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 Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.</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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of May 2nd which has an aggregated short interest worth USD0.3bn.
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 Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl.


Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

<ul>
<li>We analyzed the changes in short interest of Bursa stocks as of Apr 25th which has an aggregated short interest worth USD0.3bn.</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 Tenaga Nasional, Mr DIY, Genting, Dialog, Top Glove.</li>
</ul>


We analyzed the changes in short interest of Bursa stocks as of Apr 25th which has an aggregated short interest worth USD0.3bn.
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 Tenaga Nasional, Mr DIY, Genting, Dialog, Top Glove.


Bursa Short Interest Weekly (Apr 25th): Tenaga Nasional, Mr DIY, Genting, Dialog

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.</li><li>It is also the lowest level since 2021. The full-year CPO price averaged at RM4,250/mt compared to 2023’s RM3,832/mt and it was also slightly higher than our forecast of RM4,100/mt.</li><li>Meanwhile, the CPO price had a short-lived run-up in recent months as it reached a high of RM5,181/mt before retreating to the current level of RM4,632/mt. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.It is also the lowest level since 2021. The full-year CPO price averaged at RM4,250/mt compared to 2023’s RM3,832/mt and it was also slightly higher than our forecast of RM4,100/mt.Meanwhile, the CPO price had a short-lived run-up in recent months as it reached a high of RM5,181/mt before retreating to the current level of RM4,632/mt. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PLANTATIONS - Ending the Year at Low Inventory Level

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Taisho Pharmaceutical Holdin / Event-Driven

<ul>
<li>For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.</li>
<li>The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).</li>
<li>This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of November 2023, 16 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$13bn.
The average premium for the new deals announced (or first discussed) in November was 41%. The average YTD is 38% (97 deals).
This compares to the average premium for all deals in 2022 (106 deals), 2021 (165 deals), 2020 (158 deals), and 2019 (145 deals) of 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> is massively net cash. And it's ofloading <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>. Though we don't know what the future holds, Pasona is the wrong price.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> controlling shreholder announced it intends to increase it stake. And it's been in the market almost everry day since the interims. </li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> announced its rights offering. It's at a long-term low price, and about to earn a long-term high net income, and have a long-term high payout ratio</li>
</ul>



Pasona Group (2168 JP) is massively net cash. And it's ofloading Benefit One Inc (2412 JP). Though we don't know what the future holds, Pasona is the wrong price.

ENN Energy (2688 HK) controlling shreholder announced it intends to increase it stake. And it's been in the market almost everry day since the interims. 

Zhejiang Expressway (576 HK) announced its rights offering. It's at a long-term low price, and about to earn a long-term high net income, and have a long-term high payout ratio


Last Week in Event SPACE: Zhejiang, Pasona, ENN Energy, Asahi Group, Azure Minerals

Malaysia

Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber, and cocoa on its plantations. Through its subsidiaries, the Company mills and refines oil palm products, cultivates ramie, and manufactures oleochemicals, soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala Lumpur Kepong also develops properties and operates holiday bungalows.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kuala Lumpur Kepong (KLK MK)

Bursa Short Interest Weekly (May 2nd): Ctos Digital, Eco World Develop, Berjaya, Drb - Hicom, Ytl

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Ctos Digital, Eco World Develop,...

Ke Yan, CFA, FRM

Bursa Short Interest Weekly (Apr 25th): Tenaga Nasional, Mr DIY, Genting, Dialog

We analyzed Bursa Malaysia short interest report for the past week and highlighted short interest changes in Tenaga Nasional, Mr DIY, Genting,...

Ke Yan, CFA, FRM

PLANTATIONS - Ending the Year at Low Inventory Level

Malaysia’s palm oil inventory ended 2024 with a low inventory level at 1.7m mt as exports recorded robust growth while production growth moderated.

Public Investment Bank Bhd

(Mostly) Asia M&A, Nov 2023: Taisho Pharma, CIMC Vehicle, CMIC, Japan Best Rescue, Shidax

For the month of November, 16 new deals were discussed on Smartkarma with an overall deal size of ~US$13bn. The average premium for the new deals...

David Blennerhassett

Last Week in Event SPACE: Zhejiang, Pasona, ENN Energy, Asahi Group, Azure Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)