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

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.</li>
<li>EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. </li>
<li>In this note, we talk about the various aspects of the deal.</li>
</ul>


Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. 
In this note, we talk about the various aspects of the deal.


Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The MPP announced that it has signed agreements with 27 generic manufacturing companies including several Chinese companies for the manufacturing of molnupiravir and supply in 105 low- and-middle-income countries.</li>
<li>The profit margin would be limited because of its public benefit purpose. Therefore, it may not be able to bring huge incremental performance to the relevant domestic pharmaceutical companies.</li>
<li>The future risks and concerns on Merck's molnupiravir should also not be neglected. So, investors are advised to view this agreement with MPP rationally.</li>
</ul>


The MPP announced that it has signed agreements with 27 generic manufacturing companies including several Chinese companies for the manufacturing of molnupiravir and supply in 105 low- and-middle-income countries.
The profit margin would be limited because of its public benefit purpose. Therefore, it may not be able to bring huge incremental performance to the relevant domestic pharmaceutical companies.
The future risks and concerns on Merck's molnupiravir should also not be neglected. So, investors are advised to view this agreement with MPP rationally.


Would the Cheap Versions of Oral COVID-19 Antiviral Bring New Opportunities for Chinese Companies?

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zai-lab-ltd" target="_blank" data-smartkarma-citation="entities:25877:1" rel="noopener">Zai Lab Ltd (ZLAB US)</a> is famous for its license-in mode, but the biggest highlight is its strong vision and high success rate in the process, forming a distinctive pipeline.</li>
<li>The concerns such as the changes of pattern in license-in mode, attitude of the regulatory authorities, fierce competition and commercialization outlook also deserve attention.</li>
<li>Investing a company is actually investing in its people. We have confidence that Zai Lab would find its way out.</li>
</ul>



Zai Lab Ltd (ZLAB US) is famous for its license-in mode, but the biggest highlight is its strong vision and high success rate in the process, forming a distinctive pipeline.
The concerns such as the changes of pattern in license-in mode, attitude of the regulatory authorities, fierce competition and commercialization outlook also deserve attention.
Investing a company is actually investing in its people. We have confidence that Zai Lab would find its way out.


Zai Lab Ltd (ZLAB.US) - The Strength and the Concerns

<ul>
<li>For development strategy, <a href="https://www.smartkarma.com/entities/alphamab-oncology" target="_blank" data-smartkarma-citation="entities:28213:1" rel="noopener">Alphamab Co Ltd (9966 HK) </a>may lack the foundation of strategic certainty of expectation. It is also not sure about the commercialization performance of KN035 brought by Simcere.</li>
<li>Although the management’s thinking mode of business operation has improved, it still cannot dispel the doubts about whether the Company can catch up with top-level biopharmaceutical enterprises in the future.</li>
<li>Even with the concerns, it does not rule out that investors can long this stock at an undervalued or a reasonable price to get a good return.</li>
</ul>


For development strategy, Alphamab Co Ltd (9966 HK) may lack the foundation of strategic certainty of expectation. It is also not sure about the commercialization performance of KN035 brought by Simcere.
Although the management’s thinking mode of business operation has improved, it still cannot dispel the doubts about whether the Company can catch up with top-level biopharmaceutical enterprises in the future.
Even with the concerns, it does not rule out that investors can long this stock at an undervalued or a reasonable price to get a good return.


Alphamab Co Ltd (9966.HK) - Some Points Worth the Attention

Shanghai Junshi Biosciences  / Equity Bottom-Up

<ul>
<li>We analyzed <a href="https://www.smartkarma.com/entities/shanghai-junshi-bioscience-h" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Bioscience Co. Ltd. (1877 HK)</a>’s pipeline, the commercialization strategy, the talents, the outlook and the related concerns.</li>
<li>We also analyzed what the valuation system ecology of top and first-class companies could be like as well as the logic behind.</li>
<li>Revolutionary companies can establish new business models, change the game rule at any time and have the initiative in hands. So, will Junshi progress or go backwards instead?</li>
</ul>


We analyzed Shanghai Junshi Bioscience Co. Ltd. (1877 HK)’s pipeline, the commercialization strategy, the talents, the outlook and the related concerns.
We also analyzed what the valuation system ecology of top and first-class companies could be like as well as the logic behind.
Revolutionary companies can establish new business models, change the game rule at any time and have the initiative in hands. So, will Junshi progress or go backwards instead?


Shanghai Junshi Bioscience (1877.HK) - Will Junshi Progress or Go Backwards Instead?

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

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Shanghai Fosun Pharmaceutical (Group) (600196 CH)

Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO. It is the 12th largest Indian Pharmaceutical company.

Sumeet Singh

Would the Cheap Versions of Oral COVID-19 Antiviral Bring New Opportunities for Chinese Companies?

Some Chinese companies are allowed to make cheap versions of Merck’s molnupiravir based on the MPP agreement.We analyzed the impact and outlook,...

Xinyao (Criss) Wang

Zai Lab Ltd (ZLAB.US) - The Strength and the Concerns

This insight analyzes Zai Lab about its distinctive pipeline, the management team, the concerns on license-in mode, regulatory...

Xinyao (Criss) Wang

Alphamab Co Ltd (9966.HK) - Some Points Worth the Attention

The article analyzed Alphamab Oncology in terms of its conservativeness on business operation and decision making in early stages, the concerns on...

Xinyao (Criss) Wang

Shanghai Junshi Bioscience (1877.HK) - Will Junshi Progress or Go Backwards Instead?

The article mainly analyzed Junshi in terms of the pipeline, commercialization strategy, the talents, the outlook, the related concerns, as well as...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)