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.

Equity Capital Markets

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

Malo Medical Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/malo-medical-management" target="_blank" data-smartkarma-citation="entities:40035:1" rel="noopener">Malo Medical Management (MMM HK)</a> (MMM) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.</li>
<li>MMM is a dental service provider in China. It ranked ninth among all private dental service providers and second among all premium dental service providers, as per F&amp;S.</li>
<li>MMM provides dental services to patients through a widespread network of Malo Clinic-branded specialty dental clinics. As of Apr 2023, it owned 29 dental clinics in 13 cities in China.</li>
</ul>



Malo Medical Management (MMM HK) (MMM) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.
MMM is a dental service provider in China. It ranked ninth among all private dental service providers and second among all premium dental service providers, as per F&amp;S.
MMM provides dental services to patients through a widespread network of Malo Clinic-branded specialty dental clinics. As of Apr 2023, it owned 29 dental clinics in 13 cities in China.


Malo Medical Management Pre-IPO Tearsheet

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> will acquire remaining stake in Indian hospital chain operator Ravindranath GE Medical Associates for RM415M. The transaction is expected to close by 4Q23.</li>
<li>IHH is acquiring Bedrock Healthcare for RM245M. Bedrock operates 82-bed hospital in the Malaysian state of Sarawak and has earmarked a vacant land for the construction of a 200-bed hospital.</li>
<li>In 1Q23, IHH reported highest ever quarterly revenue of RM5.1B, representing 24% YoY growth on higher patient volume across key markets. Net income nearly triples to RM1.4B.</li>
</ul>



IHH Healthcare (IHH MK) will acquire remaining stake in Indian hospital chain operator Ravindranath GE Medical Associates for RM415M. The transaction is expected to close by 4Q23.
IHH is acquiring Bedrock Healthcare for RM245M. Bedrock operates 82-bed hospital in the Malaysian state of Sarawak and has earmarked a vacant land for the construction of a 200-bed hospital.
In 1Q23, IHH reported highest ever quarterly revenue of RM5.1B, representing 24% YoY growth on higher patient volume across key markets. Net income nearly triples to RM1.4B.


IHH Healthcare (IHH MK): Recent Acquisitions Are Positive for Future Growth; Strong 1Q23 Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.</li>
<li>International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.</li>
<li>The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  </li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) recorded 48% YoY increase in revenue from hospital operation to THB6 billion in 1Q23, mainly driven by 78% YoY revenue growth from non-Thai patients.
International patients contributed 55% of total revenue in 1Q23. Middle East and Indochina remained the two most important growth drivers, with YoY revenue growth of 147% and 60%, respectively.
The company is constructing a 150-bed boutique hospital in Phuket, one of the world’s most coveted island travel destinations, thereby opening immense opportunity for medical tourism.  


Bumrungrad Hospital (BH TB): International Business Is Roaring Back; Greenfield Project Approved

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Malo Medical Management Pre-IPO Tearsheet

Malo Medical Management (MMM HK) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.

Sumeet Singh