APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Despite a short week in Hong Kong, there were three new filings, Anjuke Group, Brii Biosciences, and Keymed Biosciences. Other notable filings include Harp Holdings in Malaysia, Onion Global in the US, and NHAI InvIT in India. 
But the talk of the town was the second biggest block globally to ever trade. Prosus NV (PROSY US) finally sold a 2% stake (US$14bn) in Tencent (700 HK). Despite the large deal size, it was done with relative ease and was said to be 4x covered, as per media reports. We have been covering the potential sell down leading up to lock-up expiry since February.

Tencent Placement Lock-Up Expiry - US$10bn+ Block and Buyback Linked Holdco Trade
Tencent Placement Lock-Up Expiry -  Block and Buyback Linked Holdco Trade Update
Tencent Placement - Another Reluctant but Well-Flagged Sell Down, Lifting the US$14.5bn Overhang
Tencent Placement and the Holdco Implications - Deal Almost Done, Now What?

In Hong Kong, Linklogis (9959 HK) raised US$1bn at the mid-point of its price range. Linklogis struggled in the grey market but managed to close 9.9% higher on its Friday debut.

Linklogis Pre-IPO - The Positives - Fast Growing Blockchain Driven Supply Chain Financier, 
Linklogis Pre-IPO - The Negatives - Inconsistent Growth and Margins, Well Funded Competitors, and
Linklogis Pre-IPO - Earnings Forecast, Peer Comparison and First Stab at Valuation
Linklogis Pre-IPO - PHIP Updates - Nothing to Complain About
Linklogis IPO - Pricey for a Reason
Linklogis IPO Trading - Decent but Not Hot Demand

We continued our coverage of WeDoctor and shared our thoughts on the business. We had also covered the company's background and app walkthrough earlier in:

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Service Provider than Ping An Good Doctor
WeDoctor (微医) Pre-IPO - Background and App Walk Through - The Online Medical Directory and More
We Doctor Pre-IPO (微医) - Remedying Pain Points

We initiated coverage on YishengBio (1872307D HK). In our note, we covered their main product, the PIKA based rabies vaccine, and shared our thoughts on the management team. We also published a follow-up on Zhaoke Ophthalmic (ZKO HK) and discussed its valuation:

YishengBio (依生生物) Pre-IPO: Need a Faithful Bet in PIKA
Zhaoke Ophthalmic (兆科眼科): Could Be Over-Valued for Pre-IPO Round
Zhaoke Ophthalmic (兆科眼科) Pre-IPO: Thoughts on Valuation

Trip.com's Hong Kong secondary listing was approved and launched last week. We looked at the deal terms and shared our thoughts on deal dynamics.

Trip.com Secondary Listing - Probably Needs to Correct
Trip.com Secondary Listing Quick Take - Doing the Bare Minimum - Needs Some More Correction

In Japan, we looked at Visional Inc’s (4194 JP) IPO, which closed its books on Friday. We shared our thoughts on the business, our forecast and thoughts on valuation in:

Visional Inc IPO - Good Vision Muddled by Dilution and Selling Shareholders
Visional Inc IPO - Pricey Hire

In India, Macrotech developers (LODHA IN) closed its bookbuild on Friday with a 1.37x subscription rate. We shared our thoughts on valuation earlier this week.

Macrotech (Lodha) Developers Pre-IPO - New Name but up to Some of the Same Old Tricks
Macrotech (Lodha) Developers IPO - One Too Many Issues  

In other parts of ASEAN, we covered Ngern Tid Lor and ThaiBev BeerCo’s upcoming IPO which are likely to come to market soon.


Ngern Tid Lor Pre-IPO - Pre-COVID Growth Track Record Has Been Very Strong 

ThaiBev BeerCo Pre-IPO - Valuation Updates and Crystallizing Growth Potential for BeerCo 

Credits to Clarence Chu for helping out with the Weekly Update. 
Accuracy Rate:Our overall accuracy rate is 73.9% for IPOs and 67.2% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Anjuke Group Inc. (HK, US$1bn)
Brii Biosciences Limited (HK, US$400m)
Keymed Biosciences Inc. (HK, US$100m)
NHAI InvIt (India, US$600m)
Harp Holdings (Malaysia, US$300-500m)
Onion Global Ltd. (US, US$100m)
News on Upcoming IPOs
Hong Kong/China

