APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Allied Blenders and Distillers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (ABD IN)</a> is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. </li>
</ul>



Allied Blenders &amp; Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. 


Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Credit

<ul><li>Constellation Brands is a major player in the international alcoholic beverage market, particularly the Mexican beer space.</li><li>The beer business of the company is well placed that continues to support the steady growth of the brands.</li><li>Among other developments, Constellation Brands has recently reached a pact with The Wine Growth to divest a portion of the company’s premium and mainstream wine portfolio.</li></ul>

Constellation Brands is a major player in the international alcoholic beverage market, particularly the Mexican beer space.The beer business of the company is well placed that continues to support the steady growth of the brands.Among other developments, Constellation Brands has recently reached a pact with The Wine Growth to divest a portion of the company’s premium and mainstream wine portfolio.

Constellation Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Equity Bottom-Up

<ul><li>This is our first report on Constellation Brands, a dominant player in the international alcoholic beverage market, particularly the Mexican beer space.</li><li>The buy rate increased in the quarter for both total wine categories and high-end beer in tracked channels.</li><li>The beer business of the company remained well placed that continues to support the steady growth of the brands.</li></ul>

This is our first report on Constellation Brands, a dominant player in the international alcoholic beverage market, particularly the Mexican beer space.The buy rate increased in the quarter for both total wine categories and high-end beer in tracked channels.The beer business of the company remained well placed that continues to support the steady growth of the brands.

Constellation Brands Inc.: Initiation of Coverage – Financial Forecasts

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.</li>
<li>Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.</li>
<li>We expect <a href="https://www.smartkarma.com/entities/tilray-inc" target="_blank" data-smartkarma-citation="entities:27402:1" rel="noopener">Tilray Inc (TLRY US)</a> will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.</li>
</ul>


Shares of Tilray Inc (TLRY US) hit 52-week low amid delay to pass a federal marijuana legalization bill in the U.S., falling cannabis prices and intense competition among cannabis producers.
Tilray’s valuation looks attractive keeping in mind upcoming (Jan-Mar 2022) marijuana legalization at the federal level in the United States and acquisition of Breckenridge Distillery and MedMen.
We expect Tilray Inc (TLRY US) will report strong earnings for Q2’FY22 on January 10th next year and see interest from Big Tobacco to enter high-growth marijuana business.


Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

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.

Budweiser Brewing Company APAC / Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/budweiser-brewing-company-apac-limited" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing Company APAC (1876 HK)</a>/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per share (the low-end of the range) and partially exercised its upsize option. The allotment results showed that both the international and Hong Kong offer Shares were "<em>moderately over-subscribed.</em>"</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-valuation-falling-on-deaf-ears" target="_blank" rel="noopener">our valuation note</a>, we valued Budweiser APAC on a SoTP basis which resulted in a valuation of HK$24.50 per share. Our DCF analysis supports this valuation while our DCF-based scenario analysis suggests that the IPO price while justifiable, requires strong execution. </p></div>

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per share (the low-end of the range) and partially exercised its upsize option. The allotment results showed that both the international and Hong Kong offer Shares were "moderately over-subscribed."In our valuation note, we valued Budweiser APAC on a SoTP basis which resulted in a valuation of HK$24.50 per share. Our DCF analysis supports this valuation while our DCF-based scenario analysis suggests that the IPO price while justifiable, requires strong execution. 

Budweiser Brewing Company APAC: Trading Debut, Valuation Scenario Analysis

United States

Constellation Brands, Inc. produces and markets alcoholic beverages in North America, Europe, and Australia, and New Zealand. The Company has a portfolio of brands across the wine, imported beer, and distilled spirits categories. Constellation conducts its business through wholly owned subsidiaries as well as through a variety of joint ventures with various other entities.

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Constellation Brands (STZ US)

Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

Allied Blenders & Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and...

Ethan Aw

Constellation Brands Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Constellation Brands is a major player in the international alcoholic beverage market, particularly the Mexican beer space. The beer business of...

Baptista Research

Constellation Brands Inc.: Initiation of Coverage – Financial Forecasts

This is our first report on Constellation Brands, a dominant player in the international alcoholic beverage market, particularly the Mexican beer...

Baptista Research

Opportunity To Secure a Strategic Investment From a Big Tobacco Company?

We believe Tilray is a promising investment in global cannabis industry keeping in mind strong interest from Big Tobacco and upcoming marijuana...

Andrei Zakharov

Budweiser Brewing Company APAC: Trading Debut, Valuation Scenario Analysis

Budweiser Brewing Company APAC (1876 HK)/Budweiser APAC will commence trading on Monday, 30 September. Budweiser APAC priced its IPO at HK$27 per...

Arun George

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