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 analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 28th.</li>
<li>We estimate the weekly inflows to be US$5,187.1 million, led by financials, consumer staples, industrials sectors, and offset by information technology.</li>
<li>We highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An Insurance, Haitian Flavouring, LUxshare, BOE.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of July 28th.
We estimate the weekly inflows to be US$5,187.1 million, led by financials, consumer staples, industrials sectors, and offset by information technology.
We highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An Insurance, Haitian Flavouring, LUxshare, BOE.


Northbound Flows (Jul 28th): $5.2bn Inflows

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

Industrial Bank Co Ltd A / Equity Bottom-Up

<ul>
<li>In this China banks screener; we focus on the potential for increased credit quality headwinds going forward, given the weak GDP growth outlook</li>
<li>China bank shares have been poor performers and still we see selective buy opportunities, with better credit quality metrics</li>
<li>We favour Industrial Bank and CCB both of which have attractive valuations; Minsheng, on the other hand, remains exposed to a worsening of the credit quality cycle</li>
</ul>


In this China banks screener; we focus on the potential for increased credit quality headwinds going forward, given the weak GDP growth outlook
China bank shares have been poor performers and still we see selective buy opportunities, with better credit quality metrics
We favour Industrial Bank and CCB both of which have attractive valuations; Minsheng, on the other hand, remains exposed to a worsening of the credit quality cycle


China Banks Screen; Focus on the Credit Quality Risks

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.</li>
<li>We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.</li>
<li>We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.
We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.
We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.


Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 19th.</li>
<li>We estimate the weekly outflows to be US$152.9 million, led by financials, consumer staples, and offset by industrials, information technology, health care.</li>
<li>We highlight flows for CATL, Advanced Micro, Kunlun Tech, Tianqi Lithium, Sungrow Power Supply, Moutai, Longi Green, Ping An Insurance, Haitian Flavouring.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 19th.
We estimate the weekly outflows to be US$152.9 million, led by financials, consumer staples, and offset by industrials, information technology, health care.
We highlight flows for CATL, Advanced Micro, Kunlun Tech, Tianqi Lithium, Sungrow Power Supply, Moutai, Longi Green, Ping An Insurance, Haitian Flavouring.


Northbound Flows (May 19th): CATL, Advanced Micro, Kunlun Tech, Tianqi Lithium, Sungrow

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.</li>
<li>We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Inflows into industrials, energy, and utilities were offset by outflows from financials, and information technology.
We highlight flows for COSCO Shipping, Shenzhen Inovance, Zhejiang Jingsheng, Ningbo Tuopu, Wuliangye, Ping An Insurance, Moutai, East Money, CMB, Midea.


Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

China

Ping An Bank Co Ltd provides a full range of commercial banking services including RMB and foreign currency deposit, loan, international and domestic settlement, discount, currency trading, letter of credit, bank guarantee, and other related services.

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Ping An Bank Co Ltd A (000001 CH)

Northbound Flows (Jul 28th): $5.2bn Inflows

We analyzed the Shanghai/Shenzhen Connect Scheme for last week and highlight flows for Moutai, CATL, East Money Information, Wuliangye, Ping An...

Ke Yan, CFA, FRM

China Banks Screen; Focus on the Credit Quality Risks

There is potential for worsening China banks credit quality going forward, but low valuations and our balance sheet reviews lead us to recommend...

Victor Galliano

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

Northbound Flows (May 19th): CATL, Advanced Micro, Kunlun Tech, Tianqi Lithium, Sungrow

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Advanced Micro, Kunlun Tech, Tianqi Lithium,...

Ke Yan, CFA, FRM

Northbound Flows Monthly (April): Inflows into Industrials Offset by Outflows from Financials

We analyzed the Shanghai/Shenzhen Connect Scheme for April and highlight flows for COSCO Shipping, Inovance, Jingsheng, Tuopu, Wuliangye, Ping An...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)