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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador Inc (EMP PM)</a> is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. </li>
<li>Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. </li>
<li>While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. </li>
</ul>



Emperador Inc (EMP PM) is pre-marketing a secondary listing on the SGX IPO by raising US$300-500 million, according to press reports. 
Emperador has established a track record of decent revenue growth, profitability and cash generation over the years. 
While the fundamentals are solid the valuation looks full in comparison to peers and historical trading ranges. 


Emperador SGX Secondary Listing: Scotch, Not so Neat

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we talk about the updates from its refiled PHIP.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$500m in its Hong Kong IPO.
According to F&amp;S, WDG ranked first among spicy snack food enterprises in China, with a market share of 6.2%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we talk about the updates from its refiled PHIP.


Weilong Delicious Global Pre-IPO - Growth Is Slowing but Pre-IPO Valuation Has Been Halved

<ul>
<li>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.</li>
<li>There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
There was a marked pickup in IPO activity with a number of smaller deals, along with two large deals being launched.
There were no major placements last week. In addition, Prosus single handedly took out two prospective large placements.


ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

Singapore

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

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Thai Beverage (THBEV SP)

Emperador SGX Secondary Listing: Scotch, Not so Neat

Emperador is pre-marketing a secondary listing on the SGX IPO by raising US$300-500m. While the fundamentals are solid the valuation looks full in...

Arun George

Weilong Delicious Global Pre-IPO - Growth Is Slowing but Pre-IPO Valuation Has Been Halved

Weilong Delicious Global, a spicy snack food company in China, aims to raise around US$500m in its Hong Kong IPO. In this note, we look at the...

Sumeet Singh

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

ECM Weekly (3rd Jul 2022) - Tianqi, Thai Life, Prosus/Naspers, Tencent, SEA, Soosan, SoCar, Carsales

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

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