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

East Buy Holding  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/27796" target="_blank" data-smartkarma-citation="entities:27796:1">Koolearn (1373356D HK)</a> is looking to raise about US$200m in its upcoming IPO in Hong Kong. 
We like the company because it has achieved a decent revenue growth of 39.5% CAGR from FY2016 to FY2018. Student enrolments have increased by an impressive 72.4% CAGR over the same period. However, average spending per enrolled student has shown a decline in two key segments as the company offered cheaper courses to attract more students. 
The company has also been reliant on interest income and gains from the fair value of long-term investments to bolster its net profit. As of FY2018, other income accounts for 82% of its net profit. Nevertheless, stripping away these gains, the company is showing healthy growth of its net operating cash flow, in line with revenue growth.
In this insight, we will look at the company's background, analyze financial performance and operating metrics, and compare its valuation from its previous series funding as well as include questions for management.

Koolearn (1373356D HK) is looking to raise about US$200m in its upcoming IPO in Hong Kong. 
We like the company because it has achieved a decent revenue growth of 39.5% CAGR from FY2016 to FY2018. Student enrolments have increased by an impressive 72.4% CAGR over the same period. However, average spending per enrolled student has shown a decline in two key segments as the company offered cheaper courses to attract more students. 
The company has also been reliant on interest income and gains from the fair value of long-term investments to bolster its net profit. As of FY2018, other income accounts for 82% of its net profit. Nevertheless, stripping away these gains, the company is showing healthy growth of its net operating cash flow, in line with revenue growth.
In this insight, we will look at the company's background, analyze financial performance and operating metrics, and compare its valuation from its previous series funding as well as include questions for management.

Koolearn (新东方在线) Pre-IPO - Profitable Online Edu Company but Poor Sentiment Weighs

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

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.

<a href="https://www.smartkarma.com/entities/27796" target="_blank" data-smartkarma-citation="entities:27796:1">Koolearn (1373356D HK)</a> , a Chinese online education company backed by <a href="https://www.smartkarma.com/entities/531" target="_blank" data-smartkarma-citation="entities:531:1">New Oriental (EDU US) </a>and <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings (700 HK)</a> , has started pre-marketing its IPO in order to raise 250mn USD. We note the following pointsIntro to KoolearnLosses in the latest quarter?Cash flow and balance sheet remain robust albeit driven by working capital Minority rights may trigger valuation discount while legislation and wages weigh on the sector

Koolearn (1373356D HK) , a Chinese online education company backed by New Oriental (EDU US) and Tencent Holdings (700 HK) , has started pre-marketing its IPO in order to raise 250mn USD. We note the following pointsIntro to KoolearnLosses in the latest quarter?Cash flow and balance sheet remain robust albeit driven by working capital Minority rights may trigger valuation discount while legislation and wages weigh on the sector

Koolearn IPO Preview – Hurtling Towards Losses?

China

East Buy Holding Limited operates livestreaming platform businesses. The Company provides private label products including agricultural products, food, books, and household goods. East Buy Holding also conducts college education businesses.

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East Buy Holding (1797 HK)

Koolearn (新东方在线) Pre-IPO - Profitable Online Edu Company but Poor Sentiment Weighs

Koolearn (1373356D HK) is looking to raise about US$200m in its upcoming IPO in Hong Kong. We like the company because it has achieved a decent...

Zhen Zhou, Toh

Koolearn IPO Preview – Hurtling Towards Losses?

Koolearn (1373356D HK) , a Chinese online education company backed by New Oriental (EDU US) and Tencent Holdings (700 HK) , has started...

Rickin Thakrar

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52-week Range

Market Cap (USDm)

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