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

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<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80108" rel="noopener">Onewo IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/onewo-ipo-trade-offs-vs-peers" target="_blank" data-smartkarma-citation="insights:80425" rel="noopener">Onewo IPO: Trade-Offs Vs Peers</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.</li>
</ul>



Onewo Space-Tech (ONEWO HK) has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.
We previously discussed the IPO in Onewo IPO: The Bull Case, Onewo IPO: The Bear Case and Onewo IPO: Trade-Offs Vs Peers. 
Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a>, <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd" target="_blank" data-smartkarma-citation="entities:26076:1" rel="noopener">China Vanke (000002 CH)</a>’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80108" rel="noopener">Onewo IPO: The Bear Case</a>. </li>
<li>A comparison with large-cap peers suggests that Onewo offers large-scale with parentco stability at the cost of low growth runaway from undelivered GFA and gross margin.</li>
</ul>



Onewo Space-Tech (ONEWO HK), China Vanke (000002 CH)’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.
We previously discussed the IPO in Onewo IPO: The Bull Case and Onewo IPO: The Bear Case. 
A comparison with large-cap peers suggests that Onewo offers large-scale with parentco stability at the cost of low growth runaway from undelivered GFA and gross margin.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> aims to raise upto 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 (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 undertake a peer comparison with some of its larger listed peers.</li>
</ul>



Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (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 undertake a peer comparison with some of its larger listed peers.


Onewo Space-Tech Pre-IPO - Peer Comparison - Large Scale, Small Margins

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech</a> (OST) aims to raise upto 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 talk about the updates from its recently filed PHIP.</li>
</ul>



Onewo Space-Tech (OST) aims to raise upto 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 talk about the updates from its recently filed PHIP.


Onewo Space-Tech Pre-IPO - PHIP Updates - Topline Still Strong YoY, Sequentially Cracks Emerging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a>, <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>’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.</li>
<li>In <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case. </li>
<li>The key elements of the bear case rest on the organic growth rates half of the reported rates, slow revenue diversification, lacklustre gross margin and declining contract liabilities ratio.</li>
</ul>



Onewo Space-Tech (ONEWO HK), China Vanke Co Ltd (H) (2202 HK)’s property management unit, has begun pre-marketing a US$2.0 billion HKEx IPO.
In Onewo IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case. 
The key elements of the bear case rest on the organic growth rates half of the reported rates, slow revenue diversification, lacklustre gross margin and declining contract liabilities ratio.


China

A-Living Smart City Services Co., Ltd. offers property management services. The Company provides hydropower maintenance, parking management, home cleaning, and other services. A-Living Smart City Services also engages in interior decoration works, landscaping works, and others.

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A-Living Smart City Services C (3319 HK)

Onewo IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would...

Arun George

Onewo IPO: Trade-Offs Vs Peers

A comparison with large-cap peers suggests that Onewo offers large-scale (GFA, revenue) with parentco stability at the cost of low growth runaway...

Arun George

Onewo Space-Tech Pre-IPO - Peer Comparison - Large Scale, Small Margins

Onewo Space-Tech (ONEWO HK) aims to raise upto US$2bn in its Hong Kong IPO. OST is a property management service provider primarily owned by China...

Sumeet Singh

Onewo Space-Tech Pre-IPO - PHIP Updates - Topline Still Strong YoY, Sequentially Cracks Emerging

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

Sumeet Singh

Onewo IPO: The Bear Case

The key elements of the bear case rest on the organic growth rates half of the reported rates, slow revenue diversification, lacklustre gross...

Arun George

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