IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

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

Hujiang Education & Technolo / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27800" target="_blank" data-smartkarma-citation="entities:27800:1">Hujiang Education (1414698D CH)</a>, an online Ed-tech Company in China, has started pre-marketing its IPO and plans to raise $250-300mn USD. We note the following points:1. Key stats for Hujiang          2. Latest figures show trends getting worse3. Cash flow and balance sheet are uninspiringMore details can be found below. You can find our initiation piece on Hujiang here: <a href="https://www.smartkarma.com/insights/hujiang-education-ipo-preview-an-a-for-effort" target="_blank" data-smartkarma-citation="insights:22212">Hujiang Education IPO Preview: An A for Effort</a>

Hujiang Education (1414698D CH), an online Ed-tech Company in China, has started pre-marketing its IPO and plans to raise $250-300mn USD. We note the following points:1. Key stats for Hujiang          2. Latest figures show trends getting worse3. Cash flow and balance sheet are uninspiringMore details can be found below. You can find our initiation piece on Hujiang here: Hujiang Education IPO Preview: An A for Effort

Hujiang Ed. Tech - Just Say No to This IPO?

APAC IPOs & Placements

Zhen Zhou, Toh

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.

East Buy Holding  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27796" target="_blank" data-smartkarma-citation="entities:27796:1">Koolearn (1373356D HK)</a> is looking to raise about US$200m in its upcoming IPO in Hong Kong. 
We like the company because it has achieved a decent revenue growth of 39.5% CAGR from FY2016 to FY2018. Student enrolments have increased by an impressive 72.4% CAGR over the same period. However, average spending per enrolled student has shown a decline in two key segments as the company offered cheaper courses to attract more students. 
The company has also been reliant on interest income and gains from the fair value of long-term investments to bolster its net profit. As of FY2018, other income accounts for 82% of its net profit. Nevertheless, stripping away these gains, the company is showing healthy growth of its net operating cash flow, in line with revenue growth.
In this insight, we will look at the company's background, analyze financial performance and operating metrics, and compare its valuation from its previous series funding as well as include questions for management.

Koolearn (1373356D HK) is looking to raise about US$200m in its upcoming IPO in Hong Kong. 
We like the company because it has achieved a decent revenue growth of 39.5% CAGR from FY2016 to FY2018. Student enrolments have increased by an impressive 72.4% CAGR over the same period. However, average spending per enrolled student has shown a decline in two key segments as the company offered cheaper courses to attract more students. 
The company has also been reliant on interest income and gains from the fair value of long-term investments to bolster its net profit. As of FY2018, other income accounts for 82% of its net profit. Nevertheless, stripping away these gains, the company is showing healthy growth of its net operating cash flow, in line with revenue growth.
In this insight, we will look at the company's background, analyze financial performance and operating metrics, and compare its valuation from its previous series funding as well as include questions for management.

Koolearn (新东方在线) Pre-IPO - Profitable Online Edu Company but Poor Sentiment Weighs

China

Hujiang Education & Technology Shanghai Corporation Ltd. provides educational information online. The Company offers coursewaves, interactive video,intelligent question bank, smart self test, and other related services. Hujiang Education & Technology Shanghai offers services throughout China.

Hujiang Education & Technolo (1414698D CH)

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Hujiang Education & Technolo (1414698D CH)

Hujiang Ed. Tech - Just Say No to This IPO?

Hujiang Education (1414698D CH), an online Ed-tech Company in China, has started pre-marketing its IPO and plans to raise $250-300mn USD. We note...

Rickin Thakrar

Koolearn (新东方在线) Pre-IPO - Profitable Online Edu Company but Poor Sentiment Weighs

Koolearn (1373356D HK) is looking to raise about US$200m in its upcoming IPO in Hong Kong. We like the company because it has achieved a decent...

Zhen Zhou, Toh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)