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 Dec 9th (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 QBE Insurance, Bluescope Steel, Woodside Energy, BHP, CSL.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 9th (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 QBE Insurance, Bluescope Steel, Woodside Energy, BHP, CSL.


ASX Short Interest Weekly (Dec 9th): QBE Insurance, Bluescope Steel, Woodside Energy, BHP, CSL

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 2nd (reported today) which has an aggregated short interest worth USD17.4bn.</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 IGO, Pilbara Mineral, Seek, Carsales.com, Allkem, Woodside Energy, Domino's Pizza, Westfarmers, Evolution Mining.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 2nd (reported today) which has an aggregated short interest worth USD17.4bn.
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 IGO, Pilbara Mineral, Seek, Carsales.com, Allkem, Woodside Energy, Domino's Pizza, Westfarmers, Evolution Mining.


ASX Short Interest Weekly (Dec 2nd): IGO, Pilbara Mineral, Seek, Carsales.com, Allkem

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

Equity Bottom-Up

Woodside Energy Group Ltd / Equity Bottom-Up

<ul><li>ADX Energy (HHR AU)C; Target price of AS0.07 per share: Farm-in transaction at Welchau provides validation for the prospect – Kepis &amp; Pobe Financial Group (KPFG) is acquiring 20% in the Welchau Farmin Area in return for funding 50% of the cost of the exploration well (EUR3.8 mm gross).</li><li>KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).</li><li>Block Energy (BOE LN): SLB not exercising option – SLB will not exercise its right to acquire 108 mm shares in Block Energy.</li></ul>

ADX Energy (HHR AU)C; Target price of AS0.07 per share: Farm-in transaction at Welchau provides validation for the prospect – Kepis &amp; Pobe Financial Group (KPFG) is acquiring 20% in the Welchau Farmin Area in return for funding 50% of the cost of the exploration well (EUR3.8 mm gross).KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).Block Energy (BOE LN): SLB not exercising option – SLB will not exercise its right to acquire 108 mm shares in Block Energy.

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Nov 25th (reported today) which has an aggregated short interest worth USD18.1bn.</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 Mineral Resource, QBE Insurance, Rio Tinto, South32, Westpac, ANZ, Woodside.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 25th (reported today) which has an aggregated short interest worth USD18.1bn.
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 Mineral Resource, QBE Insurance, Rio Tinto, South32, Westpac, ANZ, Woodside.


ASX Short Interest Weekly (Nov 25th): Mineral Resource, QBE Insurance, Rio Tinto, South32

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.

Event-Driven

<ul>
<li>Hancock’s offer of A$0.23 is at a 15% premium to <a href="https://www.smartkarma.com/entities/beach-energy-ltd" target="_blank" data-smartkarma-citation="entities:795:1" rel="noopener">Beach Energy (BPT AU)</a>’s A$0.20 offer and a 21.1% premium to <a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>’s scrip value on 29 November. </li>
<li>The Hancock off-market offer for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a> has no minimum acceptance condition or a material adverse change clause. The offer closes on 31 January 2023.</li>
<li>STX could be Hancock’s next logical target to facilitate Perth Basin consolidation. Between STX and BPT, BPT is more likely to return with an improved offer.  </li>
</ul>


Hancock’s offer of A$0.23 is at a 15% premium to Beach Energy (BPT AU)’s A$0.20 offer and a 21.1% premium to Strike Energy (STX AU)’s scrip value on 29 November. 
The Hancock off-market offer for Warrego Energy (WGO AU) has no minimum acceptance condition or a material adverse change clause. The offer closes on 31 January 2023.
STX could be Hancock’s next logical target to facilitate Perth Basin consolidation. Between STX and BPT, BPT is more likely to return with an improved offer.  


Warrego (WGO AU) In a Three-Way Tussle with Hancock’s A$0.23 Offer

Australia

Woodside Energy Group Ltd offers services to the underground coal mining industry, and builds oil, natural gas, and water pipelines.

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Woodside Energy Group Ltd (WDS AU)

ASX Short Interest Weekly (Dec 9th): QBE Insurance, Bluescope Steel, Woodside Energy, BHP, CSL

We analyzed ASX short interest report for the past week and highlight short interest changes in QBE Insurance, Bluescope Steel, Woodside Energy,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Dec 2nd): IGO, Pilbara Mineral, Seek, Carsales.com, Allkem

We analyzed ASX short interest report for the past week and highlight short interest changes in IGO, Pilbara Mineral, Seek, Carsales.com, Allkem,...

Ke Yan, CFA, FRM

Auctus on Friday - 02/12/2022

KPFG has also the option to acquire a further 20% in the Farmin Area in return for funding a further 50% of the cost of the well (100% in total).

Auctus Advisors

ASX Short Interest Weekly (Nov 25th): Mineral Resource, QBE Insurance, Rio Tinto, South32

We analyzed ASX short interest report for the past week and highlight short interest changes in Mineral Resource, QBE Insurance, Rio Tinto,...

Ke Yan, CFA, FRM

Warrego (WGO AU) In a Three-Way Tussle with Hancock’s A$0.23 Offer

Due to the expectation that BPT or STX returns with an improved offer, the WGO shares closed 11% above Hancock’s offer. Expect BPT to come back...

Arun George

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