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.

Event-Driven

Greatview Aseptic Packaging / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a> and <a href="https://www.smartkarma.com/entities/weride-corp" target="_blank" data-smartkarma-citation="entities:39905:1" rel="noopener">WeRide (WRD US)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/c-i-takiron-corporation" target="_blank" data-smartkarma-citation="entities:18675:1" rel="noopener">C.I. TAKIRON Corporation (4215 JP)</a>, <a href="https://www.smartkarma.com/entities/descente-ltd" target="_blank" data-smartkarma-citation="entities:8225:1" rel="noopener">Descente Ltd (8114 JP)</a>, <a href="https://www.smartkarma.com/entities/fancl-corp" target="_blank" data-smartkarma-citation="entities:15862:1" rel="noopener">Fancl Corp (4921 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/trend-micro-inc" target="_blank" data-smartkarma-citation="entities:13172:1" rel="noopener">Trend Micro Inc (4704 JP)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: BrainBees Solutions (0172540D IN) and WeRide (WRD US) IPOs.
Event-Driven developments: Greatview Aseptic Packaging (468 HK), C.I. TAKIRON Corporation (4215 JP), Descente Ltd (8114 JP), Fancl Corp (4921 JP), Fuji Soft Inc (9749 JP), Trend Micro Inc (4704 JP). 


Weekly Deals Digest (11 Aug) - GA Pack, Trend Micro, Descente, Fancl, Fuji Soft, C.I. TAKIRON

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Thematic (Sector/Industry)

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail (DFI SP)</a> : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric IPO </a>was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

DFI Retail (DFI SP) : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.

Ola Electric IPO was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today


Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Equity Capital Markets

BrainBees Solutions / Equity Capital Markets

<ul>
<li>We highlight several red flags  with regard to <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a> operations, business strategy and governance for investors' careful consideration.</li>
<li>At the announced IPO price band of Rs440 - Rs465, Brainbees implied EV/Revenues (FY24) works out to 3.5X - 3.7X - a significant discount to India listed online retail verticals.</li>
<li>Despite seemingly inexpensive relative valuations, we do not see a compelling reason to invest in the company, specially given the several red flags discussed below.</li>
</ul>


We highlight several red flags  with regard to BrainBees Solutions (0172540D IN) operations, business strategy and governance for investors' careful consideration.
At the announced IPO price band of Rs440 - Rs465, Brainbees implied EV/Revenues (FY24) works out to 3.5X - 3.7X - a significant discount to India listed online retail verticals.
Despite seemingly inexpensive relative valuations, we do not see a compelling reason to invest in the company, specially given the several red flags discussed below.


BrainBees Solutions IPO: Five Facts Why FirstCry Is Not a First Class Company

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (0172540D IN)</a> that operates FirstCry, India's leading Online Mom and Child vertical, has launched a USD500 mn IPO that closes on August 8th.</li>
<li>The IPO pricing suggest a post-money equity valuation of around USD 2.8 billion and an EV/Revenue multiple in the range of 3.5X-3.7X.</li>
<li>Brainbees operates in an attractive online vertical noted for its high frequency purchases and long term customer relationship. However it has not built significant competitive advantages versus leading horizontal platforms.</li>
</ul>



BrainBees Solutions (0172540D IN) that operates FirstCry, India's leading Online Mom and Child vertical, has launched a USD500 mn IPO that closes on August 8th.
The IPO pricing suggest a post-money equity valuation of around USD 2.8 billion and an EV/Revenue multiple in the range of 3.5X-3.7X.
Brainbees operates in an attractive online vertical noted for its high frequency purchases and long term customer relationship. However it has not built significant competitive advantages versus leading horizontal platforms.


Brainbees Solutions (FirstCry) IPO: Key Facts, Financials and Valuations

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.

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week will see see the listing of <a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs</a> while books will  be open for <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a>, <a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions</a> and <a href="https://www.smartkarma.com/entities/black-sesame-technologies-inc" target="_blank" data-smartkarma-citation="entities:39894:1" rel="noopener">Black Sesame Technologies.</a>
</li>
<li>On the placement front, there were two large deals in <a href="https://www.smartkarma.com/entities/fortescue-metals-group-ltd" target="_blank" data-smartkarma-citation="entities:41:1" rel="noopener">Fortescue Metals (FMG AU)</a> and <a href="https://www.smartkarma.com/entities/adani-transmission-ltd" target="_blank" data-smartkarma-citation="entities:26712:1" rel="noopener">Adani Transmission (ADANIT IN)</a>. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week will see see the listing of Akums Drugs while books will  be open for Ola Electric, BrainBees Solutions and Black Sesame Technologies.

On the placement front, there were two large deals in Fortescue Metals (FMG AU) and Adani Transmission (ADANIT IN). 


ECM Weekly (5th Aug 2024) - Ola Electric, Brainbees, WeRide, Sanil, CR Beverages, Carote, Fortescue

India

BrainBees Solutions Limited, doing business as FirstCry.com, operates an online multi-channel retailing platform for baby and kids products. The Company retails diapers, wipes, changing pads and mats, breast feeding products, bibs, medicines, apparels, bath and skin care, gifts, thermometers, and school supplies. FirstCry.com serves customers worldwide.

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BrainBees Solutions (FIRSTCRY IN)

Weekly Deals Digest (11 Aug) - GA Pack, Trend Micro, Descente, Fancl, Fuji Soft, C.I. TAKIRON

Last week, notable developments occurred in Event-Driven (GA Pack, Trend Micro, Descente, Fancl, Fuji Soft, C.I. TAKIRON) and ECM (Brainbees, WeRide).

Arun George

Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Weekly roundup of the latest investment reports and sector events in the consumer industry: Quarterly updates- DFI Retail, Kalyan Jewellers, Yum...

Devi Subhakesan

BrainBees Solutions IPO: Five Facts Why FirstCry Is Not a First Class Company

No compelling reason to invest despite seemingly inexpensive relative valuations, specially given the several red flags discussed here.

Devi Subhakesan

Brainbees Solutions (FirstCry) IPO: Key Facts, Financials and Valuations

Brainbees USD500 mn IPO closes on August 8th. India's leading player in the Online Mom and Kid vertical has not built significant competitive...

Devi Subhakesan

ECM Weekly (5th Aug 2024) - Ola Electric, Brainbees, WeRide, Sanil, CR Beverages, Carote, Fortescue

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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