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.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80108" rel="noopener">Onewo IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/onewo-ipo-trade-offs-vs-peers" target="_blank" data-smartkarma-citation="insights:80425" rel="noopener">Onewo IPO: Trade-Offs Vs Peers</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.</li>
</ul>



Onewo Space-Tech (ONEWO HK) has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.
We previously discussed the IPO in Onewo IPO: The Bull Case, Onewo IPO: The Bear Case and Onewo IPO: Trade-Offs Vs Peers. 
Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.


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.

<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, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.</li>
<li>There was only the <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> mega entitlement offer this week, on the placements front.</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, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.
There was only the Atlas Arteria (ALX AU) mega entitlement offer this week, on the placements front.


ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> is a leading property management service provider in China looking to raise US$2bn through an IPO on the HKEx.</li>
<li>This is the Second of a series of reports on Onewo IPO and we will be discussing the company’s Commercial and Urban Space services and AIoT and BPaaS solution segments.</li>
<li>We expect Onewo’s margins to remain under pressure in the medium-term as the company focuses on customer acquisition which would likely impact margins in the near-term.</li>
</ul>



Onewo Space-Tech (ONEWO HK) is a leading property management service provider in China looking to raise US$2bn through an IPO on the HKEx.
This is the Second of a series of reports on Onewo IPO and we will be discussing the company’s Commercial and Urban Space services and AIoT and BPaaS solution segments.
We expect Onewo’s margins to remain under pressure in the medium-term as the company focuses on customer acquisition which would likely impact margins in the near-term.


Onewo Space-Tech IPO (Part II): Margins to Remain Under Pressure in the Near-Term

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<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a>, <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd" target="_blank" data-smartkarma-citation="entities:26076:1" rel="noopener">China Vanke (000002 CH)</a>’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80108" rel="noopener">Onewo IPO: The Bear Case</a>. </li>
<li>A comparison with large-cap peers suggests that Onewo offers large-scale with parentco stability at the cost of low growth runaway from undelivered GFA and gross margin.</li>
</ul>



Onewo Space-Tech (ONEWO HK), China Vanke (000002 CH)’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.
We previously discussed the IPO in Onewo IPO: The Bull Case and Onewo IPO: The Bear Case. 
A comparison with large-cap peers suggests that Onewo offers large-scale with parentco stability at the cost of low growth runaway from undelivered GFA and gross margin.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a>  is a leading property management service provider in China focused on offering basic property management services.</li>
<li>Backed by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a> , the company has filed for an IPO on the HKEx and plans to raise proceeds of around US$2bn.</li>
<li>In this insight, we discuss the company’s business model and deep dive into the largest business segment Community Space Living Consumption Services.</li>
</ul>



Onewo Space-Tech (ONEWO HK)  is a leading property management service provider in China focused on offering basic property management services.
Backed by China Vanke Co Ltd (H) (2202 HK) , the company has filed for an IPO on the HKEx and plans to raise proceeds of around US$2bn.
In this insight, we discuss the company’s business model and deep dive into the largest business segment Community Space Living Consumption Services.


Onewo Space-Tech IPO: A Deep Dive into the Largest Business Segment

China

Onewo Inc. operates as a property management service provider. The Company operates and manages residential communities, workspaces, public premises, and others. Onewo provides its services throughout Hong Kong.

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Onewo (2602 HK)

Onewo IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would...

Arun George

ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

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

Onewo Space-Tech IPO (Part II): Margins to Remain Under Pressure in the Near-Term

In this insight, we discuss in detail Onewo's commercial and urban space integrated services segment and the outlook on the company. We expect...

Shifara Samsudeen, ACMA, CGMA

Onewo IPO: Trade-Offs Vs Peers

A comparison with large-cap peers suggests that Onewo offers large-scale (GFA, revenue) with parentco stability at the cost of low growth runaway...

Arun George

Onewo Space-Tech IPO: A Deep Dive into the Largest Business Segment

Onewo Space, a leading property management service provider has filed for a HKEx IPO to raise US$2bn. We deep dive into the largest business...

Shifara Samsudeen, ACMA, CGMA

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