APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
A handful of IPO bookbuild launched this week while Asia IPO pipeline continues to build up. Ting Hsin, the company behind Master Kong brand, is said to be mulling the IPO of its restaurant business. In Australia, Latitude Financial Services (1272471D AU) is trying to IPO for the third time. Last but not least, in Indonesia, three state-based geothermal companies are planning to merge and head for an IPO that could raise more than US$500m.  


Latitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points 

Latitude Financial Group IPO - Steady but Slow - In the Grey Zone 

Latitude Financial Group IPO - More like Flexigroup and Less like Afterpay, for Better or Worse 

In Hong Kong, it was reported thatBaidu (BIDU US) has gotten approval for its Hong Kong secondary listing while Autohome Inc (Adr) (ATHM US) launched its bookbuild. Sumeet Singh the two listings in:


Baidu Secondary Listing Early Look - Will Be One of the Largest Secondary Listings This Year 

Autohome Secondary Listing - Going Down a Different Route 

Autohome Secondary Listing - Doesn’t Need the Cash at All 

In the Philippines, DDMP REIT (1848316D PM) launched its bookbuild. Valuation is undemanding while Areit (AyalaLand REIT) (AREIT PM) strong trading in the past few months despite the poor debut should help.

DDMP REIT IPO - Would Go in Towards the Low-End 
In the U.S., Coupang (CPNG US) is raising up to US$3.6bn with an implied top-end market cap of US$51bn. Valuation isn't cheap but near-term factors could still help the deal trade well on debut.

Coupang IPO - Momentum Play, Unequal Lock-Up, Index Inclusion 
Ke Yan, CFA, FRM continued Hong Kong Healthcare IPO coverage with an initiation on Chaoju Eye Care Holdings (CEC HK) 

Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 
A-City Group (1810341D HK) re-filed its draft prospectus after its application lapsed last year. We covered the basic aspects of the company earlier last year in:

A-City Group (雅居乐雅城集团) Pre-IPO - Strong Growth, Relatively Poorer Visibility 
There was also Tuya Inc (1869782D US)'s F-1 filing with the SEC. News reports indicated that the company is aiming for a deal size of about US$1bn. We covered the basic aspects and platform review in:

Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review

Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform 

ECM in Singapore had been a mixed bag. While it was great to see another large non-REIT IPO (Aztech) come to market after Nanofilm Technologies International (NANO SP), Kinderworld's US$100m IPO was pulled once again due to poor demand. That said, things are looking up for Aztech. Demand looked strong as we heard that books were multiple times covered and closed a day early.

Aztech IPO - Undemanding Valuation 
Last but not least, in India, Aadhar Housing Finance Ltd (1218027D IN), which filed its draft red herring prospectus in January, was aiming to launch its US$1bn IPO in the first half of this year. Sumeet Singh covered the IPO in:

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 
Accuracy Rate:Our overall accuracy rate is 74% for IPOs and 67.4% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Monde Nissin (Philippines, US$1.3bn)
Tuya (the U.S., US$1bn)
Zhihu (the U.S., US$1bn)
A-City Group (Hong Kong, re-filed)
Utkarsh SFB (India, US$180m)
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.  
News on Upcoming IPOs  

Ting Hsin Said to Mull $800 Million IPO of Chinese KFC Rival
Indonesia Plans $500 Million Merged Geothermal Firm IPO
Three banks tapped for Latitude $3.2 billion IPO
Monde Nissin files for record-breaking Philippine IPO
Tuya Aims For $100 Million U.S. IPO
Alibaba-backed Qiniu Cloud plans US$500m US IPO
Geely-backed Ecarx mulls HK IPO
Chinese Q&amp;A Platform Zhihu Files for U.S. IPO
TPG taps banks for Novotech IPO
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

Bairong
Bairong Pre-IPO - The Positives - Largest Independent Big-Data Analytics Provider 


Bairong
Bairong Pre-IPO - The Negatives - Playing with Its Own Data 


Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


Youran Dairy

China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

Singapore

ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control 


ThaiBev Beer

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation 

The U.S.

Tuya

Tuya (涂鸦智能) Pre-IPO - Ride the IoT Wave Via Tuya’s Platform 


Tuya

Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review 



ECM Weekly (7th March 2021) - Coupang, DDMP REIT, Aztech, Baidu HK, Autohome HK, Tuya

<a href="https://www.smartkarma.com/entities/a-city-group" target="_blank" data-smartkarma-citation="entities:29255:1" rel="noopener">A-City Group (1810341D HK)</a> (ACG) is looking to raise US$400m in its upcoming IPO in Hong Kong. ACG is the construction management arm of Agile Group with a focus on ecological habitat services. The company provides ecological landscaping and interior decoration services in China. As of December 2019, the company had 599 ecological landscaping projects in progress with an area of 35.1m sqm in 84 cities and 24 provinces in China. Revenue has been stupendous, almost doubling between FY2017 to FY2019. In this note, we take a look at the company's background, fundamentals, and thoughts revenue and earnings visibility

A-City Group (1810341D HK) (ACG) is looking to raise US$400m in its upcoming IPO in Hong Kong. ACG is the construction management arm of Agile Group with a focus on ecological habitat services. The company provides ecological landscaping and interior decoration services in China. As of December 2019, the company had 599 ecological landscaping projects in progress with an area of 35.1m sqm in 84 cities and 24 provinces in China. Revenue has been stupendous, almost doubling between FY2017 to FY2019. In this note, we take a look at the company's background, fundamentals, and thoughts revenue and earnings visibility

A-City Group (雅居乐雅城集团) Pre-IPO - Strong Growth, Relatively Poorer Visibility

China

ACG is the construction management arm of Agile Group with a focus on ecological habitat services.

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ECM Weekly (7th March 2021) - Coupang, DDMP REIT, Aztech, Baidu HK, Autohome HK, Tuya

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Zhen Zhou, Toh

A-City Group (雅居乐雅城集团) Pre-IPO - Strong Growth, Relatively Poorer Visibility

A-City Group is looking to raise US$400m in its upcoming HK IPO. After Greentown Mgt's strong debut in July, there could be some interest in the name.

Zhen Zhou, Toh