APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Embassy Office Parks REIT / 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>On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.</li>
<li>On the placement front, most of the action continued to come from India. </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.
On the IPO front, things started to cool down into the year end with some smaller issuers still trying their luck to get listed before the year ends.
On the placement front, most of the action continued to come from India. 


ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Avalon Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> has launched its Initial Public Offering.</li>
<li>The company states to have one of the highest ROCEs in the industry, one of the important reasons of high ROCE is unusual accounting treatment of capital reserve.</li>
<li>Other forensic concerns include lack of cash generation and some auditor discomforts.</li>
</ul>



Avalon Technologies (6594468Z IN) has launched its Initial Public Offering.
The company states to have one of the highest ROCEs in the industry, one of the important reasons of high ROCE is unusual accounting treatment of capital reserve.
Other forensic concerns include lack of cash generation and some auditor discomforts.


Avalon Technologies IPO- Forensic Analysis

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

Thematic (Sector/Industry)

<ul>
<li>EMS – offers a four-fold opportunity over the medium term</li>
<li>Know the risks and challenges to attaining this strong growth</li>
<li>Read this note for opportunity, risks, incumbent positioning and valuations</li>
</ul>


EMS – offers a four-fold opportunity over the medium term
Know the risks and challenges to attaining this strong growth
Read this note for opportunity, risks, incumbent positioning and valuations


India Electronic Manufacturing Services - Growth, Risks and Valuations

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.</li>
<li>One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.</li>
<li>Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.</li>
</ul>


Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice versa.
One spin-off should be added to the MidCap segment, while a bunch of recent listings will be added to the SmallCap segment.
Stock migrating upwards have outperformed stocks migrating downwards and we expect there could be some mean reversion from the middle of January.


AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at various aspects of the company’s performance. In this note, we’ll provide our updated thoughts on the company’s valuation. </li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at various aspects of the company’s performance. In this note, we’ll provide our updated thoughts on the company’s valuation. 


Growatt Technology Pre-IPO - Still Looks Good, Updated Thoughts on Valuation

India

Redington (India) Limited is a supply chain solution provider.  The Company distributes information technology (IT) products and mobile handsets and accessories and provides logistics, supply chain management and other support services.

Zen Technologies Limited manufactures, buys, sells, imports, exports, assembles and maintains computers, electronic gadgets and allied products, in addition to providing consultancy advice and services based on computer software and hardware packages.  Zen also develops, constructs, fabricates and sells training simulators and Allied Products to armed forces, security and police agencies.

Genus Power Infrastructures Ltd. manufactures electronic meters and other power control equipment. The Company produces residential, industrial, substation, agricultural, grid and group meters, inverters, uninterruptible power supplies, and hybrid microcircuits; and designs and constructs substations, transmission and distribution lines, and electrification projects.

PG Electroplast Ltd. offers manufacturing services to original equipment manufacturers of consumer electronics products.  The Company assembles television sets and components, air conditioner sub-assemblies, DVD players, and compact fluorescent lamps.  PG Electroplast also offers injection molding services and produces printed circuit boards.

Optiemus Infracom Ltd. provides cellular communications.

D-Link India Ltd. designs and manufactures networking, broadband, digital, voice, and data communications products.  The Company produces switches, routers, modems, voice over Internet protocol products, surveillance equipment, print servers, ethernet cards, and broadband equipment.  D-Link's specialty is ethernet connectivity.

Centum Electronics Limited provides electronic manufacturing services (EMS) and designs, manufactures and exports hybrid microcircuits. The Group's clients include businesses in the telecommunications, automotive, defense and aerospace industries.

Control Print Limited offers coding and marking for packages and products. The Company offers coders, metal marking systems, ink jet coders, and laser coders.

ITI Limited manufactures telecommunications products, including electronic switching equipment, telephones and related devices, digital radio, open wire bags, optical fiber equipment and digital exchanges.   The Group's customers include defense, railways and oil companies.

Tejas Networks Limited produces optical and data networking products. The Company offers products such as converged packet optical, packet transport network, and enterprise ethernet switches. Tejas Networks serves telecom carriers, utilities, media, and defense sectors worldwide.

Cowell e Holdings Inc, is a holding company, which operates electronics and optical components manufacturing entities. The products include camera modules, optical lens and prisms.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components.  The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

IsuPetasys Co., Ltd. manufactures printed circuit boards (PCBs) specializing in high multilayer PCBs.  The Company exports its products to Cisco Systems, Brocade Communications Systems, and Sun Microsystems in the United States.

Nan Ya Printed Circuit Board Corporation manufactures and markets printed circuit boards (PCBs) and integrated circuit (IC) substrates.

Zhejiang Crystal-Optech Co., Ltd. researches, manufactures and markets photoelectric parts. The key products are OLPF, IR Cut Filter, IR Filter Housing Assembly, Thermal Diffusion Panel and Cover Glass.

Vishay Intertechnology, Inc. manufactures a broad line of passive and discreet active electronic components, particularly resistors, capacitors, inductors, diodes, and transistors.  The Company's products are utilized in computers, telephones, televisions, automobiles, household appliance, medical equipment, satellites, and military and aerospace equipment.

Sinbon Electronics Co., Ltd. markets cable, connectors, and modems.  The Company exports its products mainly to other Asian countries, America, and Europe.

Shenzhen Sunlord Electronics Co.,Ltd. manufactures and markets chip passive components including chip inductor, chip ferrite bead, chip varistor, NTC thermistor and chip common mode choke coil.

Shenzhen Sunlord Electronics Co, Ltd. (002138 CH)

Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. manufactures and markets electronic components and equipment.  The Company's products include capacitors, resistors, electronic materials, integrated circuits, and other related products.

Guangdong Fenghua Adv. Tech. (Hldg) Co (000636 CH)

TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards.  The circuit boards serve as a foundation for electronic products such as routers, switches, servers, memory modules, and cellular base stations. The Company's customers include original equipment manufacturers and electronic manufacturing services companies.

Kaynes Technology India Private Limited manufactures electronic components. The Company offers pcba's, bluetooth modules, and chipset. Kaynes Technology India serves defence, aerospace, railways, other transportation, health care, automobiles, and aerospace sectors worldwide.

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Kaynes Technology India (KAYNES IN)

ECM Weekly (24th Dec 2023) - Embassy REIT, Muthoot Microfin, India Shelter, Inox, UBTech

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

Ethan Aw

Avalon Technologies IPO- Forensic Analysis

Some of the forensic discomforts include high ROCE resulting from accounting, lack of cash generation and some auditor discomforts.

Nitin Mangal

India Electronic Manufacturing Services - Growth, Risks and Valuations

India EMS - opportunity, risks, valuations - strong earnings growth phase can't be built into perpetuity, valuations, therefore should be based on...

Nurture Capital Advisory

AMFI Stock Reclassification Preview (Dec 2022): A Bunch of Migrations

Near the end of the review period, we see 7 stocks moving from MidCap to LargeCap, 6 from LargeCap to MidCap, 8 from SmallCap to MidCap and vice...

Brian Freitas

Growatt Technology Pre-IPO - Still Looks Good, Updated Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we’ll provide our updated thoughts...

Ethan Aw

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