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 136 stocks over the last week.</li>
<li>A/H premium increased by 5.7ppt WoW mainly driven by information technology and health care.</li>
<li>We highlight that 15 stocks reached their 52 week high of A/H premium last week.</li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
A/H premium increased by 5.7ppt WoW mainly driven by information technology and health care.
We highlight that 15 stocks reached their 52 week high of A/H premium last week.


A/H Premium Weekly: 15 Stocks at 52 Week High

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Russia-Ukraine war has raised commodity prices which are negative towards commodity users in short term. However, we see silver linings for Chinese utilities and energy companies in the longer term.</li>
<li>The conflict is expected to accelerate the progress of renewable projects currently under development, lead to a faster diversification away from fossils and increase gas supply from Russia to China. </li>
<li>Key beneficiaries include <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind (2208 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a>, <a href="https://www.smartkarma.com/entities/china-energy-engineering-group" target="_blank" data-smartkarma-citation="entities:21017:1" rel="noopener">Energy China (3996 HK)</a>, <a href="https://www.smartkarma.com/entities/power-construction-corporation-of-china-limited" target="_blank" data-smartkarma-citation="entities:24220:1" rel="noopener">Power China (601669 CH)</a> and the gas utilities.</li>
</ul>


Russia-Ukraine war has raised commodity prices which are negative towards commodity users in short term. However, we see silver linings for Chinese utilities and energy companies in the longer term.
The conflict is expected to accelerate the progress of renewable projects currently under development, lead to a faster diversification away from fossils and increase gas supply from Russia to China. 
Key beneficiaries include Xinjiang Goldwind (2208 HK), Dongfang Electric (1072 HK), China Longyuan Power (916 HK), Energy China (3996 HK), Power China (601669 CH) and the gas utilities.


Russia-Ukraine War: Longer Term Implications for China Utilities and Energy

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week. </li>
<li>Increases of A/H premium was mainly due to the consumer staple,  energy and consumer discretionary sector.</li>
<li>We highlight stocks including: Xinjiang Goldwind, GWM, Yankuang, China Oilfield, First Tractor, CCCC, Huaneng.</li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week. 
Increases of A/H premium was mainly due to the consumer staple,  energy and consumer discretionary sector.
We highlight stocks including: Xinjiang Goldwind, GWM, Yankuang, China Oilfield, First Tractor, CCCC, Huaneng.


A/H Premium Weekly: Xinjiang Goldwind, Great Wall Motor, First Tractor

Equity Bottom-Up

China Three Gorges Renewables / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-three-gorges-renewables" target="_blank" data-smartkarma-citation="entities:28950:1" rel="noopener">China Three Gorges Renewables (600905 CH)</a> (CTGR) has an splendid FY21 as it pre-announced result with a range of 46.5-53.1% growth in recurring profit, fuelled by generation and disposal gains. </li>
<li>The first full-year contribution of many projects commissioned in 4Q21, which boosted a 28.4% QoQ surge in power generation, should underpin FY22 earnings - consensus forecast is expecting 41% growth.</li>
<li>YTD, CTGR's share price performed in line with Shanghai Composite Index (-6.1%), but its strong EPS CAGR of 22% for FY21-23 provides room for it to outperformed in medium term. </li>
</ul>



China Three Gorges Renewables (600905 CH) (CTGR) has an splendid FY21 as it pre-announced result with a range of 46.5-53.1% growth in recurring profit, fuelled by generation and disposal gains. 
The first full-year contribution of many projects commissioned in 4Q21, which boosted a 28.4% QoQ surge in power generation, should underpin FY22 earnings - consensus forecast is expecting 41% growth.
YTD, CTGR's share price performed in line with Shanghai Composite Index (-6.1%), but its strong EPS CAGR of 22% for FY21-23 provides room for it to outperformed in medium term. 


China Three Gorges Renewables (600905 CH): Good, and Better Is Coming

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. </li>
<li>We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. 
We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. 


A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

China

Xinjiang Goldwind Science & Technology Co., Ltd. manufactures wind generator sets, provides consulting service in building and operating wind generating plants, builds and operates middle-sized wind generating plants.

Xinjiang Goldwind Science & Technology (2208 HK)

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Xinjiang Goldwind Science & Technology (2208 HK)

A/H Premium Weekly: 15 Stocks at 52 Week High

We highlight that 15 stocks reached their 52 week high of A/H premium last week, including Xinjiang Gold Wind (2208 HK), Fuyao Glass (3606 HK),...

Ke Yan, CFA, FRM

Russia-Ukraine War: Longer Term Implications for China Utilities and Energy

We should not overlook the potential long term impact of the Russia-Ukraine war on the Chinese utilities and energy companies as we find some...

Osbert Tang, CFA

A/H Premium Weekly: Xinjiang Goldwind, Great Wall Motor, First Tractor

We highlight changes in A/H premium for stocks: Xinjiang Goldwind, Great Wall Motor, Yankuang, China Oilfield, First Tractor, CCCC, Huaneng.

Ke Yan, CFA, FRM

China Three Gorges Renewables (600905 CH): Good, and Better Is Coming

CTGR's pre-announced FY21 result beats market expectations, and FY22 beyond will be fuelled by more new capacity completion, particularly from...

Osbert Tang, CFA

A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

We highlight information technology and health care led the increases of A/H premium and three stocks: Flat Glass, Cansino, and China Eastern Air.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)