IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Clover Biopharmaceuticals / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (2197 HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p></div><div><p>Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. </p></div><div><p>Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.</p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/clover-biopharmaceuticals-ipo-needling" target="_blank" data-smartkarma-citation="insights:59421" rel="noopener">Clover Biopharmaceuticals IPO: Needling</a>, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  </p></div></div>

Clover Biopharmaceuticals (2197 HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover has launched an HKEx IPO to raise net proceeds of HK$1,837.2 million ($236 million) at the mid-point of the IPO price range of HK$12.80-13.50 per share. Nine cornerstone investors have agreed to invest about $138.5 million in the IPO (54.6% of the offer shares at the mid-point of the IPO price range). Four out of the nine cornerstones are existing investors. They are Hillhouse, Orbimed, Temasek and Oceanpine Capital. The five cornerstones which are not existing shareholders are Rock Springs Capital, Athos Capital, Springhill Fund, Superstring Capital and Toroa.In Clover Biopharmaceuticals IPO: Needling, we stated that while there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. We concluded that Clover is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive.  

Clover Biopharmaceuticals IPO: Valuation Insights

<p><a href="https://www.smartkarma.com/entities/clover-biopharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:33029:1" rel="noopener">Clover Biopharmaceuticals (CBL HK)</a> is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. </p><p>Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. </p><div class="content-highlight"><p>While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. </p></div>

Clover Biopharmaceuticals (CBL HK) is a global clinical-stage biotechnology company dedicated to developing novel vaccines and biologic therapeutic candidates for infectious diseases as well as cancer and autoimmune diseases. The two core products are SCB-2019 (CpG 1018/Alum) and SCB-808. SCB-2019 (CpG 1018/Alum) is a protein-based COVID-19 vaccine candidate which may be commercially launched as early as year-end 2021. SCB-808 is a potentially differentiated Enbrel (etanercept) biosimilar. Clover is pre-marketing an HKEx IPO to raise proceeds of $300 million, according to press reports. Clover has a credible management team with a commendable track record in drug discovery and commercialization. Clover also has several blue-chip backers such as Hillhouse, Temasek, Lapam Capital, Delos Capital, Qianhai FoF, Oceanpine Capital, Betta Capital and OrbiMed. While there are numerous COVID-19 vaccine candidates, SCB-2019 (CpG 1018/Alum) is one of the select COVID-19 vaccine candidates to have received grant funding of up to $360.5 million from Coalition for Epidemic Preparedness Innovations (CEPI). Clover has also secured an advanced purchase agreement to supply up to 414 million SCB-2019 vaccine doses (of which 65 million are committed doses) to the COVAX Facility for global allocation. Overall, we believe that Clover is worth a closer look. 

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<p>Low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator <a href="https://www.smartkarma.com/entities/bangkok-expressway-and-metro-68c0c1b3-af0c-4380-a380-f3dc7ba5d5ac" target="_blank" data-smartkarma-citation="entities:22849:1" rel="noopener">Bangkok Expressway and Metro (BEM TB)</a> . On one hand, the low ridership presents room for improvement which means recovery of net income, therefore, a lower forward PE multiple. On the other hand, the reopening is yet to happen and how much is the increase in ridership is unclear. </p>
<p>With the reopening date is set, coming back to school, and the support from the Thai government to jump-start the tourism sector by having a grandiose New Year celebration with no less than sending an invite to the world-renown Andrea Bocelli to perform,  the mass transport ridership is set to increase from both the domestic reopening as well as from the increase in tourists arrival.</p>
<p>Compared to <a href="https://www.smartkarma.com/entities/airports-of-thailand-pcl" target="_blank" data-smartkarma-citation="entities:239:1" rel="noopener">Airports of Thailand (AOT TB)</a> which trades at 8x book value, BEM (at 3.6x book value) does not look expensive.  BEM'share price is trailing behind <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-index" target="_blank" data-smartkarma-citation="entities:22915:1" rel="noopener">Thailand SET Index (SET INDEX)</a> in the recovery from COVID-19.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/236/285/original/image_21721413921634706788909.png?1634706789" class="editor-image img-responsive" data-smartkarma-image-id="236285"></figure>
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<div class="content-remarks">
<p>source: Reuters</p>
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Low ridership and reopening have presented a dilemma to investors whether it is time to start building positions in the mass transport operator Bangkok Expressway and Metro (BEM TB) . On one hand, the low ridership presents room for improvement which means recovery of net income, therefore, a lower forward PE multiple. On the other hand, the reopening is yet to happen and how much is the increase in ridership is unclear. 
With the reopening date is set, coming back to school, and the support from the Thai government to jump-start the tourism sector by having a grandiose New Year celebration with no less than sending an invite to the world-renown Andrea Bocelli to perform,  the mass transport ridership is set to increase from both the domestic reopening as well as from the increase in tourists arrival.
Compared to Airports of Thailand (AOT TB) which trades at 8x book value, BEM (at 3.6x book value) does not look expensive.  BEM'share price is trailing behind Thailand SET Index (SET INDEX) in the recovery from COVID-19.



