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/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a>, China’s largest express delivery company, raised around US$860m in its H-share listing in Hong Kong.</li>
<li>SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



S.F. Holding (002352 CH), China’s largest express delivery company, raised around US$860m in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the trading dynamics.


SF Holdings A/H Trading - Strong Demand but Is Probably Close to Fair Value

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>October volume firmed, but price data is mixed; X-border activity trended stronger</li>
<li>ZTO's shares sagged after it reported weaker Q324 margins &amp; lowered FY24 guidance</li>
<li>Market leader SF Holding's long-awaited HK IPO should price &amp; begin trading this week</li>
</ul>


October volume firmed, but price data is mixed; X-border activity trended stronger
ZTO's shares sagged after it reported weaker Q324 margins &amp; lowered FY24 guidance
Market leader SF Holding's long-awaited HK IPO should price &amp; begin trading this week


Monthly Chinese Express Tracker | October Volume Firmed | ZTO Disappoints | SF HK IPO This Week

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.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> H Share listing,<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> IPO, <a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a>'s US$3.5 billion placement.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/kadokawa-dwango-corp" target="_blank" data-smartkarma-citation="entities:4152:1" rel="noopener">Kadokawa Dwango (9468 JP)</a>, <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering Holdings (9161 JP)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: S.F. Holding (6936 HK) H Share listing,FineToday Holdings Co Ltd (289A JP) IPO, Kansai Electric Power (9503 JP)'s US$3.5 billion placement.
Event-Driven developments: Seven &amp; I Holdings (3382 JP), Kadokawa Dwango (9468 JP), Integrated Design &amp; Engineering Holdings (9161 JP), HKBN Ltd (1310 HK), Arcadium Lithium (LTM AU).



Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, 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>Chinese logistics service provider SF Holding has filed for a listing on HKEx and seeks to raise HK$6.2bn (US$795m) through the issuance of 170m shares (3.4% of outstanding shares).</li>
<li>The listing is priced at HK$32.3-36.3 per share, as expected at a 20-29% discount to the last closed price of SF Holding’s A-Shares on 18th November.</li>
<li>Our valuation analysis suggests that SF Holding’s HK offering is attractive at the lower end of the indicative IPO price range.</li>
</ul>


Chinese logistics service provider SF Holding has filed for a listing on HKEx and seeks to raise HK$6.2bn (US$795m) through the issuance of 170m shares (3.4% of outstanding shares).
The listing is priced at HK$32.3-36.3 per share, as expected at a 20-29% discount to the last closed price of SF Holding’s A-Shares on 18th November.
Our valuation analysis suggests that SF Holding’s HK offering is attractive at the lower end of the indicative IPO price range.


SF Holding HKEx Listing: Peer Comparison and Valuation

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.</li>
<li>Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.</li>
<li>In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.</li>
</ul>


One important reason S.F. chose to go public on Hong Kong stock market is due to financial pressure, which mainly comes from its heavy asset development model and internationalization strategy.
Considering the discount of the H-share price versus the A-share price, if the IPO pricing is at the lower limit of the range, then the safety margin would be higher.
In the short term, S.F. is better than JD Logistics, so its valuation should be higher than JD Logistics and industry average. Future valuation expansion depends on international business performance.


Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

Hong Kong

S. F. Holding Co., Ltd. offers express courier services. The Company provides logistics, order tracking, supply chain management, warehousing, and other services. S. F. Holding offers services worldwide.

Price Gauge
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S.F. Holding (6936 HK)

SF Holdings A/H Trading - Strong Demand but Is Probably Close to Fair Value

S.F. Holding (002352 CH), China’s largest express delivery company, raised around US$860m in its H-share listing in Hong Kong. In this note, we...

Sumeet Singh

Monthly Chinese Express Tracker | October Volume Firmed | ZTO Disappoints | SF HK IPO This Week

October parcel volume growth improved, but price data was mixed. The biggest news in the sector came from ZTO (weak Q3 numbers) and SF Holding (HK...

Tracking Traffic

Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

Last week, notable developments occurred in Event-Driven (Seven & I, Kadokawa, Integrated Design & Engineering, HKBN, Arcadium) and ECM (SF...

Arun George

SF Holding HKEx Listing: Peer Comparison and Valuation

SF Holding seeks to raise HK$6.2bn (US$795m) through its Hong Kong listing. Our valuation analysis suggests that the offering is attractive at the...

Shifara Samsudeen, FCMA, CGMA

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

S.F. faces financial pressure due to heavy asset model. IPO pricing at lower limit offers higher safety margin.Valuation will be higher than...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SF Holdings A/H Trading - Strong Demand but Is Probably Close to Fair Value

S.F. Holding (002352 CH), China’s largest express delivery company, raised around US$860m in its H-share listing in Hong Kong. In this note, we...

Sumeet Singh

Monthly Chinese Express Tracker | October Volume Firmed | ZTO Disappoints | SF HK IPO This Week

October parcel volume growth improved, but price data was mixed. The biggest news in the sector came from ZTO (weak Q3 numbers) and SF Holding (HK...

Tracking Traffic

Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

Last week, notable developments occurred in Event-Driven (Seven & I, Kadokawa, Integrated Design & Engineering, HKBN, Arcadium) and ECM (SF...

Arun George

SF Holding HKEx Listing: Peer Comparison and Valuation

SF Holding seeks to raise HK$6.2bn (US$795m) through its Hong Kong listing. Our valuation analysis suggests that the offering is attractive at the...

Shifara Samsudeen, FCMA, CGMA

Pre-IPO S.F. Holding (6936 HK) - Thoughts on Valuation and the Outlook

​S.F. faces financial pressure due to heavy asset model. IPO pricing at lower limit offers higher safety margin.Valuation will be higher than...

Xinyao (Criss) Wang

S.F. faces financial pressure due to heavy asset model. IPO pricing at lower limit offers higher safety margin.Valuation will be higher than...