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 Nov 18th (reported today) which has an aggregated short interest worth USD18.6bn.</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 Ramsay Health, Woodside Energy, ANZ, Northern Star, Telstra. </li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 18th (reported today) which has an aggregated short interest worth USD18.6bn.
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 Ramsay Health, Woodside Energy, ANZ, Northern Star, Telstra. 


ASX Short Interest Weekly (Nov 18th): Ramsay Health, Woodside Energy, ANZ, Northern Star, Telstra

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> is a leading one-stop travel platform that currently operates through four leading travel brands which are Ctrip, Qunar, Trip.com and Skyscanner. Trip.com passed its Hong Kong listing committee hearing and could raise up to $1-2 billion through a secondary listing, according to press reports. </p><p>Trip.com is braving choppy markets and waning investor enthusiasm on secondary listings/IPOs. The recent Hong Kong secondary listings of <a href="https://www.smartkarma.com/entities/autohome-inc-adr" target="_blank" data-smartkarma-citation="entities:20234:1" rel="noopener">Autohome Inc (Adr) (ATHM US)</a> and <a href="https://www.smartkarma.com/entities/bilibili-inc" target="_blank" data-smartkarma-citation="entities:26793:1" rel="noopener">Bilibili Inc (BILI US)</a> are trading 3% and 8% above their H-share listing price, respectively. <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> is trading -13% below its H-share listing price largely due to the fallout from the fire sale at Archegos Capital.   </p><div class="content-highlight"><p>Trip.com is a play on the expected reopening and recovery of travel in 2021 due to the global rollout of vaccines. In the post-pandemic world, Trip.com aims to cement its market share gains through strengthening its supply chain (such as short-distance travel), higher conversion via content investment (such as live streaming) and rising penetration in lower-tier cities (&gt;40% of new mobile app users in 2020 were from lower-tier cities). We think that Trip.com is an attractive play on travel recovery at the last close price. </p></div>

Trip.com (TCOM US) is a leading one-stop travel platform that currently operates through four leading travel brands which are Ctrip, Qunar, Trip.com and Skyscanner. Trip.com passed its Hong Kong listing committee hearing and could raise up to $1-2 billion through a secondary listing, according to press reports. Trip.com is braving choppy markets and waning investor enthusiasm on secondary listings/IPOs. The recent Hong Kong secondary listings of Autohome Inc (Adr) (ATHM US) and Bilibili Inc (BILI US) are trading 3% and 8% above their H-share listing price, respectively. Baidu (BIDU US) is trading -13% below its H-share listing price largely due to the fallout from the fire sale at Archegos Capital.   Trip.com is a play on the expected reopening and recovery of travel in 2021 due to the global rollout of vaccines. In the post-pandemic world, Trip.com aims to cement its market share gains through strengthening its supply chain (such as short-distance travel), higher conversion via content investment (such as live streaming) and rising penetration in lower-tier cities (&gt;40% of new mobile app users in 2020 were from lower-tier cities). We think that Trip.com is an attractive play on travel recovery at the last close price. 

Trip.com Secondary Listing: No Heads in the Clouds

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to hold above critical support levels and market dynamics remain largely positive. Until this changes, we believe global equities are headed higher in the coming weeks and months. Additionally, we are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.</p>

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to hold above critical support levels and market dynamics remain largely positive. Until this changes, we believe global equities are headed higher in the coming weeks and months. Additionally, we are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.

Global Equity Strategy: Small-Caps and Value Stocks Remain in Focus

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<p><a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a> aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. </p><p>The shares are trading nearly 62% below their 52-week highs, as the company was suffering even before COVID-19. This placement will provide the company with some relief on its covenants. At 95 days of ADV and 25% dilution the deal won't be easy to digest.</p>

Z Energy Ltd (ZEL NZ) aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. The shares are trading nearly 62% below their 52-week highs, as the company was suffering even before COVID-19. This placement will provide the company with some relief on its covenants. At 95 days of ADV and 25% dilution the deal won't be easy to digest.

Z Energy Placement - Closer to a Do or Die Situation

Event-Driven

<p><a href="https://www.smartkarma.com/entities/credible-labs-inc" target="_blank" data-smartkarma-citation="entities:26658:1" rel="noopener">Credible Labs (CRD AU)</a> is an online loan marketplace. On Monday, Credible Labs entered into a merger agreement with a subsidiary of Fox Corporation. Fox’s proposal of A$2.21 cash per CDI (A$55.25 per common stock). </p><div class="content-highlight"><p>The Board has unanimously recommended the bid, but there are differing views among shareholders. The bid requires approval from the majority of shareholders (excluding Stephen Dash and his affiliates). Overall, we believe that Fox’s bid is unattractive as it does not fully account for Credible Labs’ growth prospects. </p></div>

Credible Labs (CRD AU) is an online loan marketplace. On Monday, Credible Labs entered into a merger agreement with a subsidiary of Fox Corporation. Fox’s proposal of A$2.21 cash per CDI (A$55.25 per common stock). The Board has unanimously recommended the bid, but there are differing views among shareholders. The bid requires approval from the majority of shareholders (excluding Stephen Dash and his affiliates). Overall, we believe that Fox’s bid is unattractive as it does not fully account for Credible Labs’ growth prospects. 

Credible Labs: Seeking a More Credible Fox Bid?

Australia

Webjet Limited provides branded online travel services for travelers.  The Company offers one-stop travel shopping and reservation services, providing real-time access to schedule, pricing, and availability information for airlines hotels, and major car rental companies.

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

Webjet Ltd (WEB AU)

ASX Short Interest Weekly (Nov 18th): Ramsay Health, Woodside Energy, ANZ, Northern Star, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in Ramsay Health, Woodside Energy, ANZ, Northern Star,...

Ke Yan, CFA, FRM

Trip.com Secondary Listing: No Heads in the Clouds

Trip.com passed its HKEx listing hearing to raise up to $1-2bn through a secondary listing. We think that Trip.com is an attractive play on travel...

Arun George

Global Equity Strategy: Small-Caps and Value Stocks Remain in Focus

We are reiterating our overweight recommendations on small-caps and value as we believe outperformance from these areas is likely to continue.

Vermilion Research

Z Energy Placement - Closer to a Do or Die Situation

Z Energy Ltd (ZEL NZ) aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. The shares are trading nearly 62%...

Sumeet Singh

Credible Labs: Seeking a More Credible Fox Bid?

Credible Labs (CRD AU) is an online loan marketplace. On Monday, Credible Labs entered into a merger agreement with a subsidiary of Fox...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)