Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Intco Medical Technology  Lt / Equity Capital Markets

Intco Medical, a leading glove manufacturer in China, is planning to raise at least USD 1bn from a Hong Kong listing. The company is a strong player in the PVC glove market but is currently a small player in the nitrile glove segment. With the strong demand of nitrile gloves brought by the COVID-19 pandemic, the demand of nitrile gloves surged multiple times. The company has set a plan to expand its nitrile glove capacity by 6 times over the next four years. Based on its current plan, its total glove production capacity (nitrile and PVC) will rank in second place by the end of 2021E.Besides expanding its glove production plants, the company has also invested in the upstream thermal plants to reduce energy costs and nitrile latex manufacturing plants to secure supply of the key raw materials, further increasing its lead in the unit costs. We think the company's A-share valuation is not demanding and note that the stock has done well since the COVID-19 pandemic last year. Having said that, the industry has the issue of peaking ASP which justifies the undemanding valuation.

Intco Medical, a leading glove manufacturer in China, is planning to raise at least USD 1bn from a Hong Kong listing. The company is a strong player in the PVC glove market but is currently a small player in the nitrile glove segment. With the strong demand of nitrile gloves brought by the COVID-19 pandemic, the demand of nitrile gloves surged multiple times. The company has set a plan to expand its nitrile glove capacity by 6 times over the next four years. Based on its current plan, its total glove production capacity (nitrile and PVC) will rank in second place by the end of 2021E.Besides expanding its glove production plants, the company has also invested in the upstream thermal plants to reduce energy costs and nitrile latex manufacturing plants to secure supply of the key raw materials, further increasing its lead in the unit costs. We think the company's A-share valuation is not demanding and note that the stock has done well since the COVID-19 pandemic last year. Having said that, the industry has the issue of peaking ASP which justifies the undemanding valuation.

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1

China

Andon Health Co., Ltd. develops, manufactures and sells medical electronic devices for home use.  The Company's products include blood pressure monitors, blood glucose monitors, and digital thermometers.

Shandong Weigao Group Medical Polymer Company Limited, through its subsidiaries, researches and develops, produces, and sells single-use aseptic polymer medical products.

Shandong Weigao Group Medical Polymer Co (1066 HK)

Shandong Pharmaceutical Glass Co., Ltd. manufactures and markets a variety of pharmaceutical glass products including molded vials, tube vials, ampoule, amber vials, infusion vials, and glass tubes.  The Company also manufactures paper packaging boxes and invests in petrochemical industry.

Shandong Pharmaceutical Glass Co., Ltd. A (600529 CH)

Shandong Pharmaceutical Glass Co., Ltd. A

Sinocare Inc. develops, manufactures, sells biosensor technology real-time detection products. The Company's main products include rapid trace blood glucose testers, and supporting blood glucose testing strips.

Guangzhou Wondfo Biotech Co.,Ltd. was founded in 1992. The company's line of business includes manufacturing of medical diagnostic tests.  Guangzhou Wondfo Biotech serves customers around the world.

Microport Scientific Corp. manufactures interventional and minimally invasive devices for keyhole surgery. The Company's products are used to treat vascular diseases and is developing devices to treat diabetes and orthopedic diseases.

Shinva Medical Instrument Co., Ltd. manufactures and markets medical instruments and equipment.  The Company's products include sterilization equipment, radiation diagnosis and radiotherapy equipment, chemical indication products, and medical environmental protection equipment.

Shanghai Tofflon Science and Technology Company Limited develops, designs, produces and markets pharmaceutical freeze dryer and related systems. The Company's main products include in-place sterilisation, in-place lyophilization cleaners, laboratory freeze dryers, production freeze dryers, liquid nitrogen freeze dryers and freeze drying systems and equipments.

Lepu Medical Technology (Beijing) Co., Ltd. develops, produces and sells medical devices and parts.  The Company also offers medical devices consulting services.  The company's products include stent system and blockage system.

Double Medical Technology Inc. operates as an orthopedic devices manufacturing company. The Company produces and sells physical therapy equipment, orthopedic surgical instruments, injection puncture, and other products. Double Medical Technology markets its products throughout China.

Osstem Implant Co., Ltd. manufactures dental implant system. The Company also markets dental management software. Osstem Implant provides products for dental surgery and exports abroad.

LivaNova PLC operates as a medical technology company. The Company focuses on neuromodulation, as well as cardiac surgery and rhythm management. LivaNova develops medical solutions for the treatment of cardiovascular diseases.

JEOL Ltd. manufactures electron optics instruments and analytical instruments including electron microscope, X-ray diffractometer and spectrometer and thermographs.  The Company also makes semiconductor manufacturing equipment, medical equipment and industrial equipment.

Integra LifeSciences Holdings Corp develops, manufactures, and markets medical devices, implants, and biomaterials. The Company's products are primarily used in the treatment of burns and skin defects, spinal and cranial disorders, orthopedics, and other surgical applications.

Poly Medicure Limited manufactures disposable healthcare products. The Company offers a wide range of products for infusion therapy, anesthesia, urology, gastroenterology, blood management, surgery and drainage, and catheters.

CONMED Corporation provides orthopedic products, specializing in arthroscopy and powered surgical instruments.  The Company develops, manufactures, and supplies surgical instruments and systems used in a range of surgical procedures.  CONMED's products include arthroscopic surgery devices and powered surgical instruments, electrosurgery systems, and ECG electrodes for heart monitoring.

QuidelOrtho Corporation provides health care services. The Company offers technologies and platforms to benefit customers with expanded access to clinical chemistry, immunoassay, molecular diagnostics, immunohematology, donor screening, and point-of-care diagnostics offerings.

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

NuVasive, Inc. designs, develops, and markets products for the surgical treatment of spine disorders. The Company's products include Maximum Access Surgery (MAS) and Fusion products.

Hartalega Holdings Bhd. manufactures a wide range of latex gloves. The Company's products include natural rubber examination gloves, nitrile examination gloves, nitrile clean room gloves and natural rubber surgical gloves.

Intco Medical Technology Co.,Ltd. manufactures and distributes medical supplies. The Company produces disposable gloves, wheelchairs, gauzes, electrodes, and other products. Intco Medical Technology markets its products throughout China.

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Intco Medical Technology Lt (300677 CH)

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1

We think the company's valuation is not demanding and note that the stock has done well since the COVID-19 pandemic last year with only the issue...

Ke Yan, CFA, FRM

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