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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 15th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou Technology, Anta Sports Products.


Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

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

<ul>
<li>In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement</li>
<li>We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423</li>
<li>Given still-low profitability, JD Logistics does not appear cheap, in our view</li>
</ul>


In Q423 JD Logistics booked 10% top-line growth &amp; solid margin improvement
We analyze the impacts of JD.com &amp; Deppon Logistics on JD Logistics' Q423
Given still-low profitability, JD Logistics does not appear cheap, in our view


Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 8th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for thre stocks, Meituan, China Mobile, and CNOOC.


Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

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

J&T Global Express  / Equity Capital Markets

<ul>
<li>J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:115216" rel="noopener">J&amp;T Global Express IPO: Valuation Insights</a>.</li>
<li>The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  </li>
</ul>


J&amp;T priced its IPO at a fixed price of HK$12.00 per share to raise the gross proceeds of the offering of US$500 million. The shares will start trading tomorrow.
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case, J&amp;T Global Express IPO: The Bear Case and J&amp;T Global Express IPO: Valuation Insights.
The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO price.  


Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> has announced the terms for its IPO. The company plans to issue 327m shares at HK$12 per share, which should raise proceeds of around US$501m.</li>
<li>Though profitability of the company’s China business has improved, SEA margins continue to decline, hence our analysis suggests that J&amp;T may not be able to generate profits in the near-term.</li>
<li>Our SOTP valuation offers per share value of HK$9.48 per share which is at a 21% discount to the indicative IPO price suggesting J&amp;T’s IPO is overvalued.</li>
</ul>



J&amp;T Global Express (1519 HK) has announced the terms for its IPO. The company plans to issue 327m shares at HK$12 per share, which should raise proceeds of around US$501m.
Though profitability of the company’s China business has improved, SEA margins continue to decline, hence our analysis suggests that J&amp;T may not be able to generate profits in the near-term.
Our SOTP valuation offers per share value of HK$9.48 per share which is at a 21% discount to the indicative IPO price suggesting J&amp;T’s IPO is overvalued.


J&T Global Express IPO: Peer Comparison and Valuation

China

ZTO Express (Cayman) Inc. operates as an express delivery company. The Company provides express delivery service through their nationwide network, as well as other value-added logistics services. ZTO Express serves customers globally.

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ZTO Express Cayman (2057 HK)

Hong Kong Connect Flows (Mar 15th): BOC, Tencent, CNOOC, Zto Express, Kuaishou, Anta Sports

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, Tencent, CNOOC, Zto Express, Kuaishou, Anta...

Ke Yan, CFA, FRM

Analyzing the Roles Parent JD.com & Subsidiary Deppon Played in JD Logistics' Q423 Results

JD Logistics reported +10% top-line growth in Q423, and strong improvements in margins. In this insight we look at the dynamics between JD...

Tracking Traffic

Hong Kong Connect Flows (Mar 8th): Meituan, China Mobile, CNOOC

We analyzed southbound Hong Kong connect flows in the past week. We estimate the inflows to be USD1.4bn and highlight flows for Meituan, China...

Ke Yan, CFA, FRM

J&T Global Express IPO: Trading Debut

The market sentiment on the sector continues to weaken. The de-rating of peers lowers our SoTP valuation to HK$10.01 per share, 16.5% below the IPO...

Arun George

J&T Global Express IPO: Peer Comparison and Valuation

J&T's shares will commence trading at the HKEx on Friday, 27th October and the company's HK offering and international offering were only...

Shifara Samsudeen, ACMA, CGMA

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