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 Oct 27th (reported today) which has an aggregated short interest worth USD16.8bn.</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 Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel, Endeavour, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 27th (reported today) which has an aggregated short interest worth USD16.8bn.
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 Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel, Endeavour, Suncorp.


ASX Short Interest Weekly (Oct 27th): Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel

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

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the December 2023 Rebalance.</li>
<li>There could be up to four ASX 200 changes including the intra-review changes that could potentially be triggered by M&amp;A events.  </li>
<li>The <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>, and <a href="https://www.smartkarma.com/entities/allkem-ltd" target="_blank" data-smartkarma-citation="entities:3572:1" rel="noopener">Allkem Ltd (AKE AU)</a> deals also could have interesting index change and/or flow implications over the next few weeks/months.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run up to the December 2023 Rebalance.
There could be up to four ASX 200 changes including the intra-review changes that could potentially be triggered by M&amp;A events.  
The Origin Energy (ORG AU), Newcrest Mining (NCM AU), and Allkem Ltd (AKE AU) deals also could have interesting index change and/or flow implications over the next few weeks/months.


Quiddity Leaderboard ASX Dec 23: InvoCare, Origin Energy, New Crest, Allkem, and More

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 6th (reported today) which has an aggregated short interest worth USD16.3bn.</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 BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 6th (reported today) which has an aggregated short interest worth USD16.3bn.
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 BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash.


ASX Short Interest Weekly (Oct 6th): BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>The results for <a href="https://www.smartkarma.com/entities/bank-of-queensland-ltd" target="_blank" data-smartkarma-citation="entities:16606:1" rel="noopener">Bank Of Queensland (BOQ AU)</a> are illustrative of risks for the mainstream banks in Australia and market expectations</li>
<li>Even with almost all residential mortgage loans, BOQ's credit costs rose from AUD13m to AUD71m YoY and Pillar 3 data shows mortgage NPLs up nearly 10% in past 2 months</li>
<li>Net interest income only +6% YoY and -8% HoH, with operating costs +8% YoY and fee income down, there is nothing core holding the P&amp;L together</li>
</ul>


The results for Bank Of Queensland (BOQ AU) are illustrative of risks for the mainstream banks in Australia and market expectations
Even with almost all residential mortgage loans, BOQ's credit costs rose from AUD13m to AUD71m YoY and Pillar 3 data shows mortgage NPLs up nearly 10% in past 2 months
Net interest income only +6% YoY and -8% HoH, with operating costs +8% YoY and fee income down, there is nothing core holding the P&amp;L together


BOQ - Illustrative of Australia Bank Risks Even for Nearly Pure Mortgage Lender and Mkt Expectations

Thematic (Sector/Industry)

<ul>
<li>Australia Securities &amp; Investment Commission produces high-frequency data on insolvencies, which is valuable data for analyzing banks. There is pronounced deterioration in at least 3 sectors.</li>
<li>In construction, total appointments rose to 829 YTD to 10 Sept 2023 from 588 a year ago and from 250 in the preceding comparable period. </li>
<li>Hotel &amp; food services and retail trade are also seeing high growth of insolvencies. Australia's banks will likely face more defaults, NPLs and credit costs. </li>
</ul>


Australia Securities &amp; Investment Commission produces high-frequency data on insolvencies, which is valuable data for analyzing banks. There is pronounced deterioration in at least 3 sectors.
In construction, total appointments rose to 829 YTD to 10 Sept 2023 from 588 a year ago and from 250 in the preceding comparable period. 
Hotel &amp; food services and retail trade are also seeing high growth of insolvencies. Australia's banks will likely face more defaults, NPLs and credit costs. 


Australia - New Insolvencies Data: Construction Appointments at 829 Vs 588 YoY | Credit Risk Worsens

Australia

Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services.  The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.

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Suncorp (SUN AU)

ASX Short Interest Weekly (Oct 27th): Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel

We analyzed ASX short interest report for the past week and highlight short interest changes in Newcrest Mining, Rio Tinto, Liontown, Bluescope...

Ke Yan, CFA, FRM

Quiddity Leaderboard ASX Dec 23: InvoCare, Origin Energy, New Crest, Allkem, and More

I expect Boss Resources (BOE AU) to replace Invocare Ltd (IVC AU) at the close of 3rd November 2023. There could be 17.6mn shares to buy in BOE...

Janaghan Jeyakumar, CFA

ASX Short Interest Weekly (Oct 6th): BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E,...

Ke Yan, CFA, FRM

BOQ - Illustrative of Australia Bank Risks Even for Nearly Pure Mortgage Lender and Mkt Expectations

Results today show the rampant deterioration in credit metrics, causing profit to fall 70% YoY, with other factors also at play. Read-through to...

Daniel Tabbush

Australia - New Insolvencies Data: Construction Appointments at 829 Vs 588 YoY | Credit Risk Worsens

New insolvencies data is weakest in construction sector, but also there is major deterioration in accommodations, food, retail trade. The HFD...

Daniel Tabbush

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