Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Industry Seems to Be at Peak Prices and Peak Volumes

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<p>Wellard Limited plans to raise USD250-300m through an issuance of primary and secondary shares. The&nbsp;IPO is&nbsp;expected&nbsp;to be launched later this week.&nbsp;While we await the official deal launch, here we take a look at the main factors that could impact the deal:</p><ul><li>The company seems to be positioning itself as the go between for supplying Asia's incessant appetite for meat. Revenue and EBITDA growth have been robust over the past few years, and the recently signed FTA with China is supposed to add to growth.</li><li>The only issue is, Meat &amp; Livestock Australia Limited (MLA) is&nbsp;forecasting a drop in exports over the next few years owing to a fall&nbsp;in cattle numbers.&nbsp;Hence, to keep up the growth momentum Wellard will have to win market share and not just ride on increase in China demand.</li><li>Moreover, the company has no long-term agreements in place with either buyers or suppliers. In addition, the speed with which it has shifted from sheep to cattle exports, and changed its country export profile over the past three years, showcases the dearth of entry barriers for the industry.</li></ul>

Wellard Limited plans to raise USD250-300m through an issuance of primary and secondary shares. The&nbsp;IPO is&nbsp;expected&nbsp;to be launched later this week.&nbsp;While we await the official deal launch, here we take a look at the main factors that could impact the deal:The company seems to be positioning itself as the go between for supplying Asia's incessant appetite for meat. Revenue and EBITDA growth have been robust over the past few years, and the recently signed FTA with China is supposed to add to growth.The only issue is, Meat &amp; Livestock Australia Limited (MLA) is&nbsp;forecasting a drop in exports over the next few years owing to a fall&nbsp;in cattle numbers.&nbsp;Hence, to keep up the growth momentum Wellard will have to win market share and not just ride on increase in China demand.Moreover, the company has no long-term agreements in place with either buyers or suppliers. In addition, the speed with which it has shifted from sheep to cattle exports, and changed its country export profile over the past three years, showcases the dearth of entry barriers for the industry.

Ready to Serve the Chinese Consumer but Where's the Beef?