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>Bloomberg reports that CGN, the parent and largest shareholder, is reconsidering taking <a href="https://www.smartkarma.com/entities/cgn-new-energy-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:4295:1" rel="noopener">CGN New Energy Holdings (1811 HK)</a> private. </li>
<li>CGN New Energy shares have underperformed the median peer's shares since the announcement of CGN's previous aborted privatisation attempt (2 March 2020) and on the last twelve-month basis.</li>
<li>The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer range of HK$2.80-4.30.</li>
</ul>


Bloomberg reports that CGN, the parent and largest shareholder, is reconsidering taking CGN New Energy Holdings (1811 HK) private. 
CGN New Energy shares have underperformed the median peer's shares since the announcement of CGN's previous aborted privatisation attempt (2 March 2020) and on the last twelve-month basis.
The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer range of HK$2.80-4.30.


CGN New Energy (1811 HK): Evaluating a Potential Privatisation

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Shanghai Electric Group Company / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by marketcap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500. There is subjectivity.</li>
<li>Here we look at potential ADDs/DELs for the CSI 300/500 rebalance in June 2024. With 93% of time passed, I expect 11 changes for CSI300, 50 for CSI 500. </li>
<li>Some names have changed since my last insight, but the long/short trades recommended eight weeks ago gained 11.26% since. We make small changes this time.</li>
</ul>


CSI 300 represents the 300 largest stocks by marketcap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500. There is subjectivity.
Here we look at potential ADDs/DELs for the CSI 300/500 rebalance in June 2024. With 93% of time passed, I expect 11 changes for CSI300, 50 for CSI 500. 
Some names have changed since my last insight, but the long/short trades recommended eight weeks ago gained 11.26% since. We make small changes this time.


Quiddity Leaderboard CSI 300/​​500 Jun 24: SHORTs Down 11% Vs Index Since Mid-Feb; Change the Hedge

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

China Power International / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-power-international" target="_blank" data-smartkarma-citation="entities:15548:1" rel="noopener">China Power International (2380 HK)</a>'s earnings should accelerate in FY24, and rebound in hydropower is a key driver. Hydropower generation surged 84.3% YoY in 2M24.</li>
<li>The 9.3GW of capacity acquired in Oct will provide first full-year contribution in FY24. Better economics for coal-fired plants will add to profit momentum.</li>
<li>The 6pp increase in dividend payout signals management's positive view in the outlook, and the Chairman is explicitly confident in good FY24 profit growth. </li>
</ul>



China Power International (2380 HK)'s earnings should accelerate in FY24, and rebound in hydropower is a key driver. Hydropower generation surged 84.3% YoY in 2M24.
The 9.3GW of capacity acquired in Oct will provide first full-year contribution in FY24. Better economics for coal-fired plants will add to profit momentum.
The 6pp increase in dividend payout signals management's positive view in the outlook, and the Chairman is explicitly confident in good FY24 profit growth. 


China Power International (2380 HK): Powering Forward

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 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.</li>
<li>The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.</li>
<li>We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 124.6% as of Mar 22nd.
The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, utilities and offset by financials, health care.
We highlight weekly changes in A-H premium for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan, Hua Hong Semi.


A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 15th.</li>
<li>The average A-H premium changed by -0.1ppt week-on-week, led by communication services, utilities, energy and offset by consumer staples, real estate, health care.</li>
<li>We highlight weekly changes in A-H premium for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 123.2% as of Mar 15th.
The average A-H premium changed by -0.1ppt week-on-week, led by communication services, utilities, energy and offset by consumer staples, real estate, health care.
We highlight weekly changes in A-H premium for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power.


A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

China

Huadian Power International Corporation Limited generates and sells electricity which is all fed into the Shandong Provincial Grid operated by Shandong Electric Power (Group) Corporation (SEPCO), the immediate holding company of the Company.  The Company also sells heat.

Price Gauge
52-week Range	0.00 - 0.00
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Huadian Power Intl Corp H (1071 HK)

CGN New Energy (1811 HK): Evaluating a Potential Privatisation

The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer...

Arun George

Quiddity Leaderboard CSI 300/500 Jun 24: SHORTs Down 11% Vs Index Since Mid-Feb; Change the Hedge

I estimate one-way flows of US$1.45bn for the CSI 300 rebalance and US$2.35bn for the CSI 500 rebalance in June 2024. These estimates could still...

Janaghan Jeyakumar, CFA

China Power International (2380 HK): Powering Forward

China Power Intl is set for earnings acceleration in FY24, driven by rebounding hydropower generation and increased capacity acquisition, with...

Osbert Tang, CFA

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CGN New Energy (1811 HK): Evaluating a Potential Privatisation

The probability of an offer is high as CGN, an SOE has access to financing, and CGN New Energy’s valuation is low. We estimate a potential offer...

Arun George

Quiddity Leaderboard CSI 300/​​500 Jun 24: SHORTs Down 11% Vs Index Since Mid-Feb; Change the Hedge

I estimate one-way flows of US$1.45bn for the CSI 300 rebalance and US$2.35bn for the CSI 500 rebalance in June 2024. These estimates could still...

Janaghan Jeyakumar, CFA

China Power International (2380 HK): Powering Forward

​China Power Intl is set for earnings acceleration in FY24, driven by rebounding hydropower generation and increased capacity acquisition, with...

Osbert Tang, CFA

A-H Premium Weekly (Mar 22nd): ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai Fudan

We analyzed A-H premium changes in the past week and highlight A-H premium changes for ZTE, CRCC Times Electric, Air China, Longyuan, Shanghai...

Ke Yan, CFA, FRM

A-H Premium Weekly (Mar 15th): Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina, CGN Power

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Air China, QHD Port, Datang Intl, Wuxi Apptec, PetroChina,...

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/500 Jun 24: SHORTs Down 11% Vs Index Since Mid-Feb; Change the Hedge

China Power Intl is set for earnings acceleration in FY24, driven by rebounding hydropower generation and increased capacity acquisition, with...