APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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<p><em>The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div class="content-highlight"><h2>IPOs</h2><p>There isn't much happening in the IPO space, at least for now, but it does seem like we are building up towards more activities in South East Asia, specifically in Indonesia and Philippines. In the Philippines, there will be two upcoming IPOs of <a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">DM Wenceslao And Associates (DMW PM)</a> and <a href="https://www.smartkarma.com/entities/26988" target="_blank" data-smartkarma-citation="entities:26988:1">Del Monte Philippines Inc (1575316D PM)</a>. Although Del Monte Philippines was supposed to IPO this month, it decided to push back the timeline to May.</p><p>Whereas in Indonesia, we are hearing that there will be a handful of IPOs this year including 11 state-owned companies mentioned in this article <a href="https://www.indonesia-investments.com/news/todays-headlines/indonesia-stock-exchange-expects-11-state-owned-companies-to-ipo/item8649" target="_blank">here</a>. We also understand that Hermina Group, a private hospital chain operator, is looking to IPO soon too. Under work in progress, we are finishing up on <a href="https://www.smartkarma.com/entities/26981" target="_blank" data-smartkarma-citation="entities:26981:1">Bank BRISyariah PT (1017936Z IJ)</a> which will close its bookbuild on 20th April and is expected to list on the 9th of May.</p><h2>Placements</h2><p>Placements took the spotlight this week as <a href="https://www.smartkarma.com/entities/503" target="_blank" data-smartkarma-citation="entities:503:1">Samsung SDI Co Ltd (006400 KS)</a> sold its 2.1% stake(US$520m) in <a href="https://www.smartkarma.com/entities/481" target="_blank" data-smartkarma-citation="entities:481:1">Samsung C&amp;T Corp (028260 KS)</a> which was mandated by <a href="https://www.reuters.com/article/us-southkorea-antitrust-samsung/south-korean-watchdog-to-force-samsung-unit-to-sell-483-million-stake-idUSKBN1EF097" target="_blank">South Korea's antitrust agency back in Dec 2017</a>. C&amp;T's 4% pop in share price on the placement day itself almost negated the discount that was given, but considering that this selldown has been well-flagged and it is a cleanup, we were bullish on the deal. The share price held up well on the first day but broke deal price in the morning of Friday, 13th April, which happens to be the settlement date too. With almost 3/4 (about 2.9m shares) of the deal traded since the placement, the selldown pressure from the placement should ease.</p><p><a href="https://www.smartkarma.com/entities/15933" target="_blank" data-smartkarma-citation="entities:15933:1">Renesas Electronics Corp (6723 JP)</a> will be ending its bookbuild next week and it will be interesting to watch how this trade because the last time Renesas conducted its mega placement in June last year, it gave a good 21% one-month return. </p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 72.3% for IPOs </strong>and<strong> 63% for Placements.</strong></p><p><em>(Performance measurement criteria is explained at the end of the note)</em></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/049/625/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1523691632" class="editor-image img-responsive" data-smartkarma-image-id="49625"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/049/626/original/2018-Total-Deals-2018-Accuracy-Rate-_chartbuilder%20%281%29.png?1523691649" class="editor-image img-responsive" data-smartkarma-image-id="49626"></figure><h2><strong>New IPO filings this week<br><br></strong></h2><ul><li><strong>Bank of Jiujiang (Hong Kong, &gt;US$100m)</strong></li><li><strong>Qeeka Home (Hong Kong, ~US$400m)</strong></li><li><strong>Summit Power (Singapore, ~U$100m)</strong></li><li><strong>Huya (US-China, ~US$200m)</strong></li></ul><p>Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool <a href="https://www.smartkarma.com/tools/ipos" target="_blank">here </a>or through the tools menu.