APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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>
<a href="https://www.smartkarma.com/entities/oasis-corp-of-korea" target="_blank" data-smartkarma-citation="entities:36074:1" rel="noopener">OASIS Corp (370190 KS)</a> is looking to raise up to US$166m in its upcoming Korea IPO.</li>
<li>Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.</li>
<li>In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we talk about valuations.</li>
</ul>



OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO.
Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.
In our previous notes, we looked at the company’s past performance and peer comparison. In this note, we talk about valuations.


Oasis Corporation IPO - Thoughts on Valuation

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

<ul>
<li>We estimate that TME's 4Q22 topline/bottom line would be (2.5%)/3.8% vs cons., because of disturbance in its social entertainment and ads business.</li>
<li>We forecast net income would only slightly beat cons by 6.1%, due to likely expense rebound and no major improvement on main businesses.</li>
<li>Reiterate SELL rating but raise TP to US$ 6.7 to reflect margin beat and improvement of macro environment. Our TP implies 12.3X PE in 2023.</li>
</ul>


We estimate that TME's 4Q22 topline/bottom line would be (2.5%)/3.8% vs cons., because of disturbance in its social entertainment and ads business.
We forecast net income would only slightly beat cons by 6.1%, due to likely expense rebound and no major improvement on main businesses.
Reiterate SELL rating but raise TP to US$ 6.7 to reflect margin beat and improvement of macro environment. Our TP implies 12.3X PE in 2023.


Tencent Music Entertainment(TME.US) 4Q22 Preview: Raise TP for Gradual but Slow Recovery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oasis-corp-of-korea" target="_blank" data-smartkarma-citation="entities:36074:1" rel="noopener">OASIS Corp (370190 KS)</a> is looking to raise up to US$166m in its upcoming Korea IPO.</li>
<li>Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO.
Oasis Corporation is an early morning delivery service business that delivers fresh food to consumers. It runs an e-commerce platform named ‘Oasis Market’ as well as offline stores.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Oasis Corporation IPO - Peer Comparison - Smallest in Scale but Largest in Profitability

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.

<ul>
<li>China’s gaming regulator granted publishing licenses to 88 video games including three licenses to Tencent (for Undawn, Alchemy Stars and Yuan Meng Zhi Xing) and one for NetEase (for Badlanders).</li>
<li>In December, NPPA gave approvals to 84 new domestic games and 44 imported games suggesting the 18-month long crackdown on the sector is nearing an end.</li>
<li>Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles but we expect an improvement going into 2023.</li>
</ul>


China’s gaming regulator granted publishing licenses to 88 video games including three licenses to Tencent (for Undawn, Alchemy Stars and Yuan Meng Zhi Xing) and one for NetEase (for Badlanders).
In December, NPPA gave approvals to 84 new domestic games and 44 imported games suggesting the 18-month long crackdown on the sector is nearing an end.
Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles but we expect an improvement going into 2023.


External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>TME online music business operating efficiency continues to improve progressively amid economic recovery.</li><li>It is on track for strong earnings rebound despite near-term top-line pressure.</li><li>Social entertainment business continues to face pressure as the surge of COVID-19 cases impact content supply and competition is still abundant. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

TME online music business operating efficiency continues to improve progressively amid economic recovery.It is on track for strong earnings rebound despite near-term top-line pressure.Social entertainment business continues to face pressure as the surge of COVID-19 cases impact content supply and competition is still abundant. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

TME (TME US) – Making progress into scale optimization

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

Oasis Corporation IPO - Thoughts on Valuation

OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO. Previously, we looked at the company’s past performance and...

Ethan Aw

Tencent Music Entertainment(TME.US) 4Q22 Preview: Raise TP for Gradual but Slow Recovery

We estimate that TME's 4Q22 topline/bottom line would be (2.5%)/3.8% vs cons., because of disturbance in its social entertainment and ads business....

Blue Lotus Research Institute

Oasis Corporation IPO - Peer Comparison - Smallest in Scale but Largest in Profitability

OASIS Corp (370190 KS) is looking to raise up to US$166m in its upcoming Korea IPO. In our previous notes, we looked at the company’s past...

Ethan Aw

Tencent: Gaming on the Road to Recovery

Tencent’s online games revenue declined YoY for three consecutive quarters with regulatory hurdles and drop in ranking of key titles, but we expect...

Shifara Samsudeen, ACMA, CGMA

TME (TME US) – Making progress into scale optimization

TME online music business operating efficiency continues to improve progressively amid economic recovery. It is on track for strong earnings...

CMB International

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