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

<div><p><a href="https://www.smartkarma.com/entities/aztech-global" target="_blank" data-smartkarma-citation="entities:32153:1" rel="noopener">Aztech Global (1869224D SP)</a>  is looking to raise about US$225m in its Singapore IPO.</p></div><div><p>Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.</p></div><div>
<p>In this note, we will discuss forecast and assumptions and share our thoughts on valuation.</p>
<ul><li>
<a href="https://www.smartkarma.com/insights/aztech-ipo-a-lucky-break-marred-by-checkered-past" target="_blank" data-smartkarma-citation="insights:48616" rel="noopener">Aztech IPO - A Lucky Break Marred by Checkered Past</a> </li></ul>
</div>

Aztech Global (1869224D SP)  is looking to raise about US$225m in its Singapore IPO.Aztech Global (Aztech) is a manufacturing company that offers Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), Joint Development Manufacturing (JDM), and Contract Manufacturing Service (CMS) services to businesses. The company’s key products are Internet of Things (IoT) devices and data-communications products, LED lighting products, and other electrical products.
In this note, we will discuss forecast and assumptions and share our thoughts on valuation.

Aztech IPO - A Lucky Break Marred by Checkered Past 


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>On 11th January 2021, Singapore-based electronic components manufacturer <a href="https://www.smartkarma.com/entities/cei-limited" target="_blank" data-smartkarma-citation="entities:16816:1" rel="noopener">CEI Limited (CEI SP)</a> received a <a href="https://links.sgx.com/FileOpen/Pre-Conditional%20Offer%20Announcement.ashx?App=Announcement&amp;FileID=644825" target="_blank" rel="noopener">Pre-conditional Voluntary Offer</a> from a wholly-owned subsidiary of <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> valuing the company at S$100mn.</p><p>The making of the Offer was subject to the satisfaction of the pre-condition which required approval-in-principle of the SGX-ST for the listing and quotation of the New AEM Holdings Shares. </p><p>Today, AEM <a href="https://links.sgx.com/FileOpen/AEM%20Holdings%20-%20AIP%20Announcement%2015%20Feb%202021.ashx?App=Announcement&amp;FileID=648282" target="_blank" rel="noopener">confirmed</a> that the pre-condition has been satisfied. </p><div><p>Below is a look at what this means to the Deal Timeline and how the various cash and scrip alternatives compare against each other. </p></div><p></p><hr><div><div><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to <a href="https://www.smartkarma.com/insights/quiddity-singapore-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28849" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> </p></div></div></div>

On 11th January 2021, Singapore-based electronic components manufacturer CEI Limited (CEI SP) received a Pre-conditional Voluntary Offer from a wholly-owned subsidiary of AEM Holdings (AEM SP) valuing the company at S$100mn.The making of the Offer was subject to the satisfaction of the pre-condition which required approval-in-principle of the SGX-ST for the listing and quotation of the New AEM Holdings Shares. Today, AEM confirmed that the pre-condition has been satisfied. Below is a look at what this means to the Deal Timeline and how the various cash and scrip alternatives compare against each other. For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to Quiddity Singapore M&amp;A Guide 2019 

AEM's Privatization Deal for CEI Limited (CEI SP): Pre-Condition Satisfied

<p>After market-close on Monday 11th January, Singapore-based electronic components manufacturer <a href="https://www.smartkarma.com/entities/cei-limited" target="_blank" data-smartkarma-citation="entities:16816:1" rel="noopener">CEI Limited (CEI SP)</a> received a <a href="https://links.sgx.com/FileOpen/Pre-Conditional%20Offer%20Announcement.ashx?App=Announcement&amp;FileID=644825" target="_blank" rel="noopener">Pre-conditional Voluntary Offer</a> from a wholly-owned subsidiary of <a href="https://www.smartkarma.com/entities/aem-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11019:1" rel="noopener">AEM Holdings (AEM SP)</a> valuing the company at S$100mn. </p><p>The Offer Price will be S$1.15/share and there will be a all-cash option (default choice) and two other cash and scrip combinations from which CEI shareholders will be allowed to choose. </p><p>The making of the Offer will be subject to the satisfaction of the pre-condition which requires approval-in-principle of the SGX-ST for the listing and quotation of the New AEM Holdings Shares. </p><p><em>More below the fold. </em></p><p></p><hr><div class="content-remarks"><p>For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to <a href="https://www.smartkarma.com/insights/quiddity-singapore-m-a-guide-2019" target="_blank" data-smartkarma-citation="insights:28849" rel="noopener">Quiddity Singapore M&amp;A Guide 2019</a> </p></div>

