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 Hong Kong Connect flows with our data engine for holding position as of June 7th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of June 7th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.


Hong Kong Connect Flows (Jun 7th): China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of May 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation, Petrochina.


Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 23rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the weekly Hong Kong Connect flows for CNOOC, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 23rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the weekly Hong Kong Connect flows for CNOOC, China Mobile.


Hong Kong Connect Flows (Feb 23rd): CNOOC, China Mobile

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home (6690 HK)</a>'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. </li>
<li>With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. </li>
<li>The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. </li>
</ul>



Haier Smart Home (6690 HK)'s acquisition of Carrier commercial refrigeration business is earnings accretive. It will also be strategically positive to its growth outlook. 
With net cash of Rmb17.3bn, HSH has no problem funding the deal internally. Instead of earning a single-digit return on cash, the business' 9% earnings yield is attractive. 
The transaction will extend HSH's application scenarios from household to commercial while elevating its competitiveness in Europe and allowing it to capture the B-end customers. 


Haier Smart Home (6690 HK): Further Expansion of Footprint

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight the flows for Tencent, China Mobile and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of November 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight the flows for Tencent, China Mobile and CNOOC.


Hong Kong Connect Flows (Nov 10th): Tencent, China Mobile, CNOOC

United States

Beazer Homes USA, Inc. designs, builds, and sells single family homes in the Southeast, Southwest, and South Central regions of the United States.  The Company's homes are designed to appeal to entry-level and first move-up home buyers.

The Lovesac Company retails home furnishing products. The Company offers alternative furniture store, sectionals, bean bags, bean bag chairs, as well as other accessories such as blankets, footsacs, and throw pillows. Lovesac serves customers in the State of Connecticut.

iRobot Corporation manufactures robots that vacuum and wash floors and perform battlefield reconnaissance and bomb disposal. The Company markets its products to consumers through retailers, the United States military, and other government agencies worldwide.

Hovnanian Enterprises, Inc. designs, constructs, and markets single-family homes, townhomes, and condominiums in planned residential communities. The Company operates in the states of New Jersey, North Carolina, Pennsylvania, Virginia, Maryland, New York, California, Texas, Tennessee, Alabama, and Mississippi, and in Poland. Hovnanian also provides mortgages to its homebuyers.

NACCO Industries, Inc. is an operating holding company. The Company's subsidiaries operate in coal mining and marketing, small electric household appliances, commercial products for restaurants, bars and hotels, and specialty retail of kitchenware and gourmet foods.

Hamilton Beach Brands Holding Company operates as a holding company. The Company, through its subsidiaries, markets and designs electric household and specialty house wares appliances, as well as commercial products for restaurants, bars, and hotels. Hamilton Beach Brands Holding serves consumers, commercial, and retail sectors in the United States.

Lifetime Brands, Inc. designs, markets, and distributes household cutlery, kitchenware, cutting boards, and bakeware.  The Company markets its products under its own tradenames and licensed tradenames.  Lifetime Brand's products are distributed through retailers in the United States.

Flexsteel Industries, Inc. manufactures and sells wooden and upholstered furniture for the retail, contract, and recreational vehicle (RV) furniture markets. The Company's products are sold to furniture dealers, department stores, and RV manufacturers throughout the United States. Flexsteel also sells its products to several national chains that sell on a private label basis.

Universal Electronics Inc. manufactures and markets preprogrammed universal wireless remote controls, wireless keyboards, and gaming controls principally for home video and audio entertainment equipment. The Company sells and licenses its devices and proprietary technologies worldwide to OEM's, private label manufacturers and companies involved in the cable and satellite industries.

Hooker Furniture Corporation manufactures and imports residential furniture, primarily targeted at the upper-medium price range.  The Company's products include home office furniture, entertainment centers, imported occasional furniture, and bedroom and wall systems.  Hooker sells its products to furniture retailers, catalog merchandisers, and national and regional chain stores.

Q TECHNOLOGY (GROUP) Company Limited is a PRC-based camera module manufacturer focusing on mid-to-high end camera module market for Chinese branded smartphone, tablet and PC manufacturers.

Jiangsu Tongrun Equipment Technology Co., Ltd. manufactures tool cabinets, steel furniture, other sheet metal products and sheet metal machines.

Miyakoshi Holdings, Inc. operates as a holding company. The company, through its subsidiaries, manufactures, markets, and sells audio & visual equipment. Its products include TVs, DVD players, and multimedia players. The Company is also engaged in the wholesale of pharmaceutical and medical equipment products.

Shenzhen New Nanshan Holding Group Co., Ltd manufactures and designs pre-fabricated houses, products include construction sites offices and houses, special houses for energy or mining projects, urban municipal settlement houses, houses for municipal, tourism, sports exhibition and large commercial activities, and houses for military uses.

Whirlpool China Co Ltd manufactures and markets washing machines and microwave ovens.

Hume Industries Bhd produces medium to high-end wooden furniture and focuses on woodworking and finishing of furniture, most of which is exported.

Nagawa Co. Ltd. manufactures, sells, and rents prefabricated offices and stores. The Company builds prefabricated storage sheds. Nagawa also sells construction machinery and construction materials.

Vatti Corporation Ltd. manufactures and markets household appliances. The Company's products include gas stoves, kitchen ventilators and water heater.

ES-CON JAPAN Ltd. plans and organizes apartment construction works in Osaka and Kyoto area.  The Company also provides real estate consulting services for land owners and developers.

Borosil Renewables Limited manufactures glass products. The Company offers industrial, pharmaceutical, and volumetric glassware products. Borosil Renewables offers bottles, burette, pipettes, flasks, condensers, ground joints, extractors, and other related products.

JS Global Lifestyle Company Limited provides household appliances. The Company offers pressure and induction cookers, air fryers, countertop grills, upright and robotic  vacuums, water purifier, ventilator, thermos, and other related products. JS Global Lifestyle serves customers worldwide.

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JS Global Lifestyle (1691 HK)

Hong Kong Connect Flows (Jun 7th): China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 23rd): CNOOC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted the weekly flows for CNOOC, China Mobile.

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK): Further Expansion of Footprint

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Hong Kong Connect Flows (Nov 10th): Tencent, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Mobile and CNOOC.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hong Kong Connect Flows (Jun 7th): China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for China Mobile, Tencent, BOC, China Hongqiao, Yankuang Energy.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (May 31st): BOC, CNOOC, ABC, Xiaomi, Petrochina

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for BOC, CNOOC, Agricultural Bank Of China, Xiaomi Corporation,...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Feb 23rd): CNOOC, China Mobile

We analyzed southbound Hong Kong connect flows in the past week and highlighted the weekly flows for CNOOC, China Mobile.

Ke Yan, CFA, FRM

Haier Smart Home (6690 HK): Further Expansion of Footprint

​Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...

Osbert Tang, CFA

Hong Kong Connect Flows (Nov 10th): Tencent, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Tencent, China Mobile and CNOOC.

Ke Yan, CFA, FRM

Haier Smart Home's acquisition of Carrier's commercial refrigeration business is financially beneficial and strategically advantageous, expanding...