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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology" target="_blank" data-smartkarma-citation="entities:45390:1" rel="noopener">Lens Technology (6613 HK)</a>, an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.</li>
<li>I discussed the H Share listing in <em><strong><a href="https://www.smartkarma.com/insights/lens-technology-h-share-listing-6613-hk-the-investment-case" target="_blank" data-smartkarma-citation="insights:191858" rel="noopener">Lens Technology H Share Listing (6613 HK): The Investment Case</a></strong></em>. </li>
<li>The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.</li>
</ul>



Lens Technology (6613 HK), an industry-leading integrated one-stop precision manufacturing solution provider, has launched an H Share listing to raise US$600 million.
I discussed the H Share listing in Lens Technology H Share Listing (6613 HK): The Investment Case. 
The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.


Lens Technology H Share Listing (6613 HK): Valuation Insights

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The EU ended the direct purchase subsidies for EVs; that is a negative for <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a>.</li>
<li>Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. </li>
<li>It trades around 112x PER while historically around 25-35x PER and its competitor <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> is only trading at 20x. </li>
</ul>


The EU ended the direct purchase subsidies for EVs; that is a negative for Samsung SDI (006400 KS).
Management is quite bullish, but the last two quarters result were quite informative on the level of margin and contribution from the battery business. 
It trades around 112x PER while historically around 25-35x PER and its competitor Contemporary Amperex Technology (CATL) (3750 HK) is only trading at 20x. 


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.

Lens Technology   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Lens Technology A/H Listing - Pricing Looks Decent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lens-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:24231:1" rel="noopener">Lens Technology (300433 CH)</a>, a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.</li>
<li>Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing.
Lens Technology (LT) is one of the leading players in precision structural parts and modules integrated solutions for both consumer electronics and smart vehicles interaction systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jun 20th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jun 20th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina.


HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Contemporary Amperex Technology (CATL) (300750 CH)

Samsung SDI (006400): Still a No

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lens Technology H Share Listing (6613 HK): Valuation Insights

The proposed AH discount of 24.8% to 28.1% (based on the 27 June A Share price) is attractive, and I would participate in the H Share listing.

Arun George

Samsung SDI (006400): Still a No

​EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...

Henry Soediarko

Lens Technology A/H Listing - Pricing Looks Decent

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$600m in its H-share listing. In this note, we...

Sumeet Singh

Lens Technology A/H Listing - PHIP Updates and Thoughts on A/H Premium

Lens Technology (300433 CH), a precision manufacturing solution provider, aims to raise around US$1bn in its H-share listing. In this note, we talk...

Sumeet Singh

HK Short Interest Weekly: Baba, Chow Tai Fook, Za Online, Cspc Pharma, BOC, Petrochina

We analyzed the latest HK SFC report for aggregate short position as of Jun 20th and highlight short interest changes in Baba, Chow Tai Fook, Za...

Ke Yan, CFA, FRM

EU ending purchase subsidies for EVs is negative for Samsung SDI; management bullish but recent quarters show margin issue. Trading at 112x PER vs...