Tsingtao Brewery is engaged in the production, sale and distribution of beer products, and domestic trade of beer. Through its subsidiaries, Co. is also engaged in investment holding; the manufacture and domestic trade of beverage and malt; pre-packaged of food operation; provision of accommodation and design services; indoor decoration; industrial equipment fixing; and import and export trade of beer.
Woodside Petroleum is engaged in hydrocarbon exploration, evaluation, development, production and marketing. Co.'s operating segments include: North West Shelf Project, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline natural gas, condensate, liquefied petroleum gas and crude oil from the North West Shelf ventures; Pluto LNG, which is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas and condensate in assigned permit areas; Australia Oil; Browse FLNG; and Wheatstone LNG. As of Dec 31 2015, Co. had proved reserves of 1.15 billion barrels of oil equivalent.
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
We maintain OVERWEIGHT on the baijiu sector, given the defensiveness of the premium segment. Downgrade the beer sector to MARKET WEIGHT, as we believe that concerns on the weak sales momentum in 2Q23 have not been fully reflected, though share prices of the beer companies under our coverage have corrected by 10.3-11.5% since early-May 23. We prefer Moutai (600519 CH) in the baijiu sector and CR Beer (291 HK) in the beer sector.
We expect to see periodical opportunities in the following months due to the slow pace of consumption recovery and lack of incremental funds. We suggest paying more attention when the share prices dip to a low level that is close to the bottoms in Apr/Oct-Nov 22. We are confident on domestic sportswear leaders’ future growth from the increasing demand for professional sports products against the partially recovered purchasing power. Maintain OVERWEIGHT on the consumer sector.
In spite of the limited funds in the market, we believe that consumer names’ investment opportunities still exist after share prices factored in rational expectations. We expect players with high earnings visibility and/or faster-than-expected growth pace (ie Moutai, Anta and CR Beer) to remain attractive for investment against a relatively weak consumption recovery background. Maintain OVERWEIGHT on the consumer sector.
Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider in China, primarily owned by China Vanke. As per Frost & Sullivan, in 2020, amongst the residential community service providers in the market, OST ranked first in terms of revenue. It also ranked first in the commercial space integrated services market in China. As of end FY21, it has a footprint in 153 cities in 32 provinces across China with 89% of total GFA under management for residential properties located in first-tier, new first-tier and second-tier cities. OST has m...
Legend Biotech, a non-wholly owned subsidiary of Hong Kong-listed GenScript, is planning to raise up to US$250m in its follow-on offering. The company last raised cash in Dec 2021 in a similar sized deal, which ended up doing very well after a sharp share price correction. In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Group Success Investments is looking to raise up to US$133m by trimming its holdings in Xtep International. We can’t say that the deal is expected and short interest on the stock hasn’t been creeping up as well. While the deal won’t be a large one, representing just 5.7 days of three month ADV, the firm’s last deal hasn’t done well.
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