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

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.</li>
<li>The IPO was discussed in <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:157572" rel="noopener">CR Beverage IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:158613" rel="noopener">CR Beverage IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:161273" rel="noopener">CR Beverage IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-2460-hk-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:162418" rel="noopener">CR Beverage (2460 HK) IPO: Valuation Insights</a>. </li>
<li>The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.</li>
</ul>



China Resources Beverage (2460 HK) priced its IPO at HK$14.50 per share to raise the gross proceeds of US$649 million. The shares will start trading on 23 October.
The IPO was discussed in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case, CR Beverage IPO: The Investment Case, CR Beverage (2460 HK) IPO: Valuation Insights. 
The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (CRB HK)</a>, China's largest purified drinking water company, has launched its HKEx IPO to raise up to US$650 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:157572" rel="noopener">CR Beverage IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:158613" rel="noopener">CR Beverage IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:161273" rel="noopener">CR Beverage IPO: The Investment Case</a>.</li>
<li>Our valuation analysis suggests that CR Beverage is attractively valued at the IPO price range. Therefore, we would participate in the IPO.</li>
</ul>



China Resources Beverage (CRB HK), China's largest purified drinking water company, has launched its HKEx IPO to raise up to US$650 million.
We previously discussed the IPO in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case and CR Beverage IPO: The Investment Case.
Our valuation analysis suggests that CR Beverage is attractively valued at the IPO price range. Therefore, we would participate in the IPO.


CR Beverage (2460 HK) IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (CRB HK)</a>, China's largest purified drinking water company, is premarketing an HKEx to raise US$0.5-1 billion.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:157572" rel="noopener">CR Beverage IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:158613" rel="noopener">CR Beverage IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/cr-beverage-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:161273" rel="noopener">CR Beverage IPO: The Investment Case</a>. </li>
<li>In this note, we present our forecasts and examine CR Beverage's potential valuation range for the first time.</li>
</ul>



China Resources Beverage (CRB HK), China's largest purified drinking water company, is premarketing an HKEx to raise US$0.5-1 billion.
We previously discussed the IPO in CR Beverage IPO: The Bull Case, CR Beverage IPO: The Bear Case and CR Beverage IPO: The Investment Case. 
In this note, we present our forecasts and examine CR Beverage's potential valuation range for the first time.


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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 16th.</li>
<li>We estimate the weekly outflows to be US$600.9 million, led by materials, industrials, consumer discretionary, and offset by financials, communication services, health care.</li>
<li>Outflows were driven by Material, Industries and Consumer Discretionary sectors. We highlight flows for CATL (300750 CH).</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 16th.
We estimate the weekly outflows to be US$600.9 million, led by materials, industrials, consumer discretionary, and offset by financials, communication services, health care.
Outflows were driven by Material, Industries and Consumer Discretionary sectors. We highlight flows for CATL (300750 CH).


<ul>
<li>We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 2nd.</li>
<li>We estimate the weekly inflows to be US$486.3 million, led by financials, health care, utilities sectors, and offset by consumer discretionary, materials, consumer staples.</li>
<li>We highlight flows for Wanhua Chemical, Moutai, CATL, Fuyao Glass Industry, Haier Smart Home.</li>
</ul>


We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of August 2nd.
We estimate the weekly inflows to be US$486.3 million, led by financials, health care, utilities sectors, and offset by consumer discretionary, materials, consumer staples.
We highlight flows for Wanhua Chemical, Moutai, CATL, Fuyao Glass Industry, Haier Smart Home.


Northbound Flows (Aug 2nd): Wanhua Chemical, Moutai, CATL, Fuyao Glass Industry, Haier Smart Home

China

Eastroc Beverage (Group) Co.,Ltd. manufactures and distributes drinks. The Company produces functional drinks, citrus lemon tea, citrus drinks, packaged drinking water, and other products. Eastroc Beverage (Group) markets its products throughout China.

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Eastroc Beverage Group (605499 CH)

CR Beverage (2460 HK) IPO: Trading Debut

The market sentiment of the peers has remained unchanged since the IPO launch. CR Beverage is fairly valued at the IPO price.

Arun George

CR Beverage (2460 HK) IPO: Valuation Insights

Our valuation analysis suggests that CR Beverage is attractively valued at the IPO price range. Therefore, we would participate in the IPO.

Arun George

CR Beverage IPO: Valuation First-Look

CR Beverage is premarketing an HKEx to raise US$0.5-1 billion. In this note, we present our forecasts and examine CR Beverage's potential valuation...

Arun George

Northbound Flows (Aug 16th): CATL

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlighted flows for CATL (ticker: 300750 CH).

Ke Yan, CFA, FRM

Northbound Flows (Aug 2nd): Wanhua Chemical, Moutai, CATL, Fuyao Glass Industry, Haier Smart Home

We analyzed northbound Shanghai/Shenzhen connect flows in the past week and highlighted flows for Wanhua Chemical, Moutai, CATL, Fuyao Glass...

Ke Yan, CFA, FRM

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