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

<a href="https://www.smartkarma.com/entities/amtd-international-inc" target="_blank" data-smartkarma-citation="entities:28137:1" rel="noopener">AMTD International Inc (1727033D US)</a> (AMTDI) ​is looking to raise about US$200m in its upcoming US IPO. 
The lack of disclosure and poor corporate governance at AMTDI is a major red flag to us. The company had intentionally left out the reason for their increase in investment in Bank of Qingdao (BOQ) which had stemmed from buying back cornerstone investors' stake in BOQ.
Furthermore, there were instances mentioned in the research article that associated AMTDI with poor disclosure and shady side deals coupled with the lack of explanation with respect to the termination and disposal of its insurance brokerage business which was previously rejected from proceeding with an IPO on HKEX.
Suffice to say, we would avoid the IPO at all costs unless the company could address issues above.

AMTD International Inc (1727033D US) (AMTDI) ​is looking to raise about US$200m in its upcoming US IPO. 
The lack of disclosure and poor corporate governance at AMTDI is a major red flag to us. The company had intentionally left out the reason for their increase in investment in Bank of Qingdao (BOQ) which had stemmed from buying back cornerstone investors' stake in BOQ.
Furthermore, there were instances mentioned in the research article that associated AMTDI with poor disclosure and shady side deals coupled with the lack of explanation with respect to the termination and disposal of its insurance brokerage business which was previously rejected from proceeding with an IPO on HKEX.
Suffice to say, we would avoid the IPO at all costs unless the company could address issues above. 

AMTD International (尚乘国际) Pre-IPO - Avoid at All Costs

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to gamble in overseas casinos. Our contacts in the industry have already seen immediate termination of marketing efforts in mainland China by Macau casinos, which imply lower near-term gaming revenue in our view. A loss of higher-margin direct VIP business could also mean lower overall VIP margin for the Macau casinos, as junket VIP margins are one to two percentage points lower compared with direct VIP margins. Near-term sentiment will be unfavorable for the Macau gaming stocks. However, we gauge that marketing activities in mainland China will resurface as the dust settles, though casinos will take a lower-profile approach.To reflect the short-term impact, if we reduced 2016 full-year VIP, mass and slot revenue by 7.5% for our Macau gaming coverage, there would still be no impact on fair value estimates. Therefore, we maintain our long-term forecast and long-term-based, DCF-generated fair value estimates. Our narrow moat ratings also remain unchanged.Analyst: Chelsey Tam

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Hong Kong

Rentian Technology Holdings Limited, through its subsidiaries, is principally engaged in the provision of logistic services in Hong Kong and the People's Republic of China, properties investment, securities trading, and money lending business.

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Rentian Technology Holdings Lt (885 HK)

AMTD International (尚乘国际) Pre-IPO - Avoid at All Costs

AMTD International Inc (1727033D US) (AMTDI) is looking to raise about US$200m in its upcoming US IPO. The lack of disclosure and poor corporate...

Zhen Zhou, Toh

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

AMTD International (尚乘国际) Pre-IPO - Avoid at All Costs

AMTD International Inc (1727033D US) (AMTDI) ​is looking to raise about US$200m in its upcoming US IPO. The lack of disclosure and poor corporate...

Zhen Zhou, Toh

Negative Near-Term Read-Throughs from the Detainment of Crown Resorts' Marketing Executives in China

Eighteen sales and marketing executives at Crown Resorts were reported as being detained in China, likely due to illegally soliciting Chinese to...

Morningstar, Inc.

AMTD International Inc (1727033D US) (AMTDI) is looking to raise about US$200m in its upcoming US IPO. The lack of disclosure and poor corporate...