APAC IPOs & Placements

Zhen Zhou, Toh

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

<a href="https://www.smartkarma.com/entities/28097" target="_blank" data-smartkarma-citation="entities:28097:1">Tai Hing (1719303D HK)</a> is looking to raise about US$100m in its upcoming IPO. According to media reports, the company will open its books next week.
Tai Hing is a multi-brand casual dining restaurant with presence in Hong Kong, Mainland China, Macau and Taiwan. Revenue and profit grew at a decent 11.5% and 14% CAGR from FY2016 to FY2018 while margins have been fairly stable.
However, Tai Hing's operating margin has been on a decline for the past three years, dragged by higher staff costs and rent related expenses. The company had also paid out about HK$1bn of dividends over the past three years which is almost the entire amount that the company is supposed to raise in its IPO.

Tai Hing (1719303D HK) is looking to raise about US$100m in its upcoming IPO. According to media reports, the company will open its books next week.
Tai Hing is a multi-brand casual dining restaurant with presence in Hong Kong, Mainland China, Macau and Taiwan. Revenue and profit grew at a decent 11.5% and 14% CAGR from FY2016 to FY2018 while margins have been fairly stable.
However, Tai Hing's operating margin has been on a decline for the past three years, dragged by higher staff costs and rent related expenses. The company had also paid out about HK$1bn of dividends over the past three years which is almost the entire amount that the company is supposed to raise in its IPO.

Tai Hing (太興) Pre-IPO Review - Potentially Appetizing

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>We tend to shy away from the restaurant industry but decided to make an exception for Tam Jai;</li>
<li>The brand has become a household name in Hong Kong and delivers attractive business economics for owners from its home market;</li>
<li>However, we see multiple red/yellow flags when it comes to the management's capital allocation, particularly relating to overseas expansion.</li>
</ul>


We tend to shy away from the restaurant industry but decided to make an exception for Tam Jai;
The brand has become a household name in Hong Kong and delivers attractive business economics for owners from its home market;
However, we see multiple red/yellow flags when it comes to the management's capital allocation, particularly relating to overseas expansion.


Tam Jai International: High-Quality Assets, Low-Quality Capital Allocation

Hong Kong

Tai Hing Group Holdings Limited operates as a restaurant group. The Company provides various prepared specialties, meals, and, drinks, as well as offers banquet arrangement, restaurant management, and other related services. Tai Hing Group Holdings serves customers in Hong Kong, China, Macau, and Taiwan.

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Tai Hing (6811 HK)

Tai Hing (太興) Pre-IPO Review - Potentially Appetizing

Tai Hing (1719303D HK) is looking to raise about US$100m in its upcoming IPO. According to media reports, the company will open its books next...

Zhen Zhou, Toh

Tam Jai International: High-Quality Assets, Low-Quality Capital Allocation

We would have to stay on the sidelines for now but would revisit the investment thesis in case of a drastic shift in the management's capital...

Steven Chen

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