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/049/624/original/upcoming.PNG?1523690806" class="editor-image img-responsive" data-smartkarma-image-id="49624"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.globalcapital.com/article/b17qgddvkh6gpm/qeeka-home-sketches-out-%24400m-hong-kong-ipo" target="_blank">Qeeka Home stretches out for $400m Hong Kong IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/shriram-properties-planning-rs1000-crore-ipo-md-m-murali-96069/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=5a5e1e805b-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-5a5e1e805b-239139321&amp;mc_cid=5a5e1e805b&amp;mc_eid=28c8c22a08" target="_blank">TPG Capital-backed Shriram Properties targets to raise over $150m in IPO</a></li><li><a href="http://www.businesstimes.com.sg/companies-markets/bangladeshs-summit-power-seeks-to-raise-over-us200m-in-spore-ipo" target="_blank">Bangladesh's Summit Power seeks to raise over US$200m in S'pore IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/temasek-ant-financial-95946/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=e16ce167ea-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-e16ce167ea-239139321&amp;mc_cid=e16ce167ea&amp;mc_eid=28c8c22a08" target="_blank">Of Ant Financial’s lofty valuations and Temasek’s loftier hopes</a></li><li><a href="https://economictimes.indiatimes.com/markets/ipos/fpos/hinduja-leyland-plans-to-file-rs-10-billion-ipo-in-april/articleshow/63696353.cms" target="_blank">Hinduja Leyland plans to file Rs 10 billion IPO in April </a></li><li><a href="http://www.businesstimes.com.sg/energy-commodities/sinochem-hires-7-banks-for-us2b-ipo-sources" target="_blank">Sinochem hires 7 banks for US$2b IPO</a></li><li><a href="https://www.dealstreetasia.com/stories/acme-solar-to-re-file-documents-for-ipo-95744/?utm_source=DealStreetAsia%3A+The+Daily+Brief&amp;utm_campaign=916249d961-RSS_EMAIL_CAMPAIGN+%2A%7CRSSFEED%3ADATE%3A+F+j%2C+Y%7C%2A&amp;utm_medium=email&amp;utm_term=0_0fa50e40c1-916249d961-239139321&amp;mc_cid=916249d961&amp;mc_eid=28c8c22a08" target="_blank">ACME Solar looking to raise up to $230m in revised IPO</a></li><li><a href="http://bworldonline.com/del-monte-philippines-postpones-ipo-to-may/" target="_blank">Del Monte Philippines postpones IPO to May</a></li></ul><h2><strong>Smartkarma Community's Analyses on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.smartkarma.com/insights/sk-lubricants-ipo-sk-energy-s-possible-role-in-recent-profit-improvement" target="_blank" data-smartkarma-citation="insights:19351">SK Lubricants IPO - SK Energy's Possible Role in Recent Profit Improvement</a></li><li><a href="https://www.smartkarma.com/insights/sk-lubricants-ipo-high-dividend-yield-vs-income-fluctuations" target="_blank" data-smartkarma-citation="insights:19239">SK Lubricants IPO - High Dividend Yield Vs. Income Fluctuations</a></li><li><a href="https://www.smartkarma.com/insights/sk-lubricants-ipo-part-3-earnings-forecast-valuation-analysis" target="_blank" data-smartkarma-citation="insights:19247">SK Lubricants IPO (Part 3) - Earnings Forecast &amp; Valuation Analysis</a></li><li><a href="https://www.smartkarma.com/insights/inke-inc-ipo-entertainment-live-streaming-industry-trend" target="_blank" data-smartkarma-citation="insights:19232">Inke Inc. IPO: Entertainment Live Streaming Industry Trend</a></li><li><a href="https://www.smartkarma.com/insights/inke-ipo-preview-not-quite-right" target="_blank" data-smartkarma-citation="insights:19204">Inke IPO Preview: Not Quite Right</a></li><li><a href="https://www.smartkarma.com/insights/huya-ipo-preview-what-s-all-the-fuss-about" target="_blank" data-smartkarma-citation="insights:19350">Huya IPO Preview: What's All the Fuss About?