Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

MicroPort NeuroTech / Equity Capital Markets

<ul>
<li>Microport NeuroTech is a leading neuro-interventional device company in China. The company is looking to raise up to USD 300m via a Hong Kong listing.</li>
<li>We look at the company's key segments and products. We like the company's comprehensive coverage of neuro-interventional devices.</li>
<li>Its management team has decent experience as it is a spin-off from Microport. We also highlight the risk of the stock.</li>
</ul>


Microport NeuroTech is a leading neuro-interventional device company in China. The company is looking to raise up to USD 300m via a Hong Kong listing.
We look at the company's key segments and products. We like the company's comprehensive coverage of neuro-interventional devices.
Its management team has decent experience as it is a spin-off from Microport. We also highlight the risk of the stock.


Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Stryker’s performance has been negatively impacted by the new Covid-19 vaiant.</li><li>The company did manage to deliver decent results from its more emerging businesses, including its core trauma business and another exceptional performance from its neurovascular side.</li><li>Stryker’s organic growth rate for the year to date is around 7.6% which is relatively low.</li></ul>

Stryker’s performance has been negatively impacted by the new Covid-19 vaiant.The company did manage to deliver decent results from its more emerging businesses, including its core trauma business and another exceptional performance from its neurovascular side.Stryker’s organic growth rate for the year to date is around 7.6% which is relatively low.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbott-laboratories" target="_blank" data-smartkarma-citation="entities:11987:1" rel="noopener">Abbott Laboratories' (ABT US)</a> diversified business mix continued to prove highly resilient even during the worst period of pandemic. Strong consumer-facing and diagnostic businesses mitigated the slump in hospital-related business.</li>
<li>Dominant positioning in the Covid-19 diagnostic should augur well during the emergence of Omicron variant. Double-digit growth in non-Covid diagnostics portfolio enhances conviction in post-Covid era.   </li>
<li>Existing leadership positioning and multiple new product launches in large and high-growth market segments, including structural heart and diabetes remain long-term growth driver for Abbott.</li>
</ul>



Abbott Laboratories' (ABT US) diversified business mix continued to prove highly resilient even during the worst period of pandemic. Strong consumer-facing and diagnostic businesses mitigated the slump in hospital-related business.
Dominant positioning in the Covid-19 diagnostic should augur well during the emergence of Omicron variant. Double-digit growth in non-Covid diagnostics portfolio enhances conviction in post-Covid era.   
Existing leadership positioning and multiple new product launches in large and high-growth market segments, including structural heart and diabetes remain long-term growth driver for Abbott.


2022 High Conviction: Abbott Laboratories – Resilient Business Model at Reasonable Valuation

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, 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.

Shanghai MicroPort MedBot Group / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (MMG HK)</a> is a surgical robot company which designs, develops and commercialises surgical robots to assist in performing complex surgical procedures. The company has announced the terms for its IPO where it plans to issue 36.2m shares (approx. 4.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$36-43.20 per share. At the midpoint of the IPO price range of HK$39.60 per share, MicroPort will raise net proceeds of HK$1,332.3m (US$171.4m) at a market capitalisation of HK$37.7bn and a post-money EV of HK$35.2bn. MicroPort was initially planning to raise about US$0.7-1.0bn through the IPO, however, the offer was significantly downsized to around US$200m.</p><p>MicroPort plans to use about 35.0% of the net IPO proceeds for the development of its core product Toumai and another 21.0% on the company’s orthopedic surgical robots. The company also plans to use 19.0% of the net proceeds on other product candidates and 5.0% on enhancing its manufacturing capacities and supply chain management capabilities. MicroPort also plans to strengthen its product portfolio through in-licensing, acquisition, equity investments and joint ventures and plans to use about 10.0% of the net IPO proceeds for this purpose.</p><p>The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$95.0m that will account for 51.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Aspex (US$20m), Hillhouse Funds (US$15m), LAV (US$15m), Snow Lake Funds and Accounts (US$15m), Yorkool (US$15m), Cloud Alpha (US$10m) and Artisan (US$5m).</p><p>MicroPort’s product line-up includes three flagship products Toumai (Laparoscopic Surgical Robot), DFVision (3D Electronic Laparoscope) and Honghu (orthopedic surgical robot) and all three are admitted to the NMPA’s innovative medical device special review and approval procedure (known as Green Path). Toumai and Honghu are currently at the registration approval stage while Honghu has received the NMPA approval recently, suggesting that these three products should offer immediate revenue opportunity.</p>

