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

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<li>
<a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99438" rel="noopener">ZJLD Group IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/zjld-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99455" rel="noopener">ZJLD Group IPO: The Bear Case</a>. </li>
<li>In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. </li>
</ul>



ZJLD Group (ZJLD HK), a baijiu company in China, is set to launch an HKEx IPO to raise US$800-900 million next week, according to press reports.
We previously discussed the IPO in ZJLD Group IPO: The Bull Case and ZJLD Group IPO: The Bear Case. 
In this note, we present our forecasts and take the first look at ZJLD's potential valuation range. 


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.

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<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul><li>4Q results came in below us with a net loss of US$12mn and a slightly deeper than expected revenue decline.</li><li>However, this was not a total surprise to us when our channel check suggested a lukewarm sales momentum for the quarter impacted by lockdowns.</li><li>While results could be eventful to near term share price, we believe long term market would instead focus on the reopening trend. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

4Q results came in below us with a net loss of US$12mn and a slightly deeper than expected revenue decline.However, this was not a total surprise to us when our channel check suggested a lukewarm sales momentum for the quarter impacted by lockdowns.While results could be eventful to near term share price, we believe long term market would instead focus on the reopening trend. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bud APAC (1876 HK) – Down to HOLD; when positives of the recovery trade have mostly played out

Thematic (Sector/Industry)

<ul><li>We had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.</li><li>In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.</li><li>Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We had positive takeaways on F&amp;B demand over the New Year holiday break from our chancel check with distributors.In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD.Dairies (including IMF) had a good recovery despite a relatively high inventory level. Both packaged snacks and instant noodle had good momentum.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Consumer – Positive Takeaway from F&B Distributors

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Allied Blenders & Distillers / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (ABD IN)</a> is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. </li>
</ul>



Allied Blenders &amp; Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. 


Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

China

Budweiser Brewing Company APAC Limited is a company principally engaged in the brewing and distribution of beer. The Company produces, imports, markets, distributes over 50 brands including Budweiser, Stella Artois, Corona, Hoegaarden, Cass, and Harbin. The principal markets include China, South Korea, India and Vietnam.

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Budweiser Brewing APAC (1876 HK)

ZJLD Group IPO: Valuation First Look

ZJLD is set to launch an HKEx IPO to raise US$800-900 million next week. In this note, we present our forecasts and take the first look at ZJLD's...

Arun George

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

Bud APAC (1876 HK) – Down to HOLD; when positives of the recovery trade have mostly played out

While results could be eventful to near term share price, we believe long term market would instead focus on the reopening trend.

CMB International

China Consumer – Positive Takeaway from F&B Distributors

In view of the strong foot traffic and hence gifting demand, Baijiu and Beer exceeded expectation, followed by soft drinks and RTD

CMB International

Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

Allied Blenders & Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and...

Ethan Aw

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