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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.</li>
<li>Placements as well picked up pace, despite the ongoing <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s mega deal set to suck liquidity out of the system for a while. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
IPO activity appears to be picking up across the region, with deal in Japan, Hong Kong, US and Indonesia being lined up.
Placements as well picked up pace, despite the ongoing Japan Post Bank (7182 JP)'s mega deal set to suck liquidity out of the system for a while. 


ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.</li><li>Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.</li><li>For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.Non-GAAP net income of RMB7.7bn in 4Q22 was ahead of our estimates/consensus at RMB5.6/5.5bn, and translated into a non-GAAP net margin of 2.6% (4Q21: 1.3%), 0.7pp ahead of our forecast.For 2022, total revenue grew 10% YoY (2021: 28%) to RMB1.0tn, and non-GAAP net margin expanded by 0.9pp YoY to 2.7%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JD.com (JD US) – Driving for long-term healthy growth

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. </li>
<li>JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.</li>
<li>We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.</li>
</ul>


In C4Q22, JD reported in-line total revenue and beat in profit. We trimmed down our forecast on C1Q23 total revenue by 4% due to slower-than-expected rebound in retail spending. 
JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the company.
We cut our revenue forecast by 5%. Our estimates on top and bottom lines in 2023 are (6%) and (28%) below cons. Maintain SELL rating and cut TP to US$27.


[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.</li>
<li>JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.</li>
<li>We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.</li>
</ul>


JD’s revenue growth rate reached its historical low in 2022, but we believe it will recover in following two years.
JD’s operating margin hit its historical high in 2022 and we believe the improvement will continue.
We believe EPS will grow by more than 100% in 2022 and the stock has an upside of 42%.


JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

ECM Weekly (12th Mar 2023) - Meituan, Japan Post Bank, SBI Sumishin, JFW, Ventia, Doosan, DXN, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

JD.com (JD US) – Driving for long-term healthy growth

JD.com (JD) announced (9 March) 4Q22 results: revenue was RMB295.4bn, up 7% YoY, in line with both our forecast and Bloomberg consensus.

CMB International

[JD.com (JD US) Target Price Change]: Painful Transition Weighs on Both Topline and Margin

JD is shifting its strategy to be more focused on low price and user, and we suggest that the repositioning period could be painful for the...

Blue Lotus Research Institute

JD.com (9618 HK): 2022, Historical Low Growth, But Historical High Margin.

JD’s revenue growth rate was the historical low in 2022. JD’s operating margin reached its historical high in 2022. We believe EPS will grow by...

Ming Lu

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

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