IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

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

<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (JDH HK)</a> is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health is seeking to raise $4 billion at a $29 billion valuation, according to IFR. The rumoured valuation is a significant increase to the August 2020 Series B round - a raise of $914 million at a $19.2 billion valuation. </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/jd-health-ipo-initiation-e-ppointments" target="_blank" data-smartkarma-citation="insights:45106" rel="noopener">JD Health IPO Initiation: E-Ppointments</a>, we opined that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. In <a href="https://www.smartkarma.com/insights/jd-health-ipo-phip-new-data-points-and-peer-comparison" target="_blank" data-smartkarma-citation="insights:45377" rel="noopener">JD Health IPO: PHIP New Data Points and Peer Comparison</a>, we stated that the new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. In this note, we take a first look at JD Health's valuation. Overall, based on valuation analysis, we think that the rumoured IPO valuation can be justified.</p></div>

JD Health (JDH HK) is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health is seeking to raise $4 billion at a $29 billion valuation, according to IFR. The rumoured valuation is a significant increase to the August 2020 Series B round - a raise of $914 million at a $19.2 billion valuation. In JD Health IPO Initiation: E-Ppointments, we opined that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. In JD Health IPO: PHIP New Data Points and Peer Comparison, we stated that the new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. In this note, we take a first look at JD Health's valuation. Overall, based on valuation analysis, we think that the rumoured IPO valuation can be justified.

<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (JDH HK)</a> is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health has filed its PHIP and kicked off pre-marketing for a Hong Kong IPO to raise around $3 billion.  </p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/jd-health-ipo-initiation-e-ppointments" target="_blank" data-smartkarma-citation="insights:45106" rel="noopener">JD Health IPO Initiation: E-Ppointments</a>, we stated that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. JD Health will tend to be compared to its listed peers – <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a>/PAHTG, <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> and <a href="https://www.smartkarma.com/entities/111-inc" target="_blank" data-smartkarma-citation="entities:27412:1" rel="noopener">111 Inc (YI US)</a>. The new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. </p></div>

JD Health (JDH HK) is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health has filed its PHIP and kicked off pre-marketing for a Hong Kong IPO to raise around $3 billion.  In JD Health IPO Initiation: E-Ppointments, we stated that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry. JD Health will tend to be compared to its listed peers – Ping An Healthcare and Technology Company Limited (1833 HK)/PAHTG, Alibaba Health Information Technology (241 HK) and 111 Inc (YI US). The new data points disclosed in the PHIP along with our peer analysis reinforce our view that JD Health has attractive fundamentals. 

JD Health IPO: PHIP New Data Points and Peer Comparison

<p><a href="https://www.smartkarma.com/entities/jd-health-international" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (JDH HK)</a> is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health has been operating as a stand-alone business unit of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a> since February 2014. JD Health will kick off its listing hearing this week for a Hong Kong IPO to raise around $3 billion, according to IFR. </p><p>In response to the COVID-19 outbreak, individuals are increasingly focused on personal health and wellbeing which has driven user acceptance of online healthcare platforms. The proportion of digitalisation in the Chinese health and wellness market is expected to increase rapidly from 3.3% in 2019 to 24.0% of China’s total healthcare expenditure in 2030, according to Frost and Sullivan. Consequently, the shares of <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> are up 82% and 156% YTD.</p><div class="content-highlight"><p>JD Health’s IPO is well-timed to benefit from the strong investor sentiment on online healthcare platforms. Overall, we believe that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry.</p></div>

JD Health (JDH HK) is the largest online healthcare platform and the largest online retail pharmacy by revenue in China in 2019, according to Frost &amp; Sullivan. JD Health has been operating as a stand-alone business unit of JD.com Inc (ADR) (JD US) since February 2014. JD Health will kick off its listing hearing this week for a Hong Kong IPO to raise around $3 billion, according to IFR. In response to the COVID-19 outbreak, individuals are increasingly focused on personal health and wellbeing which has driven user acceptance of online healthcare platforms. The proportion of digitalisation in the Chinese health and wellness market is expected to increase rapidly from 3.3% in 2019 to 24.0% of China’s total healthcare expenditure in 2030, according to Frost and Sullivan. Consequently, the shares of Ping An Healthcare and Technology Company Limited (1833 HK) and Alibaba Health Information Technology (241 HK) are up 82% and 156% YTD.JD Health’s IPO is well-timed to benefit from the strong investor sentiment on online healthcare platforms. Overall, we believe that JD Health’s fundamentals suggest that it is an attractive play on China’s online healthcare platform industry.

