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 October 21st.</li>
<li>We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.</li>
<li>We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 21st.
We estimate the weekly outflows to be US$4,305.1 million, led by consumer staples, financials, and offset by energy, utilities.
We highlight flows for BOE, Moutai, Ping An, Yili,  China Tourism, Longi Green.


Northbound Flows (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.</li>
<li>We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.</li>
<li>We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of October 14th.
We estimate the weekly outflows to be US$886.9 million, led by consumer staples, financials, and offset by communication services, industrials, health care.
We highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB, Advanced Micro-Fabrication Equipment (AMEC).


Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 30th.</li>
<li>We estimate the weekly inflows to be US$994.7 million, led by consumer staples, health care, materials sectors, and offset by financials, industrials.</li>
<li>We highlight flows for Moutai, Wuliangye, Qinghai Salt Lake, Longi Green, CMB, TCL Zhonghuan, Sungrow.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 30th.
We estimate the weekly inflows to be US$994.7 million, led by consumer staples, health care, materials sectors, and offset by financials, industrials.
We highlight flows for Moutai, Wuliangye, Qinghai Salt Lake, Longi Green, CMB, TCL Zhonghuan, Sungrow.


Northbound Flows (Sep 30th): Moutai, Wuliangye, Qinghai Salt Lake

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.

Thematic (Sector/Industry)

<ul>
<li>Chinese banks remain broadly out of favour due to growth and property sector concerns; we see some value opportunities</li>
<li>We like PingAn Bank, in particular, for its attractive valuations, compelling PEG ratio and potential for higher returns; we also remain positive on CCB</li>
<li>We remain negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage</li>
</ul>


Chinese banks remain broadly out of favour due to growth and property sector concerns; we see some value opportunities
We like PingAn Bank, in particular, for its attractive valuations, compelling PEG ratio and potential for higher returns; we also remain positive on CCB
We remain negative on China Minsheng due to its low ROE, poor delinquency and NPL coverage


China Banks Screener; PingAn Bank Is Our Top Pick, Followed by CCB

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.</li>
<li>We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.</li>
<li>We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of September 23rd.
We estimate the weekly outflows to be US$854.1 million, led by industrials, consumer staples, and offset by communication services, consumer discretionary, real estate.
We highlight flows for Tianqi Lithium, Midea Group, Moutai, Sungrow.


Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

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 (Oct 21st): BOE, Moutai, Ping An, Yili, China Tourism, Longi Green

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for BOE, Moutai, Ping An, Yili, China Tourism, Longi...

Ke Yan, CFA, FRM

Northbound Flows (Oct 14th): Moutai, Wuliangye, Tongwei, CMB, AMEC

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Gigadevice, Moutai, Wuliangye, Tongwei, CMB,...

Ke Yan, CFA, FRM

Northbound Flows (Sep 30th): Moutai, Wuliangye, Qinghai Salt Lake

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for Moutai, Wuliangye, Qinghai Salt Lake, Longi Green,...

Ke Yan, CFA, FRM

China Banks Screener; PingAn Bank Is Our Top Pick, Followed by CCB

We like PingAn Bank for its attractive valuations, compelling PEG ratio and potential for higher returns, we also remain positive on CCB; avoid...

Victor Galliano

Northbound Flows (Sep 23rd): Tianqi Lithium, Midea Group, Moutai, Sungrow

We analyzed northbound Shanghai/Shenzhen connect and highlight flows for Tianqi Lithium, Midea, Kweichow Moutai, Sungrow Power.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

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