Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

Angelalign Technology  / Equity Capital Markets

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.
In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.
In this note, we will compare the company with its close peer and provide our preliminary thoughts on valuation.

Angelalign is a leading clear aligner player in China with a market share of nearly half. The company is looking to raise up to USD 300 million via a Hong Kong listing.
In our previous note, we discussed that the company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners.  We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.
In this note, we will compare the company with its close peer and provide our preliminary thoughts on valuation.

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Dentistry has always been one of the areas that investors are interested in. In the HKEX, there are also companies that focus on dental business such as <a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group (3600 HK)</a>, one of the world's leading global dental prosthetic device providers. The Company’s share price rose from HK$1.44/share in the beginning of the year to HK$3.95/share on May 2, 2021, up 174%, and has been rising continuously in recent weeks, which was mainly driven by the positive financial results after the Company released its 2020 financial reports and previous relatively low valuation. This insight mainly analyzed the logic behind the rally of stock price, the future business prospects and investment suggestion of this Company.

Dentistry has always been one of the areas that investors are interested in. In the HKEX, there are also companies that focus on dental business such as Modern Dental Group (3600 HK), one of the world's leading global dental prosthetic device providers. The Company’s share price rose from HK$1.44/share in the beginning of the year to HK$3.95/share on May 2, 2021, up 174%, and has been rising continuously in recent weeks, which was mainly driven by the positive financial results after the Company released its 2020 financial reports and previous relatively low valuation. This insight mainly analyzed the logic behind the rally of stock price, the future business prospects and investment suggestion of this Company.

Modern Dental Group (3600.HK) - Insights on Recent Rally of Stock Price and Future Outlook

Angelalign is a leading clear aligner player in China with nearly half of the market. The company is looking to raise up to USD 300 million via a Hong Kong listing.The company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners. We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.

Angelalign is a leading clear aligner player in China with nearly half of the market. The company is looking to raise up to USD 300 million via a Hong Kong listing.The company provides the dentists its proprietary digital system that assists in planning the customized treatment for malocclusion patients and sells the clear aligners. We think the overall story is interesting, with an under penetrated market, a foreign player side-by-side, strong growth and solid financials. While it sells medical devices, it has a consumer element in the products that is similar to aesthetic products. The company also has a long track record for more than 10 years in the market. We think it will be a hot deal that is worth following by investors.

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

Invisible orthodontics has gradually become a new choice for patients and dentists because of its aesthetic and comfortable features. On January 29, 2021, <a href="https://www.smartkarma.com/entities/angelalign-technology-inc" target="_blank" data-smartkarma-citation="entities:31480:1" rel="noopener">Angelalign Technology (AAT HK)</a>, founded in 2003, reached a new turning point when it submitted its prospectus to the Hong Kong Stock Exchange. However, how could Angelalign stand out in the face of strong competitors such as <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a>, <a href="https://www.smartkarma.com/entities/smiledirectclub-inc" target="_blank" data-smartkarma-citation="entities:28298:1" rel="noopener">SmileDirectClub Inc (SDC US)</a>, Straumann, Dentsply Sirona, 3M and other domestic companies? The following mainly discuss both the strength and concerns for Angelalign.

Invisible orthodontics has gradually become a new choice for patients and dentists because of its aesthetic and comfortable features. On January 29, 2021, Angelalign Technology (AAT HK), founded in 2003, reached a new turning point when it submitted its prospectus to the Hong Kong Stock Exchange. However, how could Angelalign stand out in the face of strong competitors such as Align Technology (ALGN US), SmileDirectClub Inc (SDC US), Straumann, Dentsply Sirona, 3M and other domestic companies? The following mainly discuss both the strength and concerns for Angelalign.

Pre-IPO Angelalign Technology - Promising Market but Full of Challenges

China

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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Angelalign Technology (6699 HK)

Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

We will compare Angelalign with its close peer and provide our preliminary thoughts on valuation. We are of the view that the company should trade...

Ke Yan, CFA, FRM

Modern Dental Group (3600.HK) - Insights on Recent Rally of Stock Price and Future Outlook

For the rally in stock price since the beginning of 2021, the insight mainly analyzed the logic behind the rally of stock price, the future...

Xinyao (Criss) Wang

Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature

It has an interesting story - an under penetrated market, a foreign player side-by-side, strong growth and solid financials. It also has a consumer...

Ke Yan, CFA, FRM

Pre-IPO Angelalign Technology - Promising Market but Full of Challenges

This article analyzed Angelalign in terms of the market potential, capital support behind, financial position, and also include concerns and...

Xinyao (Criss) Wang

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