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

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a>, a leading express delivery business in Southeast Asia and China, has launched a HKEx IPO to raise US$500 million at a fixed price of HK$12.00.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:104964" rel="noopener">J&amp;T Global Express IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:105041" rel="noopener">J&amp;T Global Express IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/j-t-global-express-ipo-updates-tilts-the-balance-positively" target="_blank" data-smartkarma-citation="insights:114387" rel="noopener">J&amp;T Global Express IPO: Updates Tilts the Balance Positively</a>. 
</li>
<li>The IPO price range is unattractive, with our SoTP valuation of HK$10.75 per share, 10% below the IPO price. Therefore, we would pass on the IPO.</li>
</ul>



J&amp;T Global Express (1519 HK), a leading express delivery business in Southeast Asia and China, has launched a HKEx IPO to raise US$500 million at a fixed price of HK$12.00.
We previously discussed the IPO in J&amp;T Global Express IPO: The Bull Case, J&amp;T Global Express IPO: The Bear Case and J&amp;T Global Express IPO: Updates Tilts the Balance Positively. 

The IPO price range is unattractive, with our SoTP valuation of HK$10.75 per share, 10% below the IPO price. Therefore, we would pass on the IPO.


J&T Global Express IPO: Valuation Insights

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Cainiao Smart Logistics Network / Equity Capital Markets

<ul>
<li>How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L</li>
<li>We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats</li>
<li>We conclude with a list of ten questions we would put to CaiNiao management</li>
</ul>


How did CaiNiao turn profitable? We answer with an analysis of the company's P&amp;L
We also analyze CaiNiao's Balance Sheet, Cash Flow statement, and Operating Stats
We conclude with a list of ten questions we would put to CaiNiao management


CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

<ul>
<li>Business model: how does CaiNiao get paid, and by whom, and for what?</li>
<li>Key relationships with parent Alibaba and with China's listed express companies</li>
<li>Differentiators: what makes CaiNiao different from other e-comm logistics names?</li>
</ul>


Business model: how does CaiNiao get paid, and by whom, and for what?
Key relationships with parent Alibaba and with China's listed express companies
Differentiators: what makes CaiNiao different from other e-comm logistics names?


CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.</li>
</ul>



S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have looked at the company’s past performance in our previous notes. In this note, we look at its recent updates.


SF Holdings A/H Listing - Recent Filing and Other Updates

<ul>
<li>SF Holding's HK listing document provides added details of current international revenue </li>
<li>Two recent moves show SF's intent to raise international sales (and reduce China exposure)</li>
<li>As SF Holding courts a global investor base, its comps will become the global express names</li>
</ul>


SF Holding's HK listing document provides added details of current international revenue 
Two recent moves show SF's intent to raise international sales (and reduce China exposure)
As SF Holding courts a global investor base, its comps will become the global express names


SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Germany

Deutsche Post AG provides mail delivery and other services to the public and businesses. The Company offers domestic mail delivery, international parcel and mail delivery services, and freight delivery and logistics services.

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Deutsche Post (DHL GR)

J&T Global Express IPO: Valuation Insights

The IPO price range is unattractive, with our SoTP valuation of HK$10.75 per share, 10% below the IPO price. Therefore, we would pass on the IPO.

Arun George

CaiNiao Smart Logistics Pre-IPO Part 2 | Analyzing Financial Statements & Operating Statistics

In this insight we scrutinize CaiNiao's financial statements, analyze the few operating statistics the company provided in its prospectus, and...

Tracking Traffic

CaiNiao Smart Logistics Pre-IPO Part 1 | Business Model | Key Relationships | Differentiators

In this insight we look at CaiNiao's busines model, its relationships with Alibaba and the express companies, and the ways in which it...

Tracking Traffic

SF Holdings A/H Listing - Recent Filing and Other Updates

SF Holding, China’s largest express delivery company, aims to raise around US$2-3bn in its H-share listing. In this note, we look at the recent...

Sumeet Singh

SF Holding HK IPO = A Drive to 'Internationalize' | Exposure Update | Recent Deals | New Comp Group

Internationalization is what SF Holding is aiming for as it seeks to sell shares in HK. This insight covers three facets of SF's...

Tracking Traffic

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