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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals flow seemed to be the only one continuing unbated despite the US elections overhang from the past week. </li>
<li>On the placements front, there weren't many large deals but we did look at upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals flow seemed to be the only one continuing unbated despite the US elections overhang from the past week. 
On the placements front, there weren't many large deals but we did look at upcoming lockup expiries.


ECM Weekly (11th Nov 2024)-SF Holdings, Swiggy, ACME, NivaBupa, Sagility, Eternal Beauty, Shuangdeng

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings </a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the not-so-positive aspects of the deal.


Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.</li>
<li>The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.</li>
<li>Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.</li>
</ul>


The essence of Eternal Beauty’s business model is to earn a “price difference” of the brand and product portfolios, but this business model is difficult to generate high profit margins.
The situation and prospects of China's perfume market are facing major changes. It‘s uncertain whether the perfume sales in the China market can maintain double-digit growth in the long term.
Eternal Beauty’s financial performance would face challenges due to changes in consumer preferences, shifts in China's domestic policies, international trade disputes, geopolitical conflicts, etc. Valuation could be lower than peers.


Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the prior week witnessed a number of listings with divergent results.</li>
<li>Given the market volatility, there was only one large placements in the prior week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the prior week witnessed a number of listings with divergent results.
Given the market volatility, there was only one large placements in the prior week.


ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings Limited (EBHL12 HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by BNP Paribas, Citic, CMBI and DBS.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>The company has a diverse portfolio of iconic brands of not only perfumes, but also color cosmetics, skincare products, personal care products, eyewear and home fragrances under management.</li>
</ul>



Eternal Beauty Holdings Limited (EBHL12 HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by BNP Paribas, Citic, CMBI and DBS.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
The company has a diverse portfolio of iconic brands of not only perfumes, but also color cosmetics, skincare products, personal care products, eyewear and home fragrances under management.


Hong Kong

Eternal Beauty is an investment holding company primarily engaged in the retail, wholesale, and distribution of perfumes, skincare products, color cosmetics, personal care products, eyewear, and home fragrances. The company also provides brand management and market entry/expansion services for third-party brand licensors. It was founded in 1987 and is headquartered in Kowloon Bay, Hong Kong.

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Eternal Beauty (6883 HK)

ECM Weekly (11th Nov 2024)-SF Holdings, Swiggy, ACME, NivaBupa, Sagility, Eternal Beauty, Shuangdeng

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Eternal Beauty Pre-IPO Tearsheet

Eternal Beauty Holdings Limited is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by BNP Paribas, Citic, CMBI...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (11th Nov 2024)-SF Holdings, Swiggy, ACME, NivaBupa, Sagility, Eternal Beauty, Shuangdeng

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Eternal Beauty Pre-IPO - The Negatives - Core Offering Hasn’t Been Growing

Eternal Beauty Holdings (EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

Pre-IPO Eternal Beauty Holdings - The Perfume Business in China May Not Be as Good as Expected

​Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...

Xinyao (Criss) Wang

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Eternal Beauty Pre-IPO Tearsheet

Eternal Beauty Holdings Limited is looking to raise about US$200m in its upcoming Hong Kong IPO. The deal will be run by BNP Paribas, Citic, CMBI...

Akshat Shah

Eternal Beauty's business model struggles to generate high profits in a changing China perfume market, facing challenges from the shifts of...