</a></li><li><a href="https://www.smartkarma.com/insights/ipo-radar-cmc-new-condo-listing-literally" target="_blank" data-smartkarma-citation="insights:18996">IPO Radar: CMC, New Condo Listing...Literally</a></li></ul><h2>List of pre-IPO Coverage on Smartkarma</h2><div><table class="table table-striped"><tbody><tr><td>Name</td><td>Insight</td></tr><tr><td colspan="2"><strong>Hong Kong</strong></td></tr><tr><td>Cenmintang</td><td><a href="https://www.smartkarma.com/insights/cenmintang-ipo-preview-a-beverage-and-snack-play-whose-growth-is-hard-to-grasp" target="_blank" data-smartkarma-citation="insights:9282">Cenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp</a></td></tr><tr><td>China Feihe</td><td><a href="https://www.smartkarma.com/insights/china-feihe-ipo-preview-goat-bless-infant-formula-milk" target="_blank" data-smartkarma-citation="insights:12751">China Feihe IPO Preview: Goat Bless Infant Formula Milk?</a></td></tr><tr><td>Bank of Jiujiang</td><td><a href="https://www.smartkarma.com/insights/scraping-the-bottom-of-the-barrel-bank-of-jiujiang" target="_blank">Scraping the Bottom of the Barrel: Bank of JiuJiang</a></td></tr><tr><td>Ganfeng Lithium</td><td><a href="https://www.smartkarma.com/insights/ganfeng-lithium-ipo-present-perfect-future-tense" target="_blank" data-smartkarma-citation="insights:18250">Ganfeng Lithium IPO: Present Perfect, Future Tense</a></td></tr><tr><td>Jiangxi Bank</td><td><a href="https://www.smartkarma.com/insights/jiangxi-bank-ipo-preview-strong-growth-offset-by-weak-asset-quality" target="_blank" data-smartkarma-citation="insights:18006">Jiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset Quality</a></td></tr><tr><td>Ping An Health</td><td><a href="https://www.smartkarma.com/insights/ping-an-healthcare-and-tech-pre-ipo-review-first-to-list-but-not-the-only-one" target="_blank" data-smartkarma-citation="insights:17368">Ping An Healthcare and Tech Pre-IPO Review - First to List but Not the Only One</a></td></tr><tr><td>Ping An Health</td><td><a href="https://www.smartkarma.com/insights/ping-an-good-doctor-ipo-preview-vital-signs-deteriorating" target="_blank" data-smartkarma-citation="insights:17390">Ping An Good Doctor IPO Preview: Vital Signs Deteriorating</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-mining-ipo-preview-largest-pure-play-gold-miner-to-be-listed-in-hong-kong" target="_blank" data-smartkarma-citation="insights:17456">Shandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong Kong</a></td></tr><tr><td>Shandong Gold</td><td><a href="https://www.smartkarma.com/insights/shandong-gold-ipo-buyers-beware" target="_blank" data-smartkarma-citation="insights:17689">Shandong Gold IPO: Buyers Beware</a></td></tr><tr><td>Qilu Express</td><td><a href="https://www.smartkarma.com/insights/qilu-expressway-ipo-preview-concentration-risk-and-recent-news-may-mean-discount-to-peers" target="_blank" data-smartkarma-citation="insights:18624">Qilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers</a></td></tr><tr><td colspan="2"><strong>South Korea</strong></td></tr><tr><td>Bodyfriend</td><td><a href="https://www.smartkarma.com/insights/bodyfriend-ipo-preview-part-i-goodbye-osim-hello-bodyfriend" target="_blank">Bodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) </a></td></tr><tr><td>CJ OliveNetworks</td><td><a href="https://www.smartkarma.com/insights/cj-olivenetworks-on-a-fast-track-to-an-ipo-in-2017" target="_blank">CJ OliveNetworks - On A Fast Track to an IPO in 2017? </a></td></tr><tr><td>Data Solution</td><td><a href="https://www.smartkarma.com/insights/datasolution-ipo-summary-questions-remain-on-growth-but-market-seems-excited" target="_blank" data-smartkarma-citation="insights:12519">Datasolution IPO Summary - Questions Remain on Growth, but Market Seems Excited</a></td></tr><tr><td>Gentle Monster</td><td><a href="https://www.smartkarma.com/insights/gentle-monster-ipo-a-monster-growth" target="_blank" data-smartkarma-citation="insights:8630">Gentle Monster IPO - A Monster Growth</a></td></tr><tr><td>Korea Exchange</td><td><a href="https://www.smartkarma.com/insights/korea-exchange-ipo-question-is-when-not-if" target="_blank">Korea Exchange IPO - Question Is When, Not If</a></td></tr><tr><td>Outin