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>China Vanke aims to raise around US$500m in its H-share primary placement.</li>
<li>Vanke had recently stated that it aimed to raise around US$2bn via an A-share private placement, so a placement was expected for sure.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


China Vanke aims to raise around US$500m in its H-share primary placement.
Vanke had recently stated that it aimed to raise around US$2bn via an A-share private placement, so a placement was expected for sure.
In this note, we will talk about the placement and run the deal through our ECM framework.


China Vanke Placement - A Placement Was Expected, Unclear if It Was This One

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.

Thematic (Sector/Industry)

<ul><li>Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).</li><li>We think the momentum would be more sustainable than market expectation as 1) our leading indicator GAIN jumped to the highest since 2021 indicating ST sales would continue to be strong.</li><li>2) Our channel check suggests home buyers are much more than pent-up demand. </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.

Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).We think the momentum would be more sustainable than market expectation as 1) our leading indicator GAIN jumped to the highest since 2021 indicating ST sales would continue to be strong.2) Our channel check suggests home buyers are much more than pent-up demand. 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.

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

<ul><li>Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.</li><li>In particular, new home sales in 30 cities narrowed YoY decline to -21% post-CNY vs. -25% pre-CNY (vs. the similar period in 2022).</li><li>Existing home market is seeing much stronger momentum with sales in 9 major cities +38% YoY post-CNY vs. +15% YoY preCNY.</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.

Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.In particular, new home sales in 30 cities narrowed YoY decline to -21% post-CNY vs. -25% pre-CNY (vs. the similar period in 2022).Existing home market is seeing much stronger momentum with sales in 9 major cities +38% YoY post-CNY vs. +15% YoY preCNY.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.

China Property Sector – Property+ Weekly: Hopes Are Returning Post-CNY

Equity Bottom-Up

China Overseas Land & Investment / Equity Bottom-Up

<ul><li>We estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation.</li><li>Moreover, the earnings slide may continue into 2023E (-7% YoY) due to sales decline in 2022 (-15% YoY).</li><li>This has made COLI’s valuation not cheap enough to investors at 6.7/7.3x 2022/23E despite the recent pull back. </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 estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation.Moreover, the earnings slide may continue into 2023E (-7% YoY) due to sales decline in 2022 (-15% YoY).This has made COLI’s valuation not cheap enough to investors at 6.7/7.3x 2022/23E despite the recent pull back. 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.

COLI (688 HK) – FY22E preview: page not yet turned

COLI (688 HK) – FY22E Preview: Page Not Quite Turned

Hong Kong

China Overseas Land & Investment Limited provides real estate services. The Company develops, manages, and invests in commercial properties. China Overseas Land & Investment serves customers globally.

China Overseas Land & Investment (688 HK)

Price Gauge
52-week Range	0.00 - 0.00
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China Overseas Land & Investment (688 HK)

China Vanke Placement - A Placement Was Expected, Unclear if It Was This One

China Vanke aims to raise around US$500m in its H-share primary placement. In this note, we will talk about the placement and run the deal through...

Sumeet Singh

China Property Sector – Feb sales a strong beat; Raise 2023 forecast

Feb sales came out at a strong beat both in terms of strength at 30% YoY (cons -5%), but also the timing of turning positive (cons in April).

CMB International

China Property Sector – Property+ Weekly: Hopes Are Returning Post-CNY

Despite lagging construction activity, property sales started to pick up post-CNY, again correctly predicted by our leading indicator GAIN.

CMB International

COLI (688 HK) – FY22E preview: page not yet turned

We estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation. Moreover, the earnings slide may continue into...

CMB International

COLI (688 HK) – FY22E Preview: Page Not Quite Turned

We estimate COLI to deliver 20% YoY decline in 2022E core profit, close to buyside expectation. Moreover, the earnings slide may continue into...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)