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.

Equity Capital Markets

Angelalign Technology  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (AAT HK)</a> is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. China’s clear aligner market, which is the second-largest in the world as measured by retail sales revenue, is forecasted to grow from $1.5 billion in 2020 to $11.9 billion in 2030 at a CAGR of 23.1%, according to CIC. The growth is driven by consumers increased readiness to receive treatment as clear aligners have improved aesthetics during treatment and the expanding addressable indications as clear aligners provide greater control of teeth movement.<div class="content-highlight">Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. Overall, we believe that Angelalign is worth a look.</div>

Angelalign Technology (AAT HK) is a leading clear aligner treatment solution provider in China. It is the second-largest player accounting for 41.0% market share in 2020 as measured by case shipments, according to CIC. Angelalign is pre-marketing an HKEx IPO to raise $300 million, according to press reports. China’s clear aligner market, which is the second-largest in the world as measured by retail sales revenue, is forecasted to grow from $1.5 billion in 2020 to $11.9 billion in 2030 at a CAGR of 23.1%, according to CIC. The growth is driven by consumers increased readiness to receive treatment as clear aligners have improved aesthetics during treatment and the expanding addressable indications as clear aligners provide greater control of teeth movement.Angelalign is ideally positioned to benefit from this market opportunity due to high market share, strong growth, rising margins and prodigious cash generation. Overall, we believe that Angelalign is worth a look.

Angelalign IPO Initiation: If Tooth Be Told

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We had also compared the company with its close peer and provided our preliminary thoughts on valuation.In this note, we will look at the latest disclosure from the post-hearing prospectus. We think the company recorded a strong 2020 with both top line growth and margin expansion, and it will be a hot deal to look forward to.

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We had also compared the company with its close peer and provided our preliminary thoughts on valuation.In this note, we will look at the latest disclosure from the post-hearing prospectus. We think the company recorded a strong 2020 with both top line growth and margin expansion, and it will be a hot deal to look forward to.

Angelalign (时代天使) Pre-IPO: A Strong Ending of 2020

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.
In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.
In this note, we will compare the company with its close peer and provide our preliminary thoughts on valuation.

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.
In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.
In this note, we will compare the company with its close peer and provide our preliminary thoughts on valuation.

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Dentistry has always been one of the areas that investors are interested in. In the HKEX, there are also companies that focus on dental business such as <a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group (3600 HK)</a>, one of the world's leading global dental prosthetic device providers. The Company’s share price rose from HK$1.44/share in the beginning of the year to HK$3.95/share on May 2, 2021, up 174%, and has been rising continuously in recent weeks, which was mainly driven by the positive financial results after the Company released its 2020 financial reports and previous relatively low valuation. This insight mainly analyzed the logic behind the rally of stock price, the future business prospects and investment suggestion of this Company.

Dentistry has always been one of the areas that investors are interested in. In the HKEX, there are also companies that focus on dental business such as Modern Dental Group (3600 HK), one of the world's leading global dental prosthetic device providers. The Company’s share price rose from HK$1.44/share in the beginning of the year to HK$3.95/share on May 2, 2021, up 174%, and has been rising continuously in recent weeks, which was mainly driven by the positive financial results after the Company released its 2020 financial reports and previous relatively low valuation. This insight mainly analyzed the logic behind the rally of stock price, the future business prospects and investment suggestion of this Company.

Modern Dental Group (3600.HK) - Insights on Recent Rally of Stock Price and Future Outlook

Angelalign is a leading clear aligner player in China with nearly half of the market. The company is looking to raise up to USD 300 million via a Hong Kong listing.The company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners. We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.

Angelalign is a leading clear aligner player in China with nearly half of the market. The company is looking to raise up to USD 300 million via a Hong Kong listing.The company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners. We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

China

Microport Scientific Corp. manufactures interventional and minimally invasive devices for keyhole surgery. The Company's products are used to treat vascular diseases and is developing devices to treat diabetes and orthopedic diseases.

Shinva Medical Instrument Co., Ltd. manufactures and markets medical instruments and equipment.  The Company's products include sterilization equipment, radiation diagnosis and radiotherapy equipment, chemical indication products, and medical environmental protection equipment.

