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

<ul>
<li>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the not-so-positive aspects of the deal.


Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

<ul>
<li>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the positive aspects of the deal.


Beneunder Pre-IPO - The Positives - Basking in the Sun

<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>Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while</li>
<li>There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.</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.
Tianqi's soggy debut in Hong Kong despite its wide discount will probably put Hong Kong ECM back in snooze mode for a while
There were no major placements this week and its likely to remain that was as we approach the half-yearly results season.


ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Topsports International Holdings / Equity Bottom-Up

<ul>
<li>One of the key reasons why we are bearish on this stock (despite cheap valuations) is that the valuations may become even cheaper. </li>
<li>The CCP remains intent on maintaining its ZERO COVID policy which means continued sporadic lockdowns and social distancing measures, which is negative for sports apparel products.</li>
<li>All in all, we believe that a better time to get back into Topsports International is when the CCP becomes more vocal about finally relenting on its ZERO COVID policy. </li>
</ul>


One of the key reasons why we are bearish on this stock (despite cheap valuations) is that the valuations may become even cheaper. 
The CCP remains intent on maintaining its ZERO COVID policy which means continued sporadic lockdowns and social distancing measures, which is negative for sports apparel products.
All in all, we believe that a better time to get back into Topsports International is when the CCP becomes more vocal about finally relenting on its ZERO COVID policy. 


Topsports International: CCP's ZERO COVID Policy Has a Bigger Whopper Impact than Cheap Valuations

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Topsports International Holdings / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (6110 HK)</a></strong> is trading cheap to peers <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, and to partners <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a>.</li>
<li>Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.</li>
<li>Yet forward operational updates may surprise to the upside.  Management appears confident of their "<em>immersive shopping experience</em>" strategy, and recently declared a special dividend for FY22 (Feb Y/E). </li>
</ul>



Topsports International (6110 HK) is trading cheap to peers Anta Sports Products (2020 HK) and Li Ning (2331 HK), and to partners Nike (NKE US) and Adidas AG (ADS GR).
Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.
Yet forward operational updates may surprise to the upside.  Management appears confident of their "immersive shopping experience" strategy, and recently declared a special dividend for FY22 (Feb Y/E). 


Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

China

Zhongsheng Group Holdings Ltd. retails automobiles.  The Company imports and retails primarily luxury and mid- to high-end automobile brands.

Shanghai Yuyuan Tourist Mart Co., Ltd. processes gold and operates jewelry stores.  The Company also manages department stores, provides import and export trading service, produces pharmaceutical products, offers food service, and develops real estate properties.

Suning.com Co., Ltd. operates retail chain stores to sell household appliances, electronic products, office equipment, and communication products. The Company also provides installation and maintenance services.

EEKA Fashion Holdings Limited engages in apparel design and development businesses. The Company produces high-fashion women's apparel products. EEKA Fashion Holdings sells products through domestic department stores and shopping centers.

Pang Da Automobile Trade Company Limited sells, repairs and provides maintenance services for cars and construction machinery.

Wuxi Commercial Mansion Grand Orient Co., Ltd. operates a department store retail business. Its department stores sell a variety of products including home appliances, apparel, textiles, and leather products.  Wuxi Commercial also sells cars. The Company sells its general merchandise through its own website www.eastall.com and has operation in food serve.

Wuxi Commercial Mansion Grand Orient Co (600327 CH)

China Yongda Automobiles Services Holdings Ltd. retails passenger vehicles. The Company sells new and used vehicles and offers automobile rentals. China Yongda Automobiles also provides service.

China Yongda Automobile Services Hldg (3669 HK)

Beijing Bashi Media Co., Ltd. provides urban bus transportation and advertising services.  The Company also provides taxi, inter-provincial transportation, car rental, and other transportation related services.

Fujian Zhangzhou Development Co., Ltd., trades automobile, manages and operates toll roads, produces and distributes tap water, and provides waste management services.

China Meidong Auto Holdings Limited is an automobile dealership and maintenance group in China.

Premier Investments Ltd., through subsidiaries, retails clothing.  The Company retails name brand casual and business clothing for men and women, and stationery and storage products.

Super Retail Group Ltd. operates a chain of retail stores throughout Australia. The Stores sells a wide range of automotive parts and accessories, tools, camping products, gardening and outdoor equipment and boating equipment throughout Australia and New Zealand.

Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

Foot Locker, Inc. is primarily a mall-based athletic retailer that operates athletic retail stores in countries located in North America, Europe, and Australia.  The Company provides athletic footwear and apparel through its Foot Locker, Lady Foot Locker, Kids Foot Locker, and Champs Sports retail stores. Foot Locker also operates a direct-to-consumer channel, Footlocker.com/Eastbay.

Boot Barn Holdings, Inc. sells western and work gear for individuals and families. The Company sells boots, jeans, shirts, hats, belts, jewelry, among other products. Boot Barn operates throughout the Untied States.

Advance Auto Parts, Inc. is a retailer of auto parts and accessories. The Company operates stores in various states, primarily  located in the northeastern, southeastern, and midwestern regions of the United States, and in Puerto Rico and the Virgin Islands.

SHIMAMURA CO., Ltd. operates chain stores selling mainly clothing for men, women, children, and also bedding and furnishing goods.  The Company has stores in mainly suburb areas throughout Japan.

Lovisa Holdings Ltd is a fashion jewelry and retailer. The Company retails fashion jewelry and accessories for women. Lovisa offers its products in Australasia, parts of the Middle East, and parts of Southeast Asia.

Signet Jewelers Ltd. retails jewelry, watches, gifts and accessories.  The Company operates in the United States and the United Kingdom.

Dunelm Group Plc. retails home furnishings throughout the United Kingdom. The Company retails textile products as well as other housewares such as lighting products, pet supplies, and sewing machines.

Topsports International Holdings Limited operates as a sports shoes and apparel retailer. The Company sells sports shoes, sports shirts, and other products. Topsports International Holdings markets its products throughout China.

Topsports International Holdings (6110 HK)

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Topsports International Holdings (6110 HK)

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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

Topsports International: CCP's ZERO COVID Policy Has a Bigger Whopper Impact than Cheap Valuations

The CCP remains intent on maintaining its ZERO COVID policy which means continued sporadic lockdowns and social distancing measures, which is...

Douglas Kim

Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

Topsorts is inexpensive versus peers and with to its historical metrics. Provided China does not implement another round of stringent lockdowns,...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Beneunder Pre-IPO - The Negatives - Doubts Remain, Including Related Party Dealings

Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO. In this note, we will talk about the not-so-positive aspects of the deal.

Sumeet Singh

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

ECM Weekly (17th Jul 2022) - Tianqi, Emperador, Soosan, SoCar, WCP, Deewin, Bharat FIH, BYD

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

Topsports International: CCP's ZERO COVID Policy Has a Bigger Whopper Impact than Cheap Valuations

The CCP remains intent on maintaining its ZERO COVID policy which means continued sporadic lockdowns and social distancing measures, which is...

Douglas Kim

Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

Topsorts is inexpensive versus peers and with to its historical metrics. Provided China does not implement another round of stringent lockdowns,...

David Blennerhassett