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.

Event-Driven

<ul>
<li>On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.</li>
<li>In this note, we'll talk about the latest developments its possible timelines and implications.</li>
</ul>


On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign Companies Accountable Act (HFCAA).
There is nothing new about the list, on 2nd Dec 2021, SEC had issued final amendments to implement the HFCAA which had already spoken about the list and its implications.
In this note, we'll talk about the latest developments its possible timelines and implications.


China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Revenue grew rapidly by 23% in 4Q21 and we believe revenue will grow by 18% in 2022.</li>
<li>We are not concerned about the zero net margin, because operating cash flows were still strong in 2021.</li>
<li>We believe the stock has a price target of US$73, which is 18% over last closing price.</li>
</ul>


Revenue grew rapidly by 23% in 4Q21 and we believe revenue will grow by 18% in 2022.
We are not concerned about the zero net margin, because operating cash flows were still strong in 2021.
We believe the stock has a price target of US$73, which is 18% over last closing price.


JD.com (JD): Plunged Following Indexes, But 4Q21 Result Worth Buying

<ul>
<li>PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. </li>
<li>Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.</li>
<li>We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.</li>
</ul>


PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru go public in the US. 
Both the companies will hold their respective EGMs next week and aim to complete the listing by 18th Mar 2022.
We have looked at the company’s prior listing attempt, in Australia in 2019, and the current SPAC merger. In this note, we will talk about the recent updates.


PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

Equity Capital Markets

<ul>
<li>Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is looking to raise around US$500m in its India IPO.</li>
<li>Fabindia offers a diverse portfolio of lifestyle products to its customers across Apparel and Accessories, Home and Lifestyle, Personal Care and Organic Food categories. </li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is looking to raise around US$500m in its India IPO.
Fabindia offers a diverse portfolio of lifestyle products to its customers across Apparel and Accessories, Home and Lifestyle, Personal Care and Organic Food categories. 
In this note, we talk about the not so positive aspects of the deal.


Fabindia Pre-IPO - The Negatives - Past Financial Performance Trends Remain Unclear

<ul>
<li>Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is looking to raise around US$500m in its India IPO.</li>
<li>Fabindia offers a diverse portfolio of lifestyle products to its customers across Apparel and Accessories, Home and Lifestyle, Personal Care and Organic Food categories. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is looking to raise around US$500m in its India IPO.
Fabindia offers a diverse portfolio of lifestyle products to its customers across Apparel and Accessories, Home and Lifestyle, Personal Care and Organic Food categories. 
In this note, we will talk about the positive aspects of the deal.


Fabindia Pre-IPO - The Positives - Strong Urban Brand

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

China ADRs Delisting - SEC Sets the Clock Ticking and Sends China ADRs Tripping

On 8th Mar 2022, Securities Exchange Commission (SEC) added five China ADR names to its provisional list of issuers under the Holding Foreign...

Sumeet Singh

JD.com (JD): Plunged Following Indexes, But 4Q21 Result Worth Buying

Revenue grew rapidly by 23% in 4Q21 and we believe revenue will grow by 18% in 2022. We are not concerned about the zero net margin, because...

Ming Lu

PropertyGuru/Bridgetown 2 SPAC Listing/Merger - Peers Are Down a Lot, as the Deal Nears Completion

PropertyGuru and Bridgetown 2 announced, on 23rd Jul 2021, that they have entered into a business combination agreement which will see PropertyGuru...

Sumeet Singh

Fabindia Pre-IPO - The Negatives - Past Financial Performance Trends Remain Unclear

Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is...

Sumeet Singh

Fabindia Pre-IPO - The Positives - Strong Urban Brand

Fabindia is a consumer lifestyle platform with a 62-year legacy focused on authentic, sustainable and Indian traditional lifestyle products. It is...

Sumeet Singh

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52-week Range

Market Cap (USDm)

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