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.

Equity Capital Markets

Xinyi Energy Holdings  / Equity Capital Markets

Xinyi Energy launched booking building to raise up to USD 582 million to list on the Hong Kong Stock Exchange. We have covered the company's fundamentals in our previous insight (link). In this insight, we will look at the valuation range and deal structure. Despite a high dividend yield vs peers, we think the company's valuation is rich with growth prospect dependant on the parent company's asset injection. 
<hr>
Our Previous Insight on Xinyi Energy:
<ul>
<li><a href="https://www.smartkarma.com/insights/xinyi-energy-ipo-assetco-that-depends-on-parent-injection" target="_blank">Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection</a></li>
</ul>

Xinyi Energy launched booking building to raise up to USD 582 million to list on the Hong Kong Stock Exchange. We have covered the company's fundamentals in our previous insight (link). In this insight, we will look at the valuation range and deal structure. Despite a high dividend yield vs peers, we think the company's valuation is rich with growth prospect dependant on the parent company's asset injection. 

Our Previous Insight on Xinyi Energy:

Xinyi Energy (信义能源) IPO: AssetCo that Depends on Parent Injection


Xinyi Energy (信义能源) IPO: High Dividend Yield but Depreciating Asset

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/11940" target="_blank" data-smartkarma-citation="entities:11940:1">Xinyi Glass Holdings (868 HK)</a> ' share price took a beating alongside the other auto-related stocks in Greater China, out of the Sino US trade war concern, despite not having much exposure (7-8% of total revenue) to the North American market. It is also paying an attractive dividend yield of 5%. The management has confirmed that the extra US import tariff is passable to clients. In this report we will discuss the following:<ol>
<li>a brief overview of their products and margins</li>
<li>is it an auto-play, US-play or something else?</li>
<li>comparison with competitors (CFROI) and other types?</li>
<li>sustainable yield?</li>
<li>for the hedgies</li>
</ol>

Xinyi Glass Holdings (868 HK) ' share price took a beating alongside the other auto-related stocks in Greater China, out of the Sino US trade war concern, despite not having much exposure (7-8% of total revenue) to the North American market. It is also paying an attractive dividend yield of 5%. The management has confirmed that the extra US import tariff is passable to clients. In this report we will discuss the following:
a brief overview of their products and margins
is it an auto-play, US-play or something else?
comparison with competitors (CFROI) and other types?
sustainable yield?
for the hedgies


Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

We are very positive on Malaysia and Indonesia. Both are facing periods of high liquidity and spending to drive growth.Japan outlook, pegged to the release of preliminary Q1 GDP data 1st quarter could surprise on strength because global growth has been pretty good and consumer spending in Japan has shown some bright spots.Current investment strategy &amp; asset allocation Positive on Emerging Markets and Europe - Negative on UK and US.Top market/sector picksA link to the interview and detailed talking…

We are very positive on Malaysia and Indonesia. Both are facing periods of high liquidity and spending to drive growth.Japan outlook, pegged to the release of preliminary Q1 GDP data 1st quarter could surprise on strength because global growth has been pretty good and consumer spending in Japan has shown some bright spots.Current investment strategy &amp; asset allocation Positive on Emerging Markets and Europe - Negative on UK and US.Top market/sector picksA link to the interview and detailed talking…

CNBC Interview 5_18 on Global Markets - Outlook and Actionable Ideas in EMOutlook for Asian Markets

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn per day.  This screen netted 207 names.We then screened for which companies have corporate governance scores over 70/100 from the Riedel Research Corporate Governance Scoring system.The RRG Corporate Governance system scores Emerging Market companies on 12 different criteria to measure board independence, alignment of interest with shareholders…

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn per day.  This screen netted 207 names.We then screened for which companies have corporate governance scores over 70/100 from the Riedel Research Corporate Governance Scoring system.The RRG Corporate Governance system scores Emerging Market companies on 12 different criteria to measure board independence, alignment of interest with shareholders…

Actionable Value Ideas with Solid Corporate Governance in China and Hong Kong

China

Sailun Group Co.,Ltd. manufactures and sells rubber tire products. The Company produces commercial car tires, truck tires, special tires, and other products. Sailun Group also produces mechanical equipment, molds, chemicals, and other products.

Zhejiang Century Huatong Group Co., Ltd. develops, manufactures and sells automotive plastic parts and molds.

Ningbo Joyson Electronic Corp manufactures automotive accessories. The Company produces drive control systems, climate control systems, sensor systems, air intake systems, electronic control systems, automated production lines, vehicle air management systems, windscreen washer systems, rearview mirror systems, and other related products. Ningbo Joyson offers its products to around the world.

Zhejiang Wanfeng Auto Wheel Co., Ltd. researches, manufactures, and markets aluminum alloy auto wheels.

