Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, 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.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>As 2022 comes to an end, we revisit our IPO calls over the last 12-months and how these stocks have performed to assess the effectiveness of our calls.</li>
<li>We made explicit buy/sell calls on 12 IPOs during this period with a hit-rate of 83.3% with Grab, GoTo, Cloud Music, SenseTime and Leapmotor IPOs making the highest returns.</li>
<li>We also wrote on several other IPOs during this period, however, those IPOs have not received approval yet.</li>
</ul>


As 2022 comes to an end, we revisit our IPO calls over the last 12-months and how these stocks have performed to assess the effectiveness of our calls.
We made explicit buy/sell calls on 12 IPOs during this period with a hit-rate of 83.3% with Grab, GoTo, Cloud Music, SenseTime and Leapmotor IPOs making the highest returns.
We also wrote on several other IPOs during this period, however, those IPOs have not received approval yet.


Hangzhou Bioer Technology / Equity Capital Markets

<ul>
<li>Bioer designs, manufactures and sells three categories of PCR products: instruments, reagents and consumables. With the spread of COVID-19, the company experienced strong growth in revenue and margin improvements. </li>
<li>The company has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of around US$200m</li>
<li>Strong growth in Bioer’s revenue over the last two years was predominantly driven by the spread of COVID-19. We are concerned on the company’s ability to maintain its revenues post-COVID.</li>
</ul>


Bioer designs, manufactures and sells three categories of PCR products: instruments, reagents and consumables. With the spread of COVID-19, the company experienced strong growth in revenue and margin improvements. 
The company has filed for an IPO to list its shares on the Hong Kong Stock Exchange and plans to raise proceeds of around US$200m
Strong growth in Bioer’s revenue over the last two years was predominantly driven by the spread of COVID-19. We are concerned on the company’s ability to maintain its revenues post-COVID.


Bioer IPO: Currently Holding Strong but Would Growth Rates Sustain Post-COVID?

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>Hangzhou Bioer is a leading PCR player in China. The company is looking to raise up to USD 200m via a Hong Kong listing.</li>
<li>We look at the company's key segments and products. We think the company will face significant risk post-pandemic.</li>
<li>Its management and investor lineup are also not impressive. It also has risk of being sanctioned.</li>
</ul>


Hangzhou Bioer is a leading PCR player in China. The company is looking to raise up to USD 200m via a Hong Kong listing.
We look at the company's key segments and products. We think the company will face significant risk post-pandemic.
Its management and investor lineup are also not impressive. It also has risk of being sanctioned.


Hangzhou Bioer (杭州博日科技) Pre-IPO: COVID-19 Tailwind to Stop

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-bioer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33513:1" rel="noopener">Hangzhou Bioer Technology (BIOER HK)</a>’s outstanding financial performance was mainly driven by the pandemic.</li>
<li>After the pandemic is under control,it depends on how many reagents in terminal scenarios are reported to have specified Bioer's PCR instruments, which could judge if Bioer’s performance is sustainable.</li>
<li>With just three reagents got approval, it remains to be seen whether Bioer would continue to rise or fall instead based on our analysis. </li>
</ul>



Hangzhou Bioer Technology (BIOER HK)’s outstanding financial performance was mainly driven by the pandemic.
After the pandemic is under control,it depends on how many reagents in terminal scenarios are reported to have specified Bioer's PCR instruments, which could judge if Bioer’s performance is sustainable.
With just three reagents got approval, it remains to be seen whether Bioer would continue to rise or fall instead based on our analysis. 


Pre-IPO Hangzhou Bioer Technology - Key Judgement on Performance Sustainability and Other Concerns

<p>On June 11, <a href="https://www.smartkarma.com/entities/hangzhou-bioer-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:33513:1" rel="noopener">Hangzhou Bioer Technology (BIOER HK)</a> officially started the IPO process by submitting a prospectus to the HKEX. Bioer was founded in 2002 and has developed for 19 years, but its performance soared during the COVID-19 and ushered in great changes. Therefore, this may be the best time to launch an IPO for Bioer. However, aside from the outstanding financial performance brought by the pandemic, there are also some concerns and potential risks that worth the attention of investors.</p>

On June 11, Hangzhou Bioer Technology (BIOER HK) officially started the IPO process by submitting a prospectus to the HKEX. Bioer was founded in 2002 and has developed for 19 years, but its performance soared during the COVID-19 and ushered in great changes. Therefore, this may be the best time to launch an IPO for Bioer. However, aside from the outstanding financial performance brought by the pandemic, there are also some concerns and potential risks that worth the attention of investors.

Pre-IPO Hangzhou Bioer Technology - Concerns Behind the Outstanding Performance

China

Hangzhou Bioer Technology Co. Ltd. (BIOER) is a professional enterprise engaged in life science instruments and reagents develop, product, sales and service.

Hangzhou Bioer Technology (BIOER HK)

Our IPO Calls for 2022

As 2022 comes to an end, we revisit our IPO calls for 2022 and assess the performance of these calls which had a hit rate of 83.3%. Some of the...

Shifara Samsudeen, ACMA, CGMA

Bioer IPO: Currently Holding Strong but Would Growth Rates Sustain Post-COVID?

Strong growth in Bioer’s earnings over the last two years was predominantly driven by the spread of COVID-19. We think Bioer’s growth prospects are...

Shifara Samsudeen, ACMA, CGMA

Hangzhou Bioer (杭州博日科技) Pre-IPO: COVID-19 Tailwind to Stop

We look at Hangzhou Bioer Technology which is a leading player in the PCR device market in China. We are of the view that the surge of revenue...

Ke Yan, CFA, FRM

Pre-IPO Hangzhou Bioer Technology - Key Judgement on Performance Sustainability and Other Concerns

This insight analyzed the reason of outstanding financial performance, the business, the outlook, the concerns, the thoughts on valuation and the...

Xinyao (Criss) Wang

Pre-IPO Hangzhou Bioer Technology - Concerns Behind the Outstanding Performance

This article mainly analyzed the concerns and the business outlook behind Bioer Technology's outstanding financial and operating performance and...

Xinyao (Criss) Wang