Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Flat Glass plans to raise US$122-155m in its IPO. We have covered this deal through a series of earlier insights.<ul><li>In the first one we looked at the latest color of the broad solar industry and the PV glass segment, you can find it <a href="http://www.smartkarma.com/insights/xinyi-solar-post-deal-call-with-management-where-the-industry-and-the-company-are-heading" target="_blank">here</a>, where we highlight that the solar industry will continue to receive strong supports from Chinese government and PV glass segment is one of our preferred segment with 1) demand outpace supply growth and 2) less fragmentation where investor should not expect the volatility of boom and burst as other segment in the solar industry value chain. </li><li>In our IPO Preview, which you can find <a href="http://www.smartkarma.com/insights/flat-glass-ipo-preview-the-tale-of-top-two-pv-glass-players" target="_blank">here</a>, we compared the business segments and growth prospects of Flat Glass and its key competitor Xinyi Solar, in greater granularity and discussed how these might affect the fair value of Flat Glass. </li><li>In this insights, we ran the deal through our Smartkarma IPO framework, which rates the deal at the borderline for participation. </li><li>Taking into account some potential corporate governance issues we highlight in this insight, we would be inclined to bid towards the lower end, while provides a 30-45% discount versus Xinyi Solar and hence, provides a good margin.</li></ul>More fold below...

Flat Glass plans to raise US$122-155m in its IPO. We have covered this deal through a series of earlier insights.In the first one we looked at the latest color of the broad solar industry and the PV glass segment, you can find it here, where we highlight that the solar industry will continue to receive strong supports from Chinese government and PV glass segment is one of our preferred segment with 1) demand outpace supply growth and 2) less fragmentation where investor should not expect the volatility of boom and burst as other segment in the solar industry value chain. In our IPO Preview, which you can find here, we compared the business segments and growth prospects of Flat Glass and its key competitor Xinyi Solar, in greater granularity and discussed how these might affect the fair value of Flat Glass. In this insights, we ran the deal through our Smartkarma IPO framework, which rates the deal at the borderline for participation. Taking into account some potential corporate governance issues we highlight in this insight, we would be inclined to bid towards the lower end, while provides a 30-45% discount versus Xinyi Solar and hence, provides a good margin.More fold below... 

Flat Glass IPO: Low End Appears Cheap Enough to Overcome Some CG Concerns

Flat Glass, the world largest PV glass supplier by 2014 revenue, is aiming to raise US$200m, according to media. In this insight, we examine its market position, in particular against Xinyi, and the opportunities and risks for the industry. <ul><li>We have talked about the latest development in China's PV industry and their impact in our early insight <a href="http://www.smartkarma.com/insights/xinyi-solar-post-deal-call-with-management-where-the-industry-and-the-company-are-heading" target="_blank">here</a>.</li><li>We are of the view that Flat Glass is a well run company and believe that both Flat Glass and Xinyi Solar are in good position to capture the national promotion of PV industry. </li><li>We compare Flat Glass and Xinyi Solar's business lines. Even though both of them have a significant contribution from PV glass business, we identify the differences that investors should be aware of.</li><li>Finally we provide our quick thoughts on valuation.</li></ul>More fold below...

Flat Glass, the world largest PV glass supplier by 2014 revenue, is aiming to raise US$200m, according to media. In this insight, we examine its market position, in particular against Xinyi, and the opportunities and risks for the industry. We have talked about the latest development in China's PV industry and their impact in our early insight here.We are of the view that Flat Glass is a well run company and believe that both Flat Glass and Xinyi Solar are in good position to capture the national promotion of PV industry. We compare Flat Glass and Xinyi Solar's business lines. Even though both of them have a significant contribution from PV glass business, we identify the differences that investors should be aware of.Finally we provide our quick thoughts on valuation.More fold below...

Flat Glass IPO Preview: The tale of top two PV glass players

China

Flat Glass Group Co., Ltd is a PV glass manufacturer. The Company also markets float glass, household glass and architectural glass.

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Flat Glass (6865 HK)

Flat Glass IPO: Low End Appears Cheap Enough to Overcome Some CG Concerns

Flat Glass plans to raise US$122-155m in its IPO. We have covered this deal through a series of earlier insights. In the first one we looked at the...

Ke Yan, CFA, FRM

Flat Glass IPO Preview: The tale of top two PV glass players

Flat Glass, the world largest PV glass supplier by 2014 revenue, is aiming to raise US$200m, according to media. In this insight, we examine its...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)