After market-close on Monday 11th January, Singapore-based electronic components manufacturer CEI Limited (CEI SP) received a Pre-conditional Voluntary Offer from a wholly-owned subsidiary of AEM Holdings (AEM SP) valuing the company at S$100mn. The Offer Price will be S$1.15/share and there will be a all-cash option (default choice) and two other cash and scrip combinations from which CEI shareholders will be allowed to choose. The making of the Offer will be subject to the satisfaction of the pre-condition which requires approval-in-principle of the SGX-ST for the listing and quotation of the New AEM Holdings Shares. More below the fold. For more information about M&amp;A rules, regulations, and practices in Singapore, please refer to Quiddity Singapore M&amp;A Guide 2019 

CEI Limited (CEI SP): Privatization Deal by AEM Holdings (AEM SP) Trading with a View to Complete

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Jitters over today’s Georgia Senate runoff elections led to mild weakness on the first trading day of the year. As we explain below, this appears to be just a blip on the radar and our bullish outlook remains intact. We continue to view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Materials: Casinos &amp; Gaming, Large-Cap, Copper, Gold, Western Hemisphere, Large-Cap, and Silver, Platinum.</p>

Jitters over today’s Georgia Senate runoff elections led to mild weakness on the first trading day of the year. As we explain below, this appears to be just a blip on the radar and our bullish outlook remains intact. We continue to view any weakness as a buying opportunity. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary and Materials: Casinos &amp; Gaming, Large-Cap, Copper, Gold, Western Hemisphere, Large-Cap, and Silver, Platinum.

U.S. Equity Strategy: Bullish Outlook Intact

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.

<p><a href="https://www.smartkarma.com/entities/hi-p-international-ltd" target="_blank" data-smartkarma-citation="entities:9589:1" rel="noopener">Hi P International (HIP SP)</a> is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). </p><div class="content-highlight"><p>The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. </p></div>

Hi P International (HIP SP) is an integrated contract manufacturer. On Friday, HIP announced a voluntary unconditional general offer from its CEO and controlling shareholder, Mr Yao. The offer price of S$2.00 per share is a 13.6% premium to the last trading price of S$1.76 per share (14 December prior to the trading halt). The offeror (including irrevocables) currently holds 83.50% of the outstanding shares and 82.37% of the maximum potential issued share capital. The offeror aims to delist HIP if the free float requirements (at least 10% of public shareholders) are not met and if entitled, exercise its rights of compulsory acquisition. Overall, we think that the offer price is attractive and the privatisation will succeed. 

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

Singapore

UMS Holdings Limited provides equipment manufacturing and engineering services to Original Equipment Manufacturers (OEMs) of semiconductors and related products. The Company manufactures high precision components and complex electromechanical assembly and final testing services. UMS supports the electronic, machine tools and oil and gas industries.

Micro-Mechanics Holdings Limited designs and manufactures precision tools.  The Company also provides effective solutions and total support services to its customers.

Global Testing Corporation Ltd. offers testing services for the semiconductor manufacturing industry.  The Company offers wafer sorting and final testing services for logic and mixed signal semiconductors used in consumer electronics and communications devices.

Ellipsiz Ltd. offers products and services to the semiconductor industry. The Company manufactures probe cards used to test semiconductor wafers, and provides wafer reclaim services, equipment distribution and support services for the semiconductor and electronics manufacturing services (EMS) industries.

Sunright Limited provides management services and research and development in burn-in and test-related activities. The Company also manufactures burn-in equipment and substrates, assembles electronic, and electrical components, as well as provides semiconductor testing services.  In addition, Sunright trades and distributes high-technology electronic products.

