APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.
We start this week in the UK first because Aston Martin Holdings (8444762Z LN)'s IPO is set to be the first listing under UK's new IPO disclosure rules. It is exciting and significant to us and everyone Smartkarma because the new rules allow independent analysts to have equal access to management and other company information. Almost a year ago, we were one of the proponents of such a change to the process. You can read our earlier insights on this topic here: Breaking the Bank: Time to End the IPO Rort; and Breaking the Bank: Time to End the IPO Rort - Our Official Response. Thus, we felt like we needed to lend our independent voice for the first IPO under the new rules in Aston Martin Lagonda Pre-IPO Under the New IPO Process - Lots to like Apart from R&amp;D Capitalisation.
Back in the US, the IPO momentum continues as expected with X Financial (XYF US) rallying to a day high of US$20.30 which is about 113% above its IPO price before coming down to earth and closing just 26% above IPO price on the first day. Since then, its share price has been pulling back significantly, down another 8% on Friday morning session. Other non-Asia US IPOs such as Eventbrite Inc (EB US) has also been on a roll, closing some 50+% above IPO price on debut.
In Hong Kong, Meituan Dianping (3690 HK) 's quiet debut was a little bit of surprise. As mentioned in Ke Yan, CFA, FRM 's post-IPO note, Meituan Dianping (美团点评) Post-IPO Lunch-Bite: Near Term Upside and The Liquidity Angle, the adjusted free float is small, representing just 3.5% of the total shares outstanding or 37% of the deal. Perhaps the market is being a little more cautious because the company is trading at about 4.6x FY19E  EV/Sales which is on par with Baidu and Ctrip but still significantly lower than its leading China TMT peers such as BABA, and Tencent. 
As the US indices rallied past their all-time high and Asia seems to be getting some relief rally in the past week (especially in China and Hong Kong), we are seeing an uptick of activity in the placement space. Just this week alone, we had 6 placements, three in Korea, two in Australia, and one in Singapore. 
Notably, most of the placements have been holding up well especially Samsung C&amp;T (028260 KS) . The two shareholders (Samsung affiliates) of Samsung C&amp;T (028260 KS) sold down their entire shareholding in the company, removing part of the overhang that has been weighing down on C&amp;T's share price despite recent earnings momentum. Since the placement was completed, C&amp;T's share price has been on a tear, pricing at 5% discount to Thursday's close and rallying above that to close almost 3% above the previous day close.
Even for Coway's Placement, which we were negative due to the overhang from MBK's remaining stake and the impending ownership by Woongjin Group, managed to claw back its lost grounds to close above its placement price on Friday despite collapsing below it on Thursday's close.
For next week, we are hearing that Midea Real Estate (MRE HK), the property development arm of Midea Group Co Ltd A (000333 CH), and Jiangxi Ganfeng Lithium (002460 CH) will be opening its book next week. Osotspa Co Ltd (0227009Z TB) has also started its bookbuild and we will be covering the IPO next week.
Accuracy Rate:Our overall accuracy rate is 71.1% for IPOs and 64% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  Wuxi AppTec (Hong Kong, ~US$1bn)Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: Smartkarma IPO AnalyzerNews on Upcoming IPOs  
Philippines’ Cal-Comp delays $125 million IPO due to market conditions
Kyobo Life plans US$1bn KRX IPO in 2019
China's Tencent Music seeks $2 billion in U.S. IPO
Smartkarma Community's this week Analysis on Upcoming IPO  
IPO Radar: GSC, Thailand's Second Call Center Listing
Shandong Gold Valuation: All that Glitters Is Not Gold IPO
Eventbrite IPO Preview (Part 2): Valuation Analysis
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?
World Co IPO (Pt 2): Floundering Sales Channels Make Pricing at Lower End Expensive Too

Maoyan IPO Preview: Running Out of Growth Drivers

Entertainment Plus – 60% Market Share, Margin Not a Concern
Plakor IPO Preview (Part 1)
S-Fuelcell Co IPO Preview (Part 2) - Valuation Analysis &amp; Korean Fuel Cell Industry Dynamics
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea
List of pre-IPO Coverage on Smartkarma

Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


BabyTree
Babytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU


Canaan Inc.
Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018


Canaan Inc.
Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition


Canaan Inc.
Canaan Inc. IPO Preview (Part 3): Earnings Forecast &amp; Valuation Analysis


Canaan Inc.
Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game


Cenmintang
Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp


China Feihe
China Feihe IPO Preview: Goat Bless Infant Formula Milk?


Entertnmt Plus
Entertainment Plus – 60% Market Share, Margin Not a Concern


Entertnmt Plus
Maoyan IPO Preview: Running Out of Growth Drivers


Fosun Tourism
Fosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?


