IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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

<p><a href="https://www.smartkarma.com/entities/amtd-international-inc" target="_blank" data-smartkarma-citation="entities:28137:1" rel="noopener">AMTD International Inc (HKIB US)</a> is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy companies. It announced its IPO price range of $8.10-8.48 per ADS. At the mid-point of the IPO price range, AMTD will raise net IPO proceeds of $155.3 million, resulting in a market cap of $1.9 billion.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/amtd-international-ipo-initiation-coming-to-market-on-a-high" target="_blank" rel="noopener">our IPO initiation note</a>, we noted that AMTD’s financials are undoubtedly strong, particularly its 1Q19 results. However, it is hard to judge a company by a single quarter performance, and we can’t shake the feeling that AMTD has astutely timed its IPO to coincide with peak growth rates. Overall, we believe that AMTD's proposed IPO price range is unattractive and would not participate in the IPO. </p></div>

AMTD International Inc (HKIB US) is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy companies. It announced its IPO price range of $8.10-8.48 per ADS. At the mid-point of the IPO price range, AMTD will raise net IPO proceeds of $155.3 million, resulting in a market cap of $1.9 billion.In our IPO initiation note, we noted that AMTD’s financials are undoubtedly strong, particularly its 1Q19 results. However, it is hard to judge a company by a single quarter performance, and we can’t shake the feeling that AMTD has astutely timed its IPO to coincide with peak growth rates. Overall, we believe that AMTD's proposed IPO price range is unattractive and would not participate in the IPO. 

AMTD International IPO: Valuation Bordering on Delusional

United States

PJT Partners, Inc. operates as a global advisory-focused investment bank. The Company provides a wide array of strategic advisory, restructuring and reorganization, and fund placement and secondary advisory services. PJT offers its services to corporations, financial sponsors, real estate funds, institutional investors, private equity funds, and governments globally.

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Pjt Partners (PJT US)

AMTD International IPO: Valuation Bordering on Delusional

AMTD International Inc (HKIB US) is a boutique investment bank and asset management firm focused on Chinese regional banks and new economy...

Arun George

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