APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

<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"><p>IPO activity for the year has started to slow down. There are just a handful of IPOs we have covered waiting to be listed next week.</p><p>This week has generally been a good week for us as the team was right on the money for <a href="https://www.smartkarma.com/entities/26035" target="_blank" data-smartkarma-citation="entities:26035:1">Wagners Holding Co Pty Ltd (WGN AU)</a> and <a href="https://www.smartkarma.com/entities/26038" target="_blank" data-smartkarma-citation="entities:26038:1">Gulf Energy Development Public Company Limited (GULF TB)</a> which closed the week 25% and 21% above IPO price for the week. On a side note, an interesting and much smaller IPO, <a href="https://www.smartkarma.com/entities/26151" target="_blank" data-smartkarma-citation="entities:26151:1">Humanica PCL (HUMAN TB)</a>, made a wonderful debut on Friday and closed 100% above IPO.</p><p>Meanwhile, in Korea, unfortunately, <a href="https://www.smartkarma.com/entities/25920" target="_blank" data-smartkarma-citation="entities:25920:1">CTK Cosmetics (260930 KS)</a> made a disastrous debut crashing 23% below IPO price on the first day.  While the share price did make an attempt to recover to almost the IPO price on the second day of trading, it seems like the selling pressure is still strong. It ended the week just 16% below IPO price. <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> reiterated that CTK is trading at 17x P/E while peers trade at an average of 23x and that the sell down seems to be a broad industry selldown dampening the sentiment of CTK's debut.</p></div><h2>Accuracy Rate:</h2><p>Our overall accuracy rate is<strong> 72.7% for IPOs </strong>and <strong>63.5% 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/000/040/094/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1512790631" class="editor-image img-responsive" data-smartkarma-image-id="40094"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/040/095/original/2017-Total-Deals-2017-Accuracy-Rate-_chartbuilder.png?1512790643" class="editor-image img-responsive" data-smartkarma-image-id="40095"></figure><h2><strong>There are no new IPO filings this week<br><br></strong></h2><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/000/040/096/original/upcoming.PNG?1512790754" class="editor-image img-responsive" data-smartkarma-image-id="40096"></figure><div class="content-caption">Source: Smartkarma</div><h2><strong>News on Upcoming IPOs<br><br></strong></h2><ul><li><a href="https://www.bloomberg.com/news/articles/2017-12-08/indonesian-pizza-hut-operator-is-said-to-plan-150-million-ipo" target="_blank">Indonesian Pizza Hut operator plans for $150m IPO</a></li><li><a href="https://www.marketsmorning.com/xiaomi-looks-to-banks-to-fund-2018-ipo-sources/" target="_blank">Xiaomi looks to banks to fund 2018 IPO</a></li><li><a href="https://www.vccircle.com/future-supply-ipo-fully-subscribed-midway-through-final-day/" target="_blank">SSG Capital-backed Future Supply IPO covered 7.5 times on final day</a></li><li><a href="https://www.vccircle.com/icici-bank-hires-merchant-bankers-for-ipo-of-stock-brokerage-unit/" target="_blank">ICICI Bank hires merchant bankers for IPO of stock brokerage unit</a></li><li><a href="https://www.dealstreetasia.com/stories/go-jek-ceo-makarim-ipo-87912/" target="_blank">Indonesian unicorn Go-Jek CEO says aiming for IPO in next few years</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/syswork-ipo-summary-semicon-cleanroom-ventilation-cooling-system-provider" target="_blank" data-smartkarma-citation="insights:15959">Syswork IPO Summary - Semicon Cleanroom Ventilation/Cooling System Provider</a></li><li><a href="https://www.smartkarma.com/insights/ak-medical-take-it-if-the-answers-are-good" target="_blank" data-smartkarma-citation="insights:15913">AK Medical: Take It If The Answers Are Good</a></li><li><a href="https://www.smartkarma.com/insights/like-china-education-group-for-scale-and-organic-growth-but-prefer-cnhe-for-acquisition-track-record" target="_blank" data-smartkarma-citation="insights:15893">Like China Education Group for Scale and Organic Growth but Prefer CNHE for Acquisition Track Record</a></li><li><a href="https://www.smartkarma.com/insights/china-education-group-ipo-preview-the-maths-behind-the-ipo-pricing-doesn-t-stack-up" target="_blank" data-smartkarma-citation="insights:15848">China Education Group IPO Preview: The Maths Behind the IPO Pricing Doesn’t Stack Up</a></li></ul><div><h2>List of pre-IPO Coverage on Smartkarma</h2></div><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 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>Cafe24</td><td><a href="https://www.smartkarma.com/insights/cafe-24-ipo-preview-part-1-korea-s-shopify-leading-contender-for-tesla-requirements-based-ipo" target="_blank" data-smartkarma-citation="insights:13665">Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPO</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>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><p><strong> </strong></p>

