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

Shanghai MicroPort MedBot Group / Equity Capital Markets

<div><p>MicroPort MedBot (MM), a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is a subsidiary of <a href="https://www.smartkarma.com/entities/microport-scientific-corp" target="_blank" data-smartkarma-citation="entities:4487:1" rel="noopener">Microport Scientific (853 HK)</a> and is backed by Hillhouse and other  mainly domestic investors.</p></div><div><p>MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).</p></div><div><p>Its flagship products, Toumai Laparoscopic Surgical Robot, DFVision 3D Electronic Laparoscope and Honghu Orthopedic Surgical Robot, have all been admitted to the NMPA’s Green Path. Toumai and Honghu are at or near the registration approval stage, and DFVision has recently received NMPA approval.</p></div><p>We have looked at the company’s background and products in our earlier note, <a href="https://www.smartkarma.com/insights/microport-medbot-pre-ipo-robodoc-pre-revenue-has-a-large-competitor-but-a-large-market-as-well" target="_blank" rel="noopener">MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well</a>. </p><p>In this note, we will talk about the PHIP updates and look at the performance of its largest competitor.</p>

MicroPort MedBot (MM), a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is a subsidiary of Microport Scientific (853 HK) and is backed by Hillhouse and other  mainly domestic investors.MicroPort MedBot (MM) is a surgical robot company which designs, develops and commercializes surgical robots to assist surgeons in performing complex surgical procedures. It is the only company with a product portfolio covering the five major and fast-growing surgical specialties of laparoscopic, orthopedic, panvascular, natural orifice and percutaneous surgical procedures, as per Frost &amp; Sullivan (F&amp;S).Its flagship products, Toumai Laparoscopic Surgical Robot, DFVision 3D Electronic Laparoscope and Honghu Orthopedic Surgical Robot, have all been admitted to the NMPA’s Green Path. Toumai and Honghu are at or near the registration approval stage, and DFVision has recently received NMPA approval.We have looked at the company’s background and products in our earlier note, MicroPort MedBot Pre-IPO - RoboDoc - pre-revenue, has a large competitor but a large market as well. In this note, we will talk about the PHIP updates and look at the performance of its largest competitor.

MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/carousell-pte-ltd" target="_blank" data-smartkarma-citation="entities:28154:1" rel="noopener">Carousell Pte Ltd (1040620D SP)</a> is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?</p>
<p>Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.</p>
<p>Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.</p>
<p>The company is backed by a number of large-sized investors including <a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a>, Rakuten Ventures <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. </p>
<p>The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a> executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.</p>

Carousell Pte Ltd (1040620D SP) is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?
Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.
Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.
The company is backed by a number of large-sized investors including Telenor ASA (TEL NO), Rakuten Ventures Rakuten Inc (4755 JP), Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. 
The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former Razer Inc (1337 HK) executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.

Carousell - Champion of the Circular Economy

Insurance, Fintech & EM-focused Analyst, KT Capital Group, KT Capital Group

Alec Tseung

Insurance, Fintech & EM-focused Analyst, KT Capital Group

Equity Bottom-Up

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi / Equity Bottom-Up

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi

<p>The tech sector in Turkey is at an inflection point with its large, young, and tech-savvy population. We view that the market deserves a lot more attention from global investors, especially with its tech leaders planning to be listed in the international capital markets in the next 2 - 3 years. </p><p>In this note, we present one of the major e-commerce players in the country, Hepsiburada, which is in the process of developing its super-app ecosystem. The company was listed on NASDAQ in July and is the very first and only Turkish (tech) company listed in the US so far.</p><p>Although we view that it might still be a bit early to play the Turkish (tech) market, Hepsiburada is worth noting and following since it offers insights to keen investors about Turkey's evolving competitive landscape in the e-commerce sector and consumer habits.  </p>

The tech sector in Turkey is at an inflection point with its large, young, and tech-savvy population. We view that the market deserves a lot more attention from global investors, especially with its tech leaders planning to be listed in the international capital markets in the next 2 - 3 years. In this note, we present one of the major e-commerce players in the country, Hepsiburada, which is in the process of developing its super-app ecosystem. The company was listed on NASDAQ in July and is the very first and only Turkish (tech) company listed in the US so far.Although we view that it might still be a bit early to play the Turkish (tech) market, Hepsiburada is worth noting and following since it offers insights to keen investors about Turkey's evolving competitive landscape in the e-commerce sector and consumer habits.  

