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.

Equity Capital Markets

Sunshine Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sunshine-insurance-group-company-limited" target="_blank" data-smartkarma-citation="entities:36464:1" rel="noopener">Sunshine Insurance (6963 HK)</a> priced its IPO at HK$5.83 per share to raise net proceeds of HK$6.4 billion (US$824 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:85205" rel="noopener">Sunshine Insurance Group IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:85253" rel="noopener">Sunshine Insurance Group IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/sunshine-insurance-group-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:85356" rel="noopener">Sunshine Insurance Group IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO price remains unattractive.</li>
</ul>



Sunshine Insurance (6963 HK) priced its IPO at HK$5.83 per share to raise net proceeds of HK$6.4 billion (US$824 million). The shares will start trading tomorrow.
We previously discussed the IPO in Sunshine Insurance Group IPO: The Bull Case, Sunshine Insurance Group IPO: The Bear Case and Sunshine Insurance Group IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO price remains unattractive.


Sunshine Insurance Group IPO: Trading Debut

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this report, we review our IPO investment research in 2022, including the performance of our calls.</li>
<li>The accuracy rate of our calls on IPOs this year was 79% (15 calls right, 4 calls wrong), higher than our average accurate rate of 77% from 2017 to 2022.</li>
<li>In 2022, the 12 stocks (positive ratings) were up 50.1% on average from their IPO prices. The 7 stocks (negative ratings) were down 11.2% on average from their IPO prices. </li>
</ul>


In this report, we review our IPO investment research in 2022, including the performance of our calls.
The accuracy rate of our calls on IPOs this year was 79% (15 calls right, 4 calls wrong), higher than our average accurate rate of 77% from 2017 to 2022.
In 2022, the 12 stocks (positive ratings) were up 50.1% on average from their IPO prices. The 7 stocks (negative ratings) were down 11.2% on average from their IPO prices. 


Lygend Resources & Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lygend-resources-technology" target="_blank" data-smartkarma-citation="entities:36493:1" rel="noopener">Lygend Resources &amp; Technology (2245 HK)</a> priced its IPO at HK$15.80 per share to raise net proceeds of HK$3.5 billion (US$450 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lygend-resources-technology-ipo-riding-the-wave" target="_blank" data-smartkarma-citation="insights:84558" rel="noopener">Lygend Resources &amp; Technology IPO: Riding the Wave</a> and <a href="https://www.smartkarma.com/insights/lygend-resources-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:84749" rel="noopener">Lygend Resources &amp; Technology IPO: Valuation Insights</a>.</li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Lygend Resources &amp; Technology (2245 HK) priced its IPO at HK$15.80 per share to raise net proceeds of HK$3.5 billion (US$450 million). The shares will start trading tomorrow.
We previously discussed the IPO in Lygend Resources &amp; Technology IPO: Riding the Wave and Lygend Resources &amp; Technology IPO: Valuation Insights.
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Lygend Resources & Technology IPO: Trading Debut

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

TS Group (Global) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ts-group-global" target="_blank" data-smartkarma-citation="entities:36565:1" rel="noopener">TS Group (Global) (TS HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners are JPM, and China Merchant Securities. </li>
<li>TS Group (Global) is a container shipping firm primarily focusing on the Asia region, which as  per the Drewry report, is the largest and one of the fastest growing regions.</li>
<li>As of Jun 2022, it had a total of 52 vessels, consisting of 26 owned vessels and 26 chartered-in vessels, with a total capacity of 107,907 total equivalent units (TEU).</li>
</ul>



TS Group (Global) (TS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners are JPM, and China Merchant Securities. 
TS Group (Global) is a container shipping firm primarily focusing on the Asia region, which as  per the Drewry report, is the largest and one of the fastest growing regions.
As of Jun 2022, it had a total of 52 vessels, consisting of 26 owned vessels and 26 chartered-in vessels, with a total capacity of 107,907 total equivalent units (TEU).


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Beijing Sinohytec   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-sinohytec-co-ltd" target="_blank" data-smartkarma-citation="entities:34068:1" rel="noopener">Beijing Sinohytec Co Ltd (688339 CH)</a> (BSH) is looking to raise up to US$400m via its H-shares listing.</li>
<li>BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.</li>
<li>In this note, we talk about the company’s past performance and other deal dynamics.</li>
</ul>



Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing.
BSH provides fuel cell systems in China, focusing on the design, development and manufacture of fuel cell systems and stacks mainly for commercial vehicles, such as buses and trucks.
In this note, we talk about the company’s past performance and other deal dynamics.


Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

China

CALB Group Co., Ltd. is a leading Chinese manufacturer specializing in the design, development, production, and sales of advanced lithium-ion batteries, battery management systems, and related integrated products. Its products are primarily used in electric vehicles and energy storage systems. The company is headquartered in Changzhou, Jiangsu Province, China, and was founded in 2007.

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CALB (3931 HK)

Sunshine Insurance Group IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a premium to the median peer CY2022 P/EV and P/B multiples. Therefore, the IPO...

Arun George

Recap of Our IPO Research in 2022

In this report, we review our IPO investment research in 2022, including the performance of our calls. The accuracy rate of our calls on IPOs this...

Douglas Kim

Lygend Resources & Technology IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

TS Group (Global) Pre-IPO Tearsheet

TS Group (Global) (TS HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners are JPM, and China Merchant Securities.

Clarence Chu

Beijing SinoHytec A/H Listing - A Whole Lot of Promise but Not Much Earnings to Show for It Yet

Beijing Sinohytec Co Ltd (688339 CH) (BSH) is looking to raise up to US$400m via its H-shares listing. In this note, we talk about the deal dynamics.

Sumeet Singh

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