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

Horizon Construction Development / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a> is looking to raise US$223m in its upcoming Hong Kong IPO.</li>
<li>HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.</li>
<li>In our previous notes, we looked at the company’s past performance and refiled PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Horizon Construction Development (1887128D HK) is looking to raise US$223m in its upcoming Hong Kong IPO.
HCD is an equipment operation service provider in China. It provides services covering the full cycle of projects.
In our previous notes, we looked at the company’s past performance and refiled PHIP updates. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Horizon Construction Development IPO - Peer Comparison & Thoughts on Valuation

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>Chongqing Changan Automobile Co. Ltd. plans to speed up the electrification of two of its joint ventures with foreign carmakers, as China’s homegrown electric-vehicle brands increasingly gain market share from fossil fuel-powered car companies.</li><li>The change in the industry was laid bare at last month’s Shanghai Auto Show, where the booths of Chinese brands were flooded with visitors.</li><li>A decade ago, cars built by China’s numerous international JVs would typically be center stage at such exhibitions.</li></ul>

Chongqing Changan Automobile Co. Ltd. plans to speed up the electrification of two of its joint ventures with foreign carmakers, as China’s homegrown electric-vehicle brands increasingly gain market share from fossil fuel-powered car companies.The change in the industry was laid bare at last month’s Shanghai Auto Show, where the booths of Chinese brands were flooded with visitors.A decade ago, cars built by China’s numerous international JVs would typically be center stage at such exhibitions.

Changan JVs Plan to Accelerate EV Transition as Conventional Cars Lose Position

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.

Equity Bottom-Up

<ul><li>Tesla had a mixed quarter and failed to meet the high revenue expectations of Wall Street.</li><li>Although automotive operating margin and gross margin both fell sequentially, the company delivered an earnings beat.</li><li>In terms of the Cybertruck, Tesla continues to construct Alpha models of the Cybertruck on its pilot line for testing.</li></ul>

Tesla had a mixed quarter and failed to meet the high revenue expectations of Wall Street.Although automotive operating margin and gross margin both fell sequentially, the company delivered an earnings beat.In terms of the Cybertruck, Tesla continues to construct Alpha models of the Cybertruck on its pilot line for testing.

Tesla Inc.: Price Cuts Along With Capacity Expansion Have Really Changed The Game – Key Drivers

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> is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.</li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.</li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO, after downsizing from an earlier US$1bn float in Nov 2022.
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In this note, we will provide a quick peer comparison update and our latest thoughts on valuation.


Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 28 March, lithium play<strong> <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a></strong> rejected <strong><a href="https://www.smartkarma.com/entities/albemarle-corp" target="_blank" data-smartkarma-citation="entities:7678:1" rel="noopener">Albemarle Corp (ALB US)</a></strong>'s third proposal of $2.50/share, citing the revised terms as opportunistic.</li>
<li>Since, that date, it's been "crickets." Preliminary due diligence was not provided to Albemarle. Liontown responded to media speculation today saying it has received no new takeover proposals. </li>
<li>Yet behind the scenes, an interested party has been building a stake, paying up to $2.75/share, 1.5% above the last close.</li>
</ul>


On the 28 March, lithium play Liontown Resources (LTR AU) rejected Albemarle Corp (ALB US)'s third proposal of $2.50/share, citing the revised terms as opportunistic.
Since, that date, it's been "crickets." Preliminary due diligence was not provided to Albemarle. Liontown responded to media speculation today saying it has received no new takeover proposals. 
Yet behind the scenes, an interested party has been building a stake, paying up to $2.75/share, 1.5% above the last close.


United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Horizon Construction Development IPO - Peer Comparison & Thoughts on Valuation

Horizon Construction Development (1887128D HK) is looking to raise US$223m in its upcoming Hong Kong IPO. In this note, we undertake a quick peer...

Ethan Aw

Changan JVs Plan to Accelerate EV Transition as Conventional Cars Lose Position

Chongqing Changan Automobile Co. Ltd. plans to speed up the electrification of two of its joint ventures with foreign carmakers, as China’s...

Caixin Global

Tesla Inc.: Price Cuts Along With Capacity Expansion Have Really Changed The Game – Key Drivers

Tesla had a mixed quarter and failed to meet the high revenue expectations of Wall Street. Although automotive operating margin and gross margin...

Baptista Research

Growatt Technology Pre-IPO - Revised Peer Comparison and Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$400m in its upcoming Hong Kong IPO. In this note, we will provide a quick peer...

Ethan Aw

Liontown: Counter-Bid All But Baked In

Get involved on any material dips. Liontown may engage ~A$2.75 - an impressive 80% to undisturbed. Albemarle will release 1Q23 results on the 3...

David Blennerhassett

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