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

<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> (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned 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 (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>



Onewo Space-Tech (ONEWO HK) (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will run the deal through our ECM framework and talk about valuations.


Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

<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</a> (OST) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned 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>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we talk about the updates from its recently filed PHIP.</li>
</ul>



Onewo Space-Tech (OST) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we talk about the updates from its recently filed PHIP.


Onewo Space-Tech Pre-IPO - PHIP Updates - Topline Still Strong YoY, Sequentially Cracks Emerging

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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/recruit-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15070:1" rel="noopener">Recruit Holdings (6098 JP)</a>  reported 1QFY03/2023 results on Friday. Revenue grew 26.8% YoY to JPY843.2bn (vs consensus JPY784bn) while OP increased 14.0% YoY to JPY119.3bn (vs consensus JPY106.1bn).</li>
<li>HR Tech segment’s earnings growth has started decelerating with recruitment markets normalising while matching &amp; solutions’ earnings have not yet recovered to pre-pandemic levels.</li>
<li>We think there is further downside as global recruitment markets face more challenges with slowdown in economic growth and uncertain outlook.</li>
</ul>



Recruit Holdings (6098 JP)  reported 1QFY03/2023 results on Friday. Revenue grew 26.8% YoY to JPY843.2bn (vs consensus JPY784bn) while OP increased 14.0% YoY to JPY119.3bn (vs consensus JPY106.1bn).
HR Tech segment’s earnings growth has started decelerating with recruitment markets normalising while matching &amp; solutions’ earnings have not yet recovered to pre-pandemic levels.
We think there is further downside as global recruitment markets face more challenges with slowdown in economic growth and uncertain outlook.


Conviction Call Recruit: More Downside Ahead

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on 1 March, <strong><a href="https://www.smartkarma.com/entities/51-job-inc-adr" target="_blank" data-smartkarma-citation="entities:532:1" rel="noopener">51 Job Inc Adr (JOBS US)</a></strong> entered into a revised merger agreement at US$61.00/share, down 22.8% from the initial terms.</li>
<li>This merger was approved at an EGM on the 27 April and became effective on the 6 May.</li>
<li>Court proceedings have commenced for dissenters, accounting for a staggering 30.9% of shares out. It's not just "fair value" under the microscope; but the legality of the downward revision.</li>
</ul>


Back on 1 March, 51 Job Inc Adr (JOBS US) entered into a revised merger agreement at US$61.00/share, down 22.8% from the initial terms.
This merger was approved at an EGM on the 27 April and became effective on the 6 May.
Court proceedings have commenced for dissenters, accounting for a staggering 30.9% of shares out. It's not just "fair value" under the microscope; but the legality of the downward revision.


51job's Egregious Offer: Dissentient Shareholders Commence Court Proceedings

<ul>
<li>The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.</li>
<li>We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.</li>
<li>We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.</li>
</ul>


The global HRTech market is forecast to grow at a CAGR of 5.8% between 2022-2028E to US$35.68bn driven by increased investment in product and technology development.
We have chosen four companies that will have an exciting year ahead (either bullish or bearish) and have discussed their business models, key drivers, fundamentals and their valuation.
We have chosen two stocks from the US (Ceridian and Automatic Data Processing) and two from Japan (Recruit and Visional) with a market capitalisation of &gt;$1bn and ADTV&gt;$1m.


HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

Japan

Recruit Holdings Co. Ltd. operates information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more. The company also operate staffing services and advertising business.

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Recruit Holdings (6098 JP)

Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

Onewo Space-Tech aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke.

Sumeet Singh

Onewo Space-Tech Pre-IPO - PHIP Updates - Topline Still Strong YoY, Sequentially Cracks Emerging

Onewo Space-Tech (OST) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke...

Sumeet Singh

Conviction Call Recruit: More Downside Ahead

Our 2022 high conviction Recruit has dropped 26.8% YTD. Job openings in the US and job posting on Indeed declining as global recruitment markets...

Shifara Samsudeen, ACMA, CGMA

51job's Egregious Offer: Dissentient Shareholders Commence Court Proceedings

The key contentious issue in the 51job transaction is the legal basis for reducing the term to US$61/share from US$79.05/share. I don't see the...

David Blennerhassett

HRTech Sector Series: Changing HR Landscape Post-Covid Create Opportunities

The global HRTech market has been undergoing rapid changes and in this insight we have discussed 4 companies that will have an exciting year ahead...

Shifara Samsudeen, ACMA, CGMA

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