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>Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke Co Ltd (H) (2202 HK)</a>.</li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Onewo Space-Tech (OST) aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co Ltd (H) (2202 HK).
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will talk about the positive aspects of the deal.


Onewo Space-Tech Pre-IPO - The Positives - One of the Largest and Still Growing Fast

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Jinmao Property Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinmao-property-services" target="_blank" data-smartkarma-citation="entities:34170:1" rel="noopener">Jinmao Property Services (816 HK)</a> raised around US$105m in its Hong Kong IPO. </li>
<li>In our view, the firm doesn’t deserve to trade at a premium to peers given its weaker margins and slower growth in FY20. </li>
<li>In this note, we will look at the trading dynamics and current valuation.</li>
</ul>



Jinmao Property Services (816 HK) raised around US$105m in its Hong Kong IPO. 
In our view, the firm doesn’t deserve to trade at a premium to peers given its weaker margins and slower growth in FY20. 
In this note, we will look at the trading dynamics and current valuation.


Jinmao Property Services IPO Trading - Expect a Modest Debut with Low Liquidity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinmao-property-services" target="_blank" data-smartkarma-citation="entities:34170:1" rel="noopener">Jinmao Property Services (JM HK)</a> is looking to raise around US$105m in its Hong Kong IPO.</li>
<li>At listing, it is asking for a steep premium and 82% of the deal size has already been taken up by cornerstones, not leaving a whole lot for other investors.</li>
<li>In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.</li>
</ul>



Jinmao Property Services (JM HK) is looking to raise around US$105m in its Hong Kong IPO.
At listing, it is asking for a steep premium and 82% of the deal size has already been taken up by cornerstones, not leaving a whole lot for other investors.
In this note, we will look at deal dynamics, assumptions, and share our thoughts on valuation.


Jinmao Property Services IPO - Premium Asking Valuation and Cornerstones Took up 80% of Deal

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jinmao-property-services" target="_blank" data-smartkarma-citation="entities:34170:1" rel="noopener">Jinmao Property Services (JM HK)</a> is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>Stronger operating metrics had translated to revenue growth and margins have improved as business scaled.</li>
<li>However, the market is highly fragmented and its high residential component could face pricing pressure as well.</li>
</ul>



Jinmao Property Services (JM HK) is looking to raise around US$200m in its upcoming Hong Kong IPO.
Stronger operating metrics had translated to revenue growth and margins have improved as business scaled.
However, the market is highly fragmented and its high residential component could face pricing pressure as well.


Jinmao Property Services Pre-IPO - Stronger Operating Metrics Aided Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<ul>
<li>Stocks in the China Property Services industry have taken a beating over the last year on heightened regulatory fears, placements and potential stake sales by their large property developer holders.</li>
<li>The Hang Seng Property Service and Management Index (HSPSM) has underperformed the Hang Seng Mainland Property Index (HSMPI) over the last 3 months and there could be some recovery.</li>
<li>We take a look at some pair trades that could provide outperformance in the short-term with a lower level of risk.</li>
</ul>


Stocks in the China Property Services industry have taken a beating over the last year on heightened regulatory fears, placements and potential stake sales by their large property developer holders.
The Hang Seng Property Service and Management Index (HSPSM) has underperformed the Hang Seng Mainland Property Index (HSMPI) over the last 3 months and there could be some recovery.
We take a look at some pair trades that could provide outperformance in the short-term with a lower level of risk.


China Property Services: Pair Trades in a Beaten Down Industry

China

A-Living Smart City Services Co., Ltd. is a leading property management and city services company in China. It provides comprehensive property management services, property owners value-added services, city services, and extended value-added services, including security, cleaning, maintenance, and smart city management solutions. The company was founded in 1992 and is headquartered in Guangzhou, Guangdong Province, PRC.

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A-Living Smart City Services (3319 HK)

Onewo Space-Tech Pre-IPO - The Positives - One of the Largest and Still Growing Fast

Onewo Space-Tech aims to raise around US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke Co...

Sumeet Singh

Jinmao Property Services IPO Trading - Expect a Modest Debut with Low Liquidity

Jinmao Property Services (816 HK) raised around US$105m in its Hong Kong IPO. In this note, we will look at the trading dynamics and current...

Clarence Chu

Jinmao Property Services IPO - Premium Asking Valuation and Cornerstones Took up 80% of Deal

Jinmao Property Services (JM HK) is looking to raise around US$105m in its Hong Kong IPO. In this note, we will look at deal dynamics, assumptions,...

Clarence Chu

Jinmao Property Services Pre-IPO - Stronger Operating Metrics Aided Growth

Jinmao Property Services (JM HK) is looking to raise around US$200m in its upcoming Hong Kong IPO. Stronger operating metrics had translated to...

Clarence Chu

China Property Services: Pair Trades in a Beaten Down Industry

Stocks from the China Property Management industry have been beaten down over the last year on increased regulation and potential stake sales by...

Brian Freitas

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52-week Range

Market Cap (USDm)

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