ECM Weekly (14 Dec 2019) - SBI Cards, Poly Property, JS Global, OneConnet

474 Views14 Dec 2019 09:56
SUMMARY

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

The Q4 IPO rush is finally slowing down but we still have a few more trading debuts in the coming week.

There is just one bookbuild ongoing in Hong Kong- Bank of Guizhou Co Ltd (1147131D CH) which launched its US$800m IPO on Friday. This week's listings in Hong Kong have generally done well. Venus Medtech and Alphamab didn't disappoint, closing 22% and 40% higher than their IPO price as of Friday, respectively. XD did well too. It closed 16% above its IPO price, outperforming our expectation on the back of good cornerstone investors and despite the lower subscription rate compared to CMGE.

News on upcoming IPOs are also starting to trickle in. There were news reports of two Hillhouse-backed companies, Blue Moon and Genecor, looking/mulling to list next year.

In India, Ujjivan SFB didn't disappoint trading more than 50% higher on debut as expected. But its holding company Ujjivan Bank seems to lagging behind, as per Sumeet Singh note.

India IPOs are also starting to look up as we are getting news of more big IPO filings or looking to list. This includes Home First Financials, Equitas SFB, Fincare SFB, UTI AMC.

In the U.S, we continue to see Chinese companies push through to list despite valuation cuts and bookrunners pulling from the deals. OneConnect traded flat after significant valuation cut while Ucommune, China's WeWork, is filed after two bookrunners pulled from the IPO.

Accuracy Rate:

Our overall accuracy rate is 73.6% for IPOs and 65.5% for Placements

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

New IPO filings this week

  • Bank of Guizhou (Hong Kong, re-filed and approved)

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.

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
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) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

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

ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?

ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants

ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

Helenbergh

Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions

Innocare

InnoCare (诺诚健华) Pre-IPO: A Decent Team but Short of Clinical Stage Candidates

Jiumaojiu

Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth

MegviiMegvii (旷视) Pre-IPO - Remarkable Growth (Part 1)
MegviiMegvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential
MegviiMegvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent
MegviiMegvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis
MegviiMegvii (旷视) Pre-IPO - Initial Thoughts on Valuation
MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
Poly PrpPoly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company
Renrui

Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns

Smoore

Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology

Smoore

Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth

TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
India
ASKASK Investment Managers Pre-IPO - Riding on a Wave of Wealth
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 Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster

Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It

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
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO
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
Penna CemPenna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid
PNB MetPNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers
Samhi HotelsSamhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace
SBI CardsSBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes
SBI CardsSBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
CDPCDP Holdings Pre-IPO Review - Highly Reliant on Best Inc.
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
EHangEHang Holdings (亿航) Pre-IPO - Not Taking off yet and Probably Not Any Time Soon
HuizeHuize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business
I-MabI-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products
MetenMeten International Edu (美联国际教育) Early Thoughts - Unclear Strategies
OneConnectOneConnect Financial Pre-IPO - The Positives - Prospects Appear Promising
OneConnectOneConnect Financial Pre-IPO - The Negatives - Previous Valuation Might Have Been Too Demanding
Phoenix TreePhoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue
Australia
Tyro Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate
Tyro Tyro Payments IPO - Updates from the Prospectus - Some Good, Some Bad
Tyro Tyro Payments IPO - Probably Fairly Valued at the High-End but There Is Still the Banking Wild Card
Japan
FreeeFreee Pre-IPO - Has Been Growing Fast but Missing Data Points Leave Niggling Doubts
FreeeFreee K. K. Pre-IPO - The Battle Is Far from Over
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