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.

Equity Capital Markets

ADICON Holdings Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.</li>
<li>Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost &amp; Sullivan.</li>
<li>The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation. </li>
</ul>



ADICON Holdings Limited (ADI HK) is pre-marketing an HKEx IPO to raise up to US$400 million, according to press reports.
Adicon is the third largest independent clinical laboratories (ICL) service provider in China, with an 8.6% market share of the non-COVID-19 testing market in 2021, according to Frost &amp; Sullivan.
The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19 testing growth, stable EBITDA margin and cash generation. 


APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>  is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.</li>
<li>In this note, we talk about our thoughts on valuation. </li>
</ul>



ADICON Holdings Limited (ADI HK)  is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S.
In this note, we talk about our thoughts on valuation. 


Adicon Holdings Pre-IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. </li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. 
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Adicon Holdings Pre-IPO - Peer Comparison - When Your Peers Seem to Stand Out More

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>ADICON Holdings is one of top three independent clinical laboratories (ICL) in China based on total revenues. The company offers testing services primarily to hospitals and health check centres.</li>
<li>The company’s application for a HKEx listing has been approved and according to news media outlets, ADICON plans to raise around US$400m through the IPO.</li>
<li>Over the last three years, most of <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> ’s growth were driven by Covid-19 related testing services which are likely to see huge decline going forward.</li>
</ul>


ADICON Holdings is one of top three independent clinical laboratories (ICL) in China based on total revenues. The company offers testing services primarily to hospitals and health check centres.
The company’s application for a HKEx listing has been approved and according to news media outlets, ADICON plans to raise around US$400m through the IPO.
Over the last three years, most of ADICON Holdings Limited (ADI HK) ’s growth were driven by Covid-19 related testing services which are likely to see huge decline going forward.


ADICON Holdings IPO: Covid Driven Earnings to Decline While Growth Prospects Remain Uncertain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a> is looking to raise about US$400m in its upcoming HK IPO. </li>
<li>Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. </li>
<li>Adicon’s revenue growth has been driven by its medical diagnostic testing services segment, during the track record period. However, much of its growth appears to be driven by COVID-19 testing. </li>
</ul>



ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. 
Adicon Holdings is one of the top three independent clinical laboratory (ICL) service providers in China in terms of total revenue during the Track Record Period, according to F&amp;S. 
Adicon’s revenue growth has been driven by its medical diagnostic testing services segment, during the track record period. However, much of its growth appears to be driven by COVID-19 testing. 


Adicon Holdings Pre-IPO - Too Much Growth from COVID-19

China

Guangzhou Kingmed Diagnostics Group Co., Ltd. operates as a medical laboratory. The Company provides clinical testing, pathology diagnosis outsourcing, and other services. Guangzhou Kingmed Diagnostics Group provides services to various medical institutions including hospitals, maternal, child health centers, health centers, and other places.

Guangzhou Kingmed Diagnostics (603882 CH)

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Guangzhou Kingmed Diagnostics (603882 CH)

ADICON Holdings IPO: The Bull Case

The key elements of the bull case rest on the growing non-COVID-19 testing addressable market, improving market sentiment, strong non-COVID-19...

Arun George

Adicon Holdings Pre-IPO - Thoughts on Valuation

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. In this note, we talk about our thoughts on valuation.

Ethan Aw

Adicon Holdings Pre-IPO - Peer Comparison - When Your Peers Seem to Stand Out More

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. In this note, we talk about peer comparison.

Ethan Aw

ADICON Holdings IPO: Covid Driven Earnings to Decline While Growth Prospects Remain Uncertain

Most of ADICON’s growth during the last three years were driven by Covid-19 related testing services which would see huge decline going forward...

Shifara Samsudeen, FCMA, CGMA

Adicon Holdings Pre-IPO - Too Much Growth from COVID-19

ADICON Holdings Limited (ADI HK) is looking to raise about US$400m in its upcoming HK IPO. Unfortunately, much of its growth appears to be driven...

Ethan Aw

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