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.IPO activity for the year has started to slow down. There are just a handful of IPOs we have covered waiting to be listed next week.This week has generally been a good week for us as the team was right on the money for Wagners Holding Co Pty Ltd (WGN AU) and Gulf Energy Development Public Company Limited (GULF TB) which closed the week 25% and 21% above IPO price for the week. On a side note, an interesting and much smaller IPO, Humanica PCL (HUMAN TB), made a wonderful debut on Friday and closed 100% above IPO.Meanwhile, in Korea, unfortunately, CTK Cosmetics (260930 KS) made a disastrous debut crashing 23% below IPO price on the first day.  While the share price did make an attempt to recover to almost the IPO price on the second day of trading, it seems like the selling pressure is still strong. It ended the week just 16% below IPO price. Douglas Kim reiterated that CTK is trading at 17x P/E while peers trade at an average of 23x and that the sell down seems to be a broad industry selldown dampening the sentiment of CTK's debut.Accuracy Rate:Our overall accuracy rate is 72.7% for IPOs and 63.5% for Placements.(Performance measurement criteria is explained at the end of the note)There are no new IPO filings this week  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  Indonesian Pizza Hut operator plans for $150m IPOXiaomi looks to banks to fund 2018 IPOSSG Capital-backed Future Supply IPO covered 7.5 times on final dayICICI Bank hires merchant bankers for IPO of stock brokerage unitIndonesian unicorn Go-Jek CEO says aiming for IPO in next few yearsSmartkarma Community's Analyses on Upcoming IPOs  Syswork IPO Summary - Semicon Cleanroom Ventilation/Cooling System ProviderAK Medical: Take It If The Answers Are GoodLike China Education Group for Scale and Organic Growth but Prefer CNHE for Acquisition Track RecordChina Education Group IPO Preview: The Maths Behind the IPO Pricing Doesn’t Stack UpList 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 JiuJiangSouth KoreaBodyfriendBodyfriend IPO Preview: Part I (Goodbye Osim, Hello Bodyfriend) Bodyfriend) CJ OliveNetworksCJ OliveNetworks - On A Fast Track to an IPO in 2017? Cafe24Cafe 24 IPO Preview (Part 1): Korea’s Shopify - Leading Contender For “Tesla” Requirements Based IPOData 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)IndiaNSENational 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 (9 December 2017)

Gulf Energy Development  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/26038" target="_blank" data-smartkarma-citation="entities:26038:1">Gulf Energy Development Public Company Limited (GULF TB)</a> is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to fund a portion of its equity contributions and provide loans to Gulf’s subsidiaries and associates and other companies as well as to invest in Gulf’s future power projects.</p><p>In this insight, we will look at the company's planned projects, its purchasing power agreement (PPA) with EGAT, track record with Japanese counterparts, and some risks that are associated with the projects. As usual, we will also run the IPO through our ECM framework.</p>

Gulf Energy Development Public Company Limited (GULF TB) is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to fund a portion of its equity contributions and provide loans to Gulf’s subsidiaries and associates and other companies as well as to invest in Gulf’s future power projects.In this insight, we will look at the company's planned projects, its purchasing power agreement (PPA) with EGAT, track record with Japanese counterparts, and some risks that are associated with the projects. As usual, we will also run the IPO through our ECM framework.

GULF Energy IPO Review - Largest Power Plant Operator by Planned Capacity with Decent Upside

Thailand

Gulf Energy Development Public Company Limited produces and sells electricity and steam. The Company manages a portfolio of gas-fired and renewable power projects, as well as supplies steam and chilled water. Gulf Energy Development serves customers in Thailand.

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Gulf Energy Development (GULF TB)

Smartkarma: ECM Coverage Weekly Update (9 December 2017)

The Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs. IPO activity for the...

Zhen Zhou, Toh

GULF Energy IPO Review - Largest Power Plant Operator by Planned Capacity with Decent Upside

Gulf Energy Development Public Company Limited (GULF TB) is looking to raise about US$700m in its upcoming IPO. Proceeds raised will be used to...

Zhen Zhou, Toh

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