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>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the not so positive aspects of the deal.


CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.</li>
<li>Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.</li>
<li>We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.</li>
</ul>


Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of US$9.1 billion.
Our valuation sensitivity ranges EBITDA of 1.3 billion RMB to 2.2 billion RMB in 2022. We assumed base case revenue estimate of 19.5 billion RMB in 2022, up 186% YoY.
We have used the EV/EBITDA multiple range of 25x to 46.4x with a base case valuation multiple of 35.7x in 2022.


China

CALB Group Co., Ltd. manufactures and distributes battery products. The Company produces lithium ion power batteries, battery management systems, energy storage batteries, and other products. CALB Group supplies its products in vehicles, energy storage, and other fields.

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CALB Group (3931 HK)

CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp up its production capacity. CALB undertakes design, R&D, production and sales of EV...

Sumeet Singh

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

CALB IPO: Initial Thoughts on Valuation

Our initial valuation assessment of CALB suggests a range of market cap valuation from US$4.8 billion to $14.9 billion with base case valuation of...

Douglas Kim

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