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

RL Commercial REIT / Equity Capital Markets

<p>RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing.  It will be a 100% secondary shares offering, where the Sponsor will be selling part of its stake. </p><p>RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. </p><p>The properties will have a total GLA of 425,315 sqm, and are valued at PHP73.9bn as of Jun 21. They are majority Grade A commercial assets, leased primarily for office purposes. The portfolio had an occupancy of 99% and WALE of 4.3 years as of Jun 21.</p><p>RREIT has weathered the COVID-19 pandemic well. Despite some assets posting weaker occupancies in FY20, the overall occupancy has received to near full occupancy. Although, not all assets have been doing well.</p>

RL Commercial REIT (RREIT), sponsored by Robinsons Land Corporation (RLC), aims to raise up to US$491m in its Philippines listing.  It will be a 100% secondary shares offering, where the Sponsor will be selling part of its stake. RREIT is a commercial REIT and its initial portfolio will consist of 14 PEZA-accredited commercial real estate properties located in CBDs across Metro Manila and key cities outside Metro Manila, namely, Naga, Tarlac, Cebu and Davao. The properties will have a total GLA of 425,315 sqm, and are valued at PHP73.9bn as of Jun 21. They are majority Grade A commercial assets, leased primarily for office purposes. The portfolio had an occupancy of 99% and WALE of 4.3 years as of Jun 21.RREIT has weathered the COVID-19 pandemic well. Despite some assets posting weaker occupancies in FY20, the overall occupancy has received to near full occupancy. Although, not all assets have been doing well.

RL Commercial REIT Pre-IPO - Motley Crew of Assets Has Weathered COVID Well

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.

Del Monte Philippines / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/del-monte-philippines-inc" target="_blank" data-smartkarma-citation="entities:26988:1" rel="noopener">Del Monte Philippines (1575316D PM)</a>/DMPI is a leading producer, distributor and marketer of premium quality, healthy food and beverage products. It is a market leader in the packaged pineapple and mixed fruit, ready-to-drink juices (excluding stand-up-pouches), tomato sauce and spaghetti sauce categories in the Philippines. DMPI has the rights to the <em>Del Monte</em> trademark for the Philippines for processed products and also sells products under the brands of <em>S&amp;W, Contadina</em> and <em>Today’s</em>.</p>
<p>The parent company is <a href="https://www.smartkarma.com/entities/del-monte-pacific-ltd-5951cd46-129c-41bb-8eb2-58654da08425" target="_blank" data-smartkarma-citation="entities:22651:1" rel="noopener">Del Monte Pacific (DELM PM)</a> which holds 87.0% of outstanding shares. Del Monte Pacific had previously tried to list DMPI on the PSE in 2018 by selling a 20% stake to raise up to $324 million at the maximum offer price of PHP29.88 per share but deferred the IPO due to market volatility.</p>
</div><div><p>Currently, DMPI is pre-marketing for an IPO to raise up to PHP44 billion ($0.9 billion) at the maximum offer price of PHP54.80. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 12 August and the offer period runs from 16 to 20 August. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/del-monte-philippines-ipo-initiation-tempting-fruit" target="_blank" data-smartkarma-citation="insights:54769" rel="noopener">Del Monte Philippines IPO Initiation: Tempting Fruit</a>, we opined that DMPI is a play on the healthy packaged and convenient packaged food and beverage categories that benefit from long-term secular tailwinds in the Philippines. DMPI’s financial track record shows it has been able to leverage its market-leading position to combine solid top-line growth with improving margins and cash generation. We concluded that DMPI’s fundamentals are attractive. In this note, we present our forecasts and take the first look at DMPI's potential valuation. </p></div></div></div>