Hepsiburada: The Very First and Only US-Listed Turkish Tech Company

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Dongguan Rural Commercial Bank / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/dongguan-rural-commercial-bank" target="_blank" data-smartkarma-citation="entities:34248:1" rel="noopener">Dongguan Rural Commercial Bank (9889 HK)</a> raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.</p><p>Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. </p><p>At the indicated price. valuation is expensive as DRCB comes in at 8.1x FY22E P/E and 0.79x FY22E P/B, well ahead of its peer set. Given our underlying assumptions, the bank needs to trade 65% lower or 49.2% lower (excluding China Everbright and China Minsheng) to trade inline with peers.</p><p>Our previous coverage of the IPO:</p><ul><li>
<a href="https://www.smartkarma.com/insights/dongguan-rural-commercial-bank-ipo-mind-the-valuation-gap" target="_blank" data-smartkarma-citation="insights:57797" rel="noopener">Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap</a> </li></ul>

Dongguan Rural Commercial Bank (9889 HK) raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.Dongguan Rural Commercial Bank (DRCB) is the fifth largest rural commercial bank in China by total assets as of Dec 2020, as per China Banking Association in 2021. At the indicated price. valuation is expensive as DRCB comes in at 8.1x FY22E P/E and 0.79x FY22E P/B, well ahead of its peer set. Given our underlying assumptions, the bank needs to trade 65% lower or 49.2% lower (excluding China Everbright and China Minsheng) to trade inline with peers.Our previous coverage of the IPO:
Dongguan Rural Commercial Bank IPO - Mind the Valuation Gap 

Dongguan Rural Commercial Bank IPO Trading -Needs to Correct at Least 50% to Trade Inline with Peers

<div><p>TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.</p></div><div><p>TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.</p></div><div><p>TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. </p></div><div><p>We have covered various aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-tearsheet" target="_blank" rel="noopener">TDCX Inc. Pre-IPO Tearsheet</a> and <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-past-growth-looks-good-the-rest-is-iffy-including-the-founders-s-325m-payout" target="_blank" rel="noopener">TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout</a>.</p></div><div><p>In this note we will talk about valuations</p></div>

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered various aspects of the deal in our earlier note TDCX Inc. Pre-IPO Tearsheet and TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout.In this note we will talk about valuations

TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

MicroPort MedBot Pre-IPO - RoboDoc - PHIP Updates and a Look at Its Largest Competitor

MicroPort MedBot, a surgical robot company, aims to raise up to US$1bn in its Hong Kong IPO. It is a subsidiary of Microport Scientific (853 HK)...

Sumeet Singh

Carousell - Champion of the Circular Economy

Carousell is South-East Asia's largest classifieds marketplace which recently entered the uniform club with a valuation of US$1.1bn. It is a unique...

Angus Mackintosh

Hepsiburada: The Very First and Only US-Listed Turkish Tech Company

Hepsiburada, the very first and only Turkish (tech) company listed in the US, is worth noting and following since Turkish tech is currently at an...

Alec Tseung

Dongguan Rural Commercial Bank IPO Trading -Needs to Correct at Least 50% to Trade Inline with Peers

Dongguan Rural Commercial Bank (9889 HK) raised US$1.14bn at HKD7.92 per share, at the bottom-end of its IPO price range.

Clarence Chu

TDCX Inc. Pre-IPO - Largest Client Is Growing Faster and Trading Cheaper

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$338m in its upcoming US IPO.

Sumeet Singh

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