APAC IPOs & Placements, Aequitas Research

Clarence Chu

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%.

APAC IPOs & Placements

Tam Jai International IPO - Favourable Risk to Reward at Low End

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. 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%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tam Jai International / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/tam-jai-international-co-ltd" target="_blank" data-smartkarma-citation="entities:34227:1" rel="noopener">Tam Jai International (2271 HK)</a> raised around US$134m by pricing its IPO at HKD3.33 per share, at the bottom end of the IPO price range.Tam Jai International is a restaurant chain operator of the TamJai and SamGor branded fast casual restaurant chain in Hong Kong with operations also in Mainland China and Singapore. As of the latest practicable date (13th September 2021), the firm operated a total of 156 restaurants.Since our last note, China-based peers, with the exception of Jiumaojiu, have traded down 11-18%, whilst its HK-based peers have traded relatively flat. We maintain our original thesis that the IPO price presents a favourable risk to reward ratio and despite valuation seemingly expensive when compared to its acquisition price in 2018, we expect a normalisation of operations in FY22-23.Our previous coverage of the IPO:<ul><li>
<a href="https://www.smartkarma.com/insights/tam-jai-international-ipo-favourable-risk-to-reward-at-low-end" target="_blank" data-smartkarma-citation="insights:58091" rel="noopener">Tam Jai International IPO - Favourable Risk to Reward at Low End</a> </li></ul>

Tam Jai International (2271 HK) raised around US$134m by pricing its IPO at HKD3.33 per share, at the bottom end of the IPO price range.Tam Jai International is a restaurant chain operator of the TamJai and SamGor branded fast casual restaurant chain in Hong Kong with operations also in Mainland China and Singapore. As of the latest practicable date (13th September 2021), the firm operated a total of 156 restaurants.Since our last note, China-based peers, with the exception of Jiumaojiu, have traded down 11-18%, whilst its HK-based peers have traded relatively flat. We maintain our original thesis that the IPO price presents a favourable risk to reward ratio and despite valuation seemingly expensive when compared to its acquisition price in 2018, we expect a normalisation of operations in FY22-23.Our previous coverage of the IPO:
Tam Jai International IPO - Favourable Risk to Reward at Low End 

Tam Jai International IPO Trading - Peers Have Traded Down, but Upside from the Bottom End Remains