Del Monte Philippines (1575316D PM)/DMPI is a leading producer, distributor and marketer of premium quality, healthy food and beverage products. It is a market leader in the packaged pineapple and mixed fruit, ready-to-drink juices (excluding stand-up-pouches), tomato sauce and spaghetti sauce categories in the Philippines. DMPI has the rights to the Del Monte trademark for the Philippines for processed products and also sells products under the brands of S&amp;W, Contadina and Today’s.
The parent company is Del Monte Pacific (DELM PM) which holds 87.0% of outstanding shares. Del Monte Pacific had previously tried to list DMPI on the PSE in 2018 by selling a 20% stake to raise up to $324 million at the maximum offer price of PHP29.88 per share but deferred the IPO due to market volatility.
Currently, DMPI is pre-marketing for an IPO to raise up to PHP44 billion ($0.9 billion) at the maximum offer price of PHP54.80. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 12 August and the offer period runs from 16 to 20 August. In Del Monte Philippines IPO Initiation: Tempting Fruit, we opined that DMPI is a play on the healthy packaged and convenient packaged food and beverage categories that benefit from long-term secular tailwinds in the Philippines. DMPI’s financial track record shows it has been able to leverage its market-leading position to combine solid top-line growth with improving margins and cash generation. We concluded that DMPI’s fundamentals are attractive. In this note, we present our forecasts and take the first look at DMPI's potential valuation. 

Del Monte Philippines IPO: Valuation First-Look

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<p><a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a> is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC.</p>
<p>Nayuki will commence trading on Wednesday, 30 June. Nayuki priced its IPO at HK$19.80 and the shares <a href="https://inews.hket.com/article/2993858/%E3%80%90%E5%A5%88%E9%9B%AA%E7%9A%84%E8%8C%B6%E6%9A%97%E7%9B%A4%E3%80%91%E5%A5%88%E9%9B%AA%E7%9A%84%E8%8C%B62150%E5%A0%B4%E5%A4%96%E6%9A%97%E7%9B%A4%E5%8D%8711-%E3%80%80%E4%B8%80%E6%89%8B%E5%B8%B3%E9%9D%A2%E8%B3%BA1100%E5%85%83?mtc=40001&amp;srkw=IPO%E6%9C%80%E5%BF%AB%E6%9C%80%E9%BD%8A" target="_blank" rel="noopener">stood 11% higher</a> at HK$22.00 in the grey market.</p>
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<p>In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-initiation-a-new-leaf" target="_blank" data-smartkarma-citation="insights:48532" rel="noopener">Nayuki Holdings IPO Initiation: A New Leaf</a>, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-drinking-habits" target="_blank" data-smartkarma-citation="insights:52873" rel="noopener">Nayuki Holdings IPO: Drinking Habits</a>, we noted that recent results (disclosed in the PHIP) show that Nayuki is well-positioned as a post-COVID-19 recovery play.</p>
<p>In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:53291" rel="noopener">Nayuki Holdings IPO: Valuation Insights</a>, we noted that Nayuki is attractively valued to its peer group for its forecasted earnings growth i.e. on a PEG basis. We recommended participating at the low end of the IPO price range due to the decent upside compared to our base-case DCF valuation.</p>
</div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise and FX, our base-case DCF derived price target is HK$19.45 per share. Nevertheless, our DCF sensitivity and relative valuation analysis show that the grey market price is justifiable.  </p></div></div></div>


Nayuki Holdings (2150 HK) is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC.
Nayuki will commence trading on Wednesday, 30 June. Nayuki priced its IPO at HK$19.80 and the shares stood 11% higher at HK$22.00 in the grey market.

In Nayuki Holdings IPO Initiation: A New Leaf, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. In Nayuki Holdings IPO: Drinking Habits, we noted that recent results (disclosed in the PHIP) show that Nayuki is well-positioned as a post-COVID-19 recovery play.
In Nayuki Holdings IPO: Valuation Insights, we noted that Nayuki is attractively valued to its peer group for its forecasted earnings growth i.e. on a PEG basis. We recommended participating at the low end of the IPO price range due to the decent upside compared to our base-case DCF valuation.
Updating for the final IPO net raise and FX, our base-case DCF derived price target is HK$19.45 per share. Nevertheless, our DCF sensitivity and relative valuation analysis show that the grey market price is justifiable.  

