APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the not-so-positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>LIM Japan Event Master Fund sent a document to <a href="https://www.smartkarma.com/entities/torii-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:3253:1" rel="noopener">Torii Pharmaceutical (4551 JP)</a> requesting the company to distribute 100% of its surplus to shareholders and conduct a drastic share buyback.</li>
<li>LIM is of view that Torii has excess cash balances, which is more than the market cap of the company. Inefficient use of capital has led to low single-digit ROE.</li>
<li>Torii opposes the proposal, as the company thinks it needs adequate cash to pursue business development aka in-licensing of new drugs.  </li>
</ul>


LIM Japan Event Master Fund sent a document to Torii Pharmaceutical (4551 JP) requesting the company to distribute 100% of its surplus to shareholders and conduct a drastic share buyback.
LIM is of view that Torii has excess cash balances, which is more than the market cap of the company. Inefficient use of capital has led to low single-digit ROE.
Torii opposes the proposal, as the company thinks it needs adequate cash to pursue business development aka in-licensing of new drugs.  


Torii Pharmaceutical (4551 JP): Board Opposes Shareholder Proposal for Appropriation of Surplus

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV.</li><li>In the U.S., Sunlenca received its foremost approval for heavily treatment-experienced adults having multidrug-resistant HIV infection.</li><li>The company continues to add further programs, including its new preclinical candidate to collaborate with lenacapavir for its long-acting HIV treatment programs.</li></ul>

Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV.In the U.S., Sunlenca received its foremost approval for heavily treatment-experienced adults having multidrug-resistant HIV infection.The company continues to add further programs, including its new preclinical candidate to collaborate with lenacapavir for its long-acting HIV treatment programs.

Gilead Sciences Inc.: Advancement In Autoimmune Immunotherapy Pipeline & Other Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.</li>
<li>While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).</li>
<li>Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.</li>
</ul>



Ono Pharmaceutical (4528 JP) is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.
While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).
Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.


Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

United States

Gilead Sciences, Inc. is a research-based biopharmaceutical company that discovers, develops, and commercializes therapeutics to advance the care of patients suffering from life-threatening diseases.  The Company's primary areas of focus include HIV/AIDS, liver disease and serious cardiovascular and respiratory conditions.

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Gilead Sciences (GILD US)

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

Torii Pharmaceutical (4551 JP): Board Opposes Shareholder Proposal for Appropriation of Surplus

LIM Japan has sent a document to Torii Pharmaceutical requesting the company to distribute 100% of its surplus to shareholders and conduct a...

Tina Banerjee

Gilead Sciences Inc.: Advancement In Autoimmune Immunotherapy Pipeline & Other Drivers

Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV. In the U.S.,...

Baptista Research

Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Driven by indication expansion, Ono expects Opdivo sales to reach ¥155B in FY23, up 38% y/y. The company is developing clinical pipeline beyond...

Tina Banerjee

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WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu

Torii Pharmaceutical (4551 JP): Board Opposes Shareholder Proposal for Appropriation of Surplus

LIM Japan has sent a document to Torii Pharmaceutical requesting the company to distribute 100% of its surplus to shareholders and conduct a...

Tina Banerjee

Gilead Sciences Inc.: Advancement In Autoimmune Immunotherapy Pipeline & Other Drivers

Gilead had a very strong quarter with solid growth in each of its core franchises and across all geographies led by oncology and HIV. In the U.S.,...

Baptista Research

Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Driven by indication expansion, Ono expects Opdivo sales to reach ¥155B in FY23, up 38% y/y. The company is developing clinical pipeline beyond...

Tina Banerjee