Changzhou Xingyu Automotive Lighting Systems Company Limited develops, produces and sells automotive lightings. The Company produces headlamps, rear combination lamps, fog lights, warning triangle and other automotive lamps.

Bethel Automotive Safety Systems Co., Ltd manufactures and distributes automotive braking systems. The Company produces front disc brake modules, rear drum brake modules, integrated parking brakes, drum-in-hat parking brakes, master cylinders, and vacuum boosters. Bethel Automotive Safety Systems exports products to the United States, Britain, Spain, and other countries.

Shandong Linglong Tyre Co., Ltd. operates in the manufacturing industry. The Company designs, produces, and sells a variety of tires for commercial and construction vehicles. Linglong Tyre markets worldwide.

Zhejiang Yinlun Machinery Co.,Ltd. develops, manufactures and markets steel plate oil cooler, concentric oil cooler, shell and tube oil cooler. The company's products are used in automobile engine systems and automatic transmission systems.

Zhejiang Yinlun Machinery Co,Ltd. (002126 CH)

China Shipbuilding Industry Group Power Co., Ltd. designs, produces, and markets power systems including electricity, gas, steam, chemical, diesel, civil-nuclear, and stirling engines.

China Shipbuilding Industry Group Power (600482 CH)

Huayu Automotive Systems Company Limited manufactures and sells auto parts. The Company's main products include interior and exterior auto parts, functional assembly autoparts and thermo processed auto parts etc.

NGK SPARK PLUG Co., Ltd. manufactures and markets spark plugs for automobiles, motorcycles, agricultural machinery, ships, and aircrafts.  The Company also makes ceramic products for semiconductor and telecommunication equipment. NGK Spark Plug markets its products under the NGK and NTK brand names and has subsidiaries in the US, Canada, France, Germany, and South Korea.

Cheng Shin Rubber Industry Co., Ltd. manufactures tires.  The Company produces bicycle, radial, bias, motorcycle, agricultural, and industrial tires.  Cheng Shin markets its tires and tubes in Taiwan as well as exports to North America and Europe.

Cheng Shin Rubber Ind Co., Ltd. (2105 TT)

Modine Manufacturing Company manufactures heat-transfer and heat-storage technology products.  The Company develops, manufactures, and markets heat exchangers and systems for use in various original equipment manufacturer applications and for sale to the automotive aftermarket and to a wide array of building markets.

PT Multistrada Arah Sarana Tbk manufactures vehicle tires. The Company markets its tires worldwide.

The Yokohama Rubber Company Limited produces rubber products including automobile tires, tubes, and conveyor belt for industrial use.  The Company also produces golf clubs and passenger aircraft parts such as restroom units and tanks for drinking water.

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

Sundram Fasteners Limited manufactures a wide range of nuts, bolts and related fastener equipment.  Products include high-tensile fasteners and equipment for the automotive industry, such as cold extruded parts, radiator caps and gear shifters.  The Company also manufactures water pumps and fuel pumps.

Dorman Products, Inc. supplies automotive products and home hardware.  The Company supplies its products to the automotive aftermarket and mass merchandise markets.

ZF Commercial Vehicle Control Systems India Limited manufactures automotive parts.  The Company produces electronic braking, stability, and suspension and transmission control systems for heavy-duty commercial trucks, trailers and buses.

ZF Commercial Vehicle Control Systems India Limited (WIL IN)

ZF Commercial Vehicle Control Systems India Limited

KOITO MANUFACTURING CO., LTD. produces lighting equipments for automobiles such as head and tail lights, rear combination lamps, and fog lamps.  The Company has  its production facilities in Japan, the US, the UK, Czech, China, Thailand, Taiwan, and India.  Koito Manufacturing also manufactures electronics parts for aircrafts including lighting equipments and oil pressure gauges.

Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of processed glass products for automobile, construction and household applications. The Company also tenders for glass curtain wall projects and conducts installation service of glass curtain wall in China.

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Xinyi Glass Holdings (868 HK)

Xinyi Energy (信义能源) IPO: High Dividend Yield but Depreciating Asset

Xinyi Energy launched booking building to raise up to USD 582 million to list on the Hong Kong Stock Exchange. We have covered the company's...

Ke Yan, CFA, FRM

Xinyi Glass (868 HK): Unbreakable Glass

Xinyi Glass Holdings (868 HK) ' share price took a beating alongside the other auto-related stocks in Greater China, out of the Sino US trade war...

Henry Soediarko

CNBC Interview 5_18 on Global Markets - Outlook and Actionable Ideas in EMOutlook for Asian Markets

We are very positive on Malaysia and Indonesia. Both are facing periods of high liquidity and spending to drive growth.Japan outlook, pegged to the...

David Riedel

Actionable Value Ideas with Solid Corporate Governance in China and Hong Kong

We recently screened the HKG and China markets for ideas with below market P/E ratios and Dividend Yields above 2% that traded more than US$1 mn...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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