<p><a href="https://www.smartkarma.com/entities/nayuki-holdings" target="_blank" data-smartkarma-citation="entities:32149:1" rel="noopener">Nayuki Holdings (2150 HK)</a> is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC.</p><div><p>At the proposed IPO price range of HK$17.20-19.80 per share, Nayuki will have a market cap of HK$29,500.2-33,959.5 million ($3.8-4.4 billion). At the mid-point of the IPO price range, the net proceeds are HK$4,521.3 million ($582 million). </p></div><div>
<p>Five cornerstone investors will purchase $155 million worth of the offer shares (25.25% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International. </p>
<div>
<p>In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-initiation-a-new-leaf" target="_blank" data-smartkarma-citation="insights:48532" rel="noopener">Nayuki Holdings IPO Initiation: A New Leaf</a>, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. In <a href="https://www.smartkarma.com/insights/nayuki-holdings-ipo-drinking-habits" target="_blank" data-smartkarma-citation="insights:52873" rel="noopener">Nayuki Holdings IPO: Drinking Habits</a>, we noted that recent results (disclosed in the PHIP) show that Nayuki is well-positioned as a post-COVID-19 recovery play.</p>
<div class="content-highlight"><p>Based on our forecasts, Nayuki is attractively valued to its peer group for its forecasted earnings growth i.e. on a PEG basis. Overall, we are inclined to participate at the low end of the IPO price range due to the decent upside compared to our base-case DCF valuation of HK$19.49 per share.</p></div>
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Nayuki Holdings (2150 HK) is the second-largest premium teahouse chain in China accounting for 18.9% of China’s premium modern teahouse market as measured by total retail consumption value in 2020, according to CIC.At the proposed IPO price range of HK$17.20-19.80 per share, Nayuki will have a market cap of HK$29,500.2-33,959.5 million ($3.8-4.4 billion). At the mid-point of the IPO price range, the net proceeds are HK$4,521.3 million ($582 million). 
Five cornerstone investors will purchase $155 million worth of the offer shares (25.25% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are UBS Asset Management, China Universal Asset Management, GF Fund, China Southern Asset Management and CCB International. 

In Nayuki Holdings IPO Initiation: A New Leaf, we noted that premium teahouses have rapidly gained popularity in China as they bring new tea-drinking experiences and benefit from the structural trend of consumer’s consumption upgrades driven by higher disposable income. We opined that Nayuki has the right ingredients to offer investors an attractive play on this market. In Nayuki Holdings IPO: Drinking Habits, we noted that recent results (disclosed in the PHIP) show that Nayuki is well-positioned as a post-COVID-19 recovery play.
Based on our forecasts, Nayuki is attractively valued to its peer group for its forecasted earnings growth i.e. on a PEG basis. Overall, we are inclined to participate at the low end of the IPO price range due to the decent upside compared to our base-case DCF valuation of HK$19.49 per share.




<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> we compared the food business with regional and local peers.</p></div><div><p>In this note, we’ll compare its Meat Alterative division with its global rivals.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business we compared the food business with regional and local peers.In this note, we’ll compare its Meat Alterative division with its global rivals.

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Philippines

Jollibee Foods Corporation owns, franchises and manages a network of fast food restaurants under the trade name Jollibee. The Company was incorporated in 1978.

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Jollibee Foods (JFC PM)

RL Commercial REIT Pre-IPO - Motley Crew of Assets Has Weathered COVID Well

RL Commercial REIT, sponsored by Robinsons Land Corporation, aims to raise up to US$491m in its Philippines listing. It will be a 100% secondary...

Sumeet Singh

Del Monte Philippines IPO: Valuation First-Look

DMPI is pre-marketing for an IPO to raise up to $0.9 billion at the maximum offer price of PHP54.80. In this note, we present our forecasts and...

Arun George

Nayuki Holdings IPO: Trading Debut

Nayuki priced its IPO at HK$19.80 and the shares stood 11% higher at HK$22.00 in the grey market. Our DCF sensitivity and relative valuation...

Arun George

Nayuki Holdings IPO: Valuation Insights

We are inclined to participate at the low end of the IPO price range due to the decent upside compared to our base-case DCF valuation of HK$19.49...

Arun George

Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO. In this note, we will compare its...

Sumeet Singh

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