Futures</td><td><a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-preview-part-1" target="_blank" data-smartkarma-citation="insights:11212">Outin Futures Corp IPO Preview (Part 1)</a>,  <a href="https://www.smartkarma.com/insights/outin-futures-corp-ipo-valuations-part-2" target="_blank" data-smartkarma-citation="insights:11736">Valuations (Part 2)</a></td></tr><tr><td>Woowa Bro</td><td><a href="https://www.smartkarma.com/insights/woowa-brothers-corp-ipo-preview-part-1-the-most-popular-food-delivery-service-in-korea" target="_blank" data-smartkarma-citation="insights:11104">Woowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in Korea</a></td></tr><tr><td>V-One Tech</td><td><a href="https://www.smartkarma.com/insights/v-one-tech-ipo-summary-another-oled-stock-ipo" target="_blank" data-smartkarma-citation="insights:11689">V-One Tech IPO Summary - Another OLED Stock IPO</a>,  <a href="https://www.smartkarma.com/insights/v-one-tech-ipo-part-2-ipo-bookbuilding-results" target="_blank" data-smartkarma-citation="insights:11806">IPO Bookbuilding Results</a></td></tr><tr><td>Zinus</td><td><a href="https://www.smartkarma.com/insights/zinus-ipo-preview-part-1-an-amazing-comeback-story-1-mattress-brand-on-amazon" target="_blank" data-smartkarma-citation="insights:13698">Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)</a></td></tr><tr><td colspan="2"><strong>India</strong></td></tr><tr><td>CMS Info</td><td><a href="https://www.smartkarma.com/insights/cms-info-systems-pre-ipo-review-when-a-pe-sells-to-another-pe-only-one-gets-the-timing-right" target="_blank" data-smartkarma-citation="insights:15987">CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-pre-ipo-review-lowest-opex-ratio-amongst-mfi-peers" target="_blank" data-smartkarma-citation="insights:17719">CreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI Peers</a></td></tr><tr><td>CreditAccess Gram</td><td><a href="https://www.smartkarma.com/insights/creditaccess-grameen-ipo-preview-good-but-not-the-best" target="_blank" data-smartkarma-citation="insights:17878">CreditAccess Grameen IPO Preview: Good but Not the Best</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/national-stock-exchange-pre-ipo-review-bigger-better-stronger-but-a-little-too-fast-for-some" target="_blank">National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some</a></td></tr><tr><td>NSE</td><td><a href="https://www.smartkarma.com/insights/nse-ipo-preview-not-only-fast-its-risky-and-expensive" target="_blank">NSE IPO Preview- Not Only Fast..its Risky and Expensive</a></td></tr></tbody></table></div>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPOsThere isn't much happening in the IPO space, at least for now, but it does seem like we are building up towards more activities in South East Asia, specifically in Indonesia and Philippines. In the Philippines, there will be two upcoming IPOs of DM Wenceslao And Associates (DMW PM) and Del Monte Philippines Inc (1575316D PM). Although Del Monte Philippines was supposed to IPO this month, it decided to push back the timeline to May.Whereas in Indonesia, we are hearing that there will be a handful of IPOs this year including 11 state-owned companies mentioned in this article here. We also understand that Hermina Group, a private hospital chain operator, is looking to IPO soon too. Under work in progress, we are finishing up on Bank BRISyariah PT (1017936Z IJ) which will close its bookbuild on 20th April and is expected to list on the 9th of May.PlacementsPlacements took the spotlight this week as Samsung SDI Co Ltd (006400 KS) sold its 2.1% stake(US$520m) in Samsung C&amp;T Corp (028260 KS) which was mandated by South Korea's antitrust agency back in Dec 2017. C&amp;T's 4% pop in share price on the placement day itself almost negated the discount that was given, but considering that this selldown has been well-flagged and it is a cleanup, we were bullish on the deal. The share price held up well on the first day but broke deal price in the morning of Friday, 13th April, which happens to be the settlement date too. With almost 3/4 (about 2.9m shares) of the deal traded since the placement, the selldown pressure from the placement should ease.Renesas Electronics Corp (6723 JP) will be ending its bookbuild next week and it will be interesting to watch how this trade because the last time Renesas conducted its mega placement in June last year, it gave a good 21% one-month return. Accuracy Rate:Our overall accuracy rate is 72.3% for IPOs and 63% for Placements.