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

Life Insurance  of India / 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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.</li>
<li>There were no major placements this week, with even Air New Zealand failing to hold its deal price.</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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.


ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

China and US Equity Analyst

Roger Xie

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc" target="_blank" data-smartkarma-citation="entities:23677:1" rel="noopener">Yum China Holdings, Inc (YUMC US)</a> delivered a better-than-fear 1Q22 results helped by its strong execution. KFC delivered solid margins above expectations given its store format and take-out service.</li>
<li>China COVID outbreak is getting worst, we expect 3000 stores will cancel dine-in service in April (compared with 1700 stores in March). Yum China might have deeper loss in 2Q22. </li>
<li>We continue to think Yum China is the best-run restaurant chain in China. It has resilient business model to navigate through pandemic. Risk/reward is more compelling to own Yum China.</li>
</ul>



Yum China Holdings, Inc (YUMC US) delivered a better-than-fear 1Q22 results helped by its strong execution. KFC delivered solid margins above expectations given its store format and take-out service.
China COVID outbreak is getting worst, we expect 3000 stores will cancel dine-in service in April (compared with 1700 stores in March). Yum China might have deeper loss in 2Q22. 
We continue to think Yum China is the best-run restaurant chain in China. It has resilient business model to navigate through pandemic. Risk/reward is more compelling to own Yum China.


Yum China (YUMC.US): COVID-19 Headwind Will Have More Impacts in Q2

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note we undertake a peer comparison and talk about valuations</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note we undertake a peer comparison and talk about valuations


ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Apr 29th. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest increases in Meituan, JD.com and short covers for CMB, Shenzhou International, Pacific Basin.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Apr 29th. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest increases in Meituan, JD.com and short covers for CMB, Shenzhou International, Pacific Basin.


HK Short Interest: Short Spikes in Meituan, JD.com

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note, we talk about the recent updates for BeerCo.</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note, we talk about the recent updates for BeerCo.


ThaiBev BeerCo Pre-IPO - Back for Another Round

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

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

Yum China (YUMC.US): COVID-19 Headwind Will Have More Impacts in Q2

Yum China delivered better-than-fear 1Q22 results helped by its strong execution. We continue to think Yum China is the best-run restaurant chain...

Roger Xie

ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

Thai Beverage recently announced that BeerCo will resume its Proposed Spin-off Listing. In this note, we talk about peer comparison and look at...

Sumeet Singh

HK Short Interest: Short Spikes in Meituan, JD.com

We highlight weekly short interest increases in Meituan, JD.com and short covers for CMB, Shenzhou International, Pacific Basin based on the latest...

Ke Yan, CFA, FRM

ThaiBev BeerCo Pre-IPO - Back for Another Round

Thai Beverage plans to resume BeerCo's proposed spin-off listing. This time the company is aiming to raise less than US$1bn, as per media reports.

Sumeet Singh

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