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

<p>JD Health, the online healthcare business of <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>, has filed an Application Proof to list on the HKEX to raise up to a reported US$2 billion. The company is one of the leading players in this burgeoning market. This Insight will discuss the company's business and market opportunity; relationship with parent JD.com; competition; and valuation considerations. In addition, we include some questions that investors should ask management during (and after) the roadshow.  We will discuss valuation and our take on the offering in a future Insight.</p>

JD Health, the online healthcare business of JD.com Inc (ADR) (JD US), has filed an Application Proof to list on the HKEX to raise up to a reported US$2 billion. The company is one of the leading players in this burgeoning market. This Insight will discuss the company's business and market opportunity; relationship with parent JD.com; competition; and valuation considerations. In addition, we include some questions that investors should ask management during (and after) the roadshow.  We will discuss valuation and our take on the offering in a future Insight.

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

China Tobacco International / Equity Capital Markets

<p>We slide into 2019 with GER's recap of our latest IPO research. This week, we talk chicken as Arun initiates on the IPO Malaysian poultry producer <a href="https://www.smartkarma.com/entities/27863" target="_blank" data-smartkarma-citation="entities:27863:1">Leong Hup International (LEHUP MK)</a>. Secondly, Venkat initiates on <a href="https://www.smartkarma.com/entities/27859" target="_blank" data-smartkarma-citation="entities:27859:1">China Tobacco International (GHALPZ CH)</a> with a cautious view. In addition, Arun initiates on online broker <a href="https://www.smartkarma.com/entities/27858" target="_blank" data-smartkarma-citation="entities:27858:1">Futu Holdings Ltd (FHL US)</a>  and we remind of Arun's valuation piece on <a href="https://www.smartkarma.com/entities/27394" target="_blank" data-smartkarma-citation="entities:27394:1">Weimob.com (2013 HK)</a> . </p><p>Quote of the week </p><blockquote>
<p>Are you insane?</p>
<p>-Sky news presenter to UK MP Boris Johnson ahead of the Brexit parliament vote planned for today</p>
</blockquote><p></p><p>Best of luck for the week and new year- Rickin, Venkat and Arun</p>

We slide into 2019 with GER's recap of our latest IPO research. This week, we talk chicken as Arun initiates on the IPO Malaysian poultry producer Leong Hup International (LEHUP MK). Secondly, Venkat initiates on China Tobacco International (GHALPZ CH) with a cautious view. In addition, Arun initiates on online broker Futu Holdings Ltd (FHL US)  and we remind of Arun's valuation piece on Weimob.com (2013 HK) . Quote of the week 
Are you insane?
-Sky news presenter to UK MP Boris Johnson ahead of the Brexit parliament vote planned for today
Best of luck for the week and new year- Rickin, Venkat and Arun

Last Week in GER IPO Research: Leong Hup, China Tobacco, Futu and Weimob

China

111, Inc. operates as a digital and mobile healthcare platform. The Company offers pharmacy distribution, medical consultancy, e-prescription, and other services. 111 serves patients in China.

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111 Inc (YI US)

JD Health IPO: Valuation First Look

JD Health is seeking to raise $4 billion at a $29 billion valuation, according to IFR. Overall, based on valuation analysis, we think that the...

Arun George

JD Health IPO: PHIP New Data Points and Peer Comparison

JD Health has kicked off pre-marketing for an HK IPO to raise around $3 billion. The new PHIP data points along with our peer analysis reinforce...

Arun George

JD Health IPO Initiation: E-Ppointments

JD Health’s IPO is well-timed to benefit from the strong investor sentiment on online healthcare platforms. Overall, JD Health’s fundamentals...

Arun George

JD Health: Looking Beyond the Obvious

This Insight provides an in-depth view of JD Health in the context of a "penetration story" with a focus on the market opportunity to inform...

Kemp Dolliver, CFA

Last Week in GER IPO Research: Leong Hup, China Tobacco, Futu and Weimob

We slide into 2019 with GER's recap of our latest IPO research. This week, we talk chicken as Arun initiates on the IPO Malaysian poultry producer...

Rickin Thakrar

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