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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a>, a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.   </li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/rept-battero-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:122120" rel="noopener">Rept Battero IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing. </li>
</ul>



REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.   
In Rept Battero IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing. 


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>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy</a> is looking to raise around US$300m in its Hong Kong IPO.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.</li>
</ul>



REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous notes. In this note, we talk about valuations.


REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a>, a leading EV battery manufacturer, is premarketing a US$300 million HKEx IPO, according to press reports.  </li>
<li>According to Frost &amp; Sullivan, in 1H23, Rept was the tenth-largest lithium-ion battery manufacturer globally for annual installations for new energy applications. </li>
<li>The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin trajectory and improving cash collection cycle. </li>
</ul>



REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, is premarketing a US$300 million HKEx IPO, according to press reports.  
According to Frost &amp; Sullivan, in 1H23, Rept was the tenth-largest lithium-ion battery manufacturer globally for annual installations for new energy applications. 
The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin trajectory and improving cash collection cycle. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy </a>(REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.</li>
</ul>



REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.


REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

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>Rept Battero is a lithium-ion battery manufacturer focusing on lithium-ion EV battery products and ESS battery products. The company has filed for an IPO on the Hong Kong Stock Exchange.</li>
<li>The company had recorded strong growth over all its battery segments and was the fastest growing battery manufacturer among top 10 lithium-ion battery manufacturers in China.</li>
<li>However, we find the company’s inability to generate profits at gross profit level concerning.</li>
</ul>


Rept Battero is a lithium-ion battery manufacturer focusing on lithium-ion EV battery products and ESS battery products. The company has filed for an IPO on the Hong Kong Stock Exchange.
The company had recorded strong growth over all its battery segments and was the fastest growing battery manufacturer among top 10 lithium-ion battery manufacturers in China.
However, we find the company’s inability to generate profits at gross profit level concerning.


Rept Battero IPO: Intense Competition and Highly Scaled Competitors Stave Off Profits

China

Ruipu Lanjun Energy Co. Ltd. manufactures batteries. The Company produces ternary polymer lithium batteries, lithium iron phosphate batteries, and more. Ruipu Lanjun Energy markets its products worldwide.

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REPT BATTERO Energy (1998104D CH)

Rept Battero IPO: The Bear Case

The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and...

Arun George

REPT BATTERO Energy IPO - Fastest Growth, Lowest Margins, No Valuation Discount

REPT BATTERO Energy is looking to raise around US$300m in its Hong Kong IPO. We have looked at the past performance in our earlier notes, in this...

Sumeet Singh

Rept Battero IPO: The Bull Case

The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin...

Arun George

REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.

Sumeet Singh

Rept Battero IPO: Intense Competition and Highly Scaled Competitors Stave Off Profits

Rept Battero's application for a HKEx IPO has been approved and in this insight, we have discussed the company's business model and financials...

Shifara Samsudeen, ACMA, CGMA

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