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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.</li>
<li>We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.</li>
<li>We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of June 23rd.
We estimate the weekly inflows to be US$43.7 million, led by industrials, information technology, communication services sectors, and offset by materials, financials.
We estimate the inflows to be USD 43 mil last week and highlight flows for China Cssc, Dahua.


Northbound Flows (Jun 23rd): China Cssc, Dahua

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.

Equity Capital Markets

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> has downsized it HKEx IPO to about US$400m and in this insight, we have compared the company’s financials against other listed PV inverter players.</li>
<li>Our peer analysis reveals that Growatt’s top line has grown at much higher rates compared to No. 1 player Sungrow whose margins were well below the company.</li>
<li>By looking at valuation multiples of listed peers, it seems that the company could easily command a valuation of more than US$5bn if it is valued in line with peers.</li>
</ul>



Growatt Technology (1833969D CH) has downsized it HKEx IPO to about US$400m and in this insight, we have compared the company’s financials against other listed PV inverter players.
Our peer analysis reveals that Growatt’s top line has grown at much higher rates compared to No. 1 player Sungrow whose margins were well below the company.
By looking at valuation multiples of listed peers, it seems that the company could easily command a valuation of more than US$5bn if it is valued in line with peers.


Growatt IPO: Peer Comparison and Thoughts on Valuation

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.</li>
<li>We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.</li>
<li>We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of May 25th.
We estimate the weekly outflows to be US$2,561.1 million, led by materials, financials, and offset by communication services, utilities, energy.
We highlight flows for CATL, Luxshare Precision Industry, Longi Green, China Merchants Bank, Wuliangye Yibin, Ping An Insurance, Ping An Bank, East Money Information.


Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

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/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:102983" rel="noopener">Growatt Technology IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-growing-watts" target="_blank" data-smartkarma-citation="insights:84889" rel="noopener">Growatt Technology IPO: Growing Watts</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81071" rel="noopener">Growatt Technology IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80963" rel="noopener">Growatt Technology IPO: The Bull Case</a>. </li>
<li>In this note, we outline our updated forecasts and present our updated look at Growatt's potential valuation range.</li>
</ul>



Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  
We previously discussed the IPO in Growatt Technology IPO: The Investment Case, Growatt Technology IPO: Growing Watts, Growatt Technology IPO: The Bear Case, Growatt Technology IPO: The Bull Case. 
In this note, we outline our updated forecasts and present our updated look at Growatt's potential valuation range.


Growatt Technology IPO: Valuation Updated Look

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-growing-watts" target="_blank" data-smartkarma-citation="insights:84889" rel="noopener">Growatt Technology IPO: Growing Watts</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80963" rel="noopener">Growatt Technology IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81071" rel="noopener">Growatt Technology IPO: The Bear Case</a>. </li>
<li>The updated PHIP which disclosed the 2022 results and latest developments suggests that Growatt continues to deliver profitable and cash-generative growth. </li>
</ul>



Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  
We previously discussed the IPO in Growatt Technology IPO: Growing Watts, Growatt Technology IPO: The Bull Case and Growatt Technology IPO: The Bear Case. 
The updated PHIP which disclosed the 2022 results and latest developments suggests that Growatt continues to deliver profitable and cash-generative growth. 


Growatt Technology IPO: The Investment Case

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

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Sungrow Power Supply (300274 CH)

Northbound Flows (Jun 23rd): China Cssc, Dahua

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for China Cssc Holding, Zhejiang Dahua.

Ke Yan, CFA, FRM

Growatt IPO: Peer Comparison and Thoughts on Valuation

Growatt's revenues and margins have grown at much higher rates cf. peers including the No. 1 player in the market. The company could command a...

Shifara Samsudeen, ACMA, CGMA

Northbound Flows (May 25th): CATL, Luxshare Precision, Longi Green, CMB, Wuliangye, East Money

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlight flows for CATL, Luxshare Precision, Longi Green, China...

Ke Yan, CFA, FRM

Growatt Technology IPO: Valuation Updated Look

Growatt is pre-marketing a US$400 million HKEx IPO. In this note, we outline our updated forecasts and present our updated look at Growatt's...

Arun George

Growatt Technology IPO: The Investment Case

The updated PHIP which disclosed the 2022 results and latest developments suggests that Growatt continues to deliver profitable and cash-generative...

Arun George

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