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

FWD Group Holdings / Equity Capital Markets

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In this note, we will talk about the positive aspects of the deal.

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In this note, we will talk about the positive aspects of the deal.

FWD Pre-IPO - The Positives - Growing Fast

Shanghai MicroPort MedBot Group / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
Events next week:
Hong Kong IPO is getting busier with a few IPOs looking to launch soon after getting approval from HKEX. They include Shanghai MicroPort MedBot Group (MMG HK), Shanghai Hanyu Medical Technology (SHM HK), Abbisko Cayman (ABB HK), ANE Logistics (1292621D CH), and Beijing Airdoc Technology (BAT HK), which we have covered this week:


Shanghai Hanyu (捍宇医疗) Pre-IPO: Thoughts on Valuation 

Abbisko (和誉) Pre-IPO: Strong Team but FGFR Inhibitors Not Convincing Yet 

ANE Logistics Pre-IPO - PHIP Updates - Underlying Growth Is Far from Clear 

Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell? 

MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 

This week, Tam Jai, a restaurant chain operator, launched its US$179m IPO on Thursday. The company will price on 28th and trading debut will be on 7th October.

Tam Jai International IPO - Favourable Risk to Reward at Low End 
Asymchem Laboratories (002821 CH) and Lingyi-iTech received CSRC approval for their potential US$1.5bn and US$2bn H-shares listing, respectively. We also covered SenseTime Group (1475539D HK) which is likely to try to list by the end of this year.


Asymchem Labs A/H Listing Early Look - Fast Growing, Relatively Insulated 

SenseTime Group (商汤集团) Pre-IPO - Fast-Growing but Still Finding Its Footing 

And the U.S. finally gets breath of life with FWD Group Holdings (FWD US),  the insurance business of Pacific Century Group, filing its prospectus with the SEC for a US$3bn IPO. 
In India, we initiated on FSN E-Commerce Ventures (Nykaa) (1003622D IN) which is looking to raise around US$550m. The company is the leader in Beauty and Personal Care Platform in India in terms of value of products sold in FY21.

FSN E-Commerce (Nykaa) Pre-IPO - Mixed Bag - Fashion Growing, Beauty Slowing 
In Korea, we compared Simone to peers and shared our final thoughts on IPO valuation. The IPO’s bookbuild was delayed till mid October.

Simone IPO - Peer Comparison and an Uncompelling Valuation 
For IPO debuts, Simplex Holdings (4373 JP) traded well closing 27% higher on the first day whereas Broncus (2216 HK), owing to its expensive valuation and relatively poor IPO demand, closed almost 20% below IPO price based on Friday's close price.


Broncus (堃博医疗) IPO Trading: Chilled for a Reason but Mind the Share Concentration 

Simplex Holdings IPO Trading - Listing Round 2 

Tearsheets for newly filed IPOs this week:


Vedant Fashions Pre-IPO Tearsheet 

Shui on Xintiandi Pre-IPO Tearsheet 

AIM Vaccine (艾美疫苗) Pre-IPO Tearsheet (Refiled) 

It’s another busy week in the placement space. Transurban raised about US$2bn for the acquisition of the remaining 49% stake in WestConnex with a shortfall bookbuild that was priced close (2% discount) to its undisturbed price. Prudential also launched its US$2.9bn international and public offering in Hong Kong which had been well flagged. The deal was reportedly priced at HK$143.80, about 2.8% discount to Friday’s close price. 

Transurban Entitlement and Shortfall - Well Flagged Deal for a Well Known Asset
Prudential Hong Kong Offering - Well Flagged Pivot to Asia, Mind the Liquidity Gap
Centuria Industrial REIT - Past Deals Have Done Well, but This Deal Is Much Bigger

Momo.com Placement - Selldown by Woori, Could Be Worth a Small Bet 

Accuracy Rate:Our overall accuracy rate is 73.9% for IPOs and 67.9% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

Shukun Technologies (Hong Kong, &gt;US$100m)
GFT International (Hong Kong, US$100m)
Puranik Builders (India, re-filed, US$150m)
News on Upcoming IPOs  
Hong Kong/China
Weibo files confidentially for HK listing
DRC Bank prices IPO at bottom
Kangning Hospital reboots ChiNext IPO
Ningbo Ocean Shipping files for IPO
Lingyi Itech’s H-share IPO approved
R&amp;F Property Services IPO off
Airdoc pre-markets HK IPO
Inner Mongolia Yili Industrial Group’s Rmb12bn follow-on clears hearing
Jiangsu Yahong Meditech clears hearing for Rmb2.07bn Star IPO
MicroPort MedBot plans to seek listing approval this week
Asymchem Lab wins CSRC approval for HK listing
Tam Jai launches HK$1.4bn HK IPO
ANE, Abbisko pre-market HK IPOs
US/China ADRs
Photon plans US$350m US IPO
FWD files for NYSE IPO
Crescendo-Backed Singapore Startup Qxpress Said to Mull U.S. IPO
India
Aditya Birla AMC launches IPO
PB Fintech plans IPO in October
Oyo to file for local IPO
Droom plans IPO next year
Waaree Energies plans to file for Rs15bn IPO
Real estate developer Puranik Builders again files IPO papers with Sebi
SpiceJet to Raise $340 Million in Share Sale to Bolster Finances
Macleods Pharma Is Said to Pick Banks For $1 Billion Mumbai IPO
Japan/Korea
Kakao Pay delays W1.53trn IPO to November
K Car IPO books covered
Others
SEC approves AllDay Marts IPO
Emperador starts non-deal roadshows
Fonterra Co-operative to spin off Aussie unit on ASX
SG Lottery IPO: plug in $US1.6b debt, 80pc payout ratio
Vulcan Steel worth $1.1b to $1.5b: UBS
Singapore Startup Mirxes In Talks For $1.2 Billion SPAC Deal
Fonterra flags IPO for Australian arm, $1b to $2b valuation tipped
Siam Commercial to List Automobile Loan Units, Kaohoon Reports
Thailand’s Siam Commercial to Delist Shares in Major Revamp 
Stride Property Withdraws IPO of Fabric Property
Judo Bank plots pilot fishing trip, big fortnight ahead
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

APM Monaco
APM Monaco Pre-IPO - China’s Resilience Shines 


Airdoc
Beijing Airdoc (北京鹰瞳科技) Pre-IPO - A Niche Field with Merits but Can It Sell? 


Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Ambio
AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying 


Biel Crystal
Biel Crystal (伯恩光学) Pre-IPO - Industry Landscape &amp; Peer Comparison -  Auto Is the Wildcard 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact 


Cloud Village
Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up 


Edda 
EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going 


Dingdang
Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Imeik
Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation 


Jenscare
Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio 


MicroPort Medbot
MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well 


NewMed
NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR 


Neusoft Xikang
Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit 


Neusoft Med
Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Weilong

Weilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers 


Weilong

Weilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation 


WM Tech

WM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage 


WM Tech

WM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


Aditya AMC

Aditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food



ECM Weekly (26th September 2021) - Hanyu Med, Abbisko, SenseTime, ANE, Nykaa, Prudential HK

Hong Kong

FWD Group Holdings Limited offers insurance services. The Company provides life insurance, health insurance, and other related products. FWD Group Holdings conducts businesses throughout Hong Kong.

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FWD Group Holdings (1828 HK)

FWD Pre-IPO - The Positives - Growing Fast

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note, we will talk about the positive...

Sumeet Singh

ECM Weekly (26th September 2021) - Hanyu Med, Abbisko, SenseTime, ANE, Nykaa, Prudential HK

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)