Alpha-Centric ESG Research

Kyle Rudden

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see <a href="https://www.smartkarma.com/insights/biden-covid-19-response-plan-overview-of-its-inherent-investment-themes" target="_blank" data-smartkarma-citation="insights:45631" rel="noopener">Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes</a>). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:<ol>
<li>
Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.</li>
<li>
Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.</li>
<li>
Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.</li>
</ol>

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:

Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.

Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.

Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.


Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 29/Nov, US crude inventories fell by 5.1m barrels, beating expectations of a 1.6m barrel decrease. However, gasoline and distillate stocks rose more than expected.</li>
<li>US natural gas inventories fell by 30 Bcf for the week ending 29/Nov. Inventories are 7.8% above the 5-year seasonal average.</li>
<li>UBS raised its 12-month price target on Chevron. Shell and Equinor plan to merge their UK offshore oil and gas assets to create a new company.</li>
</ul>


For the week ending 29/Nov, US crude inventories fell by 5.1m barrels, beating expectations of a 1.6m barrel decrease. However, gasoline and distillate stocks rose more than expected.
US natural gas inventories fell by 30 Bcf for the week ending 29/Nov. Inventories are 7.8% above the 5-year seasonal average.
UBS raised its 12-month price target on Chevron. Shell and Equinor plan to merge their UK offshore oil and gas assets to create a new company.


[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

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.

Equity Capital Markets

INOX India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on 21st Dec 2023.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


Inox India IPO Trading - Hot Demand for Cryogenics

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise up to US$175m in its Indian IPO.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.


Inox India IPO - Offering Access to a Niche Sector

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.</li>
<li>As it stands, I see 6 ADDs/DELs for the STOXX Europe 600 index and 3 ADDs and 2 DELs for the Euro STOXX Index in March 2023.</li>
<li>There are several names requiring a small price change to trigger more constituent changes and with few more days left to the reference date, a lot can change.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the STOXX Europe 600 and EURO STOXX Indices for the March 2023 Rebalance.
As it stands, I see 6 ADDs/DELs for the STOXX Europe 600 index and 3 ADDs and 2 DELs for the Euro STOXX Index in March 2023.
There are several names requiring a small price change to trigger more constituent changes and with few more days left to the reference date, a lot can change.


Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

Germany

Linde AG is a gases and engineering company. The Gases Division offers a wide range of industrial and medical gases mainly used in energy sector, steel production, chemical processing, as well as in food processing. The Engineering Division develops olefin plants, natural gas plants and air separation plants, as well as hydrogen and synthesis gas plants.

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Linde AG (LIN GR)

Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...

Mint Finance

Inox India IPO Trading - Hot Demand for Cryogenics

INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on...

Ethan Aw

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

I expect Linde AG (LIN GR) to be replaced by Sinch (SINCH SS) in the STOXX Europe 600 index at the end of February 2023 (before the March 2023...

Janaghan Jeyakumar, CFA

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52-week Range

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Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

​US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...

Mint Finance

Inox India IPO Trading - Hot Demand for Cryogenics

INOX India Limited (INOX IN) raised around US$175m in its Indian IPO, after pricing the deal at INR660/share. It will begin trading tomorrow on...

Ethan Aw

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

Quiddity Leaderboard SE600 Mar 23: Linde Deletion and 6 Regular ADDs/DELs

I expect Linde AG (LIN GR) to be replaced by Sinch (SINCH SS) in the STOXX Europe 600 index at the end of February 2023 (before the March 2023...

Janaghan Jeyakumar, CFA

US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...