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

Weilong Delicious Global Holdi / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weilong-delicious-global-holdings-ltd" target="_blank" data-smartkarma-citation="entities:33378:1" rel="noopener">Weilong Delicious Global (WDG HK)</a> has refiled its PHIP with an aim to raise US$500 million, half of its previous ambition to raise US$1 billion. </li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-initiation-tasty-bite" target="_blank" data-smartkarma-citation="insights:60830" rel="noopener">Weilong Delicious IPO Initiation: Tasty Bite</a> and <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-mixed-update" target="_blank" data-smartkarma-citation="insights:61217" rel="noopener">Weilong Delicious IPO: Mixed Update</a>. </li>
<li>The PHIP which discloses the 2021 results and recent developments point to reducing growth rates and cost pressures. We would pass on the IPO.</li>
</ul>



Weilong Delicious Global (WDG HK) has refiled its PHIP with an aim to raise US$500 million, half of its previous ambition to raise US$1 billion. 
We have previously discussed the IPO in Weilong Delicious IPO Initiation: Tasty Bite and Weilong Delicious IPO: Mixed Update. 
The PHIP which discloses the 2021 results and recent developments point to reducing growth rates and cost pressures. We would pass on the IPO.


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Petroleo Brasileiro  / Technical Analysis

<ul>
<li>Our neutral outlook has come down to price supports holding on the broad global indexes, including $54 on MSCI ACWIex-US (ACWX-US), $76.50 on EAFE (EFA-US), and $99 on ACWI (ACWI-US).</li>
<li>These support levels are now breaking which tilts our stance to bearish at the index level as long as the aforementioned indexes remain below their previous support levels.</li>
<li>We still see the EURO STOXX 50 and TOPIX as holding above support, while the Hang Seng and Bovespa appear to be bottoming, none of which paint a bearish picture.</li>
</ul>


Our neutral outlook has come down to price supports holding on the broad global indexes, including $54 on MSCI ACWIex-US (ACWX-US), $76.50 on EAFE (EFA-US), and $99 on ACWI (ACWI-US).
These support levels are now breaking which tilts our stance to bearish at the index level as long as the aforementioned indexes remain below their previous support levels.
We still see the EURO STOXX 50 and TOPIX as holding above support, while the Hang Seng and Bovespa appear to be bottoming, none of which paint a bearish picture.


Broad Indexes Violate Support But Bright Spots Remain; Buying Energy, Staples, and Utilities

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.

<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn 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 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we will undertake a peer comparison and look at valuations.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn 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 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we will undertake a peer comparison and look at valuations.


Weilong Delicious Global Pre-IPO - Peer Comparison and Valuation

<ul>
<li>In <a href="https://www.smartkarma.com/insights/weilong-delicious-ipo-initiation-tasty-bite" target="_blank" data-smartkarma-citation="insights:60830" rel="noopener">Weilong Delicious IPO Initiation: Tasty Bite</a>, we stated that Weilong offers an appealing mix of robust top-line growth, high margins and strong cash generation.</li>
<li>However, the 1H21 update is mixed. The top-line growth remains strong but at the cost of margins. Margin headwinds are likely to persist in the short term. </li>
<li>In a weak HKEx IPO market, we think that Weilong’s mixed fundamentals will likely struggle to gain investor enthusiasm.   </li>
</ul>


In Weilong Delicious IPO Initiation: Tasty Bite, we stated that Weilong offers an appealing mix of robust top-line growth, high margins and strong cash generation.
However, the 1H21 update is mixed. The top-line growth remains strong but at the cost of margins. Margin headwinds are likely to persist in the short term. 
In a weak HKEx IPO market, we think that Weilong’s mixed fundamentals will likely struggle to gain investor enthusiasm.   


<ul>
<li>Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn 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 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.</li>
<li>In this note, we will look at the updates from its recently filed PHIP.</li>
</ul>


Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn 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 5.7%, and in the seasoned flour product and spicy vegetable snacks categories.
In this note, we will look at the updates from its recently filed PHIP.


Weilong Delicious Global Pre-IPO - PHIP Updates - Mixed Bag 1H21 Performance

China

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries, manufactures and sells instant noodles, baked goods, and beverages in China.

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Tingyi Holding (322 HK)

Weilong Delicious IPO: In a Pickle

The PHIP which discloses the 2021 results and recent developments point to reducing growth rates and cost pressures. We would pass on the IPO.

Arun George

Broad Indexes Violate Support But Bright Spots Remain; Buying Energy, Staples, and Utilities

We are highlighting Energy again because it is easily our favorite Sector. Additionally, defensive Sectors including Staples and Utilities display...

Vermilion Research

Weilong Delicious Global Pre-IPO - Peer Comparison and Valuation

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. In this note, we undertake a...

Sumeet Singh

Weilong Delicious IPO: Mixed Update

Weilong is pre-marketing for an HKEx IPO to raise up to $1 billion. The PHIP discloses a mixed 1H21 update as strong top-line growth came at the...

Arun George

Weilong Delicious Global Pre-IPO - PHIP Updates - Mixed Bag 1H21 Performance

Weilong Delicious Global (WDG), a spicy snack food company in China, aims to raise around US$1bn in its Hong Kong IPO. In this note we talk about...

Sumeet Singh

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