IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Haitong UniTrust Intl Leasing IPO Preview: Fourth Time Lucky?

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Haitong UniTrust International Leasing / Equity Capital Markets

Haitong UniTrust International Leasing (1905 HK)

<p><a href="https://www.smartkarma.com/entities/28044" target="_blank" data-smartkarma-citation="entities:28044:1">Haitong UniTrust International Leasing (1905 HK)</a> has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of <a href="https://www.smartkarma.com/entities/5665" target="_blank" data-smartkarma-citation="entities:5665:1">Haitong Securities Co Ltd (H) (6837 HK)</a>.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/haitong-unitrust-intl-leasing-ipo-preview-fourth-time-lucky" target="_blank">our IPO initiation note</a>, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. </p></div>

Haitong UniTrust International Leasing (1905 HK) has launched its Hong Kong IPO at a price range of HK$1.88-2.08 per share to raise HK$2.3 billion ($290 million) at the mid-point of the IPO price range. Haitong UniTrust is a foreign-funded financial leasing company in China and is the leasing unit of Haitong Securities Co Ltd (H) (6837 HK).In our IPO initiation note, we noted that Haitong UniTrust’s fundamentals are mixed, which would need to be reflected in the IPO valuation. Overall, our view is that Haitong UniTrust is fairly priced at the proposed IPO price range and would participate in the IPO at most at the low-end of the IPO price range. 

China Aircraft Leasing Group Holdings (1848 HK)

Haitong UniTrust Intl Leasing IPO: Fair Value