APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Equity Capital Markets

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. </li>
<li>Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.</li>
<li>Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.</li>
</ul>



Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th November 2022. 
Campus Activewear is a lifestyle-oriented sports and athleisure footwear firm based in India. Operating under the “CAMPUS” brand, it offers a diverse portfolio of styles, color palettes, and price points.
Coming up for six-month lockup expiry are the pre-IPO investors and the Promoters, both of which had sold during the IPO.


Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Topsports International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (6110 HK)</a> is trading cheap to peers <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, and to partners <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a>.</li>
<li>Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.</li>
<li>Yet forward operational updates may surprise to the upside.  Management appears confident of their "immersive shopping experience" strategy, and recently declared a special dividend for FY22 (Feb Y/E). </li>
</ul>



Topsports International (6110 HK) is trading cheap to peers Anta Sports Products (2020 HK) and Li Ning (2331 HK), and to partners Nike (NKE US) and Adidas AG (ADS GR).
Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.
Yet forward operational updates may surprise to the upside.  Management appears confident of their "immersive shopping experience" strategy, and recently declared a special dividend for FY22 (Feb Y/E). 


Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.</li>
<li>The company is one of the largest retailers for <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a> in China.</li>
<li>Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.</li>
</ul>


Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.
The company is one of the largest retailers for Nike (NKE US) and Adidas AG (ADS GR) in China.
Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.


Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>China eases Covid-19 test rules for air travelers from more countries</li><li>Global investors continue to dump yuan bonds as Treasurys, dollar rise</li><li>Chinese President Xi Jinping pledges to open door wider to world</li></ul>

China eases Covid-19 test rules for air travelers from more countriesGlobal investors continue to dump yuan bonds as Treasurys, dollar riseChinese President Xi Jinping pledges to open door wider to world

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Q1 22 operating figures are better than the smaller peers although not exactly beating Anta. </li>
<li>Launching the cafe to boost SSSG post-COVID-19 is a positive strategy. </li>
<li>Its valuation is currently trading below its historical highs . Turn positive on <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a> .</li>
</ul>


Q1 22 operating figures are better than the smaller peers although not exactly beating Anta. 
Launching the cafe to boost SSSG post-COVID-19 is a positive strategy. 
Its valuation is currently trading below its historical highs . Turn positive on Li Ning (2331 HK) .


Germany

adidas AG manufactures sports shoes and sports equipment. The Company produces products that include footwear, sports apparel, and golf clubs and balls. adidas sells its products worldwide.

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adidas (ADS GR)

Campus Activewear Lock-Up - Shares Have Nearly Doubled. Pre-IPO Investors Might Book Gains

Campus Activewear (CAMPUS IN) was listed on 9th May, 2022, with its six-month lockup expiring today, 4th Nov 2022. Coming up for six-month lockup...

Clarence Chu

Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

Topsorts is inexpensive versus peers and with to its historical metrics. Provided China does not implement another round of stringent lockdowns,...

David Blennerhassett

Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.

Sumeet Singh

CX Daily: China Eases Covid-19 Test Rules for Air Travelers From More Countries

China eases Covid-19 test rules for air travelers from more countries. Global investors continue to dump yuan bonds as Treasurys, dollar rise

Caixin Global

Li Ning (2331): Turning Positive.

Since the last insight shorting Li Ning would have made investors between 1-2% after the recent rally in the Hong Kong equity market. Now is the...

Henry Soediarko

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