ECM Weekly (26 Jan 2020) - Central Retail Corp, Smoore, Mindspace Biz Parks REIT, Elite Comm REIT
Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Happy Lunar New Year to everyone!
It has been relatively quiet week as we head into CNY but there were still a handful of placements launched such as Zai Lab Ltd (ZLAB US), Hutchison China MediTech Ltd (HCM US), and Nippon Prologis Reit (3283 JP).
- Zai Lab Placement: Positive Development Bodes Well for the Deal
- Hutchison-China Meditech Placement: Catalysts to Expect but Keep Overhang in Mind
- Nippon Prologis REIT Placement: DPU Accretive Despite Lower NOI Yield than past Deals
There are more new Hong Kong filings this week as well with Shenzhen Hepalink and Peijia Medical filing for IPO. We are also hearing that China Water Environment is working towards a 2H 2020 IPO. Ke Yan, CFA, FRM continued his coverage on Smoore's IPO after its NEEQ delisting in:
Southeast Asia ECM activity is looking up too. In Indonesia, Lion Air was said to be starting its pre-marketing next week for a US$500 - 800m IPO. The company had delayed its IPO plans twice, in 2014 and 2016. In Thailand, Central Retail (CRC TB) launched its IPO bookbuild and will be looking to list on the 20th of February.
Accuracy Rate:
Our overall accuracy rate is 73.6% for IPOs and 65.1% for Placements
(Performance measurement criteria is explained at the end of the note)
New IPO filings this week
- Shenzhen Hepalink Pharma (002399 CH) (Hong Kong, >US$100m)
- Peijia Medical (Hong Kong, ~US$200m)
- Indian Railway Finance (India, ~US$100m)
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
- Chinese biotech start-up Antengene plans Hong Kong IPO
- China Water Environment to Eye $500 Million IPO in Hong Kong
- As Ant Financial Eyes HK IPO, expect Alibaba halo to emerge
- Lion Air to launch pre-marketing for Indonesia IPO next week
- Singapore's Olam eyes IPO of two new groups in business reshuffle
- Elite Commercial Reit's Singapore IPO to be priced at £0.68 each
Analysis on Upcoming IPOs
- Elite Commercial REIT IPO - Stable Rentals but Small and Old Assets
- Elite Commercial REIT IPO - Probably Just About Fairly Valued at the Low-End
- Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years
- Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal
- Central Retail Corp IPO - Thailand Operations Weighed Down Vietnam Food’s Stellar Performance
- Central Retail Corp IPO - Proxy Trading Only 2.6% Higher
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