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 analyzed the changes in short interest of ASX Stocks as of May 5th (reported today) which has an aggregated short interest worth USD17.2bn.</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 Natl Aust Bank, Pilbara Minerals, Igo, Santos, Qantas Airways, Mineral Resource.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 5th (reported today) which has an aggregated short interest worth USD17.2bn.
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 Natl Aust Bank, Pilbara Minerals, Igo, Santos, Qantas Airways, Mineral Resource.


ASX Short Interest Weekly (May 5th): NAB, Pilbara Minerals, Igo, Santos, Qantas

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Mar 31st (reported today) which has an aggregated short interest worth USD45.3bn.</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 Woodside Energy, Brambles, Liontown Resourc, Rio Tinto, Downer Edi.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Mar 31st (reported today) which has an aggregated short interest worth USD45.3bn.
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 Woodside Energy, Brambles, Liontown Resourc, Rio Tinto, Downer Edi.


ASX Short Interest Weekly (Mar 31st): Woodside Energy, Brambles, Liontown Resourc, Rio Tinto

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>If <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-east-asia-ltd" target="_blank" data-smartkarma-citation="entities:341:1" rel="noopener">Bank of East Asia (23 HK)</a>is trading cheap as Elliott throws in the towel.</li>
<li>The <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> selldown could be larger than people expect, and it is a decent chance to put on the arb trade. </li>
</ul>


If BHP Group (BHP AU) announces an off-market buyback, there will be demand to replace the shares bought back, re-based higher.

Bank of East Asia (23 HK)is trading cheap as Elliott throws in the towel.
The Sydney Airport (SYD AU) selldown could be larger than people expect, and it is a decent chance to put on the arb trade. 


Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-investments-ltd" target="_blank" data-smartkarma-citation="entities:664:1" rel="noopener">Premier Investments (PMV AU)</a> has added a further 3.9% in <a href="https://www.smartkarma.com/entities/myer-holdings-ltd" target="_blank" data-smartkarma-citation="entities:577:1" rel="noopener">Myer Holdings (MYR AU)</a> taking its stake to just short of 20%. </li>
<li>There is no love lost between the boards of Premier and Myer since Premier took a 10.8% stake in March 2017.</li>
<li>Premier has attempted to spill the board in the past. That scene looks set to repeat itself. That or a takeover.</li>
</ul>



Premier Investments (PMV AU) has added a further 3.9% in Myer Holdings (MYR AU) taking its stake to just short of 20%. 
There is no love lost between the boards of Premier and Myer since Premier took a 10.8% stake in March 2017.
Premier has attempted to spill the board in the past. That scene looks set to repeat itself. That or a takeover.


Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

What is the key question? Are we at the start of another 12-year bull market in value stocks? That's the duration of the last period when the value style of investing out performed growth in the Asia Pacific region.What is the evidence? Over the last 12-months, the balance between growth and value reversed the dominance that growth has held for much of the last 10-years. Whilst in Q1 2021, we remained cautious about a full declaration that the trend is reversing, we feel that the process is indeed underway and that a multi-year reversal is in progress. This is not just positive for value investors, but increasingly so for Small-Mid Cap investors.Why read this screening note? Q1 2021’s screen performance trumped the market delivering relative outperformance of 26.2%. Of the 27 names presented, 18 stocks delivered positive share price performance with an average increase of 21%, whilst the remaining 9 stocks declined 9.4 %. What is presented? 56 names appear in our Q3 2021 Asia Pacific list providing plenty of opportunity for investors. The average EV/FCF multiple of 5.2x in Q3 2021 compared to 6.3x in Q1 2021 and 5.6x in Q2 2020. The average Free Cashflow multiple on equity is 4.6x in Q3 2021 versus 4.2x in Q1 2021.

What is the key question? Are we at the start of another 12-year bull market in value stocks? That's the duration of the last period when the value style of investing out performed growth in the Asia Pacific region.What is the evidence? Over the last 12-months, the balance between growth and value reversed the dominance that growth has held for much of the last 10-years. Whilst in Q1 2021, we remained cautious about a full declaration that the trend is reversing, we feel that the process is indeed underway and that a multi-year reversal is in progress. This is not just positive for value investors, but increasingly so for Small-Mid Cap investors.Why read this screening note? Q1 2021’s screen performance trumped the market delivering relative outperformance of 26.2%. Of the 27 names presented, 18 stocks delivered positive share price performance with an average increase of 21%, whilst the remaining 9 stocks declined 9.4 %. What is presented? 56 names appear in our Q3 2021 Asia Pacific list providing plenty of opportunity for investors. The average EV/FCF multiple of 5.2x in Q3 2021 compared to 6.3x in Q1 2021 and 5.6x in Q2 2020. The average Free Cashflow multiple on equity is 4.6x in Q3 2021 versus 4.2x in Q1 2021.

Screening the Silk Road: Q3 2021 All Cap Screening - Free Cashflow (FCF)

Australia

Premier Investments Ltd., through subsidiaries, retails clothing.  The Company retails name brand casual and business clothing for men and women, and stationery and storage products.

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Premier Investments (PMV AU)

ASX Short Interest Weekly (May 5th): NAB, Pilbara Minerals, Igo, Santos, Qantas

We analyzed ASX short interest report for the past week and highlight short interest changes in Natl Aust Bank, Pilbara Minerals, Igo, Santos,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Mar 31st): Woodside Energy, Brambles, Liontown Resourc, Rio Tinto

We analyzed ASX short interest report for the past week and highlight short interest changes in Woodside Energy, Brambles, Liontown Resourc, Rio...

Ke Yan, CFA, FRM

Last Week in Event SPACE: BHP, Bank Of East Asia, Sydney Airport, Boral

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Premier Closes In On Myer (MYR AU)

Premier has maxed out its pre-bid position ahead of a renewed attack on the board. Premier/Lew have previously threatened to call EGM. I'd expect...

David Blennerhassett

Screening the Silk Road: Q3 2021 All Cap Screening - Free Cashflow (FCF)

Is it the start of a 12-year bull market in value? That's the duration of the last period when APAC value outperformed growth. Q'1s FCF screen...

David Lepper

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