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/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.</li>
<li>In this note, we run the deal through our ECM framework and talk about valuations.</li>
</ul>



DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in December.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 604 stores across 17 cities, as of Feb 2023.
In this note, we run the deal through our ECM framework and talk about valuations.


DPC Dash IPO - Might Be Worth a Small Slice

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>



DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates its FY22 performance.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 562 stores across 13 cities, as of Nov 2022.
In this note, we talk about the updates from its refiled PHIP.


DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>NZ and Hawaii reach new highs, Australia is stable, and California is hardest hit</li><li>Walking a fine line with price increases, but maintaining its balance</li><li>Labour constrains may improve over the near-term</li></ul>

NZ and Hawaii reach new highs, Australia is stable, and California is hardest hitWalking a fine line with price increases, but maintaining its balanceLabour constrains may improve over the near-term

Restaurant Brands NZ: FY22 Result — Sweet and Sour

<ul><li>Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite</li><li>Group revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensus</li><li>We expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.</li></ul>

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to biteGroup revenue of ~NZ$1.3bn was in line with our expectations (+2% against consensus), and reported EBIT of NZ$87m was broadly in line with both us and consensusWe expected quick service restaurant sales to be robust despite a challenging consumer demand environment and RBD’s result appears consistent with this view so far.

Restaurant Brands (RBD): FY22 Result – Initial Impressions

<ul><li>Strong 4Q22 earnings growth across most regions, although off a low base</li><li>Record sales supported by price increases and positive currency movements</li><li>Margin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions</li></ul>

Strong 4Q22 earnings growth across most regions, although off a low baseRecord sales supported by price increases and positive currency movementsMargin pressures still material: RBD continues to highlight significant cost inflation is being experienced in all regions

Restaurant Brands: NZ Serving Up Record Sales

New Zealand

Restaurant Brands New Zealand Limited operates fast food restaurant chains in New Zealand & Australia. The Company operates close to 300 stores which operate under the KFC, Pizza Hut and Starbucks restaurant names.

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Restaurant Brands NZ (RBD NZ)

DPC Dash IPO - Might Be Worth a Small Slice

DPC Dash (1405 HK) is now looking to raise up to US$90m, after having shelved its last attempt to raise around US$75m in its Hong Kong IPO in...

Sumeet Singh

DPC Dash Pre-IPO - Refiled PHIP Updates - Growth Picking up Again

DPC Dash (1405 HK) aimed to raise around US$75m in its Hong Kong IPO in December. The company is now back with a revised PHIP which incorporates...

Sumeet Singh

Restaurant Brands NZ: FY22 Result — Sweet and Sour

Restaurant Brands' (RBD) FY22 result showed strong revenue growth, but cost pressures show few signs of abatement; RBD has taken a measured...

Forsyth Barr

Restaurant Brands (RBD): FY22 Result – Initial Impressions

Restaurant Brands (RBD) has reported a FY22 result showing strong revenue growth, but cost pressures starting to bite; Group revenue of ~NZ$1.3bn...

Forsyth Barr

Restaurant Brands: NZ Serving Up Record Sales

Restaurant Brands' (RBD) 4Q22 trading update demonstrated robust sales performance across most divisions, suggesting FY22 will be a new revenue...

Forsyth Barr

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