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>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>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note we undertake a peer comparison and talk about valuations</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note we undertake a peer comparison and talk about valuations


ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note, we talk about the recent updates for BeerCo.</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note, we talk about the recent updates for BeerCo.


ThaiBev BeerCo Pre-IPO - Back for Another Round

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).</li></ul><div><div><div><div><ul><li>FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.</li></ul><div><div><div><div><ul><li>Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4QFY22 standalone performance: UBL’s 4QFY22 revenue grew by 10.6% YoY to Rs17.1bn (vs est. Rs17.5bn).FY22 performance: Sales, EBITDA and APAT grew by 37.5%, 81.6% and 182.2% YoY, respectively.Other key highlights: (i) New crop of barley is significantly up (~70% YoY) due to a lot of market speculation, high demand, high temperatures impacting the quality of barley, making it not useful for beer making.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Breweries - Strong Margin Delivery; Obtaining Pricing from States Key in near Term

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>United Breweries (UBL) is the biggest beer player in the domestic market (~54% market share), a sector largely dominated by MNCs (~85% of market).</li><li>On-trade sales comprise ~25% of revenues (rest 75% off-trade)</li><li>Target Price &amp; Valuation: We value the stock at Rs 1900 i.e. 67x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

United Breweries (UBL) is the biggest beer player in the domestic market (~54% market share), a sector largely dominated by MNCs (~85% of market).On-trade sales comprise ~25% of revenues (rest 75% off-trade)Target Price &amp; Valuation: We value the stock at Rs 1900 i.e. 67x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Breweries: Already Dominant Market Share, Improves Further ~200 Bps

India

Radico Khaitan Ltd. produces and distributes branded liquor.   The Company operates molasses and grain distilleries and produces whiskey, rum, brandy, and vodka.  Radico also produces country liquor and extra neutral alcohol.

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

Tilaknagar Industries Limited manufactures a wide range of liquors. The Company's products include brandy, gin, whiskey, and vodka.

SOM Distilleries & Breweries Limited distills spirits and brews beer. The Company produces whiskey, vodka, gin, brandy, rum, and a variety of beers.

Globus Spirits Limited manufactures, markets, and sells industrial alcohol comprising rectified spirit and extra-neutral alcohol, country liquor, and Indian made foreign liquor.

G.M. Breweries Ltd. manufactures and distributes whisky, brandy, rum, gin, vodka, native liquors, and potable country liquors.

Associated Alcohols & Breweries Ltd operates distilleries and breweries.

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable fat, texturized soya protein, soya flour and other soya products.  The Group has also developed Palm stearin and Palm olein cooking oils.

Jagatjit Industries Ltd. manufactures a variety of alcoholic beverages, including malt whiskey, gin and vodka.  The Company's products are marketed under the "Binnie Scot," "Aristocrat" and "Black Velvet" brand names.  Jagatjit Industries also produces and sells the "Milkfood" brand of frozen desserts, milk products and ghee in addition to glass bottles and containers.

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

Treasury Wine Estates Ltd was founded in 2010 and is headquartered in Southbank, Victoria, Australia. The Company's line of business includes vineyard operations and international marketing and distribution of wine.

National Beverage Corp. is a holding company for subsidiaries that market, manufacture, and distribute a full line of beverage products.  The Company's products include multi-flavored and cola soft drinks, juice and juice products, flavored carbonated and spring water products, and specialty items.

Anadolu Efes Biracilik ve Malt Sanayii AS is the holding company of the Efes Beverage Group. The group produces and markets beer, malt and Coca-Cola products across a geography that consists of Turkey, Russia, the CIS, countries Southeast Europe and the Middle East. Anadolu Efes is also an operating entity under which the Turkish brewing business is managed.

Coca-Cola Icecek AS bottles and distributes carbonated soft drinks and noncarbonated beverages.

Anhui Yingjia Distillery Co., Ltd. develops, produces and sells liquor products. The Company operates in China.

Anhui Gujing Distillery Co., Ltd. produces and markets distilled spirits and wine.

Coca-Cola FEMSA, S.A.B. de C.V. (Femsa) bottles beverages. The Company bottles and distributes branded beverages in parts of North, Central and South America. In some countries Femsa also markets water, beer, and other products.

Beijing Yanjing Brewery Co., Ltd. operates in the brewery industry.  The Company's products include beer, spring water, beer raw materials, feeds, yeast, and other related products.

Beijing Yanjing Brewery Co, Ltd. (000729 CH)

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

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

United Breweries Limited manufactures alcoholic beverages. The Company produces beer, as well as offers malt liquor and other beverages. United Breweries serves customers worldwide.

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United Breweries (UBBL IN)

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

ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

Thai Beverage recently announced that BeerCo will resume its Proposed Spin-off Listing. In this note, we talk about peer comparison and look at...

Sumeet Singh

ThaiBev BeerCo Pre-IPO - Back for Another Round

Thai Beverage plans to resume BeerCo's proposed spin-off listing. This time the company is aiming to raise less than US$1bn, as per media reports.

Sumeet Singh

United Breweries - Strong Margin Delivery; Obtaining Pricing from States Key in near Term

United Breweries Ltd (UBL) saw continued recovery in demand in 4QFY22. Beer volume grew by 7% YoY in 4QFY22 (vs. our est. of 11% volume growth);...

Nirmal Bang

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