Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

<ul>
<li>Kuaishou (KS)’ operating margin improved to 10% in 2024 versus 4% in 2023.</li>
<li>Online marketing revenue increased by 20% and GMV increased by 17% in 2024.</li>
<li>We conclude an upside of 104% for the next twelve months.</li>
</ul>


Kuaishou (KS)’ operating margin improved to 10% in 2024 versus 4% in 2023.
Online marketing revenue increased by 20% and GMV increased by 17% in 2024.
We conclude an upside of 104% for the next twelve months.


Kuaishou (1024 HK): FY2024 Result, Op Margin to 10% from 4%, Price to Be Double

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Capital Markets

Duality Biotherapeutics / Equity Capital Markets

<ul>
<li>Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.</li>
<li>We looked at the latest prospectus and noted it toned down the language and strengthened its team.</li>
<li>We also compare the clinical readings of its core products with benchmark products.</li>
</ul>


Duality Biotherapeutics, a China-based clinical-stage biotechnology company, plans to raise up to US$250m via a Hong Kong listing.
We looked at the latest prospectus and noted it toned down the language and strengthened its team.
We also compare the clinical readings of its core products with benchmark products.


Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

Frasers Centrepoint Trust / Equity Capital Markets

Frasers Centrepoint Trust is a retail real estate investment trust focused on growing unitholder value through asset management, financial management and strategic investments.  The trust invests in retail properties in Singapore and overseas.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/frasers-centrepoint-trust" target="_blank" data-smartkarma-citation="entities:2870:1" rel="noopener">Frasers Centrepoint Trust (FCT SP)</a>  aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.</li>
<li>This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.</li>
<li>In this note, we comment on the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Frasers Centrepoint Trust (FCT SP)  aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing.
This will complement the company’s operations of the Northpoint City North Wing and consolidate the entire Northpoint City under its ownership.
In this note, we comment on the deal dynamics and run the deal through our ECM framework.


Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

Troy Wong

Maynilad Water Services / Equity Capital Markets

Maynilad Water Services, Inc. provides water and wastewater services. The Company maintains water and sewer mains for the provision of municipal water services. Maynilad Water Services serves cities and municipalities in Philippines.

<ul>
<li>Maynilad Water Services, Inc. (MWS) is looking to raise at least US$633mn in its upcoming Philippines IPO. The deal will be run by BPI Capital, HSBC, MS, and UBS.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>MWS is majority owned by Maynilad Water Holding Company, Inc. (MWHCI), enjoying the support of conglomerates like Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation (Marubeni).</li>
</ul>


Maynilad Water Services, Inc. (MWS) is looking to raise at least US$633mn in its upcoming Philippines IPO. The deal will be run by BPI Capital, HSBC, MS, and UBS.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
MWS is majority owned by Maynilad Water Holding Company, Inc. (MWHCI), enjoying the support of conglomerates like Metro Pacific Investments Corporation (MPIC), DMCI Holdings, Inc. (DMCI), and Marubeni Corporation (Marubeni).


Maynilad Water Services Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dn-solutions" target="_blank" data-smartkarma-citation="entities:44474:1" rel="noopener">DN Solutions (298440 KS)</a> (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.</li>
<li>DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.</li>
<li>We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares.
DNS is engaged in the manufacture and sale of machine tools and the business of automation solutions and services related thereto.
We have looked at its past performance in our earlier notes. In this note, we will undertake a peer comparison.


Aequitas Research
IPOs and Placements coverage across Asia Pacific

Kuaishou (1024 HK): FY2024 Result, Op Margin to 10% from 4%, Price to Be Double

The operating margin improved to 10% in 2024 versus 4% in 2023. Online marketing revenue increased by 20% and GMV increased by 17% in 2024. We...

Ming Lu

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

Frasers Centrepoint aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing. In this note, we...

Nicholas Tan

Maynilad Water Services Pre-IPO Tearsheet

Maynilad Water Services, a leading global utility player with the largest water concession by population served within a concession area in the...

Troy Wong

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

Kuaishou (1024 HK): FY2024 Result, Op Margin to 10% from 4%, Price to Be Double

The operating margin improved to 10% in 2024 versus 4% in 2023. Online marketing revenue increased by 20% and GMV increased by 17% in 2024. We...

Ming Lu

Duality Biotherapeutics (映恩生物) Pre-IPO: A Closer Look at Its Core Products

​China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Ke Yan, CFA, FRM

Frasers Centrepoint Trust Placement: Not a Whole Lot of DPU Accretion

Frasers Centrepoint aims to raise around US$153m in order to partly fund its full acquisition of Northpoint City South Wing. In this note, we...

Nicholas Tan

Maynilad Water Services Pre-IPO Tearsheet

​Maynilad Water Services, a leading global utility player with the largest water concession by population served within a concession area in the...

Troy Wong

DN Solutions Pre-IPO - Peer Comparison

DN Solutions (298440 KS) (DNS) aims to raise around US$1.1bn in its Korea IPO via selling a mix of primary and secondary shares. In this note, we...

Sumeet Singh

China's Duality Biotherapeutics aims to raise $250m through a Hong Kong listing, with a revised prospectus. In this insight, we took a closer look...

Maynilad Water Services, a leading global utility player with the largest water concession by population served within a concession area in the...