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/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> seeks to raise up to US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$200m. </li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.</li>
</ul>



Cirrus Aircraft (0153126D US) seeks to raise up to US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$200m. 
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
We had covered the company’s performance and PHIP updates in our earlier notes. In this note, we talk about its refiled PHIP updates.


Cirrus Aircraft Pre-IPO - Refiled PHIP Updates - Customer Demand Remains Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> is looking to raise up to US$200m in its upcoming HK IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



Cirrus Aircraft (0153126D US) is looking to raise up to US$200m in its upcoming HK IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.


Cirrus Aircraft Pre-IPO - PHIP Updates - Increased Customer Demand Continues to Drive Growth

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>It was a mixed first quarter for Textron as the company failed to meet the revenue expectations of Wall Street given the lower revenues observed at Bell.</li><li>Despite the Aviation, Industrial, and Systems segments offsetting the decline, Textron’s revenues were below expectations though it did manage an earnings beat.</li><li>Textron Aviation received an initial award on the US Navy Multi-engine Training System contract, and fleet utilization remained strong, contributing to aftermarket revenue growth.</li></ul>

It was a mixed first quarter for Textron as the company failed to meet the revenue expectations of Wall Street given the lower revenues observed at Bell.Despite the Aviation, Industrial, and Systems segments offsetting the decline, Textron’s revenues were below expectations though it did manage an earnings beat.Textron Aviation received an initial award on the US Navy Multi-engine Training System contract, and fleet utilization remained strong, contributing to aftermarket revenue growth.

Textron Inc.: Major Contracts With The U.S

<ul><li>Textron delivered a decent result in the last quarter with revenues of $3.6 billion which surpassed Wall Street expectations.</li><li>The company faced a strong demand, a strong pricing net of inflation, and a higher aftermarket volume in this quarter.</li><li>It was a quarter of strong customer demand and solid cash flow.</li></ul>

Textron delivered a decent result in the last quarter with revenues of $3.6 billion which surpassed Wall Street expectations.The company faced a strong demand, a strong pricing net of inflation, and a higher aftermarket volume in this quarter.It was a quarter of strong customer demand and solid cash flow.

<ul><li>Textron has its results just around the corner and there is a good chance that the company may deliver an all-around beat.</li><li>It had a solid previous quarter with strong execution and higher revenues that resulted in segment profit margin.</li><li>On the innovation front, Textron delivered the foremost Cessna SkyCourier to its launch customer FedEx and the foremost XLS Gen2 aircraft.</li></ul>

Textron has its results just around the corner and there is a good chance that the company may deliver an all-around beat.It had a solid previous quarter with strong execution and higher revenues that resulted in segment profit margin.On the innovation front, Textron delivered the foremost Cessna SkyCourier to its launch customer FedEx and the foremost XLS Gen2 aircraft.

Textron Inc: New Product Launches & Other Developments

United States

Huntington Ingalls Industries, Inc. (HII) designs, builds, and maintains nuclear and non-nuclear ships for the United States Navy and Coast Guard. The Company also provides after-market services for military ships worldwide. HII consists of two primary business divisions, Newport News Shipbuilding and Ingalls Shipbuilding.

BWX Technologies, Inc. supplies nuclear components and fuel to the U.S. government. The Company offers precision manufactured components and services for the commercial nuclear power industry. BWX Technologies also provides technical, management, and site services to support governments in the operation of complex facilities and environmental remediation activities.

Curtiss-Wright Corporation designs, manufactures, and overhauls precision components and systems. The Company's systems provides engineered services to the aerospace, automotive, shipbuilding, oil, petrochemical, agricultural equipment, power generation, metal working, and fire and rescue industries.

Axon Enterprise, Inc. is a public safety technology company. The Company offers law enforcement, military, and self defense solutions. Axon Enterprise serves customers worldwide.

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

Teledyne Technologies Inc. provides electronic subsystems and instrumentation. The Company provides aerospace and defense electronics, digital imaging products & software, monitoring instrumentation for marine & environmental applications, harsh environment interconnect products, and subsystems for satellite communications.  Teledyne also provides engineered systems.

Moog Inc. manufactures precision motion control components and systems. The Company's actuation products control military and commercial aircraft, satellites and space vehicles, missiles, launch vehicles, automated industrial machinery, and medical equipment.

