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 foreign holdings of TWSE Stocks as of Nov 1st which has an aggregated holding worth USD1,018.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD778mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in TSMC, United Microelectronics.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Nov 1st which has an aggregated holding worth USD1,018.3bn.
We estimate that foreign flows to be outflows of USD778mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in TSMC, United Microelectronics.


TWSE Foreign Holding Weekly (Nov 1st): TSMC, United Microelectronics

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

AP Moeller - Maersk A/S / Equity Bottom-Up

<ul>
<li>Maersk's Q324 results were strong, fueled almost purely by higher freight rates</li>
<li>The company's peers have been reporting similar results since early 2024</li>
<li>We continue to believe that price momentum has peaked; AVOID the carriers</li>
</ul>


Maersk's Q324 results were strong, fueled almost purely by higher freight rates
The company's peers have been reporting similar results since early 2024
We continue to believe that price momentum has peaked; AVOID the carriers


Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Equity Capital Markets

<ul>
<li>So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity</li>
<li>In the company's core market, Intra-Asia, it appears rates have bottomed out here in Q323</li>
<li>We also review Q2 financial results from TS Lines' main comp, Wan Hai Lines (WHL)</li>
</ul>


So far in 2023 TS Lines has sold off close to one quarter of its shipping capacity
In the company's core market, Intra-Asia, it appears rates have bottomed out here in Q323
We also review Q2 financial results from TS Lines' main comp, Wan Hai Lines (WHL)


TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

<ul>
<li>In terms of fleet characteristics, market exposure, and recent financial performance, we believe <a href="https://www.smartkarma.com/entities/t-s-lines" target="_blank" data-smartkarma-citation="entities:39795:1" rel="noopener">T.S. Lines (TSL HK)</a> and Taiwan's <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a> are directly comparable</li>
<li>WHL has more exposure to the Transpacific, but still boasts a much larger Intra-Asia operation owing to its scale advantage (fleet and revenue about four times the size of TSL)</li>
<li>Given the similarities we outline in this insight, we believe TSL's shares should trade at EV/Fleet and EV/Revenue multiples in line with WHL's; no premium is justified, in our view</li>
</ul>


In terms of fleet characteristics, market exposure, and recent financial performance, we believe T.S. Lines (TSL HK) and Taiwan's Wan Hai Lines (2615 TT) are directly comparable
WHL has more exposure to the Transpacific, but still boasts a much larger Intra-Asia operation owing to its scale advantage (fleet and revenue about four times the size of TSL)
Given the similarities we outline in this insight, we believe TSL's shares should trade at EV/Fleet and EV/Revenue multiples in line with WHL's; no premium is justified, in our view


TS Lines Pre-IPO | Like Wan Hai Lines, but Smaller | Intra-Asia Update | Approaches to Valuation

<ul>
<li>Spot container rates have surged, owing to conflict near Red Sea / Suez Canal</li>
<li>On top of higher spot rates, imposition of new fees also boosting carrier revenue</li>
<li>Evergreen's average monthly US$ revenue <em>increased</em> from Q123 to Q423</li>
</ul>


Spot container rates have surged, owing to conflict near Red Sea / Suez Canal
On top of higher spot rates, imposition of new fees also boosting carrier revenue
Evergreen's average monthly US$ revenue increased from Q123 to Q423


Spot Container Rates Surge | New Fees Also Boosting Carrier Revenue | Increases Could Lift '24 Rates

Taiwan

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

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Yang Ming Marine Transport (2609 TT)

TWSE Foreign Holding Weekly (Nov 1st): TSMC, United Microelectronics

We analyzed TWSE foreign holding data for the past week and highlighted foreign holding changes in TSMC, United Microelectronics.

Ke Yan, CFA, FRM

Maersk Q324 Results: Giant Dane Finally Joins the Party, But Read-Through for Industry Is Limited

Maersk reported a scary-good set of quarterly results on Halloween! But many of its peers have been enjoying similar price-driven improvements in...

Tracking Traffic

TS Lines Pre-IPO | Slimming Down Fleet | Intra-Asia Market Update | Latest From Key Comp Wan Hai

Intra-Asia container carrier TS Lines filed to list its shares in Hong Kong (again) at the end of May, and its filing included full-year 2023...

Tracking Traffic

TS Lines Pre-IPO | Like Wan Hai Lines, but Smaller | Intra-Asia Update | Approaches to Valuation

Intra-Asia container carrier TS Lines filed to list its shares in Hong Kong (again) at the end of May, and its filing included full-year 2023...

Tracking Traffic

Spot Container Rates Surge | New Fees Also Boosting Carrier Revenue | Increases Could Lift '24 Rates

Spot container rates have surged, and carriers are also benefitting from newly-imposed ancillary charges. It's possible the ongoing conflict in the...

Tracking Traffic

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