Shanghai MicroPort MedBot Group (MMG HK) is a surgical robot company which designs, develops and commercialises surgical robots to assist in performing complex surgical procedures. The company has announced the terms for its IPO where it plans to issue 36.2m shares (approx. 4.0% of the total outstanding shares post-IPO) at an indicative IPO price range of HK$36-43.20 per share. At the midpoint of the IPO price range of HK$39.60 per share, MicroPort will raise net proceeds of HK$1,332.3m (US$171.4m) at a market capitalisation of HK$37.7bn and a post-money EV of HK$35.2bn. MicroPort was initially planning to raise about US$0.7-1.0bn through the IPO, however, the offer was significantly downsized to around US$200m.MicroPort plans to use about 35.0% of the net IPO proceeds for the development of its core product Toumai and another 21.0% on the company’s orthopedic surgical robots. The company also plans to use 19.0% of the net proceeds on other product candidates and 5.0% on enhancing its manufacturing capacities and supply chain management capabilities. MicroPort also plans to strengthen its product portfolio through in-licensing, acquisition, equity investments and joint ventures and plans to use about 10.0% of the net IPO proceeds for this purpose.The company also has entered into cornerstone investment agreements with a number of investors for an aggregate of US$95.0m that will account for 51.6% of the offer shares at the midpoint of the IPO price. These cornerstone investors include Aspex (US$20m), Hillhouse Funds (US$15m), LAV (US$15m), Snow Lake Funds and Accounts (US$15m), Yorkool (US$15m), Cloud Alpha (US$10m) and Artisan (US$5m).MicroPort’s product line-up includes three flagship products Toumai (Laparoscopic Surgical Robot), DFVision (3D Electronic Laparoscope) and Honghu (orthopedic surgical robot) and all three are admitted to the NMPA’s innovative medical device special review and approval procedure (known as Green Path). Toumai and Honghu are currently at the registration approval stage while Honghu has received the NMPA approval recently, suggesting that these three products should offer immediate revenue opportunity.

MicroPort MedBot IPO: Forecasts, Peer Comparison and Valuation

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.

<div><p><a href="https://www.smartkarma.com/entities/shanghai-microport-medbot-group-co-ltd" target="_blank" data-smartkarma-citation="entities:33485:1" rel="noopener">Shanghai MicroPort MedBot Group (MMG HK)</a> is a global surgical robot company and a subsidiary of <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a>, a 54.61% shareholder. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. </p></div><div><p>MicroPort MedBot has launched an HKEx IPO to raise net proceeds of HK$1,332.3 ($171 million) at the mid-point of the IPO price range of HK$36.00-43.20 per share. The IPO raise is materially below the rumoured target of up to $1 billion. </p></div><div><p>Seven cornerstone investors have agreed to invest about $95 million in the IPO (51.6% of the offer shares at the mid-point of the IPO price range). The cornerstones are Aspex Management, Hillhouse, LAV, Snow Lake Capital, Yorkool, CloudAlpha Capital and Artisan Partners.</p></div><div><div>
<p>In <a href="https://www.smartkarma.com/insights/microport-medbot-ipo-initiation-helping-mechanical-hands" target="_blank" data-smartkarma-citation="insights:58411" rel="noopener">MicroPort MedBot IPO Initiation: Helping Mechanical Hands</a>, we stated that MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. We concluded that MicroPort MedBot is worth a closer look.</p>
<div class="content-highlight"><p>However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. </p></div>
</div></div>

Shanghai MicroPort MedBot Group (MMG HK) is a global surgical robot company and a subsidiary of Microport Scientific (853 HK), a 54.61% shareholder. MicroPort MedBot has developed a portfolio with one approved product (DFVision) and eight product candidates at various stages of development, including two candidates (Toumai and Honghu) in the NMPA registration application stage. The core product is the Toumai laparoscopic surgical robot. MicroPort MedBot has launched an HKEx IPO to raise net proceeds of HK$1,332.3 ($171 million) at the mid-point of the IPO price range of HK$36.00-43.20 per share. The IPO raise is materially below the rumoured target of up to $1 billion. Seven cornerstone investors have agreed to invest about $95 million in the IPO (51.6% of the offer shares at the mid-point of the IPO price range). The cornerstones are Aspex Management, Hillhouse, LAV, Snow Lake Capital, Yorkool, CloudAlpha Capital and Artisan Partners.
In MicroPort MedBot IPO Initiation: Helping Mechanical Hands, we stated that MicroPort MedBot’s three flagship products (Toumai, Honghui and DFVision) have been admitted to the Green Path, an elite program under which the NMPA grants priority review and accelerated approval. Crucially, the three flagship products are either approved (DFVision commercial launch in 4Q21) or at the registration approval stage, which provides near-term market visibility. We concluded that MicroPort MedBot is worth a closer look.
However, our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity. 


United States

Stryker Corporation develops, manufactures, and markets specialty surgical and medical products.  The Company's products include implants, biologics; surgical, neurologic, ear, nose & throat and interventional pain equipment; endoscopic, surgical navigation, communications and digital imaging systems; as well as patient handling and emergency medical equipment.

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Stryker Corp (SYK US)

Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices

Microport NeuroTech is a leading neuro-interventional device player in China with proven track record of R&D and commercialization. The company is...

Ke Yan, CFA, FRM

Stryker Corporation - Investment Thesis

Stryker’s performance has been negatively impacted by the new Covid-19 vaiant. The company did manage to deliver decent results from its more...

Baptista Research

2022 High Conviction: Abbott Laboratories – Resilient Business Model at Reasonable Valuation

With pandemic-resistant diversified business model, Abbott is well-positioned for high single-digit long-term revenue growth.

Tina Banerjee

MicroPort MedBot IPO: Forecasts, Peer Comparison and Valuation

Our SOTP valuation (using peer comps and past deal multiples) suggests that MicroPort's IPO is attractive only at the lower end of the indicative...

Shifara Samsudeen, ACMA, CGMA

MicroPort MedBot IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is full and we would remain on the sidelines awaiting a better entry opportunity.

Arun George

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