium changed by 3.0ppt week on week, led by Real Estate, financials, and consumer discretionary sectors.
We highlight A/H premium changes of Great Wall Motor, Guangzhou Auto, Hisense Home, Tianqi Lithium, Jiangxi Copper, Angang Steel, Maanshan Iron, BBMG, Alcoa, Zoomlion, Cansino, Holly Futures, and ABC. 


A-H Premium Weekly: Tianqi Lithium at New Low Post H-Share IPO

<ul>
<li>We analyse the changes of A/H premium on 134 stocks over the last week. </li>
<li>Consumer staple sector led the A/H increase which was due to Lanzhou Zhuangyuan Pasture, while utilities saw the biggest A/H premium decline among sectors. </li>
<li>We highlight stocks at 52 week high of A/H premium: Tigermed, Zoomlion, Flat Glass, Baiyunshan, Hepalink. Many of these names are in the health care sector. </li>
</ul>


We analyse the changes of A/H premium on 134 stocks over the last week. 
Consumer staple sector led the A/H increase which was due to Lanzhou Zhuangyuan Pasture, while utilities saw the biggest A/H premium decline among sectors. 
We highlight stocks at 52 week high of A/H premium: Tigermed, Zoomlion, Flat Glass, Baiyunshan, Hepalink. Many of these names are in the health care sector. 


A/H Premium Weekly: Tigermed, Zoomlion, Flat Glass, Baiyunshan, Hepalink at 52w High

<ul>
<li>We analyse the changes of A/H premium on 134 stocks over the last week. </li>
<li>Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. </li>
<li>Industrial sectors are near 52 week high for A/H premium. Top three stocks for the WoW A/H increases are Jingcheng Machinery, Shanghai Haohai, and Dynagreen.</li>
</ul>


We analyse the changes of A/H premium on 134 stocks over the last week. 
Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. 
Industrial sectors are near 52 week high for A/H premium. Top three stocks for the WoW A/H increases are Jingcheng Machinery, Shanghai Haohai, and Dynagreen.


A/H Premium Weekly: Industrial Sector at 52 Week High

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

China Conch Venture Holdings / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/china-conch-venture-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19943:1" rel="noopener">China Conch Venture Holdings (586 HK)</a>'s stub ops are coming into their own.
Those ops accounted for an estimated 10% of earnings in FY18, increasing to ~18% last year. Based on forecast estimates, those operations may contribute over 30% of the bottom-line in FY22E.
A recent acquisition of solid waste treatment business resulting in <a href="https://www.smartkarma.com/entities/west-china-cement-ltd" target="_blank" data-smartkarma-citation="entities:9423:1" rel="noopener">West China Cement (2233 HK)</a> becoming a minority shareholder lends a further degree of support for CCV. 
In contrast, 17.8%-held <a href="https://www.smartkarma.com/entities/anhui-conch-cement-co-ltd-094855ab-abec-4b71-956b-5bfc85e22fdd" target="_blank" data-smartkarma-citation="entities:389:1" rel="noopener">Anhui Conch Cement Co Ltd A (600585 CH)</a>, China’s second-largest cement producer, is expected to grow the slowest amongst its cement peers over the next couple of years. An expected index deletion and China clamping down on excess debt is not helping.
CCV's discount to NAV is around its narrowest in the last 12-months, yet this looks too early to call a reversal.
More below the fold.

China Conch Venture Holdings (586 HK)'s stub ops are coming into their own.
Those ops accounted for an estimated 10% of earnings in FY18, increasing to ~18% last year. Based on forecast estimates, those operations may contribute over 30% of the bottom-line in FY22E.
A recent acquisition of solid waste treatment business resulting in West China Cement (2233 HK) becoming a minority shareholder lends a further degree of support for CCV. 
In contrast, 17.8%-held Anhui Conch Cement Co Ltd A (600585 CH), China’s second-largest cement producer, is expected to grow the slowest amongst its cement peers over the next couple of years. An expected index deletion and China clamping down on excess debt is not helping.
CCV's discount to NAV is around its narrowest in the last 12-months, yet this looks too early to call a reversal.
More below the fold.

China Conch Venture (586 HK): Stub Ops Momentum

China

CSC Financial Co., Ltd. provides investment management services. The Company offers investment banking, wealth management, and trading and institutional client services. CSC Financial conducts its business in Hong Kong.

Price Gauge
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CSC Financial (6066 HK)

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

A/H Premium Weekly: Tigermed, Zoomlion, Flat Glass, Baiyunshan, Hepalink at 52w High

We look at the changes in A/H premium in the last week. We highlight consumer staple sector and utilities sector, and stocks including Tigermed,...

Ke Yan, CFA, FRM

A/H Premium Weekly: Industrial Sector at 52 Week High

Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. We also highlight top three stocks for A/H increase:...

Ke Yan, CFA, FRM

China Conch Venture (586 HK): Stub Ops Momentum

If you had set up a long CCV, short Anhui, I'd continue to track that trade. I think it's too early to reverse the stub here, in light of the index...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Oct 14th): CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC, GWM, CGS

We analyzed A-H premium changes in the past week and highlight A-H premium changes for CMB, China Pacific, Remegen, Tigermed, Shanghai Fudan, YOFC,...

Ke Yan, CFA, FRM

A-H Premium Weekly: Tianqi Lithium at New Low Post H-Share IPO

The average A/H premium changed by 3.0ppt wow with stock highlight for Great Wall Motor, Guangzhou Auto, Hisense Home, Tianqi Lithium, Jiangxi...

Ke Yan, CFA, FRM

A/H Premium Weekly: Tigermed, Zoomlion, Flat Glass, Baiyunshan, Hepalink at 52w High

We look at the changes in A/H premium in the last week. We highlight consumer staple sector and utilities sector, and stocks including Tigermed,...

Ke Yan, CFA, FRM

A/H Premium Weekly: Industrial Sector at 52 Week High

Top sectors in terms of WoW A/H increase were consumer staple, health care and industrial. We also highlight top three stocks for A/H increase:...

Ke Yan, CFA, FRM

China Conch Venture (586 HK): Stub Ops Momentum

If you had set up a long CCV, short Anhui, I'd continue to track that trade. I think it's too early to reverse the stub here, in light of the index...

David Blennerhassett