ECM Weekly (16 February 2019) - ByteDance, Embassy Office REIT, AB InBev Asia, CStone, Dexin

710 Views16 Feb 2019 10:31

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.

It has been a fairly quiet week in the ECM space.

We are hearing that Douyu (game streaming like HUYA Inc (HUYA US), Tiger Brokers (backed by Jim Rogers), Genshuixue (education) have either filed confidentially or seeking to list in the US.

In Hong Kong, Bank of Guizhou is said to be planning for a US$1bn IPO and we heard that Zhejiang New Century Hotel Management is pre-marketing for its US$200m IPO. The PHIP has already been filed on the Hong Kong Exchange.

For upcoming IPOs, Dexin China Holdings (2019 HK) opened its books on Thursday, seeking to raise up to US$220m. We covered the IPO in Dexin China (德信中国) IPO Review - Key Issues Remain but 9M Results Showed Strong Growth.

In India, Embassy Office Parks REIT (EOP IN) pushed back its IPO to March - April. Sumeet Singh has already written a pre-IPO note, Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish.

Last but not least, in Korea, Douglas Kim has already written an note on the Homeplus REIT (HREIT KS)'s US$1.5bn IPO in Homeplus REIT IPO - The Largest Ever REIT IPO in Korea.

Other pre-IPO notes on upcoming mega IPOs that Aequitas Research have covered include ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1), ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2), and Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China.

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

Reliance General Insurance (re-filed, India)

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

Smartkarma Community's this week Analysis on Upcoming IPO

List of pre-IPO Coverage on Smartkarma

Name	Insight
Hong Kong
AB Inbev	Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China
Ascentage	Ascentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant Financial	Ant Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
Bitmain	Bitmain IPO Preview: The Last Hurrah Before Reality Bites
Bitmain	Bitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking
Bitmain	Bitmain: A Counter Thesis
Bitmain	Bitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)
Bitmain	Bitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)
Bitmain	Bitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)
Bitmain	Bitmain (比特大陆) IPO: Intense Competition in the 7nm Mining ASIC Market (Part 4)
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)
China East Edu	China East Education (中国东方教育) Pre-IPO - The Company Known for Its Culinary School
China Tobac	China Tobacco International (IPO): The Monopolist Will Not Recover
China Tobac	China Tobacco International IPO: Heavy Regulation, Declining Margins – A Bit Late to IPO Party
Frontage	Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect
Hujiang Edu	Hujiang Education (沪江教育) Pre-IPO - Spending More than It Earns
MicuRx	MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
SH Henlius	Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio
Tubatu	Tubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
Tubatu	Tubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
Viva Bio	Viva Biotech (维亚生物) IPO: When CRO Becomes Early Stage Biotech Investor
South Korea
Asiana	Asiana IDT IPO Preview (Part 1)
Asiana	Asiana IDT IPO Preview (Part 2) - Valuation Analysis
Ecopro BM	Ecopro BM IPO Preview: The World's #2 Player in the NCA High Nickel-Based Cathode Materials
Ecopro BM	Ecopro BM IPO: Valuation Analysis
KMH Shilla	KMH Shilla Leisure IPO Preview (Part 1) - Highly Profitable Operator of Public Golf Courses in Korea
KMH Shilla	KMH Shilla Leisure IPO Preview (Part 2) - Valuation Analysis
Homeplus	Homeplus REIT IPO - The Largest Ever REIT IPO in Korea
Plakor	Plakor IPO Preview (Part 1)
Zinus	Zinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Anmol Ind	Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotels	Bharat Hotels Pre-IPO - Catching up with Peers
CMS Info	CMS Info Systems Pre-IPO Review - When a PE Sells to Another PE... Only One Gets the Timing Right
Crystal Crop	Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
Embassy REIT	Embassy Office Parks REIT - Good Assets but Projections Might Be a Tad Too Bullish
Flemingo	Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
NSE	NSE IPO Preview- Not Only Fast..its Risky and Expensive
NSE	National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some
Mazagon Dock	Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. Bector	Mrs. 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
Lodha	Lodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMart	IndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
Polycab	Polycab India Limited Pre-IPO - Market Leader with Steady Growth but with a Few Unanswered Question
The U.S.
Futu	Futu Holdings IPO Preview: Running Out of Steam
Futu	Futu Holdings Pre-IPO - Great Metrics but in a Commoditised Industry
Malaysia
QSR	QSR Brands Pre-IPO - As Healthy as Fast Food