(Performance measurement criteria is explained at the end of the note)New IPO filings this week  Bank of Jiujiang (Hong Kong, &gt;US$100m)Qeeka Home (Hong Kong, ~US$400m)Summit Power (Singapore, ~U$100m)Huya (US-China, ~US$200m)Below is a snippet of our IPO tool on upcoming events for the next week. Our IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.Source: SmartkarmaNews on Upcoming IPOs  Qeeka Home stretches out for $400m Hong Kong IPOTPG Capital-backed Shriram Properties targets to raise over $150m in IPOBangladesh's Summit Power seeks to raise over US$200m in S'pore IPOOf Ant Financial’s lofty valuations and Temasek’s loftier hopesHinduja Leyland plans to file Rs 10 billion IPO in April Sinochem hires 7 banks for US$2b IPOACME Solar looking to raise up to $230m in revised IPODel Monte Philippines postpones IPO to MaySmartkarma Community's Analyses on Upcoming IPOs  SK Lubricants IPO - SK Energy's Possible Role in Recent Profit ImprovementSK Lubricants IPO - High Dividend Yield Vs. Income FluctuationsSK Lubricants IPO (Part 3) - Earnings Forecast &amp; Valuation AnalysisInke Inc. IPO: Entertainment Live Streaming Industry TrendInke IPO Preview: Not Quite RightHuya IPO Preview: What's All the Fuss About?IPO Radar: CMC, New Condo Listing...LiterallyList of pre-IPO Coverage on SmartkarmaNameInsightHong KongCenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to GraspChina FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?Bank of JiujiangScraping the Bottom of the Barrel: Bank of JiuJiangGanfeng LithiumGanfeng Lithium IPO: Present Perfect, Future TenseJiangxi BankJiangxi Bank IPO Preview: Strong Growth Offset by Weak Asset QualityPing An HealthPing An Healthcare and Tech Pre-IPO Review - First to List but Not the Only OnePing An HealthPing An Good Doctor IPO Preview: Vital Signs DeterioratingShandong GoldShandong Gold Mining IPO Preview: Largest Pure Play Gold Miner to Be Listed in Hong KongShandong GoldShandong Gold IPO: Buyers BewareQilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to PeersSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Data SolutionDatasolution IPO Summary - Questions Remain on Growth, but Market Seems ExcitedGentle MonsterGentle Monster IPO - A Monster GrowthKorea ExchangeKorea Exchange IPO - Question Is When, Not IfOutin FuturesOutin Futures Corp IPO Preview (Part 1),  Valuations (Part 2)Woowa BroWoowa Brothers Corp IPO Preview (Part 1) - The Most Popular Food Delivery Service in KoreaV-One TechV-One Tech IPO Summary - Another OLED Stock IPO,  IPO Bookbuilding ResultsZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)IndiaCMS InfoCMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing RightCreditAccess GramCreditAccess Grameen Pre-IPO Review - Lowest Opex Ratio Amongst MFI PeersCreditAccess GramCreditAccess Grameen IPO Preview: Good but Not the BestNSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for SomeNSENSE IPO Preview- Not Only Fast..its Risky and Expensive

Smartkarma: ECM Coverage Weekly Update (14 April 2018)

Philippines

Del Monte Philippines, Inc. markets and distributes food and beverages. The Company produces and grows pineapples, as well as provides desserts, condiments, juices, sauce, pasta, and food service packs. Del Monte Philippines serves customers worldwide.

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Del Monte Philippines (DMPI PM)

Smartkarma: ECM Coverage Weekly Update (14 April 2018)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. IPOs There isn't much...

Zhen Zhou, Toh

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