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 Bottom-Up

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The acquisition of Jack Wolfskin means the brand portfolio strategy still works.</li>
<li>The financial potential is NOT as weak as the 2024 result looks.</li>
<li>We conclude an upside of 40% and a price target of HK$122 for the next twelve months.</li>
</ul>


The acquisition of Jack Wolfskin means the brand portfolio strategy still works.
The financial potential is NOT as weak as the 2024 result looks.
We conclude an upside of 40% and a price target of HK$122 for the next twelve months.


Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>1Q25 was slightly better than expected. And despite the weak macro and weather in Apr 2025 MTD, we are still cautiously optimistic about the trend in 2Q25E.</li><li>For the Jack Wolfskin’s deal announced on 10 Apr 2025, we do think the acquisition price is attractive and the potential there (mid-priced outdoor industry and the expansion to Europe) is meaningful.</li><li>Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our view</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q25 was slightly better than expected. And despite the weak macro and weather in Apr 2025 MTD, we are still cautiously optimistic about the trend in 2Q25E.For the Jack Wolfskin’s deal announced on 10 Apr 2025, we do think the acquisition price is attractive and the potential there (mid-priced outdoor industry and the expansion to Europe) is meaningful.Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our viewContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Acquisition of Jack Wolfskin Finally Announced

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>1Q25 sales for <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.</li>
<li>With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. </li>
<li>Its associate, <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a>, has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  </li>
</ul>


1Q25 sales for Anta Sports Products (2020 HK) continue the trend in 4Q24, with ANTA and FILA brands recording a healthy high-single-digit YoY increase.
With the US-China trade war, the negative impact on consumer appetite is uncertain. It is difficult to project the 2Q-4Q25 revenue and margin outlook. 
Its associate, Amer Sports (AS US), has 36% of revenue from the Americas, while the Jack Wolfskin acquisition has limited contribution. Its 50% premium to sector caps upside.  


Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

<ul><li>FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.</li><li>On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.</li><li>Performance during Jan-Feb 2025 was inline, if not better than targets.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.On top of fairly solid outdoor segment growth, positives from Anta and FILA reforms may gradually deliver.Performance during Jan-Feb 2025 was inline, if not better than targets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Anta Sports (2020 HK) - Prudent Targets but the Trend Is Encouraging

China

ANTA Sports Products Limited designs, develops, manufactures, and markets sportswear, including sports footwear and apparel for professionals and the general public.

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Anta Sports Products (2020 HK)

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

The acquisition of Jack Wolfskin means the brand portfolio strategy still works. The financial potential is NOT as weak as the 2024 result looks....

Ming Lu

Anta Sports (2020 HK) - Acquisition of Jack Wolfskin Finally Announced

Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our view

CMB International

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Anta Sports (2020 HK) - Prudent Targets but the Trend Is Encouraging

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.

CMB International

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52-week Range

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2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy

The acquisition of Jack Wolfskin means the brand portfolio strategy still works. The financial potential is NOT as weak as the 2024 result looks....

Ming Lu

Anta Sports (2020 HK) - Acquisition of Jack Wolfskin Finally Announced

Maintain BUY but trim TP to HK$ 119.08, based on 24x FY25E P/E (unchanged). The stock is trading at 17x, still attractive, in our view

CMB International

Anta Sports (2020 HK): 1Q25 Stable, yet the Margin Remains Our Concern

​Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...

Osbert Tang, CFA

Anta Sports (2020 HK) - Prudent Targets but the Trend Is Encouraging

FY24 results were inline with BBG est. FY25E guidance is conservative but retail sales trend in Jan-Feb 2025 was encouraging.

CMB International

Anta Sports has a healthy 1Q25, but uncertainty looms due to the US-China trade war and Amer Sports' exposure. The Jack Wolfskin acquisition will...