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

Treasury Wine Estates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/treasury-wine-estates-ltd" target="_blank" data-smartkarma-citation="entities:710:1" rel="noopener">Treasury Wine Estates (TWE AU)</a> aims to raise up to US$525m (A$825m) via a renounceable fully underwritten entitlement offer.</li>
<li>Proceeds from the placement will be used to part fund the acquisition of DAOU Vineyards, a luxury wine brand based in California.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>



Treasury Wine Estates (TWE AU) aims to raise up to US$525m (A$825m) via a renounceable fully underwritten entitlement offer.
Proceeds from the placement will be used to part fund the acquisition of DAOU Vineyards, a luxury wine brand based in California.
In this note, we will talk about the deal dynamics.


Treasury Wine Entitlement Offer - Not as Straightforward as It Sounds

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dpc-dash-ltd" target="_blank" data-smartkarma-citation="entities:36556:1" rel="noopener">DPC Dash (1405 HK)</a> raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.</li>
<li>The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon.
The company is the exclusive master franchisee for Domino’s Pizza in China, HK and Macau. DPC operated 672 stores across 20 cities, as of Jun 2023.
In this note, we will talk about the lock-up dynamics and updates since our last note.


DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Budweiser Brewing Company APAC / Equity Bottom-Up

<ul>
<li>With shares trading near its all-time low since its listing on HKEX in 3Q19, we think it could be worthwhile taking another look at <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>’s valuation.</li>
<li>China's beer industry and regional markets are expected to sustain growth momentum in Q3, driven by tourism's impact on increased beer consumption.</li>
<li>We think it’s worth keeping an eye on Budweiser APAC, as we suspect that it could start to break out from the current downtrend in the near term.</li>
</ul>


With shares trading near its all-time low since its listing on HKEX in 3Q19, we think it could be worthwhile taking another look at Budweiser Brewing APAC (1876 HK)’s valuation.
China's beer industry and regional markets are expected to sustain growth momentum in Q3, driven by tourism's impact on increased beer consumption.
We think it’s worth keeping an eye on Budweiser APAC, as we suspect that it could start to break out from the current downtrend in the near term.


Budweiser APAC: Chinese Beer Makers Poised for a Breakout

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>Bud APAC’s core net profit of US$279mn was slightly below us, owing to 1) a weak S.Korea performance which consisted of a 7% revenue decline and a 30% slip in normalised EBITDA, 2) a normalising effective tax base subsequent to a provision reversal in India, and 3) currency erosion driven by a weak RMB and KRW to USD.</li><li>Excluding the latter, Bud APAC reported an organic 14.9% sales growth for the quarter (vs 7.9% as on reported basis), with the help of the continuous strength in China that consisted of an 11.0% volume growth and a 7.8% ASP uptick.</li><li>While we assert that there is no quick fix to the operational landscape in S.Korea (though transient, per management), we think market might have overlooked the robust China momentum that looks to be parallel to our sector picks such as CR Beer (291HK, Buy) and Tsingtao (168HK, Buy). </li></ul><p><em>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.</em></p>

Bud APAC’s core net profit of US$279mn was slightly below us, owing to 1) a weak S.Korea performance which consisted of a 7% revenue decline and a 30% slip in normalised EBITDA, 2) a normalising effective tax base subsequent to a provision reversal in India, and 3) currency erosion driven by a weak RMB and KRW to USD.Excluding the latter, Bud APAC reported an organic 14.9% sales growth for the quarter (vs 7.9% as on reported basis), with the help of the continuous strength in China that consisted of an 11.0% volume growth and a 7.8% ASP uptick.While we assert that there is no quick fix to the operational landscape in S.Korea (though transient, per management), we think market might have overlooked the robust China momentum that looks to be parallel to our sector picks such as CR Beer (291HK, Buy) and Tsingtao (168HK, Buy). 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.

Budweiser APAC (1876 HK) – 2Q Organic Sales +15%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards </a> raised around US$117m in its India IPO in Dec 2022.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Sula Vineyards  raised around US$117m in its India IPO in Dec 2022.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

Hong Kong

Budweiser Brewing Company APAC is a leading beverage company that produces, imports, markets, distributes, and sells beer and other non-beer beverages across Asia-Pacific. It offers a portfolio of over 50 beer brands, including Budweiser, Stella Artois, Corona, Harbin, Hoegaarden, and Cass. The company is headquartered in Hong Kong and was founded in 1876.

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Budweiser Brewing Company APAC (1876 HK)

Treasury Wine Entitlement Offer - Not as Straightforward as It Sounds

Treasury Wine Estates (TWE AU) aims to raise up to US$525m (A$825m) via a renounceable fully underwritten entitlement offer. In this note, we talk...

Sumeet Singh

DPC Dash IPO - US$400m Lockup Expiry Should Provide a Liquidity Boost

DPC Dash (1405 HK) raised around US$75m in its Hong Kong IPO in Mar 2023. Its IPO linked lockup is set to expire soon, resulting in US$400m worth...

Sumeet Singh

Budweiser APAC: Chinese Beer Makers Poised for a Breakout

The Asia Pacific beer industry, boosted by tourism, may drive a breakout for Budweiser APAC, whose shares are near all-time lows.

Oshadhi Kumarasiri

Budweiser APAC (1876 HK) – 2Q Organic Sales +15%

Bud APAC’s core net profit of US$279mn was slightly below us, owing to 1) a weak S.Korea performance which consisted of a 7% revenue decline and a...

CMB International

Sula Vineyards IPO Lock-Up - Large Investor Could Look to Completely Exit

Sula Vineyards raised around US$117m in its India IPO in Dec 2022. In this note, we talk about the upcoming lock-up expiry.

Sumeet Singh

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