APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (2080694D MK)</a> is looking to raise around US$159m in its Malaysia IPO.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>In this note, we will undertake a peer comparison, discuss our earnings assumptions, and share our thoughts on valuation.</li>
</ul>



DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In this note, we will undertake a peer comparison, discuss our earnings assumptions, and share our thoughts on valuation.


DXN Holdings IPO - Peer Comparison & Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (2080694D MK)</a> is looking to raise around US$159m in its Malaysia IPO.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s updated financials.</li>
</ul>



DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In our previous note, we looked at the company’s past performance. In this note, we take a look at the company’s updated financials.


DXN Holdings IPO - Updates Since Our Last Note

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a> has entered a binding proposal with <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin Holdings (2503 JP)</a> at A$95.00 per share, a 23.7% premium to the undisturbed price (16 April).</li>
<li>The offer is attractive. Marcus Blackmore, the largest shareholder, will vote in favour of the offer. Regulatory approvals should be forthcoming.   </li>
<li>The scheme meeting is in July. At the last close, the gross and annualised spread for a late August payment is 0.8% and 2.2%, respectively.</li>
</ul>



Blackmores Ltd (BKL AU) has entered a binding proposal with Kirin Holdings (2503 JP) at A$95.00 per share, a 23.7% premium to the undisturbed price (16 April).
The offer is attractive. Marcus Blackmore, the largest shareholder, will vote in favour of the offer. Regulatory approvals should be forthcoming.   
The scheme meeting is in July. At the last close, the gross and annualised spread for a late August payment is 0.8% and 2.2%, respectively.


Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (2080694D MK)</a> is looking to raise up to US$200m in its upcoming Malaysia IPO.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



DXN Holdings (2080694D MK) is looking to raise up to US$200m in its upcoming Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In this note, we will talk about the not-so-positive aspects of the deal.


DXN Holdings Pre-IPO - The Negatives - Profits Weakened over Track Period. Past Regulatory Run-Ins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (2080694D MK)</a> is looking to raise up to US$200m in its upcoming Malaysia IPO.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



DXN Holdings (2080694D MK) is looking to raise up to US$200m in its upcoming Malaysia IPO.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
In this note, we will talk about the positive aspects of the deal.


DXN Holdings Pre-IPO - The Positives - Diverse and Growing Portfolio. Strong Long-Term Record

United States

USANA Health Sciences, Inc. develops, manufactures, and markets nutritionals, personal care, and weight management products.  The Company's products are sold directly to preferred customers and distributors throughout the United States, Canada, Australia, New Zealand, the United Kingdom, and Hong Kong.

Price Gauge
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Usana Health Sciences (USNA US)

DXN Holdings IPO - Peer Comparison & Valuation

DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO. In this note, we will undertake a peer comparison, and share our...

Clarence Chu

DXN Holdings IPO - Updates Since Our Last Note

DXN Holdings (2080694D MK) is looking to raise around US$159m in its Malaysia IPO. DXN Holdings (DXN) is a global health-oriented and wellness...

Clarence Chu

Blackmores (BKL AU): Kirin’s Binding A$95.00 Offer

The offer is attractive. Regulatory approvals should be forthcoming. At the last close, the annualised spread for a late August payment is 2.2%.

Arun George

DXN Holdings Pre-IPO - The Negatives - Profits Weakened over Track Period. Past Regulatory Run-Ins

DXN Holdings (2080694D MK) is looking to raise up to US$200m in its upcoming Malaysia IPO. In this note, we will talk about the not-so-positive...

Clarence Chu

DXN Holdings Pre-IPO - The Positives - Diverse and Growing Portfolio. Strong Long-Term Record

DXN Holdings (2080694D MK) is looking to raise up to US$200m in its upcoming Malaysia IPO. In this note, we will talk about the positive aspects of...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

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