Shanghai Tofflon Science and Technology Company Limited develops, designs, produces and markets pharmaceutical freeze dryer and related systems. The Company's main products include in-place sterilisation, in-place lyophilization cleaners, laboratory freeze dryers, production freeze dryers, liquid nitrogen freeze dryers and freeze drying systems and equipments.

Double Medical Technology Inc. operates as an orthopedic devices manufacturing company. The Company produces and sells physical therapy equipment, orthopedic surgical instruments, injection puncture, and other products. Double Medical Technology markets its products throughout China.

Lifetech Scientific Corporation develops, manufactures and markets minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders.  The Company produces congenital heart defect occluders, vena cava filters, stent grafts, balloon catheters, and vascular plugs.

Edan Instruments Inc develops, produces and sells medical electronic equipments.  The Company's main products are fetal dopplers, electrocardiographs, fetal monitors and ultrasound scanners.

Guangzhou Wondfo Biotech Co.,Ltd. was founded in 1992. The company's line of business includes manufacturing of medical diagnostic tests.  Guangzhou Wondfo Biotech serves customers around the world.

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical markets its products worldwide.

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Blue Sail Medical Co., Ltd. manufactures and sells PVC gloves and other plastic products. The company also engages in the sale of  nitrile gloves, latex gloves,  paper pulp molding products, and a range of medical equipments.

Genertec Universal Medical Group Company Limited provides healthcare services. The Company offers medical financing, hospital investment and management, digitization, and clinical department upgrade advisory services. Genertec Universal Medical Group serves customers in Hong Kong.

Artivion Inc.(Artivion) is a medical device company focused on developing simple, elegant solutions that address cardiac and vascular surgeons' most difficult challenges in treating patients with aortic disease. The company's major products include:aortic stents, stent grafts, prosthetic heart valves, cyropreserved cardiac and vascular allografts, and surgical sealants.

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

AtriCure, Inc. develops, manufactures, and sells surgical devices designed to create precise lesions in soft tissues.  The Company's bipolar ablation system is used by cardiothoracic surgeons as a standard treatment alternative to create lesions in heart tissue to block the abnormal electrical impulses that cause atrial fibrillation.

Pegavision Corp is a result of a joint venture by Pegatron Corp and Kinsus Corp. The Company manufactures and sells soft contact lenses and other ophthalmic medical devices. Pegavision operates in Taiwan.

FUKUDA DENSHI CO., LTD. manufactures and wholesales electronic equipment for medical use.  The Company's products include electrocardiograph, phonocardiogram, ultrasonic diagnosis systems, physical condition monitoring systems, pacemakers, and respirators.

NIPRO CORPORATION manufactures medical products.  The Company's products include artificial dialysis and blood transfusion equipment, hypodermic syringes, and glass products for medical use.

Kossan Rubber Industries Berhad manufactures and sells rubber products. Through its subsidiaries, the Company also manufactures and trades latex examination gloves as well as fabricates and installs machinery.

Arjo AB develops, manufactures, and markets medical equipment for elderly and disabled patients. The Company offers medical beds, flusher disinfectors, prevention pumps, hygiene lifts, and shower systems. Arjo markets its products worldwide.

Silk Road Medical, Inc. produces and distributes surgical equipment. The Company offers develops and manufactures less-invasive medical devices intended to improve the treatment of carotid artery disease through proprietary transcarotid therapies. Silk Road Medical serves medical sector in the United States.

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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Angelalign Technology (6699 HK)

Angelalign IPO Initiation: If Tooth Be Told

Angelalign is pre-marketing an IPO to raise $300 m. It is ideally positioned to benefit from an attractive market opportunity due to strong growth,...

Arun George

Angelalign (时代天使) Pre-IPO: A Strong Ending of 2020

With this solid number for 2020 and its market position as a leading malocclusion treatment player, we think the deal will be hot and hence the...

Ke Yan, CFA, FRM

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

We will compare Angelalign with its close peer and provide our preliminary thoughts on valuation. We are of the view that the company should trade...

Ke Yan, CFA, FRM

Modern Dental Group (3600.HK) - Insights on Recent Rally of Stock Price and Future Outlook

For the rally in stock price since the beginning of 2021, the insight mainly analyzed the logic behind the rally of stock price, the future...

Xinyao (Criss) Wang

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

It has an interesting story - an under penetrated market, a foreign player side-by-side, strong growth and solid financials. It also has a consumer...

Ke Yan, CFA, FRM

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