Advanced Systems Automation Limited designs and manufactures automatic molding machines and other back-end assembly equipment for the semiconductor industry. The Company also manufactures precision tools, dies, and encapsulation molds, and provides wafer bumping services and packaging technology consulting.

Asia Vets Holdings Ltd. assembles integrated circuits.  The Company assembles and tests smart card modules, and loads onto them customer specific data or software.  Smartflex produces smart cards for the telecommunications, banking, financial services, and pay television industries.

Manufacturing Integration Technology Limited designs, develops, manufactures, and distributes automated equipment for the semiconductor industry.  The Company also designs and manufactures vision inspection system and precision engineering.

Manufacturing Integration Technology (MIT SP)

IGG Inc. is an online games developer and operator. The Company offers multi-language browser games, client-based games and mobile games to players globally.

Motech Industries Inc. manufactures and markets solar cells as well as testing and measuring instruments.

Winstek Semiconductor Co Ltd provides wafer and IC (Integrated Circuit) testing services for mixed signal, digital, optical, and radio frequency (RF) devices.

Land Mark Optoelectronics Corporation is a supplier in GaAs and InP based epitaxial wafers for optical communication, industrial application, and special-purpose usage. The Company specializes in using the MOVPE (or MOCVD) reactors for epitaxial growth of compound semiconductor material.

Zhejiang Sunflower Light Energy Science & Technology LLC develops, produces and sells photovoltaic products. The Company manufactures crystalline silicon photovoltaic solar cells, wafers, modules and other related solar energy parts.

E&R Engineering Corporation designs and manufactures machines and packing materials for semiconductors, SMT, IC substrate, LED and passive components. The Company's machines consist of automation equipment, UV lasers, dispensers, printers and plasma chambers. E&R also offers carrier tape and plastic reels.

Gigasolar Materials Corp. manufactures solar conductive paste to provide solar energy.

Genetech Technology Berhad designs and develops both customized and standardized industrial automated equipments for high technology related manufacturing companies. The Company also provides integrated engineering solutions that incorporates mechanical, engineering and software functions.

EGing Photovoltaic Technology Company Ltd. manufactures solar energy equipment. The Company produces mono crystalline and polycrystalline solar modules.  EGing sells its products in Germany, Spain, Italy, the Czech Republic, Australia, South Korea and South Africa.

Seoul Semiconductor Co., Ltd. manufactures parts for electronic products.  The Company's products include light emitting diode (LED) custom display, LED dot matrix, LED back light, photo diode, photo transistor, LED IR lamp, LED display with controller, and LED array.

Holtek Semiconductor Inc. develops and manufactures integrated circuit (IC) products. The Company's products include microcontrollers, and other peripheral devices in the communication, remote control, computer peripheral, and memory industries.

AEM Holdings Limited designs and manufactures semiconductor manufacturing equipment and related tooling parts and precision machining of components for semiconductor industry.  The Company also manufactures and distributes electronics, engineering, chemical and related products. AEM provides engineering services.

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AEM (AEM SP)

Aztech IPO - Undemanding Valuation

Aztech Global (1869224D SP) is looking to raise about US$225m in its Singapore IPO. In this note, we will discuss forecast and assumptions and...

Zhen Zhou, Toh

AEM's Privatization Deal for CEI Limited (CEI SP): Pre-Condition Satisfied

CEI AEM deal pre-condition satisfied. Now it is only the minimum acceptance condition of 50%. This deal should complete as-is and with the 70/30...

Janaghan Jeyakumar, CFA

CEI Limited (CEI SP): Privatization Deal by AEM Holdings (AEM SP) Trading with a View to Complete

Small Takeover in Singapore. Interesting combination of possible Consideration payments. Full cash, part cash part scrip, less cash more scrip....

Janaghan Jeyakumar, CFA

U.S. Equity Strategy: Bullish Outlook Intact

mild weakness on the first trading day of the year appears to be just a blip on the radar and our bullish outlook remains intact. We continue to...

Vermilion Research

Hi-P International’s Voluntary Unconditional Offer by the Controlling Shareholder

HIP announced a voluntary unconditional general offer at S$2.00 per share, a 13.6% premium to the last trading price. Overall, we think that the...

Arun George

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