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>I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>.</li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics</li>
</ul>


I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In our previous notes, we have looked at the company’s past performance, undertaken a peer comparison and spoken about valuation. In this note, we will talk about the trading dynamics


I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Charts have not changed much from the prior week, with there actually being some deterioration within banks (KRE, KBE). </li>
<li>The $SPX has been unable to sustain a breakout above its 200-day MA/YTD downtrend, the $IWM remains below $190 resistance, and the DJIA could not sustain a breakout above 34,280</li>
<li>As long as these indexes are below these levels, we continue to see this as a good time to shift to more defensive areas and/or take profits.</li>
</ul>


Charts have not changed much from the prior week, with there actually being some deterioration within banks (KRE, KBE). 
The $SPX has been unable to sustain a breakout above its 200-day MA/YTD downtrend, the $IWM remains below $190 resistance, and the DJIA could not sustain a breakout above 34,280
As long as these indexes are below these levels, we continue to see this as a good time to shift to more defensive areas and/or take profits.


Failed Breakouts, Banks Crumbling -- Get Defensive; Buy Ideas Within Consumer Staples

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, has launched its SET listing at THB30-32 per share to raise up to US$593 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-a-strong-3q-results-update" target="_blank" data-smartkarma-citation="insights:84125" rel="noopener">I-Tail Corporation IPO: A Strong 3Q Results Update</a>. </li>
<li>I-Tail is attractively valued at the IPO price range. We would participate. Pricing will be announced on 28 November.</li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, has launched its SET listing at THB30-32 per share to raise up to US$593 million.
We previously discussed the IPO in I-Tail Corporation IPO: The Bull Case, I-Tail Corporation IPO: The Bear Case and I-Tail Corporation IPO: A Strong 3Q Results Update. 
I-Tail is attractively valued at the IPO price range. We would participate. Pricing will be announced on 28 November.


I-Tail Corporation IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a>, <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>’s pet care division, will launch an up to US$600 million SET IPO this week, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:83568" rel="noopener">I-Tail Corporation IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/i-tail-corporation-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:83629" rel="noopener">I-Tail Corporation IPO: The Bear Case</a>. </li>
<li>In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash generation and manageable leverage.</li>
</ul>



I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, will launch an up to US$600 million SET IPO this week, according to press reports.
We previously discussed the IPO in I-Tail Corporation IPO: The Bull Case and I-Tail Corporation IPO: The Bear Case. 
In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash generation and manageable leverage.


I-Tail Corporation IPO: A Strong 3Q Results Update

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/i-tail-corp-pcl" target="_blank" data-smartkarma-citation="entities:36428:1" rel="noopener">I-Tail (ITC TB)</a> is set to launch it's up to US$600 million SET IPO. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a>/<a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>.   </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - I-Tail (ITC TB) is set to launch it's up to US$600 million SET IPO. 
Event-Driven developments - Toshiba Corp (6502 JP), Uzabase Inc (3966 JP), Golden Energy &amp; Resources (GER SP), Perpetual Ltd (PPT AU)/Pendal Group (PDL AU), Origin Energy (ORG AU).   


Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

United States

The JM Smucker Company manufactures and markets food products on a worldwide basis. The Company's principal products include peanut butter, shortening and oils, fruit spreads, canned milk, baking mixes and ready-to-spread frostings, flour and baking ingredients, juices and beverages, frozen sandwiches, dessert toppings, syrups, pickles and condiments, and potato side dishes.

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Jm Smucker Co (SJM US)

I-Tail Corporation IPO Trading - Should Be Able to Provide Some Holiday Cheer

I-Tail, an OEM in the wet pet food category, raised around US$600m in its Thailand IPO. It is a subsidiary of Thai Union Group (TU TB).

Sumeet Singh

Failed Breakouts, Banks Crumbling -- Get Defensive; Buy Ideas Within Consumer Staples

$SPX unable to sustain a breakout above 200-day MA/YTD downtrend, $IWM remains below $190 resistance, $DJI could not sustain a breakout above...

Vermilion Research

I-Tail Corporation IPO: Valuation Insights

I-Tail is attractively valued at the IPO price range of THB30-32 per share. We would participate. Pricing will be announced on 28 November.

Arun George

I-Tail Corporation IPO: A Strong 3Q Results Update

In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash...

Arun George

Weekly Deals Digest (13 Nov) - Toshiba, Uzabase, Origin Energy, Perpetual, Golden Energy, I-Tail

Last week, notable developments occurred in Event-Driven (Toshiba, Uzabase, Origin Energy, Perpetual, Pendal, Genex, Jinke, Golden Energy,...

Arun George

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