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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foods-co-ltd" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foods Co (2714 HK)</a>, a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</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 trading dynamics.</li>
</ul>



Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Shenzhen Zhaowei Machinery & Electronics / Equity Capital Markets

Shenzhen Zhaowei Machinery & Electronics (2692 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-zhaowei-machinery-a" target="_blank" data-smartkarma-citation="entities:46000:1" rel="noopener">Shenzhen Zhaowei Machinery (003021 CH)</a>, aims to raise around US$300m in its H-share listing.</li>
<li>Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Shenzhen Zhaowei Machinery (003021 CH), aims to raise around US$300m in its H-share listing.
Shenzhen Zhaowei Machinery &amp; Electronic (SZME) is a provider of integrated micro transmission and drive system solutions ranking first in China and fourth globally by revenue, according to F&amp;S.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Aequitas: Shenzhen Zhaowei A/H Listing - PHIP Updates and Thoughts on A/H Premium

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Eastroc Beverage / Equity Capital Markets

<ul>
<li>Based on 25Q3 results, the biggest problem lies in the continuous slowdown of its core business (energy beverages), which has led to the overall performance slightly falling short of expectations.</li>
<li>The upper limit of Eastroc Super Drink could be around RMB23-27 billion. Since energy beverages’ annual revenue has approached RMB16 billion, it’s becoming increasingly difficult to achieve the remaining growth.</li>
<li>The future growth of Eastroc may not support the current valuation. A more comfortable valuation range could be P/E of 20-25x, which will provide investors with sufficient margin of safety.</li>
</ul>


Based on 25Q3 results, the biggest problem lies in the continuous slowdown of its core business (energy beverages), which has led to the overall performance slightly falling short of expectations.
The upper limit of Eastroc Super Drink could be around RMB23-27 billion. Since energy beverages’ annual revenue has approached RMB16 billion, it’s becoming increasingly difficult to achieve the remaining growth.
The future growth of Eastroc may not support the current valuation. A more comfortable valuation range could be P/E of 20-25x, which will provide investors with sufficient margin of safety.


Pre-IPO Eastroc Beverage Group - The Outlook Is Not Optimistic, with More Valuation Decline Ahead

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/eastroc-beverage-group-co-ltd-f3283290-a611-4cb4-8857-93101786e283" target="_blank" data-smartkarma-citation="entities:45048:1" rel="noopener">Eastroc Beverage Group (9980 HK)</a> priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.</li>
<li>I discussed the H Share listing in <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:218181" rel="noopener">Eastroc Beverage H Share Listing: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/eastroc-beverage-h-share-listing-9980-hk-valuation-insights" target="_blank" data-smartkarma-citation="insights:218705" rel="noopener">Eastroc Beverage H Share Listing (9980 HK): Valuation Insights</a>. </li>
<li>Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.</li>
</ul>



Eastroc Beverage Group (9980 HK) priced its H Share at HK$248 to raise HK$10,141 million (US$1.3 billion) in gross proceeds. The H Share will be listed tomorrow.
I discussed the H Share listing in Eastroc Beverage H Share Listing: The Investment Case and Eastroc Beverage H Share Listing (9980 HK): Valuation Insights. 
Eastroc's international oversubscription rates were above the median of recent large AH listings. The AH discount remains reasonable.


Eastroc Beverage H Share Listing (9980 HK): Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a> , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</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>



Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
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.


Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

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)

Aequitas: Muyuan Foods A/H Trading - Weak Retail and Mediocre Insti Demand

Muyuan Foods Co (2714 HK), a leader in the hog farming industry, raised around US$1.6bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Aequitas: Shenzhen Zhaowei A/H Listing - PHIP Updates and Thoughts on A/H Premium

Shenzhen Zhaowei Machinery (003021 CH), aims to raise around US$300m in its H-share listing. In this note, we talk about its recent updates and...

Sumeet Singh

Pre-IPO Eastroc Beverage Group - The Outlook Is Not Optimistic, with More Valuation Decline Ahead

We have analyzed in the insight our concerns about Eastroc. The future growth prospects cannot support the current valuation, as the upper limit of...

Xinyao (Criss) Wang

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

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