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>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 this note, we talk about the updates from the company’s recent PHIP filings.</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 this note, we talk about the updates from the company’s recent PHIP filings.


CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

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 href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). </li>
<li>We last discussed the IPO in <a href="https://www.smartkarma.com/insights/wcp-ipo-updated-prospectus-solid-1h22-unchanged-and-unattractive-price-range" target="_blank" data-smartkarma-citation="insights:79052" rel="noopener">WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range</a>.</li>
<li>Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). 
We last discussed the IPO in WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range.
Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  </li>
<li>The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. </li>
<li>The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  
The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. 
The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.


WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has pushed back its KRW900 billion (US$692 million) KRX IPO timeline from August to mid-September.</li>
<li>We previously discussed the IPO In <a href="https://www.smartkarma.com/insights/wcp-ipo-hooked-on-lithium" target="_blank" data-smartkarma-citation="insights:72863" rel="noopener">WCP IPO: Hooked on Lithium</a> and <a href="https://www.smartkarma.com/insights/wcp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:73042" rel="noopener">WCP IPO: Valuation Insights</a>. </li>
<li>In this note, we benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO price range remains unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has pushed back its KRW900 billion (US$692 million) KRX IPO timeline from August to mid-September.
We previously discussed the IPO In WCP IPO: Hooked on Lithium and WCP IPO: Valuation Insights. 
In this note, we benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO price range remains unattractive.


WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable

<ul>
<li>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</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 talk about the recent refiling updates, peer comparison and valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we talk about the recent refiling updates, peer comparison and valuations.


WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

South Korea

SK IE Technology Co., Ltd operates as a material solution provider. The Company provides information material solutions, electronic materials solutions, and other products. SK IE Technology conducts businesses across worldwide.

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SK IE Technology (361610 KS)

CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk abou the updates from the company's recent PHIP filings.

Sumeet Singh

WCP IPO: Valuation Uncompelling

Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains...

Arun George

WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

The updated prospectus discloses 1H22 results but an unchanged IPO price range of KRW80,000-100,000. While the fundamentals are sound, the IPO...

Arun George

WCP IPO: Kicking the Can Down the Road Through a Revised IPO Timetable

We benchmark WCP vs its peers in terms of historical and forecasted financials along with multiples. Our valuation analysis suggests that the IPO...

Arun George

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

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 the refiling...

Sumeet Singh

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