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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a> has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. Books are open from 23 to 28 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:80643" rel="noopener">CALB IPO: Updates Support the Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-what-s-it-worth" target="_blank" data-smartkarma-citation="insights:80842" rel="noopener">CALB IPO: What's It Worth?</a>.</li>
<li>CALB should be, at least, valued in line with the median peer multiples. CALB is attractively valued at the IPO price range. We would participate. </li>
</ul>



CALB (CALBLZ CH) has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. Books are open from 23 to 28 September.
We previously discussed the IPO in CALB IPO: The Bull Case, CALB IPO: The Bear Case, CALB IPO: Updates Support the Bull Case, CALB IPO: What's It Worth?.
CALB should be, at least, valued in line with the median peer multiples. CALB is attractively valued at the IPO price range. We would participate. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a>, a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/calb-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:80643" rel="noopener">CALB IPO: Updates Support the Bull Case</a>.</li>
<li>In this note, we present our forecasts and take the first look at CALB's potential valuation range. </li>
</ul>



CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
We previously discussed the IPO in CALB IPO: The Bull Case, CALB IPO: The Bear Case and CALB IPO: Updates Support the Bull Case.
In this note, we present our forecasts and take the first look at CALB's potential valuation range. 


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>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (CALBLZ CH)</a>, a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/calb-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80243" rel="noopener">CALB IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/calb-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80286" rel="noopener">CALB IPO: The Bear Case</a>. This note updates our view for the PHIP and recent developments.</li>
<li>The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The IPO is worth a look.</li>
</ul>



CALB (CALBLZ CH), a leading EV battery manufacturer, is seeking to raise US$2.0 billion through an HKEx IPO, according to press reports.
We previously discussed the IPO in CALB IPO: The Bull Case and CALB IPO: The Bear Case. This note updates our view for the PHIP and recent developments.
The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The IPO is worth a look.


<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. Its demand forecasting is slated to take place today and tomorrow.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we will talk about the updates from the revised filing, and re-look at valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. Its demand forecasting is slated to take place today and tomorrow.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we will talk about the updates from the revised filing, and re-look at valuations.


WCP IPO - 2Q22 Updates and Valuation Refresh

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)

CALB IPO: Valuation Insights

CALB has launched its HKEx listing at HK$38.00-51.00 per share to raise up to US$1.7 billion. It is attractively valued at the IPO price range. We...

Arun George

CALB IPO: What's It Worth?

CALB is seeking to raise US$2.0 billion through an HKEx IPO. In this note, we present our forecasts and take the first look at CALB's potential...

Arun George

CALB Pre-IPO - Thoughts on Valuation

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk about our earnings forecast and valuations estimates.

Sumeet Singh

CALB IPO: Updates Support the Bull Case

The 1Q and truncated 1H numbers outline the highest growth among peers, customer diversification and sequential improvement in gross margin. The...

Arun George

WCP IPO - 2Q22 Updates and Valuation Refresh

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note, we talk about its 2Q22 updates...

Sumeet Singh

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