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.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27757" target="_blank" data-smartkarma-citation="entities:27757:1">Tubatu (1245588D CH)</a> plans to raise US$200m in its HK IPO, as per media reports. I covered most aspects of the deal in my earlier insight, <a href="https://www.smartkarma.com/insights/tubatu-group-pre-ipo-online-online-offline-online" target="_blank">Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?</a>. 
In this insight, I'll compare the company with its recently listed peer <a href="https://www.smartkarma.com/entities/27160" target="_blank" data-smartkarma-citation="entities:27160:1">Qeeka Home (1739 HK)</a> and comment further on implied valuations based on where peers are trading and from previous funding rounds.

Tubatu (1245588D CH) plans to raise US$200m in its HK IPO, as per media reports. I covered most aspects of the deal in my earlier insight, Tubatu Group Pre-IPO - Online -&gt; Online + Offline -&gt; Online -&gt; ?. 
In this insight, I'll compare the company with its recently listed peer Qeeka Home (1739 HK) and comment further on implied valuations based on where peers are trading and from previous funding rounds.

Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch

<a href="https://www.smartkarma.com/entities/27757" target="_blank" data-smartkarma-citation="entities:27757:1">Tubatu (1245588D CH)</a> plans to raise around US$200m in its Hong Kong IPO, as per media reports. The company counts Matrix Partners, Sequoia and 58.com as its shareholders. As per media reports, it is one of the Unicorns in China.
The company operates the largest online home renovation platform in China. It is the leader based on GMV, transaction value and the number of contractors and users on the platform. While revenue growth has been strong over the past few years, it has been led by the scaling up of its offline business, which the company has now decided to scale down.
The online business itself has been recording steady growth and contributes most of the gross profit and adjusted PATMI, hence, luckily for the company, the scaling down won't impact the bottom-line as much as it does the top-line.
Nonetheless, the disclosures leave some questions unanswered as some of the numbers provided are conflicting. In addition, order bypassing seems to be an issue that has been worrying the company and it remains unclear if any of its recent measures have been successful in stemming the practice.

Tubatu (1245588D CH) plans to raise around US$200m in its Hong Kong IPO, as per media reports. The company counts Matrix Partners, Sequoia and 58.com as its shareholders. As per media reports, it is one of the Unicorns in China.
The company operates the largest online home renovation platform in China. It is the leader based on GMV, transaction value and the number of contractors and users on the platform. While revenue growth has been strong over the past few years, it has been led by the scaling up of its offline business, which the company has now decided to scale down.
The online business itself has been recording steady growth and contributes most of the gross profit and adjusted PATMI, hence, luckily for the company, the scaling down won't impact the bottom-line as much as it does the top-line.
Nonetheless, the disclosures leave some questions unanswered as some of the numbers provided are conflicting. In addition, order bypassing seems to be an issue that has been worrying the company and it remains unclear if any of its recent measures have been successful in stemming the practice.

Tubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?

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Tubatu (1245588D CH)

Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch

Tubatu (1245588D CH) plans to raise US$200m in its HK IPO, as per media reports. I covered most aspects of the deal in my earlier insight, Tubatu...

Sumeet Singh

Tubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?

Tubatu (1245588D CH) plans to raise around US$200m in its Hong Kong IPO, as per media reports. The company counts Matrix Partners, Sequoia and...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)