Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

An inquisitive investment analyst with background in both finance and computing. Covering ECM research, biotech, market data analytics.

Asia Pac IPO & Placement Research, China biotech

GT Capital - Great Track Record; Previous Deals Have Done Well

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We will take the deal given that:<ul><li>The stock has consistently outperformed the index since its IPO in 2012 </li><li>Despite the increase in share price, it still has good long term potential from its Toyota distribution (strong momentum with 9M14 sales up over 40% YoY) and Fed Land, in addition to its finance and power business </li><li>Strong Shareholder registry: &nbsp;The stock is backed by strong institutional shareholder: Capital Group, Schroder, Matthews International, T Rowe Price all holding substantial percentage of free-float </li><li>Relative to peers&nbsp;(AGI, SMC, AC, SM)&nbsp;the stock trades at a discount on p/e and p/b basis&nbsp;</li></ul>On our framework the deal scores well on most parameters apart from placement properties, primarily owing to this being a&nbsp;secondary&nbsp;offering

We will take the deal given that:The stock has consistently outperformed the index since its IPO in 2012 Despite the increase in share price, it still has good long term potential from its Toyota distribution (strong momentum with 9M14 sales up over 40% YoY) and Fed Land, in addition to its finance and power business Strong Shareholder registry: &nbsp;The stock is backed by strong institutional shareholder: Capital Group, Schroder, Matthews International, T Rowe Price all holding substantial percentage of free-float Relative to peers&nbsp;(AGI, SMC, AC, SM)&nbsp;the stock trades at a discount on p/e and p/b basis&nbsp;On our framework the deal scores well on most parameters apart from placement properties, primarily owing to this being a&nbsp;secondary&nbsp;offering 

GT Capital (GTCAP PM): Placement by shareholder, we will take the deal to ride the momentum