India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Meesho Limited operates as an online retailer. The Company retails apparels, jewelries, personal care, home and kitchen, footwear, bags, kids essentials, and electronics items at lower prices for resellers and consumers. Meesho serves customers in India.

<ul>
<li>Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers</li>
<li>We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers</li>
<li>IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).</li>
</ul>


Meesho has positioned itself as a value-shopping platform catering to rural consumers and small sellers. It charges the seller only for fulfillment and advertising while bringing value deals for consumers
We believe Meesho has a right to win in the value-shopping category ahead of Flipkart/Amazon with its focus on pricing vs quality/convenience. However, it may not attract high-spending aspirational consumers
IPO valuation at $5.6bn(5x FY25 sales) is relatively cheap vs listed e-commerce peers (6-13x). Closest peer Flipkart was most recently valued at $35bn (14x FY25 revenues).


Meesho - Potential Play on Value E-Commerce

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

SEMIFIVE is a leading design solution provider and pioneer of platform-based custom silicon solutions.

<ul>
<li>SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. </li>
<li>A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. </li>
<li>Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.</li>
</ul>


SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. 
A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. 
Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.


SemiFive IPO Bookbuilding Results Analysis

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

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.

Nanhua Futures Co Ltd / Equity Capital Markets

Nanhua Futures Co.,Ltd operates futures businesses. The Company offers commodity futures brokerage, financial futures brokerage, futures investment, asset management, and fund distribution services. Nanhua Futures provides services for worldwide customers.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanhua-futures-co-ltd" target="_blank" data-smartkarma-citation="entities:30022:1" rel="noopener">Nanhua Futures Co Ltd (603093 CH)</a> aims to raise up to US$220m in its Hong Kong IPO.</li>
<li>It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Nanhua Futures Co Ltd (603093 CH) aims to raise up to US$220m in its Hong Kong IPO.
It operates as a leading futures company in the PRC, dedicated to providing global financial services to clients.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Nanhua Futures A/H Listing: Some near Term Domestic Weakness

Hong Jie Seow

Independent Insight Provider

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-forest-cabin-biological-tech-co-ltd" target="_blank" data-smartkarma-citation="entities:45249:1" rel="noopener">Shanghai Forest Cabin Biological-Tech (SFCBT HK)</a> is looking to raise US$140m in its upcoming Hong Kong IPO.</li>
<li>SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.</li>
</ul>



Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise US$140m in its upcoming Hong Kong IPO.
SFC is the leader among China’s premium domestic skincare brands with a focus on anti-wrinkle and firming skincare market.
We have looked at the company's past performance in our previous note. In this note, we will undertake a PHIP update.


Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Hanx Biopharmaceuticals / Equity Capital Markets

<ul>
<li>Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.</li>
<li>In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.</li>
<li>We also look at the company’s pre-IPO investors and management team.</li>
</ul>


Hanx Biopharm, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. ICBCI and CITIC are the joint book runners.
In this note, we look at the company’s core product, HX009, and assess the selling point around the core product.
We also look at the company’s pre-IPO investors and management team.


Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

Asia ECM
Coverage of Asian IPOs & Placements

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

SemiFive IPO Bookbuilding Results Analysis

SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. A 43.9% of the total IPO shares are under various...

Douglas Kim

Nanhua Futures A/H Listing: Some near Term Domestic Weakness

Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

Nicholas Tan

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

Meesho - Potential Play on Value E-Commerce

Meesho has had a stellar listing and is witnessing follow-on buying, up 100% from IPO price. It now trades at 8x FY26 sales with street estimating...

Himanshu Dugar

SemiFive IPO Bookbuilding Results Analysis

SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. A 43.9% of the total IPO shares are under various...

Douglas Kim

Nanhua Futures A/H Listing: Some near Term Domestic Weakness

​Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

Nicholas Tan

Shanghai Forest Cabin PHIP Update: Strong Topline and Margins in 1H25

​Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

Hong Jie Seow

Hanx Biopharm (翰思爱泰) Pre-IPO Quick Comment: Innovative I/O Product with Early Signals

​China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...

Ke Yan, CFA, FRM

Nanhua Futures Co Ltd plans to raise $220m in Hong Kong IPO. It is a futures company in China, offering global financial services. This note...

Shanghai Forest Cabin Biological-Tech (SFCBT HK) aims to raise US$140m in Hong Kong IPO, leading in China's premium skincare market with a focus...

China-based biotech company Hanx Biopharm seeks to raise $100 million through a Hong Kong listing. We assessed the selling point of its core...