Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Equity Capital Markets

SAI Life Sciences / Equity Capital Markets

SAI Life Sciences Limited develops pharmaceuticals. The Company focuses on drug and active ingredient discovery, development, and manufacturing. SAI Life Sciences manages research facilities worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sai-life-sciences" target="_blank" data-smartkarma-citation="entities:43724:1" rel="noopener">SAI Life Sciences</a>(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.</li>
<li>SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms</li>
<li>As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.</li>
</ul>



SAI Life Sciences(SLS) is looking to raise up to US$500m in its upcoming India IPO. The deal will be run by Kotak, IIFL, Jefferies and MS.
SLS is a CRDMO. It provides end-to-end services across the drug discovery, development and manufacturing value chain, for small molecule NCE to global pharmaceutical innovators and biotechnology firms
As per Frost &amp; Sullivan, SLS was the fastest-growing Indian CRDMOs among listed Indian peers in terms of revenue CAGR as well as EBITDA CAGR from FY22 to FY24.


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. </li>
<li>The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.</li>
<li>After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than <a href="https://www.smartkarma.com/entities/aidigong-maternal-child-health-limited" target="_blank" data-smartkarma-citation="entities:6880:1" rel="noopener">Aidigong Maternal &amp; Child Health Limited (286 HK)</a>.</li>
</ul>


SAINT BELLA’s revenue growth fluctuated because the pandemic led to the delay in the pregnancy plan of many families and an increase in the rate of abortion or miscarriage. 
The increasing contract liabilities indicate that short-term performance growth of SAINT BELLA is guaranteed, but the declining fertility rates in China will bring challenges to SAINT BELLA’s long-term growth momentum.
After Series B round financing in 2020, post-investment valuation was already about US$100 million. Valuation of SAINT BELLA should be higher than Aidigong Maternal &amp; Child Health Limited (286 HK).


Pre-IPO Saint Bella - The Outlook for Future Performance Growth Is Highly Uncertain

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character toys.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the not so positive aspects of the deal.


Bloks Group Pre-IPO - The Negatives - Concentration Risk Is Concerning, and Limited Overseas Reach

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bloks-group" target="_blank" data-smartkarma-citation="entities:43648:1" rel="noopener">Bloks Group (1850960D CH)</a> is looking to raise US$300m in its upcoming Hong Kong IPO.</li>
<li>Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Bloks Group (1850960D CH) is looking to raise US$300m in its upcoming Hong Kong IPO.
Bloks Groups (Bloks) operates in the toy segment where it primarily assembles character and brick-based toys.
In this note, we will talk about the positive aspects of the deal.


Bloks Group Pre-IPO - The Positives - Wide Portfolio of Established IPs

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.

ASICS CORPORATION manufactures general sporting goods and equipment.  The Company's products, such as athletic shoes and sportswear, are distributed in the United States, Europe, Australia, and Asia.

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.</li>
<li>The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.