We Doctor files for HK IPO
Zhaoke Ophthalmology pre-markets US$200m IPO 
Transcenta files for HK IPO
Chinese Property Listing Firm Anjuke Files for Hong Kong IPO
Easy money fuels ECM record
Trip launches HK share sale
Biotech Firm Brii Biosciences Files for Hong Kong IPO
Jingdong Digits Technology cancels Rmb20bn Star IPO plan
Comba Telecom Systems to spin off network equipment maker
Lenovo Group completes US$1.9bn Star CDR tutorial
China Animal Husbandry Industry to spin off QYH Biotech for Star IPO
Shareholders approve China Telecom’s IPO

U.S. China ADRs
Tencent-Backed MissFresh Is Said to Weigh $500 Million U.S. IPO
Chinese e-commerce platform Onion Global files for a $100 million US IPO
Walmart’s Flipkart Aims for IPO in Fourth Quarter, Sources Say
Didi Chuxing Plans to File for New York IPO in April
Traveloka Said in Talks to List via Thiel’s Bridgetown SPAC
Chinese Freight Startup FOR-U Files Confidentially for U.S. IPO
India
Shriram Properties to file draft papers for ₹800 crore IPO
India NHAI files for InvIT listing
Cement Firm Nuvoco Plans $800 Million IPO Filing in April
SoftBank-Backed Policybazaar Said to Plan IPO Filing Next Month
Sona Comstar plans to launch Rs60bn IPO in May
Others
Quadrant pulls Grays.com float
Visional sets price range for up to ¥67bn TSE IPO
Korean video game firm Krafton applies for IPO, seen worth billions of dollars
BeerCo starts pre-marketing US$2bn SGX IPO

Indonesia’s J&amp;T Express Weighing $1 Billion-Plus U.S. IPO
Malaysia's Harps files for US$500m IPO
Grab Draws T. Rowe, Temasek Backing for Record SPAC Deal
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Kindstar
Kindstar (康圣环球) Pre-IPO: Issues with Scalability 


Kindstar
Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium? 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Bio-heart

Shanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


Youran Dairy

China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

Singapore

ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control 


ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation 



ECM Weekly (11th April 2021) - Tencent Block, WeDoctor, YiShengBio, Trip HK, Visional, Macrotech Dev

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$750m via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly owned by Bank of Ayudhya and CVC Capital Partners. As per Oliver Wyman’s estimates, NTL had a 16% market share in the vehicle lending market in Thailand, as of 2019. NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. It offers motor insurance, compulsory motor insurance, personal accident insurance, cancer insurance, and loan insurance. As of Dec 2020,  it had over 730,000 accounts with total outstanding loans of THB51.3bn. In 2020, it generated non-life insurance premium sales of THB4bn. Over 2016-20, NTL’s gross loans grew at 25.1% CAGR, averaging 25%+ per annum over 2017-19 before slowing down to 7% YoY growth in 2020. Its total income has grown at 22.5% CAGR, while PAT did better with a CAGR of 29.1% over 2016-20.Although, asset quality has taken a hit owing to COVID-19 and Bank of Thailand's induced moratorium.

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$750m via selling a mix of primary and secondary shares in its Thailand IPO. Prior to listing, it was jointly owned by Bank of Ayudhya and CVC Capital Partners. As per Oliver Wyman’s estimates, NTL had a 16% market share in the vehicle lending market in Thailand, as of 2019. NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance. It offers motor insurance, compulsory motor insurance, personal accident insurance, cancer insurance, and loan insurance. As of Dec 2020,  it had over 730,000 accounts with total outstanding loans of THB51.3bn. In 2020, it generated non-life insurance premium sales of THB4bn. Over 2016-20, NTL’s gross loans grew at 25.1% CAGR, averaging 25%+ per annum over 2017-19 before slowing down to 7% YoY growth in 2020. Its total income has grown at 22.5% CAGR, while PAT did better with a CAGR of 29.1% over 2016-20.Although, asset quality has taken a hit owing to COVID-19 and Bank of Thailand's induced moratorium.

Ngern Tid Lor Pre-IPO - Pre-COVID Growth Track Record Has Been Very Strong

Thailand

Ngern Tid Lor Public Company Limited operates as a microfinance company. The Company offers auto finance and insurance products and services. Ngern Tid Lor serves customers in Thailand.

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Ngern Tid Lor (TIDLOR TB)

ECM Weekly (11th April 2021) - Tencent Block, WeDoctor, YiShengBio, Trip HK, Visional, Macrotech Dev

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

Zhen Zhou, Toh

Ngern Tid Lor Pre-IPO - Pre-COVID Growth Track Record Has Been Very Strong

Ngern Tid Lor (NTL), a financial service provider based in Thailand, aims to raise around US$750m via selling a mix of primary and secondary shares...

Sumeet Singh

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