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

Suzhou Basecare Medical IPO: Valuation Insights

Suzhou Basecare Medical IPO Initiation: Improving IVF

Uncompromised, Independent, Conflict-Free Research

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

Basecare Medical Device / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/basecare-medical-device-co-l" target="_blank" data-smartkarma-citation="entities:31086:1" rel="noopener">Basecare Medical Device (2170 HK)</a> has developed a portfolio of genetic test kits that cover all key stages of the reproductive cycle. The initial focus of the product portfolio was on helping couples address infertility problems and increase their chances of having a healthy baby through IVF (in vitro fertilization) procedures. Basecare will commence trading on Monday, 08 February. Basecare priced its IPO at HK$27.36 and <a href="http://www.aastocks.com/en/stocks/news/aafn-con/NOW.1074764/ipo-news" target="_blank" rel="noopener">closed 14% up at HK$31.20</a> in the grey market.</p></div><div><p>In <a href="https://www.smartkarma.com/insights/suzhou-basecare-medical-ipo-initiation-improving-ivf" target="_blank" data-smartkarma-citation="insights:47352" rel="noopener">Suzhou Basecare Medical IPO Initiation: Improving IVF</a>, we stated that with a large addressable market opportunity and Basecare’s early mover advantage, we believe that Basecare’s fundamentals are attractive. In <a href="https://www.smartkarma.com/insights/suzhou-basecare-medical-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:47473" rel="noopener">Suzhou Basecare Medical IPO: Valuation Insights</a>, we noted that the IPO price range is attractive.</p></div><div><div><div class="content-highlight"><p>Updating for the final IPO net raise, our base-case DCF derived price target of HK$33.07 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price is attractive.</p></div></div></div>

Basecare Medical Device (2170 HK) has developed a portfolio of genetic test kits that cover all key stages of the reproductive cycle. The initial focus of the product portfolio was on helping couples address infertility problems and increase their chances of having a healthy baby through IVF (in vitro fertilization) procedures. Basecare will commence trading on Monday, 08 February. Basecare priced its IPO at HK$27.36 and closed 14% up at HK$31.20 in the grey market.In Suzhou Basecare Medical IPO Initiation: Improving IVF, we stated that with a large addressable market opportunity and Basecare’s early mover advantage, we believe that Basecare’s fundamentals are attractive. In Suzhou Basecare Medical IPO: Valuation Insights, we noted that the IPO price range is attractive.Updating for the final IPO net raise, our base-case DCF derived price target of HK$33.07 per share. As DCF-based target prices are subject to a wide range of variability, we present a sensitivity table to help investors gauge where target prices could head. Our DCF sensitivity analysis shows that the IPO price is attractive.

Suzhou Basecare Medical IPO: Trading Debut