Hexcel Corporation develops, manufactures, and markets reinforcement products, composite materials, and engineered products.  The Company's products are used in the commercial aerospace, space and defense, electronics, general industrial, and recreation markets for a variety of end products.  Hexcel operates around the world.

Kratos Defense & Security Solutions, Inc. operates as a defense contractor and security systems integrator for the federal government and for state and local agencies. The Company offers services in weapon systems lifecycle support, military weapon range, security and surveillance systems, IT engineering, etc.

AeroVironment, Inc. designs, develops, and produces small unmanned aircraft and fast charge systems for electric industrial vehicle batteries. The Company offers long range tracking antenna, sensors, and missile systems. AeroVironment markets its products in the United States.

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

ST Engineering is a global technology, defence and engineering group with offices across Asia, Europe, the Middle East and the U.S., serving customers in more than 100 countries. The Group uses technology and innovation to solve real-world problems and improve lives through its diverse portfolio of businesses across the aerospace, smart city, defence and public security segments. Headquartered in Singapore, ST Engineering reported revenue of $7.9b in FY2019 and it ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore, iEdge SG ESG Transparency Index and iEdge SG ESG Leaders Index.

AECC Aviation Power Co. Ltd. manufactures and distributes aerospace products. The Company produces aircraft power devices, aerospace turbines, aerospace engines, and other products. AECC Aviation Power also provides equipment testing, equipment maintenance, and other services.


AVIC Shenyang Aircraft Company Limited manufactures aviation products. The Company mainly develops, produces, and sells aircrafts. AVIC Shenyang Aircraft also offers foreign investment, electronic products development, and other services.

AVIC Aircraft Co., Ltd. manufactures large and mid size aircraft components and aluminum materials. The Company primarily contracts and produces vertical stable board, horizontal stable board, front inspection door for Boeing 737, and components for Boeing 747 and ATR-42. AVIC Aircraft also produces decorating materials and automobile parts.

Leonardo SpA operates as a technology company. The Company provides its services to the aerospace, defense, and security sectors globally. Leonardo works on helicopters, aircrafts, aerostructures, airborne and space systems, land and naval defense electronics, and defense systems.

MTU Aero Engines AG develops and manufactures engines and offers commercial engine services and support.  The Company sells to manufacturers and operators of engines and industrial gas turbines across the world.

Melrose Industries PLC operates as a global aerospace business. The Company acquires and holds securities of under performing businesses primarily in the manufacturing sector.

Kongsberg Gruppen ASA develops, manufactures and markets high-technology aerospace and defense products, as well as systems for armed forces in Norway and other countries.  The Company produces anti-ship missiles, launchers, missile control systems, weapon control systems, and maritime and air traffic surveillance systems.

Saab AB is a high technology company.  The Company develops, manufactures, and delivers advanced products for the defense market.  Saab's operations include defense technology, command and control systems, military and commercial aircraft, and technical services, as well as missiles, space equipment, and aviation services.  The Company sells and markets its products internationally.

Textron Inc. is a global, multi-industry company with operations in aircraft, defense, industrial products, and finance.  The Company's products include airplanes, helicopters, weapons, and automotive products. Textron's finance division offers asset based lending, aviation, distribution, golf, and resort finance, as well as structured capital.

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Textron Inc (TXT US)

Cirrus Aircraft Pre-IPO - Refiled PHIP Updates - Customer Demand Remains Strong

Cirrus Aircraft (0153126D US) seeks to raise up to US$100m in its upcoming HK IPO, after downsizing from an earlier reported float of US$200m.

Ethan Aw

Cirrus Aircraft Pre-IPO - PHIP Updates - Increased Customer Demand Continues to Drive Growth

Cirrus Aircraft (0153126D US) is looking to raise up to US$200m in its upcoming HK IPO. We had covered the company’s performance in our earlier...

Ethan Aw

Textron Inc.: Major Contracts With The U.S

It was a mixed first quarter for Textron as the company failed to meet the revenue expectations of Wall Street given the lower revenues observed...

Baptista Research

Textron Inc: Major Drivers

Textron delivered a decent result in the last quarter with revenues of $3.6 billion which surpassed Wall Street expectations. The company faced a...

Baptista Research

Textron Inc: New Product Launches & Other Developments

Textron has its results just around the corner and there is a good chance that the company may deliver an all-around beat. It had a solid previous...

Baptista Research

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