Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Chervon Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chevron-holdings-ltd" target="_blank" data-smartkarma-citation="entities:35308:1" rel="noopener">Chevron Holdings (CHV HK)</a> is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.</li>
<li>We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.</li>
<li>Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.</li>
</ul>



Chevron Holdings (CHV HK) is moving up the ranks in electric outdoor power equipment. It is currently ranked 2nd in terms of revenue compared to 7th in 2018.
We expect an industry wide drop-off in revenue in 2022 after a boost in demand during 2020 and 2021 driven by COVID-19.
Valuation is at a 41% discount to the closest peer. Thus we lean towards subscribing to the Chevron IPO.


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.

LG Energy Solution / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.</li>
<li>This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.
This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.


ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will undertake a peer comparison and talk about valuations.


Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

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.

<ul>
<li>Chervon Holdings (CHL HK) is a leading global provider of power tools and outdoor power equipment. It has launched an HKEx IPO to raise up to HK$3.13 billion (US$402 million).</li>
<li>In <a href="https://www.smartkarma.com/insights/chervon-holdings-ipo-initiation-not-quite-right" target="_blank" data-smartkarma-citation="insights:62550" rel="noopener">Chervon Holdings IPO Initiation: Not Quite Right</a>, we noted a tepid 3Q21 performance and the vanishing of the former largest customer is a worry.   </li>
<li>Our valuation analysis suggests that the price range fairly values Chervon. However, due to our lingering concerns, we err on the side of caution and pass on the IPO.</li>
</ul>


Chervon Holdings (CHL HK) is a leading global provider of power tools and outdoor power equipment. It has launched an HKEx IPO to raise up to HK$3.13 billion (US$402 million).
In Chervon Holdings IPO Initiation: Not Quite Right, we noted a tepid 3Q21 performance and the vanishing of the former largest customer is a worry.   
Our valuation analysis suggests that the price range fairly values Chervon. However, due to our lingering concerns, we err on the side of caution and pass on the IPO.


<ul>
<li>Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.</li>
<li>CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO.
CHL is the largest China-based global provider of power tools and outdoor power equipment (OPE). 
In this note, we will talk about the not so positive aspects of the deal.


Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

Hong Kong

Chervon Holdings Limited operates as an investment holding company. The Company and its subsidiaries, engage in researching, developing, manufacturing, and testing power tools and OPE products. Chervon Holdings conducts businesses in Hong Kong and Nanjing.

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Chervon Holdings (2285 HK)

Chervon Holdings IPO - Valuation

Even though smaller in size, we don’t think Chevron deserves to trade at a discount to its closest peer Techtronic, especially not as much as 41%,...

Oshadhi Kumarasiri

ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Chervon Holdings IPO - Valuation Isn’t Demanding, but Timing Is

Chervon Holdings Limited (CHL) plans to raise around US$400m in its Hong Kong IPO. In this note, we undertake a peer comparison and talk about...

Sumeet Singh

Chervon Holdings IPO: Valuation Insights

Our valuation analysis suggests that the price range fairly values Chervon. However, due to our lingering concerns, we err on the side of caution...

Arun George

Chervon Holdings Pre-IPO - The Negatives - Patchy Disclosures Including About Its Largest Customers

Chervon Holdings Limited (CHL) plans to raise around US$500m in its Hong Kong IPO. In this note, we look at the not so pleasant aspects.

Sumeet Singh

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