Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

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Linekong Interactive Group / Equity Capital Markets

We would avoid the IPO.At 9-12x p/e the IPO doesn’t offer any discount to listed peers, even at the bottom end of the range. In our view, the company’s current market share is not large enough for it trade at a premium to listed peers. We would avoid the deal given: 1) lackluster performance of recent IPOs in the sector; 2) recent under performance of peers vs the index; 3) the short life cycle of the product; and 4) the hit/miss nature of the product.

We would avoid the IPO.At 9-12x p/e the IPO doesn’t offer any discount to listed peers, even at the bottom end of the range. In our view, the company’s current market share is not large enough for it trade at a premium to listed peers. We would avoid the deal given: 1) lackluster performance of recent IPOs in the sector; 2) recent under performance of peers vs the index; 3) the short life cycle of the product; and 4) the hit/miss nature of the product.

Another new game to play - however, in our view its another one to give a miss

China

Linekong Interactive Group Co., Ltd. operates as an investment holding company. The Company, through its subsidiaries, engages in developing and publishing online mobile games. Linekong Interactive Group conducts business in the People's Republic of China, Hong Kong, and other countries and regions.

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Linekong Interactive Group (8267 HK)

Another new game to play - however, in our view its another one to give a miss

We would avoid the IPO.At 9-12x p/e the IPO doesn’t offer any discount to listed peers, even at the bottom end of the range. In our view, the...

Sumeet Singh

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