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.


Asia Economist and CEO, Centennial Asia Advisors

Manu Bhaskaran

Asia Economist and CEO

Centennial Asia Advisors

At Centennial Asia Advisors, we tell it like it is. We have no vested interests, no need for a China wall, and no reason to skew our outlook any other way. With over 30 years experience covering Asia’s political economy, you can be sure our conclusions and analyses are based on the unadulterated facts. Through years of fine-tuning our research methodologies, we deliver a quality of macroeconomic analysis few other houses can match.

Centennial Asia Advisors is an independent research and advisory firm that works with governments, multilateral institutions, financial firms and leading MNCs.

Economic Policy and Strategic Advisors

Macroeconomics

<ul>
<li>China’s landmark Third Plenum of the ruling party disappointed by offering policy tweaks which appeared underwhelming given concerns over supply-demand imbalances and feeble animal spirits among consumers and investors. </li>
<li>Beijing appears fixated on long-term national security, self-sufficiency and technological superiority, perhaps believing that near-term headwinds can be managed. </li>
<li>But achieving these aims is a herculean task for an economy which remains stuck in a low-growth rut. We do not see a strong comeback in the economy.    </li>
</ul>


China’s landmark Third Plenum of the ruling party disappointed by offering policy tweaks which appeared underwhelming given concerns over supply-demand imbalances and feeble animal spirits among consumers and investors. 
Beijing appears fixated on long-term national security, self-sufficiency and technological superiority, perhaps believing that near-term headwinds can be managed. 
But achieving these aims is a herculean task for an economy which remains stuck in a low-growth rut. We do not see a strong comeback in the economy.    


China Economics: Third Plenum Fails To Move The Dial Despite Growth Headwinds

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Oneness Biotech Co Ltd develops botanical new drugs and several biological-active new chemical entities that are purified and molecularly modified from these botanical sources.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oneness-biotech-co-ltd" target="_blank" data-smartkarma-citation="entities:6357:1" rel="noopener">Oneness Biotech (4743 TT)</a> entered into an exclusive agreement with <a href="https://www.smartkarma.com/entities/china-resources-dubl-crne-phrmctl-co-ltd" target="_blank" data-smartkarma-citation="entities:16578:1" rel="noopener">China Resources Dubl Crne Phrmctl (600062 CH)</a> for commercialization of Fespixon in China, Hong Kong, and Macau.</li>
<li>Fespixon is approved in China as the first new drug for diabetic foot ulcer. Inclusion of the drug in NRDL is the next important milestone.</li>
<li>During 1H24, Oneness Biotech reported revenue of NT$57M, up 36% YoY. With expanding scale of operation, gross profit margin is improving (1Q24: 62.5% vs. 1Q23: 47.9%). Net loss is decreasing.</li>
</ul>



Oneness Biotech (4743 TT) entered into an exclusive agreement with China Resources Dubl Crne Phrmctl (600062 CH) for commercialization of Fespixon in China, Hong Kong, and Macau.
Fespixon is approved in China as the first new drug for diabetic foot ulcer. Inclusion of the drug in NRDL is the next important milestone.
During 1H24, Oneness Biotech reported revenue of NT$57M, up 36% YoY. With expanding scale of operation, gross profit margin is improving (1Q24: 62.5% vs. 1Q23: 47.9%). Net loss is decreasing.


Oneness Biotech (4743 TT): Marketing Progress of Fespixon in China Opens a New Revenue Stream

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Mongolian Mining Corporation produces coking coal.  The Company operates the Ukhaa Khudag mine in Mongolia.

<ul>
<li>Following our insight, <a href="https://www.smartkarma.com/insights/mongolia-mining-corp-975-hk-play-on-coking-coal-price-with-growth-optionality" target="_blank" rel="noopener">Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality, </a><a href="https://www.smartkarma.com/entities/mongolian-mining-corp" target="_blank" data-smartkarma-citation="entities:4382:1" rel="noopener">Mongolian Mining (975 HK)</a><a href="https://www.smartkarma.com/insights/mongolia-mining-corp-975-hk-play-on-coking-coal-price-with-growth-optionality" target="_blank" rel="noopener"> </a>has released its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0722/2024072200375.pdf" target="_blank" rel="noopener">Q2 2024 operational numbers</a>. </li>
<li>For Q2, the sales of coking coal products increased by 47% YoY and for H1 by 25% YoY. HCC was only 63% of the product mix (vs 87% in H1FY23).</li>
<li>Based on our numbers, the stock trades at 5.6x FY24 PE and 2.6x EV-EBITDA. We await the H1 FY23 results and clarity on the dividend catalyst in August. </li>
</ul>


Following our insight, Mongolia Mining Corp (975 HK): Play on Coking Coal Price With Growth Optionality, Mongolian Mining (975 HK) has released its Q2 2024 operational numbers. 
For Q2, the sales of coking coal products increased by 47% YoY and for H1 by 25% YoY. HCC was only 63% of the product mix (vs 87% in H1FY23).
Based on our numbers, the stock trades at 5.6x FY24 PE and 2.6x EV-EBITDA. We await the H1 FY23 results and clarity on the dividend catalyst in August. 


Mongolian Mining (975 HK): Q2 2024 Production Impressive, Good Set Up for H1

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