HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Dajin Heavy Industry Corp A / Equity Capital Markets

<ul>
<li>Dajin's business model is undergoing a profound transformation. Its core logic is shifting from a single focus on wind power equipment manufacturing to evolving into a one-stop system service provider.</li>
<li>The structural optimization enhanced overall profitability. Dajin proactively reduces the scale of domestic business with poor profitability and high collection risks. The high-profit overseas business has filled the revenue gap.</li>
<li>As industry leader, Dajin is superior to peers.Demand from European sovereign funds/ESG funds for high-quality offshore renewable energy assets may drive up valuation ceiling. A/H discount may be at 20%-30%.</li>
</ul>


Dajin's business model is undergoing a profound transformation. Its core logic is shifting from a single focus on wind power equipment manufacturing to evolving into a one-stop system service provider.
The structural optimization enhanced overall profitability. Dajin proactively reduces the scale of domestic business with poor profitability and high collection risks. The high-profit overseas business has filled the revenue gap.
As industry leader, Dajin is superior to peers.Demand from European sovereign funds/ESG funds for high-quality offshore renewable energy assets may drive up valuation ceiling. A/H discount may be at 20%-30%.


Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.</li>
<li>We look at the company's three segments: foundation structures and towers.</li>
<li>We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.</li>
</ul>


Dajin is seeking to raise at least USD100m through an A+H listing. Huatai and CMS are the joint sponsors.
We look at the company's three segments: foundation structures and towers.
We discussed our preliminary thoughts on the company's fair value anchored by A-H premium.


Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy Industry Corp A (002487 CH)</a>, a globally leading provider of core offshore wind power equipment, is pre-marketing an H-Share listing to raise around US$700 million.   </li>
<li>Dajin Heavy has three operating segments: wind power equipment, wind and photovoltaic power generation, and others.</li>
<li>The investment case is bullish due to its rapid growth, book-to-bill &gt;1, rising profitability, strong balance sheet and undemanding valuation. </li>
</ul>



Dajin Heavy Industry Corp A (002487 CH), a globally leading provider of core offshore wind power equipment, is pre-marketing an H-Share listing to raise around US$700 million.   
Dajin Heavy has three operating segments: wind power equipment, wind and photovoltaic power generation, and others.
The investment case is bullish due to its rapid growth, book-to-bill &gt;1, rising profitability, strong balance sheet and undemanding valuation. 


Dajin Heavy H Share Listing: The Investment Case

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy Industry Corp A (002487 CH)</a> aims to raise up to US$700m in its H-share listing.</li>
<li>It is a globally leading provider of core offshore wind power equipment with nearly two decades of dedicated experience in the new energy industry.</li>
<li>We have looked at the firms' past performance in our previous note. In this note, we talk about the PHIP updates, provide peer comparison and discuss valuation.</li>
</ul>



Dajin Heavy Industry Corp A (002487 CH) aims to raise up to US$700m in its H-share listing.
It is a globally leading provider of core offshore wind power equipment with nearly two decades of dedicated experience in the new energy industry.
We have looked at the firms' past performance in our previous note. In this note, we talk about the PHIP updates, provide peer comparison and discuss valuation.


Aequitas: Dajin Heavy A/H Listing PHIP Update - Superior Outlook Relative to Peers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dajin-heavy-industry-corp-a" target="_blank" data-smartkarma-citation="entities:13598:1" rel="noopener">Dajin Heavy Industry Corp A (002487 CH)</a> aims to raise up to US$500m in its H-share listing.</li>
<li>It is a globally leading provider of core offshore wind power equipment with nearly two decades of dedicated experience in the new energy industry.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Dajin Heavy Industry Corp A (002487 CH) aims to raise up to US$500m in its H-share listing.
It is a globally leading provider of core offshore wind power equipment with nearly two decades of dedicated experience in the new energy industry.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Dajin Heavy A/H Listing - Pivot into Europe Augmented Profits Significantly

China

Dajin Heavy Industry Corporation manufactures and sells wind turbine frames, offshore wind turbine frames and infrastructures, thermal boiler island steel structures and offshore oil and gas rigs industrial structures.  The Company sells its products to utility companies in China.

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Dajin Heavy Industry Corp A (002487 CH)

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Dajin aims to raise up to HK$5.77bn through the sale of 87 million shares at a maximum price of HK$66.4, with maximum market value of HK$48.1bn (or...

Xinyao (Criss) Wang

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Aequitas: Dajin Heavy A/H Listing PHIP Update - Superior Outlook Relative to Peers

Dajin Heavy Industries aims to raise up to US$700m in its H-share listing. In this note, we talk about the PHIP updates, provide peer comparison...

Nicholas Tan

Aequitas: Dajin Heavy A/H Listing - Pivot into Europe Augmented Profits Significantly

Dajin Heavy Industries aims to raise up to US$500m in its H-share listing. In this note, we look at its past performance and other deal dynamics...

Nicholas Tan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Dajin Heavy Industry (PHIP Updates) - Deserves a Valuation Premium

Dajin aims to raise up to HK$5.77bn through the sale of 87 million shares at a maximum price of HK$66.4, with maximum market value of HK$48.1bn (or...

Xinyao (Criss) Wang

Dajin Heavy Industry (大金重工) A+H Pre-IPO: Early Thought

Dajin Heavy Industry is seeking to raise at least USD 100m in an A+H listing. In this note, we look at the company's business, its industry context...

Ke Yan, CFA, FRM

Dajin Heavy H Share Listing: The Investment Case

Dajin Heavy, a globally leading provider of core offshore wind power equipment, is pre-marketing an H-Share listing to raise around US$700 million....

Arun George

Aequitas: Dajin Heavy A/H Listing PHIP Update - Superior Outlook Relative to Peers

Dajin Heavy Industries aims to raise up to US$700m in its H-share listing. In this note, we talk about the PHIP updates, provide peer comparison...

Nicholas Tan

Aequitas: Dajin Heavy A/H Listing - Pivot into Europe Augmented Profits Significantly

Dajin Heavy Industries aims to raise up to US$500m in its H-share listing. In this note, we look at its past performance and other deal dynamics...

Nicholas Tan