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 analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 113.3% as of Sep 13th.</li>
<li>The average A-H premium changed by 1.3ppt week-on-week, led by energy, utilities, industrials and offset by health care, consumer staples.</li>
<li>We highlight weekly changes in A-H premium for SINOPEC, China Coal Energy, PetroChina, GAC Group, Tigermed, CanSinoBIO, SMIC, Hua Hong Semi, Shanghai Pharma.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 113.3% as of Sep 13th.
The average A-H premium changed by 1.3ppt week-on-week, led by energy, utilities, industrials and offset by health care, consumer staples.
We highlight weekly changes in A-H premium for SINOPEC, China Coal Energy, PetroChina, GAC Group, Tigermed, CanSinoBIO, SMIC, Hua Hong Semi, Shanghai Pharma.


A-H Premium Weekly (Sep 13th): Sinopec, China Coal Energy, PetroChina, GAC, Tigermed

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dongfang-electric-corporation-limited" target="_blank" data-smartkarma-citation="entities:1251:1" rel="noopener">Dongfang Electric (1072 HK)</a> is now closer to the bottom after underperformance due to a weaker-than-expected 1H24 result dragged by low-margin coal-fired products.</li>
<li>New contract momentum, however, stayed resilient with a 14.8% YoY increase to Rmb56.1bn in 1H24. Forward backlog coverage is now at 1.8x FY24F revenue.</li>
<li>There is a significant Rmb6.3bn positive operating cash flow swing in 1H24. This helps to raise net cash (excluding contract liabilities) to 76.4% of the share price.</li>
</ul>



Dongfang Electric (1072 HK) is now closer to the bottom after underperformance due to a weaker-than-expected 1H24 result dragged by low-margin coal-fired products.
New contract momentum, however, stayed resilient with a 14.8% YoY increase to Rmb56.1bn in 1H24. Forward backlog coverage is now at 1.8x FY24F revenue.
There is a significant Rmb6.3bn positive operating cash flow swing in 1H24. This helps to raise net cash (excluding contract liabilities) to 76.4% of the share price.


Dongfang Electric (1072 HK): Finding a Bottom

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 105.7% as of Jul 12th.</li>
<li>The average A-H premium changed by -2.5ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by real estate, utilities, information technology.</li>
<li>We highlight weekly changes in A-H premium for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 105.7% as of Jul 12th.
The average A-H premium changed by -2.5ppt week-on-week, led by consumer staples, energy, consumer discretionary and offset by real estate, utilities, information technology.
We highlight weekly changes in A-H premium for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .


A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Shanghai Rural Commercial Bank / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.</li>
<li>The reference period for the June 2024 review is now complete. There are some changes to the expected ADDs/DELs list since I published my last insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-csi-300-500-jun-24-shorts-down-11-vs-index-since-mid-feb-change-the-hedge" target="_blank" rel="noopener">link</a>) ~3 weeks ago.</li>
<li>In this insight, we take a look at our final expectations for index changes in June 2024.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
The reference period for the June 2024 review is now complete. There are some changes to the expected ADDs/DELs list since I published my last insight (link) ~3 weeks ago.
In this insight, we take a look at our final expectations for index changes in June 2024.


Quiddity Leaderboard CSI 300/​​500 Jun 24: Final Expectations; US$3.4bn One-Way; New Trade Idea

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

China

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Shanghai Electric Group Company (601727 CH)

A-H Premium Weekly (Sep 13th): Sinopec, China Coal Energy, PetroChina, GAC, Tigermed

We analyzed A-H premium changes in the past week and highlight A-H premium changes for SINOPEC, China Coal Energy, PetroChina, GAC Group, Tigermed,...

Ke Yan, CFA, FRM

Dongfang Electric (1072 HK): Finding a Bottom

DEC posted a weaker-than-expected 1H24 result, but the new contract momentum is strong. A positive swing in cash operating flow has helped boost...

Osbert Tang, CFA

A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/500 Jun 24: Final Expectations; US$3.4bn One-Way; New Trade Idea

The official changes is expected at the end of this month. I expect the names with clear positive flow expectations to outperform those with clear...

Janaghan Jeyakumar, CFA

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-H Premium Weekly (Sep 13th): Sinopec, China Coal Energy, PetroChina, GAC, Tigermed

We analyzed A-H premium changes in the past week and highlight A-H premium changes for SINOPEC, China Coal Energy, PetroChina, GAC Group, Tigermed,...

Ke Yan, CFA, FRM

Dongfang Electric (1072 HK): Finding a Bottom

​DEC posted a weaker-than-expected 1H24 result, but the new contract momentum is strong. A positive swing in cash operating flow has helped boost...

Osbert Tang, CFA

A-H Premium Weekly (Jul 12th):Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Wuapptec, China Telecom, Remegen, Hua Hong Semi, Flat Glass .

Ke Yan, CFA, FRM

Quiddity Leaderboard CSI 300/​​500 Jun 24: Final Expectations; US$3.4bn One-Way; New Trade Idea

The official changes is expected at the end of this month. I expect the names with clear positive flow expectations to outperform those with clear...

Janaghan Jeyakumar, CFA

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

DEC posted a weaker-than-expected 1H24 result, but the new contract momentum is strong. A positive swing in cash operating flow has helped boost...

Quiddity Leaderboard CSI 300/500 Jun 24: Final Expectations; US$3.4bn One-Way; New Trade Idea