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>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


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.

Equity Bottom-Up

<ul><li>BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.</li><li>For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.</li><li>Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. </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.

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations, given higher UTR in iPhone casing, stable Android demand and NEV growth.For 4Q24, we expect stronger revenue/NP growth driven by iPhone/iPad seasonality, Huawei/Xiaomi flagship model launches and AI server biz ramp-up.Looking into 2025, we remain positive on iPhone AI cycle, stable Android flagship demand, high-end NEV products and AI server momentum. 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.

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> aims to raise up to US$3bn in its H-share listing, as per media reports.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.</li>
</ul>



Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.


Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

<ul><li>We maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.</li><li>We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.</li><li>We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. </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.

We maintain the BUY rating of BYDE with new TP of HK$40.89 as we believe multiple growth drivers from Apple share gains, Jabil synergy, NEV product pipeline, robotics and AI server business expansion will offset earnings impact from higher expenses of Jabil integration in the near term.We lowered FY24- 26E EPS by 7-14% to factor in 1H24 results, stronger smartphone recovery, and Jabil’s integration expenses.We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest costs, and intangible asset depreciation. 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.

BYDE (285 HK) - Positive on Multiple Growth Drivers

China

BYD Electronic (International) Co., Ltd. manufactures and sells handset components and modules, and provides assembly services for mobile phones. The company offers one-stop product solutions leveraging electronic information, AI, 5G, and IoT technologies, with its business spanning smartphones, computers, new energy vehicles, smart home solutions, and communication equipment. It was incorporated in 2007 and is headquartered in Shenzhen, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD Electronic (285 HK)

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

BYDE (285 HK) - 3Q24 In-Line; Eyes on Jabil/NEV/AI Server Ramp-Up

BYDE‘s 3Q24 revenue/NP growth of 21%/1% YoY was largely in-line, while GPM improved 1.7ppts QoQ to 8.5%, slightly ahead of expectations

CMB International

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports. In this note, we talk about the likely A...

Sumeet Singh

BYDE (285 HK) - Positive on Multiple Growth Drivers

We estimate net profit to grow 8%/43% YoY in FY24/25E. We think recent share price corrections have reflected Jabil-related expenses for interest...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)