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 monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.


Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We highlight inflows into China Mobile, GWM, Sensetime, and outflows from Tencent, HKEx, CCB, Meituan, BYD.


Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

Reasonable port valuation supports M&amp;A activities<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/443/original/ports5.JPG?1454570524" class="editor-image img-responsive" data-smartkarma-image-id="5443"></figure>Note: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER<figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/005/444/original/ports6.JPG?1454570793" class="editor-image img-responsive" data-smartkarma-image-id="5444"></figure> Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Reasonable port valuation supports M&amp;A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0x Source: Bloomberg, DMER Source: Company, DMER• As the global trade growth moderates, we expect significant volatility to persist in the year ahead. Port companies with sturdy balance sheet will be favoured over growth companies. Debt servicing ratio is expected to trend lower on higher interest and faltering earnings. Therefore, we look for terminal operators with…

Global Port Operators - Reasonable Valuation Supports M&A Activities

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest emerging country expanded 6.9%y/y in 2015, prompting the IMF to slash its global growth forecast for the third time in less than a year. Drewry Port Index fell 14% in the first three weeks of trading. The divergence between MSCI World and Drewry Port Index is the greatest since January 2015, pointing to a value buy for the port index compared with a year ago.

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr. Pessina had built up Alliance Boots into a leading European and Asian health &amp; beauty retail chain. We expect the company to resume its acquisition program, but the US market looks like the top priority at the moment. WBA will increase its presence in Asia: the only question is timing.

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

Hong Kong

Vision Fame International Holding Ltd. offers building construction services. The Company offers renovation work, property maintenance services, alteration solutions, and upgrading construction. Vision Fame International serves customers throughout Hong Kong and internationally.

Vision Fame International Holding (1315 HK)

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Vision Fame International Holding (1315 HK)

Hong Kong Connect Flows (April): 12M High of $10.7bn Inflows

We analyzed the Hong Kong Connect Scheme for April and highlight flows for BOC, Tencent, China Mobile, ZTO Express, Anta Sports.

Ke Yan, CFA, FRM

Hong Kong Connect Flows Monthly: First Monthly Outflows in 12 Months

We analyzed the Hong Kong Connect Scheme for February and highlight flows for China Mobile, GWM, Sensetime, Tencent, HKEx, CCB, Meituan, BYD.

Ke Yan, CFA, FRM

Global Port Operators - Reasonable Valuation Supports M&A Activities

Reasonable port valuation supports M&A activitiesNote: Market-weighted EV/EBITDA ticked higher from FY14 level of 14.8x to 15.0xSource:...

Drewry Maritime Financial Research

Port Operators 2016 - Sieve Out Value Companies Amid Slowing Trade Growth

Intensifying concerns about China as it registered its slowest growth since 1990 set the tone for a roller-coaster ride in 2016. The largest...

Drewry Maritime Financial Research

Walgreens Boots Alliance Names Permanent CEO: Global Expansion to Continue

Walgreens Boots Alliance (WBA: US) has named Executive Vice Chairman and interim CEO Stefano Pessina as CEO, a move that has been expected. Mr....

Kemp Dolliver, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)