source: Reuters


Bangkok Expressway (BEM): Ridership Increase

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<p>On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 17 September.</p><p>There are 3 inclusion -  <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> and <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, while the exclusions are <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a> and <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a>.</p><p>There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.</p><p>The stocks with the largest impact from passive buying are <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a>, <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, UniqureNV (QURE US) and <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a>.</p><p>The stocks with the largest impact from passive selling are <a href="https://www.smartkarma.com/entities/united-insurance-holdings-corp" target="_blank" data-smartkarma-citation="entities:19222:1" rel="noopener">United Insurance Holdings (UIHC US)</a>, <a href="https://www.smartkarma.com/entities/team-inc" target="_blank" data-smartkarma-citation="entities:6811:1" rel="noopener">Team Inc (TISI US)</a>, <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> and <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a>.</p><p>There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.</p>

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 17 September.There are 3 inclusion -  Match Group Inc (MTCH US), Ceridian HCM Holding Inc (CDAY US) and Brown &amp; Brown (BRO US), while the exclusions are Unum Group (UNM US), National Oilwell Varco (NOV US) and Perrigo Co Plc (PRGO US).There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are Match Group Inc (MTCH US), Tandem Diabetes Care (TNDM US), Brown &amp; Brown (BRO US), UniqureNV (QURE US) and Ceridian HCM Holding Inc (CDAY US).The stocks with the largest impact from passive selling are United Insurance Holdings (UIHC US), Team Inc (TISI US), Unum Group (UNM US), Perrigo Co Plc (PRGO US) and National Oilwell Varco (NOV US).There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

S&P500 Index Rebalance: Swiping Right on Match

<p>Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. </p>
<p>At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?</p>
<div class="content-highlight">
<p>For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a> provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. </p>
</div>

Crowds at the workplace have started to come back, and vaccination centers are empty, both indicating that the vaccination drive has reached its peak and while outbreak cases are springing up, the Multi Ministry Task Force of the Singapore government has not issued a cautious note for a lockdown again or preference to work-from-home. 
At SGD 1.6/share, Comfortdelgro's share price is still 20% away from the lows in 2018 and 37% away from the pre-COVID-19 level. The recent earnings indicated that it has reached slightly more than 50% of the pre-COVID-19 level and with the reopening on scheduled, it is almost certain that the company's net earnings can go back to the pre-COVID-19 level. The bigger question is when- will it be another quarter or another half year?

For the long term, bargain hunters long-term investors, and at the risk of sounding like a broken record, Comfortdelgro Corp (CD SP) provides the best exposure for ground transport reopening theme especially when Singapore's vaccination rate is one of the highest globally. 


United States

Moderna, Inc. operates as a biotechnology company. The Company focuses on the discovery and development of messenger RNA therapeutics and vaccines. Moderna develops mRNA medicines for infectious, immuno-oncology, and cardiovascular diseases.

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Moderna (MRNA US)

Clover Biopharmaceuticals IPO: Valuation Insights

Clover has launched an IPO to raise net proceeds of $236m at the mid-point of the price range of HK$12.80-13.50 per share. Our valuation analysis...

Arun George

Clover Biopharmaceuticals IPO: Needling

Clover is pre-marketing an HKEx IPO to raise proceeds of $300 m. SCB-2019 (CpG 1018/Alum) is a COVID-19 vaccine candidate which was secured CEPI...

Arun George

Bangkok Expressway (BEM): Ridership Increase

the reopening date is set, and with the support from the Thai government to jump-start the tourism sector, the MRT ridership is set to increase....

Henry Soediarko

S&P500 Index Rebalance: Swiping Right on Match

There are 3 changes to the S&P500 that will be implemented at the close on 17 Sep. There are changes to the S&P400 & S&P600 as well. There will be...

Brian Freitas

Comfortdelgro (CD): On-The-Ground Survey

it is almost certain that the company's net earnings can go back to pre-COVID-19 level; the question is when? Will it take another quarter or...

Henry Soediarko

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