In today’s briefing:
- Rept Battero IPO: The Bear Case
- Recap of Our IPO Research in 2023
- ECM Weekly (10th Dec 2023) – Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero
Rept Battero IPO: The Bear Case
- REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.
- In Rept Battero IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing.
Recap of Our IPO Research in 2023
- In this report, we review our IPO investment research in 2023, including the performance of our calls.
- The accuracy rate of our calls on IPOs this year was 76% (16 calls right, 5 calls wrong), slightly below our average accurate rate of 77% from 2017 to 2022.
- The average accuracy rate of our calls from 2017 to 2023 is 77%. We made 42 investment calls in 2020, 37 in 2021, 19 in 2022, and 21 in 2023.
ECM Weekly (10th Dec 2023) – Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, Sino-Synergy Hydrogen Energy Technology (9663 HK) and Dekon Food didn’t do much even as other are lining up to try their luck.
- On the placements front, Japan and India flows continue like there is no tomorrow.
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