bullish

Luckin Coffee

ECM Weekly (11 May 2019) - AB InBev APAC, ELuckin, Aakash Edu, GSX Techedu, CSSC (HK) Shipping

586 Views11 May 2019 13:08
SUMMARY

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

We will be getting a few more IPOs coming up in Hong Kong in the next few weeks as we head into the end of Q2. As per media reports, ESR Cayman (ESR HK) will likely be seeking approval soon and start pre-marketing next week.Sumeet Singh covered most aspect of the company in his notes:

On the other hand,Frontage,Haitong UniTrust International Leasing(HUIL HK), and CSSC Hong Kong Shipping (0931049D CH) are pre-marketing their IPOs. As usual, we already early coverage on these companies in:

Perhaps the most interesting and noteworthy IPO would be Budweiser Brewing Company APAC's filing (AB Inbev's APAC arm) on Friday. The IPO is expected to raise up to US$7bn as per media reports and Sumeet Singh had already penned down his thoughts in:

Back in Singapore, REITs' listings have bolstered the IPO scene but they were hardly exciting. ARA US Hospitality Trust (ARAUS SP) dipped below its IPO price on debut but closed flat whileEagle Hospitality Trust (EHT SP)'s downsized (a little) and bookbuild was extended to Friday. However, we have yet to hear anything regarding after market closed on Friday.

Despite the muted performance, Singapore continues to be the "go-to" place for REITs listings as Elite Partners Capital was reported to hire banks for its SGX REIT IPO.

In the U.S, things are much more interesting in comparison. Luckin Coffee (LK US) had already opened its books for its US$500m IPO and it was reported that books were covered as of mid-week.Douyu International Holdings (DOYU US) , on the other hand, decided to delay its IPO.

GSX Techedu (GSX US), an online K-12 after-school service provider, also filed for a US$220m IPO this week. We have covered the fundamentals of the company in:

Accuracy Rate:

Our overall accuracy rate is 72.1% for IPOs and 63.8% for Placements

(Performance measurement criteria is explained at the end of the note)

New IPO filings

  • Budweiser Brewing Company APAC (Hong Kong, ~US$5bn)
  • GSX Techedu (The U.S, US$220m)

Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Analysis on Upcoming IPO

NameInsight
Hong Kong
AB InbevAb InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
AB InbevAb InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao
AB InbevAb InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year
AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
CIMC VehCIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead
ClarityClarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

East EduChina East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School
China TobacChina Tobacco International (IPO): The Monopolist Will Not Recover
China TobacChina Tobacco Intl (HK) IPO: Proxy For the Chinese Cigarette Consumption
CSSCCSSC (HK) Shipping IPO: A Cyclical Business Masked as an Income Stock
ESRESR Cayman Pre-IPO - A Giant in the Making
ESR

ESR Cayman Pre-IPO - Earnings and Segment Analysis

ESR

ESR Cayman Pre-IPO- First Stab at Valuation

Frontage

Frontage (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect

Frontage

Frontage (方达控股) IPO: Updates from 2018 Numbers

Haitong

Haitong UniTrust Intl Leasing Pre-IPO - Shape Shifting

Hansoh

Hansoh Pharma (翰森制药) IPO: New Numbers, Pre-IPO Dividend and Boyu Investment (Part 3)

Hut Chi-Med

Hutchison-China Meditech (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities

Jinxin

Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
MabPharmMabPharma (迈博医药) IPO: Assembled for a Trade?
MabPharmMabPharm (迈博医药) IPO: Thoughts on Valuation (Part 2)
SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio

TubatuTubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
South Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
Plakor

Plakor IPO Preview (Part 1)

ZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Aakash EduAakash Education Pre-IPO - Fast Growth in an Attractive Sector
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotels

Bharat Hotels Pre-IPO - Catching up with Peers

CMS InfoCMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some
MazagonMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta

Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMartIndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
PNB MetPNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
DouyuDouyu (斗鱼直播) IPO: Leader At a Cost
DouyuDouyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
LuckinLuckin Coffee (瑞幸咖啡) Early Thoughts - Caffeine Rush
LuckinLuckin Coffee (瑞幸咖啡) App Walk-Through and Channel Checks
LuckinLuckin Coffee (瑞幸咖啡) Vs. Starbucks (星巴克) - Still Has a Long Way to Go
LuckinLuckin Coffee (瑞幸咖啡) - Base Case Valuation - Cheap Coffee Expensive Company
LuckinLuckin Coffee (瑞幸咖啡) - Blue-Sky/Bear-Case Valuation
GSXGSX Techedu (跟谁学) IPO Early Thoughts - Successful Pivot Away from Marketplace Model
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