APAC IPOs & Placements

Zhen Zhou, Toh

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

Zhihu Technology / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/zhihu-technology-ltd" target="_blank" data-smartkarma-citation="entities:32185:1" rel="noopener">Zhihu Technology (ZH US)</a> raised US$773m at the bottom-end of the IPO price range (including the US$250m concurrent placement).</p></div><div><p>In this note, we will discuss what is circulating in the market and share our thoughts on how it impacts Zhihu.</p></div><div><p>Our previous coverage of Zhihu:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/zhihu-pre-ipo-in-the-early-stages-of-monetization" target="_blank" data-smartkarma-citation="insights:49157" rel="noopener">Zhihu (知乎) Pre-IPO - In the Early Stages of Monetization</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/zhihu-censorship-as-top-risk-may-follow-fate-of-weibo" target="_blank" data-smartkarma-citation="insights:49184" rel="noopener">Zhihu (知乎): Censorship as Top Risk, May Follow Fate of Weibo</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/zhihu-ipo-monetizing-curiosity" target="_blank" data-smartkarma-citation="insights:49467" rel="noopener">Zhihu (知乎) IPO - Monetizing Curiosity</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/zhihu-ipo-trading-peers-have-corrected-significantly-but-still-has-a-modest-upside" target="_blank" data-smartkarma-citation="insights:49684" rel="noopener">Zhihu (知乎) IPO Trading - Peers Have Corrected Significantly but Still Has a Modest Upside</a> </li>
</ul></div>

Zhihu Technology (ZH US) raised US$773m at the bottom-end of the IPO price range (including the US$250m concurrent placement).In this note, we will discuss what is circulating in the market and share our thoughts on how it impacts Zhihu.Our previous coverage of Zhihu:

Zhihu (知乎) Pre-IPO - In the Early Stages of Monetization 

Zhihu (知乎): Censorship as Top Risk, May Follow Fate of Weibo 

Zhihu (知乎) IPO - Monetizing Curiosity 

Zhihu (知乎) IPO Trading - Peers Have Corrected Significantly but Still Has a Modest Upside 


Zhihu (知乎) IPO Trading Update - Peers Took Another Leg Down on the Back of Rumored Document

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

China Education Group / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/china-education-group-holdin" target="_blank" data-smartkarma-citation="entities:18218:1" rel="noopener">China Education Group (839 HK)</a> is looking to raise up to US$268m in its top-up placement. This will be second placement for the stock in less than six months.  </p></div><div><p>In this note, we will look at the use of proceeds, deal dynamics, and run the deal through framework.</p></div>

China Education Group (839 HK) is looking to raise up to US$268m in its top-up placement. This will be second placement for the stock in less than six months.  In this note, we will look at the use of proceeds, deal dynamics, and run the deal through framework.

China Education Group Placement - Back for More, past Deal Didn't Do Well

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

China Maple Leaf Educational Systems / Equity Bottom-Up

<ul>
<li>The share of Maple Leaf has been sold off following the FY2020 results;</li>
<li>We find little (if any) evidence pointing to the permanent deterioration of business economics, and therefore, would like to maintain our positive long-term stance as described in our previous Insight;</li>
<li>The company has an ambitious medium-term target, which may lead to surprises on the upside over time.</li>
</ul>


The share of Maple Leaf has been sold off following the FY2020 results;
We find little (if any) evidence pointing to the permanent deterioration of business economics, and therefore, would like to maintain our positive long-term stance as described in our previous Insight;
The company has an ambitious medium-term target, which may lead to surprises on the upside over time.


Maple Leaf Educational Systems: Our Takeaways From FY2020 Results

<ul class="">
<li>Maple Leaf Educational Systems caught our attention for its low price multiples and consistently decent returns on capital;</li>
<li>Both the financial track record and the current valuation look favorable, especially compared to peers.</li>
<li>We examine the business fundamentals with our proprietary framework in search of any value trap.</li>
</ul>


Maple Leaf Educational Systems caught our attention for its low price multiples and consistently decent returns on capital;
Both the financial track record and the current valuation look favorable, especially compared to peers.
We examine the business fundamentals with our proprietary framework in search of any value trap.


Maple Leaf Educational Systems: Deep Value or Value Trap?

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<p>We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.</p>

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asian markets to try to find interesting ideas based on Fundamentals or Valuation or Momentum or Risk or some combination thereof.

China

China YuHua Education operates private education from kindergarten to university in China.

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China Yuhua Education (6169 HK)

Zhihu (知乎) IPO Trading Update - Peers Took Another Leg Down on the Back of Rumored Document

We think the drop is overdone. Sure, Zhihu is sort of an educational website but it is nowhere close to what the techedu companies are doing.

Zhen Zhou, Toh

China Education Group Placement - Back for More, past Deal Didn't Do Well

China Education Group (839 HK) is looking to raise up to US$268m in its top-up placement. This will be second placement for the stock in less than...

Sumeet Singh

Maple Leaf Educational Systems: Our Takeaways From FY2020 Results

Seeing little (if any) evidence of permanent deterioration of business economics, we would like to maintain our positive long-term stance as...

Steven Chen

Maple Leaf Educational Systems: Deep Value or Value Trap?

With an all-time-low valuation and decent financial track records, does Maple Leaf Educational Systems offers a long-term alpha opportunity?

Steven Chen

The Stocks to Own in Asia – Vol. 30

We highlight 14 stocks in Asia that look interesting to us based upon our FVMR Methodology. Our research team constantly reviews the Asia markets...

A. Stotz Investment Research

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