Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.</li>
<li>The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. </li>
<li>Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.</li>
</ul>


Grape King Bio has one of the most remarkable consistency in profit margins among all Asian F&amp;B companies. Its net margins ranged from 13% to 15% in the past decade.
The company's dividend yield increased from 3.8% in 2021 to 4.1% in 2022, and 4.4% in 2023. Its annual dividend payout averaged 69.6% from 2019 to 2023. 
Established in 1969, Grape King Bio is one of the leading health food, drink, and supplement products manufacturers in Taiwan.


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 TWSE Stocks as of Aug 2nd which has an aggregated short interest worth USD19.4bn.</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 Quanta Computer, Evergreen Marine, TSMC, Elite Material, Wiwynn, Gigabyte Tech, Chunghwa Telecom, Global Unichip, Innolux.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Aug 2nd which has an aggregated short interest worth USD19.4bn.
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 Quanta Computer, Evergreen Marine, TSMC, Elite Material, Wiwynn, Gigabyte Tech, Chunghwa Telecom, Global Unichip, Innolux.


TWSE Short Interest Weekly (Aug 2nd): Quanta Computer, Evergreen Marine, TSMC, Elite Material

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.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/best-world-international-ltd" target="_blank" data-smartkarma-citation="entities:4600:1" rel="noopener">Best World International (BEST SP)</a> IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. </li>
<li>The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).</li>
<li>The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.</li>
</ul>


The Best World International (BEST SP) IFA considers the S$2.56 exit offer fair and reasonable as it is towards the upper end of its S$1.36-2.69 per share valuation range. 
The key conditions are approval for the selective capital reduction (at least 75% of eligible shareholders) and delisting resolution (a majority holding not less than 75% in value).
The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.


Best World (BEST SP): EGM Vote on 19 July

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade A-shares, please contact us because the universe gets a lot bigger if we add A-shares. The two names that top the list were <a href="https://www.smartkarma.com/entities/14905" target="_blank" data-smartkarma-citation="entities:14905:1">Grape King Bio Ltd (1707 TT)</a> and International Games System (3293 TT).</p><h2>Screen Criteria</h2><ol>
<li>Daily Value traded (6M Average) is greater than 5mn USD</li>
<li>Only 1 Analyst or no coverage at all</li>
<li>Positive OP growth 9 out of the last 12 quarters</li>
<li>Median…</li>
</ol>

We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade A-shares, please contact us because the universe gets a lot bigger if we add A-shares. The two names that top the list were Grape King Bio Ltd (1707 TT) and International Games System (3293 TT).Screen Criteria
Daily Value traded (6M Average) is greater than 5mn USD
Only 1 Analyst or no coverage at all
Positive OP growth 9 out of the last 12 quarters
Median…


Growth Names in Asia You Probably Have Not Heard About but Can Invest In....

Taiwan

Grape King BIO Ltd manufactures and markets beverages, nutrition, pharmaceuticals, syrups, and hair care products.

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Grape King Bio (1707 TT)

Asian Dividend Gems: Grape King Bio

Grape King Bio is one of the leading health food, drink, and supplement manufacturers in Taiwan. It has one of the most remarkable consistency in...

Douglas Kim

TWSE Short Interest Weekly (Aug 2nd): Quanta Computer, Evergreen Marine, TSMC, Elite Material

We analyzed TWSE short interest report for the past week and highlighted short interest changes in Quanta Computer, Evergreen Marine, TSMC, Elite...

Ke Yan, CFA, FRM

Best World (BEST SP): EGM Vote on 19 July

The lack of activists, IFA supporting recommendations, and no competing offer suggest a done deal. At the last close, the gross spread was 2.8%.

Arun George

Growth Names in Asia You Probably Have Not Heard About but Can Invest In....

We screened for growth names in Asia that have little to no coverage but still trade enough that you could potentially invest. If you can trade...

Custom Products Group

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