Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO</li>
<li>SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H-share IPO
SMBE is a diversified global medical device enterprise with its products spanning In Vitro Diagnostics (IVD), patient monitoring and life support, medical imaging, along with an emerging business portfolio.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.</li>
<li>The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.</li>
<li>We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.</li>
</ul>


The 1Q25 result is quite healthy, but the shrinking minor business, social entertainment, covers the fact.
The main businesses grew by two digits and the operating margin continued to grow by 28% YoY in 1Q25.
We believe the stock has an upside of 83% and a price target of US$26 for the yearend 2025.


Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.</li><li>The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.</li><li>Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.</li></ul>

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024.The company achieved significant advancements in online music services, which contributed to a return to top-line growth and substantial profit margin expansion.Revenues for Q4 2024 reached RMB 7.5 billion, marking an 8% increase year-over-year, with IFRS net profit soaring by 47% to RMB 2.08 billion, showcasing strong profitability and operational efficiency.

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

<ul>
<li>TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.</li>
<li>The operating margin reached its historical high, which means music’s margin is high than game’s.</li>
<li>We believe the stock price will be double at the end of 2025.</li>
</ul>


TME’s revenue continued to grow in 4Q24, as shrinking game business became insignificant.
The operating margin reached its historical high, which means music’s margin is high than game’s.
We believe the stock price will be double at the end of 2025.


Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Shenzhen Mindray Bio-Medical A/H Listing-Strong Track Record but Has Been Suffering Lately

Shenzhen Mindray Bio-Medical Electronics (300760 CH) (SMBE), a provider of medical devices, is looking to raise about US$2bn in its upcoming H...

Sumeet Singh

Tencent Music (TME): 1Q25, Unnoticed Growth Continued, 80% Upside

The 1Q25 result is quite healthy, but the shrinking social entertainment covers the fact. The main businesses grew by two digits and the operating...

Ming Lu

Tencent Music Entertainment: Diversification of Music Consumption Scenarios to Reach Into Untapped User Segments!

Tencent Music Entertainment Group (TME) demonstrated robust financial performance in the fourth quarter and full year of 2024. The company...

Baptista Research

Tencent Music (TME, 1698 HK): 4Q24, Historical Margins Better than Game Time

TME’s revenue continued to grow in 4Q24 and the operating margin reached its historical high. We believe the stock price will be double at the end...

Ming Lu

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