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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the focus remained on <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, even as <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is gearing up to launch its IPO. </li>
<li>On the placement front, there were deals across India, South Korea and Australia.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS), even as Sichuan Baicha Baidao Industrial is gearing up to launch its IPO. 
On the placement front, there were deals across India, South Korea and Australia.


ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

BenQ BM Holding Cayman Corp. / Equity Capital Markets

<ul>
<li>The business model for general hospitals is not good (e.g. heavy assets, challenging operations, low profits, difficult to replicate and expand nationwide), which has never been a profitable business.</li>
<li>BenQ’s profitability is not attractive if compared with for-profit specialized hospitals. The “benefit chain” of hospitals is actually very complicated, which makes it challenging to attract/retain good medical talents.</li>
<li>BenQ’s overall revenue growth could slow down in the future. Its profit margin is also not attractive. It would be difficult for BenQ to achieve a high valuation after IPO. </li>
</ul>


The business model for general hospitals is not good (e.g. heavy assets, challenging operations, low profits, difficult to replicate and expand nationwide), which has never been a profitable business.
BenQ’s profitability is not attractive if compared with for-profit specialized hospitals. The “benefit chain” of hospitals is actually very complicated, which makes it challenging to attract/retain good medical talents.
BenQ’s overall revenue growth could slow down in the future. Its profit margin is also not attractive. It would be difficult for BenQ to achieve a high valuation after IPO. 


Pre-IPO BenQ BM Holding - Profitability Will Be Disappointing Due To "Flaws" In Business Model

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

BenQ BM Holding Cayman Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/benq-bm-holding-cayman-corp-fc001fc8-7276-47f9-90fb-75e6268e8727" target="_blank" data-smartkarma-citation="entities:41287:1" rel="noopener">BenQ BM Holding Cayman Corp (2228515D KY)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and Citigroup.</li>
<li>BenQ BM Holding Cayman Corp (BenQ BM) is a general hospital operator.</li>
<li>As of Dec 2023, BenQ BM owned and operated two hospitals, with a total combined GFA of approximately 380,000 sqm and 1,850 registered beds.</li>
</ul>



BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and Citigroup.
BenQ BM Holding Cayman Corp (BenQ BM) is a general hospital operator.
As of Dec 2023, BenQ BM owned and operated two hospitals, with a total combined GFA of approximately 380,000 sqm and 1,850 registered beds.


BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

China

BenQ BM Holding Cayman Corp., a subsidiary of Qisda Group, listing in Hong Kong.

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BenQ BM Holding Cayman Corp. (BBHC HK)

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

Pre-IPO BenQ BM Holding - Profitability Will Be Disappointing Due To "Flaws" In Business Model

General hospitals like BenQ face challenges due to their business model, with low profits and difficulty attracting/retaining talent, leading to...

Xinyao (Criss) Wang

BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC...

Clarence Chu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

Pre-IPO BenQ BM Holding - Profitability Will Be Disappointing Due To "Flaws" In Business Model

​General hospitals like BenQ face challenges due to their business model, with low profits and difficulty attracting/retaining talent, leading to...

Xinyao (Criss) Wang

BenQ BM Holding Cayman Corp Pre-IPO Tearsheet

BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC...

Clarence Chu

General hospitals like BenQ face challenges due to their business model, with low profits and difficulty attracting/retaining talent, leading to...