Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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Equity Capital Markets

Lee & Man Paper Manufacturing / Equity Capital Markets

Nippon Paper (via Dyna Wave Holdings Asia) is placing 201 million shares of Lee &amp; Man in a clean up trade at discount of 6.1 to 10% to last traded price on Friday.&nbsp;<ul><li>Despite&nbsp;favorable thematic&nbsp;trend of Chinese government's&nbsp;closing down of small polluting paper mills, Nippon Paper is exiting its position after 5 years. We think it suggest that Nippon Paper is taking negative view on the industry. We also note that the company has not managed to grow earnings in the past 4 years.&nbsp;</li><li>We placed Lee &amp; Man into our Smartkarma Placement framework and it scores below our borderline for. Thus we are not taking the deal for both momentum/liquidity strategy and value/longterm strategy.&nbsp;</li></ul>

Nippon Paper (via Dyna Wave Holdings Asia) is placing 201 million shares of Lee &amp; Man in a clean up trade at discount of 6.1 to 10% to last traded price on Friday.&nbsp;Despite&nbsp;favorable thematic&nbsp;trend of Chinese government's&nbsp;closing down of small polluting paper mills, Nippon Paper is exiting its position after 5 years. We think it suggest that Nippon Paper is taking negative view on the industry. We also note that the company has not managed to grow earnings in the past 4 years.&nbsp;We placed Lee &amp; Man into our Smartkarma Placement framework and it scores below our borderline for. Thus we are not taking the deal for both momentum/liquidity strategy and value/longterm strategy.&nbsp;

Placement: Nippon Paper's clean up trade, exiting China paper mills?

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

Thematic (Sector/Industry)

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;<div><ul><li>I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; </li><li>I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; </li><li>Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; </li><li>Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;</li></ul><blockquote>My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;</blockquote></div>

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

Hong Kong

Lee & Man Paper Manufacturing Limited, through its subsidiaries, produces linerboard and corrugating medium.  The Company's linerboard and corrugating medium are divided into a range of grades with different specifications customized for different industrial and consumer packaging purposes.

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Lee & Man Paper Manufacturing (2314 HK)

Placement: Nippon Paper's clean up trade, exiting China paper mills?

Nippon Paper (via Dyna Wave Holdings Asia) is placing 201 million shares of Lee & Man in a clean up trade at discount of 6.1 to 10% to last...

Ke Yan, CFA, FRM

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. I discuss Long Term trends...

Pawan Sachdeva

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)