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 February 9th.</li>
<li>We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.</li>
<li>We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 9th.
We estimate the weekly inflows to be US$2,110.3 million, led by financials, consumer staples, industrials sectors, and offset by health care.
We highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL, Foxconn Industrial Internet.


Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jan 26th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba, Jd, Kuaishou, Link Reit.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jan 26th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba, Jd, Kuaishou, Link Reit.


HK Short Interest Weekly: Baba, Jd, Kuaishou, Link Reit

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There may be overly optimistic expectations for BOC HK's credit costs, which have been relatively benign for many years. </li>
<li>Worsening economic developments in Hong Kong and China suggest that BOC HK will show a dramatic deterioration in credit metrics in coming interim results. </li>
<li>Loan growth in Hong Kong is now hitting zero and funding cost growth has been extravagant, making for a poor combination to net interest income. </li>
</ul>


There may be overly optimistic expectations for BOC HK's credit costs, which have been relatively benign for many years. 
Worsening economic developments in Hong Kong and China suggest that BOC HK will show a dramatic deterioration in credit metrics in coming interim results. 
Loan growth in Hong Kong is now hitting zero and funding cost growth has been extravagant, making for a poor combination to net interest income. 


BOC HK - Credit Costs Have Flat Lined for Years, a Blow Out in 2H23 or 1H24 Can Be a Shock

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 26th.</li>
<li>We estimate the weekly inflows to be US$1,818.4 million, led by financials, utilities, information technology sectors, and offset by communication services, energy.</li>
<li>We highlight flows for CMB, China Yangtze Power, Zhongji Innolight, Centre Testing International, Agricultural Bank Of China, China State Construction Engineering, Petrochina, Tcl Zhonghuan Renewable Energy Technology, Ja Solar Technology.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of January 26th.
We estimate the weekly inflows to be US$1,818.4 million, led by financials, utilities, information technology sectors, and offset by communication services, energy.
We highlight flows for CMB, China Yangtze Power, Zhongji Innolight, Centre Testing International, Agricultural Bank Of China, China State Construction Engineering, Petrochina, Tcl Zhonghuan Renewable Energy Technology, Ja Solar Technology.


Northbound Flows (Jan 26th): CMB, China Yangtze Power, Zhongji Innolight, Petrochina

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 128.5% as of Jan 26th.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by energy, industrials, health care and offset by real estate, communication services, information technology.</li>
<li>We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering, Tianqi Lithium Corporation.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 128.5% as of Jan 26th.
The average A-H premium changed by -0.6ppt week-on-week, led by energy, industrials, health care and offset by real estate, communication services, information technology.
We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering, Tianqi Lithium Corporation.


A-H Premium Weekly (Jan 26th): Haier Smart, China Tourism, Conch Cement, Tsingtao Brew, GWM

China

Industrial and Commercial Bank of China Limited provides banking services. The Company offers deposits, loans, fund underwriting, foreign currency settlement, and other services. Industrial and Commercial Bank of China provides its services to individuals, enterprises, and other clients.

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ICBC (H) (1398 HK)

Northbound Flows (Feb 9th): Moutai, Boe Technology, Wuxi Apptec, Wanhua Chemical, CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Boe Technology, Wuxi Apptec, Wanhua...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Baba, Jd, Kuaishou, Link Reit

We analyzed the latest HK SFC report for aggregate short position as of Jan 26th and highlight short interest changes in Baba, Jd, Kuaishou, Link...

Ke Yan, CFA, FRM

BOC HK - Credit Costs Have Flat Lined for Years, a Blow Out in 2H23 or 1H24 Can Be a Shock

BOC HK has seen credit costs flat line for some years, possibly making it appear as though this bank does not experience credit cycles. Long term...

Daniel Tabbush

Northbound Flows (Jan 26th): CMB, China Yangtze Power, Zhongji Innolight, Petrochina

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CMB, China Yangtze Power, Zhongji Innolight, Centre...

Ke Yan, CFA, FRM

A-H Premium Weekly (Jan 26th): Haier Smart, China Tourism, Conch Cement, Tsingtao Brew, GWM

We highlight weekly changes in A-H premium for Haier Smart Home, China Tourism, Conch Cement, Tsingtao Brew, Gwmotor, China Energy Engineering,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)