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

Lotus Pharmaceutical / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)'s</a> majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.</li>
<li>The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap. </li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Lotus Pharmaceutical (1795 TT)'s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated secondary block offering.
The deal is a small one to digest at only 2.4 days of three month ADV, despite being about 8.7% of current mcap. 
In this note, we will talk about the placement and run the deal through our ECM framework.


Lotus Pharmaceutical Placement - Sound Fundamentals but Doesn’t Seem Well Flagged

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.</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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 26th which has an aggregated short interest worth USD14.1bn.
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 Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip, Genius Elec, Nan Ya Printed, Lotus, Silergy.


TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.</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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of May 19th which has an aggregated short interest worth USD13.8bn.
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 Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial, Giant Manufacture.


TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

<ul>
<li>We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.</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 Evergreen Marine, Unimicron Tech, Novatek.</li>
</ul>


We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.
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 Evergreen Marine, Unimicron Tech, Novatek.


TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lotus-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:20568:1" rel="noopener">Lotus Pharmaceutical (1795 TT)</a> ended 2022 on a strong note. Full-year 2022 revenue grew 15.7% YoY to NT$14.6B. 2022 was the third consecutive year that Lotus achieved double-digit annual growth.</li>
<li>The export markets outside of Asia grew 28% YoY, largely contributed by the launch of multiple myeloma drug lenalidomide in a number of markets around the world, including the U.S.</li>
<li>In December, Lotus took over the Eli Lily’s Alimta business in Taiwan for $62M. Alimta is a first-line treatment for NSCLC with high brand loyalty.</li>
</ul>



Lotus Pharmaceutical (1795 TT) ended 2022 on a strong note. Full-year 2022 revenue grew 15.7% YoY to NT$14.6B. 2022 was the third consecutive year that Lotus achieved double-digit annual growth.
The export markets outside of Asia grew 28% YoY, largely contributed by the launch of multiple myeloma drug lenalidomide in a number of markets around the world, including the U.S.
In December, Lotus took over the Eli Lily’s Alimta business in Taiwan for $62M. Alimta is a first-line treatment for NSCLC with high brand loyalty.


Lotus Pharmaceutical (1795 TT): 2022 Ends with Mid-Teen Revenue Growth; Further Steam Still Left

Taiwan

Lotus Pharmaceutical Co., Ltd. manufactures and distributes oral medicine, ointment and injection medicine.

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Lotus Pharmaceutical (1795 TT)

Lotus Pharmaceutical Placement - Sound Fundamentals but Doesn’t Seem Well Flagged

Lotus Pharmaceutical (1795 TT)'s majority shareholder, Alvogen Emerging Markets Holdings (AEMH), aims to raise up to US$247m through an affiliated...

Ethan Aw

TWSE Short Interest Weekly (May 26th): Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global Unichip

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Yageo, Chunghwa Telecom, Wiwynn, Global...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (May 19th): Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay Financial

We analyzed TWSE short interest report for the past week and highlight short interest changes in Wistron, Lotus, Yageo, Mediatek, Tatung, Cathay...

Ke Yan, CFA, FRM

TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

We analyzed TWSE short interest report for the past week and highlight short interest changes in Evergreen Marine, Unimicron Tech, Novatek.

Ke Yan, CFA, FRM

Lotus Pharmaceutical (1795 TT): 2022 Ends with Mid-Teen Revenue Growth; Further Steam Still Left

Driven by lenalidomide launch in US, 2022 revenue grew 16%, marking 3rd consecutive year of double-digit growth. New product introduction and...

Tina Banerjee

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