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

<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, HK IPOs continued to struggle with <a href="https://www.smartkarma.com/entities/calb-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB (3931 HK)</a> joining <a href="https://www.smartkarma.com/entities/zhejiang-leapmotor-technology" target="_blank" data-smartkarma-citation="entities:35968:1" rel="noopener">Leapmotor (9863 HK)</a> and <a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo (2602 HK)</a> with its tepid performance.</li>
<li>Given the mid-week HK holiday and the ongoing golden week, there weren't any large placements this week.</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, HK IPOs continued to struggle with CALB (3931 HK) joining Leapmotor (9863 HK) and Onewo (2602 HK) with its tepid performance.
Given the mid-week HK holiday and the ongoing golden week, there weren't any large placements this week.


ECM Weekly (9th Oct 2022) - CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> is looking to raise about US$460m in its Thailand IPO.  </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand. </li>
<li>Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers. </li>
</ul>



Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO.  
Betagro is an integrated agro-industrial and food business in Thailand. 
Betagro identified three Thailand-listed companies which we included in our peer comparison exercise to determine how it has fared against its direct peers. 


Betagro Pre-IPO Peer Comparison - Margins Historically Weaker than Peers, but Playing Catch Up

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a>, Thailand’s leading integrated food company, will open its books for its THB17.4 billion (US$462 million) from 10 to 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/betagro-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:81570" rel="noopener">Betagro IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/betagro-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81612" rel="noopener">Betagro IPO: The Bear Case</a>. </li>
<li>Our valuation analysis suggests that Betagro is fully priced at the IPO price. Give the IPO a pass, awaiting a lower entry point.</li>
</ul>



Betagro (BTG TB), Thailand’s leading integrated food company, will open its books for its THB17.4 billion (US$462 million) from 10 to 25 October.
We previously discussed the IPO in Betagro IPO: The Bull Case and Betagro IPO: The Bear Case. 
Our valuation analysis suggests that Betagro is fully priced at the IPO price. Give the IPO a pass, awaiting a lower entry point.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> is looking to raise about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand. Sales continued to stage an upward trajectory, and higher ASPs, combined with a changing sales mix led to expanding profitability.</li>
<li>However, the growth in sales hadn’t been uniform across all segments and the bounce in 1H22’s profitability seems to come off a low base as well. </li>
</ul>



Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand. Sales continued to stage an upward trajectory, and higher ASPs, combined with a changing sales mix led to expanding profitability.
However, the growth in sales hadn’t been uniform across all segments and the bounce in 1H22’s profitability seems to come off a low base as well. 


Betagro Pre-IPO -Refiling Updates- Continued Their Upward Trajectory but Paid Itself Large Dividends

i-Tail Corporation / Equity Capital Markets

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

Thailand

Betagro is a leading integrated agro-industrial and food company in Thailand. Its core businesses include animal feed production, livestock farming, animal health products, and the production and distribution of meat, eggs, fish, and processed foods, including pet food. The company is headquartered in Bangkok, Thailand, and was founded in 1967.

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Betagro (BTG TB)

ECM Weekly (9th Oct 2022) - CALB, Socionext, Betagro, Country Style, I-Tail, Lionheart, Kakao Pay

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Betagro Pre-IPO Peer Comparison - Margins Historically Weaker than Peers, but Playing Catch Up

Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. In this note, we undertake a peer comparison with peers which the firm has...

Clarence Chu

Betagro IPO: Valuation Insights

Betagro is a well-run company. However, it is fully priced at the IPO price of THB40 per share. Give the IPO a pass, awaiting a lower entry point.

Arun George

Betagro Pre-IPO -Refiling Updates- Continued Their Upward Trajectory but Paid Itself Large Dividends

Betagro (BTG TB) is looking to raise about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand.

Clarence Chu

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

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