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.

Equity Capital Markets

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous note. In this note, we talk about the updates from the recent filing.


Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Event-Driven

<p>is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Chuxing (DIDI US)</a> ,  there is a growing possibility that <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> looks to diversify away from <a href="https://www.smartkarma.com/entities/hon-hai-precision-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:745:1" rel="noopener">Hon Hai Precision Industry (2317 TT)</a> sooner versus later. </p>

is LG Electronics (066570 KS) overvalued or undervalued?   It depends on the what investors see as the right comps and given the current situation regards to DiDi Chuxing (DIDI US) ,  there is a growing possibility that Apple Inc (AAPL US) looks to diversify away from Hon Hai Precision Industry (2317 TT) sooner versus later. 

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> , <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, and <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> were stealing share from <a href="https://www.smartkarma.com/entities/electrolux-ab" target="_blank" data-smartkarma-citation="entities:22351:1" rel="noopener">Electrolux AB (ELUXB SS)</a> prior to the pandemic.  After pandemic induced demand surge subsides, Vision expects these market share headwinds to revive while <a href="https://www.smartkarma.com/entities/electrolux-ab" target="_blank" data-smartkarma-citation="entities:22351:1" rel="noopener">Electrolux AB (ELUXB SS)</a> faces difficult comparisons leading to weak top line growth and rising commodity costs weigh on profits.</p>

Samsung Electronics (005930 KS) , LG Electronics (066570 KS), and Haier Electronics Group Co (1169 HK) were stealing share from Electrolux AB (ELUXB SS) prior to the pandemic.  After pandemic induced demand surge subsides, Vision expects these market share headwinds to revive while Electrolux AB (ELUXB SS) faces difficult comparisons leading to weak top line growth and rising commodity costs weigh on profits.

Electrolux (ELUXB SS): Asian Competitors, Difficult Comps, & Rising Commodity Costs Create Headwinds

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>In 2017 volume sales increase by 1% to reach 3.8 million units</li><li>Sales driven by the launch of innovative models and new technologies</li><li>Electric wine coolers/chillers posts the strongest volume growth of 13%</li><li>Average unit price rises by 1% in current terms despite various price promotions</li><li>Electrolux remains the leading player with a volume share of 17%</li><li>Over the forecast period refrigeration appliances set to record a marginal volume CAGR decline</li></ul>

In 2017 volume sales increase by 1% to reach 3.8 million unitsSales driven by the launch of innovative models and new technologiesElectric wine coolers/chillers posts the strongest volume growth of 13%Average unit price rises by 1% in current terms despite various price promotionsElectrolux remains the leading player with a volume share of 17%Over the forecast period refrigeration appliances set to record a marginal volume CAGR decline

Sector Capsule: Refrigeration Appliances in the United Kingdom

<ul><li>In 2017 volume sales rise by 3% to approach 5.4 million units</li><li>Freestanding appliances continue to outperform built-in models</li><li>Freestanding washer dryers records the strongest volume growth of 5%</li><li>Average unit price declines by 1% in current terms due to heavy promotional activity</li><li>Indesit remains the leading player with a volume share of 27%</li><li>Volume sales of home laundry appliances set to remain flat over the forecast period</li></ul>

In 2017 volume sales rise by 3% to approach 5.4 million unitsFreestanding appliances continue to outperform built-in modelsFreestanding washer dryers records the strongest volume growth of 5%Average unit price declines by 1% in current terms due to heavy promotional activityIndesit remains the leading player with a volume share of 27%Volume sales of home laundry appliances set to remain flat over the forecast period

Sector Capsule: Home Laundry Appliances in the United Kingdom

Sweden

Electrolux AB is an appliance company based in Sweden. The Company's products include refrigerators, dishwashers, washing machines, cookers, vacuum cleaners, air conditioners and small domestic appliances.

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Electrolux (ELUXB SS)

Midea A/H Listing - Filing Updates - Growth and Margins Pick Up

Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to US$3bn in its H-share listing.

Sumeet Singh

Does LG Group Hold Leverage over Apple and Not the Other Way Around?

Apple needs LG more than vice versa? The current situation might force Apple to diversify away from Hon Hai faster than anticipated

Ken S. Kim