China Kepei
China Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company


Ganfeng Lithium
Ganfeng Lithium IPO: Present Perfect, Future Tense


Innovent Bio
Innovent Biologics (信达生物) IPO: A Major PD-1 MAb Competitor Might Have Just Emerged (Part 1)


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Sinochem Energy
Sinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business


STX 
STX IPO Preview– a One-Hit Wonder


STX 
STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter


Tongcheng
Tongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With


Qilu Express
Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers


WeLab
WeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List

South Korea

Daeyu
Daeyu Co. IPO Preview (Part 1)


Ebang
Ebang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.


Foodnamoo
Foodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in Korea


Icure Pharm
Icure Pharm (175250 KS): Post IPO Short Selling Opportunity Checkup


Icure Pharm
Icure Pharm IPO Summary - Front Runner of Dementia Patch Development Race


Livent
Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium


Plakor
Plakor IPO Preview (Part 1)


Robotis
Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea


S-Fuel Cell
S-Fuelcell Co IPO Preview (Part 1) - A Leading Provider of Fuel Cell Systems in Korea


S-Fuel Cell
S-Fuelcell Co IPO Preview (Part 2) - Valuation Analysis &amp; Korean Fuel Cell Industry Dynamics


Zinus
Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)

India

CMS Info
CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon Dock
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt

The U.S.

CNFinance
CNFinance (泛华金融) IPO First Impression: Beware Rising Credit Risk and Slowing Loan Origination


CNFinance
CNFinance IPO Preview: A Renaissance that May Not Come

Australia

Latitude financial
Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points



ECM Weekly (21 September 2018) - UK IPO, Volatile Price Movements, and Six Placements

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<a href="https://www.smartkarma.com/entities/27446" target="_blank" data-smartkarma-citation="entities:27446:1">Aston Martin Holdings UK Ltd (8444762Z LN)</a> plans to list in the UK, in what is set to be the first listing under UK's new IPO disclosure rules. The new rules are meant to allow equal access to management and other company information for independent analysts. Almost a year ago, we were one of the proponents of such a change to the process. You can read our earlier insights on this topic here: <a href="https://www.smartkarma.com/insights/breaking-the-bank-time-to-end-the-ipo-rort" target="_blank">Breaking the Bank: Time to End the IPO Rort</a>; and <a href="https://www.smartkarma.com/insights/breaking-the-bank-time-to-end-the-ipo-rort-our-official-response" target="_blank">Breaking the Bank: Time to End the IPO Rort - Our Official Response</a>. Thus, we were only too eager to lend our independent voice for the first such deal under the new rules.Coming back to the deal,  the company has been making good progress under its second century plan with its latest models being well received by the market. In addition, its customisation service and specials seem to be doing well to add to the earnings momentum. Its planned SUV launch next year should keep the growth going. Our main gripe remains AML's very high R&amp;D capitalisation, which seems to be a lot higher than peers, although direct comparisons remain difficult owing to different business models. Nonetheless, the high proportion of intangibles in total assets too is well ahead of its peer group.

Aston Martin Holdings UK Ltd (8444762Z LN) plans to list in the UK, in what is set to be the first listing under UK's new IPO disclosure rules. The new rules are meant to allow equal access to management and other company information for independent analysts. Almost a year ago, we were one of the proponents of such a change to the process. You can read our earlier insights on this topic here: Breaking the Bank: Time to End the IPO Rort; and Breaking the Bank: Time to End the IPO Rort - Our Official Response. Thus, we were only too eager to lend our independent voice for the first such deal under the new rules.Coming back to the deal,  the company has been making good progress under its second century plan with its latest models being well received by the market. In addition, its customisation service and specials seem to be doing well to add to the earnings momentum. Its planned SUV launch next year should keep the growth going. Our main gripe remains AML's very high R&amp;D capitalisation, which seems to be a lot higher than peers, although direct comparisons remain difficult owing to different business models. Nonetheless, the high proportion of intangibles in total assets too is well ahead of its peer group. 

Aston Martin Lagonda Pre-IPO Under the New IPO Process - Lots to like Apart from R&D Capitalisation

United Kingdom

Aston Martin Lagonda Global Holdings PLC operates as a holding company. The Company, through its subsidiaries, designs and manufactures automobiles. Aston Martin Lagonda Global Holdings offers its services worldwide.

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Aston Martin (AML LN)

ECM Weekly (21 September 2018) - UK IPO, Volatile Price Movements, and Six Placements

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for...

Zhen Zhou, Toh

Aston Martin Lagonda Pre-IPO Under the New IPO Process - Lots to like Apart from R&D Capitalisation

Aston Martin Holdings UK Ltd (8444762Z LN) plans to list in the UK, in what is set to be the first listing under UK's new IPO disclosure rules. The...

Sumeet Singh

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