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

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

YX Asset Recovery / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/yx-asset-recovery-ltd" target="_blank" data-smartkarma-citation="entities:28368:1" rel="noopener">Yx Asset Recovery (YX US)</a> is a leading business service provider of delinquent consumer debt collection in China. According to iResearch, YX is the largest provider of delinquent credit card receivables recovery service in China as measured by the total value of receivables under collection and number of collection specialists employed as of 30 June 2019. It is seeking to raise $200 million through an NYSE IPO. </p><div class="content-highlight"><p>Over the track record period, YX’s performance is mixed as the strong revenue growth has been offset by margin pressure and volatile cash flows. Promisingly, the 2MAug19 financials show a material step-up in profitability and cash flows. However, we are uneasy about recommending the IPO as the YX story does not quite add up.</p></div>

Yx Asset Recovery (YX US) is a leading business service provider of delinquent consumer debt collection in China. According to iResearch, YX is the largest provider of delinquent credit card receivables recovery service in China as measured by the total value of receivables under collection and number of collection specialists employed as of 30 June 2019. It is seeking to raise $200 million through an NYSE IPO. Over the track record period, YX’s performance is mixed as the strong revenue growth has been offset by margin pressure and volatile cash flows. Promisingly, the 2MAug19 financials show a material step-up in profitability and cash flows. However, we are uneasy about recommending the IPO as the YX story does not quite add up.

YX Asset Recovery IPO Initiation: Something Doesn’t Add Up