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

Hangzhou Tigermed Consulting C / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a> is a global contract research organisation (CRO). Tigermed is the largest clinical CRO in China with a market share of 8.4% as measured by revenue in China’s clinical CRO market in 2019, according to Frost &amp; Sullivan. Tigermed has launched its Hong Kong IPO at an indicative price range of HK$88-100 per share to raise gross proceeds of $1.2-1.4 billion.</p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/tigermed-ipo-initiation-trade-offs" target="_blank" rel="noopener">our initiation note</a>, we stated that Tigermed’s financial performance is creditable on a standalone basis and in comparison, to peers. However, our enthusiasm was tempered by a seemingly aggressive revenue recognition policy. Our <a href="https://www.smartkarma.com/insights/tigermed-ipo-phip-highlights-the-trade-offs" target="_blank" rel="noopener">follow-on note</a> which examined the PHIP suggested that the positives outweigh the negatives. Our valuation analysis suggests that the IPO valuation is attractive at the low-end of the proposed IPO price range. </p></div></div></div>

Hangzhou Tigermed Consulting (H) (3347 HK) is a global contract research organisation (CRO). Tigermed is the largest clinical CRO in China with a market share of 8.4% as measured by revenue in China’s clinical CRO market in 2019, according to Frost &amp; Sullivan. Tigermed has launched its Hong Kong IPO at an indicative price range of HK$88-100 per share to raise gross proceeds of $1.2-1.4 billion.In our initiation note, we stated that Tigermed’s financial performance is creditable on a standalone basis and in comparison, to peers. However, our enthusiasm was tempered by a seemingly aggressive revenue recognition policy. Our follow-on note which examined the PHIP suggested that the positives outweigh the negatives. Our valuation analysis suggests that the IPO valuation is attractive at the low-end of the proposed IPO price range. 

China

Hangzhou Tigermed Consulting Co.,Ltd. provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis. Hangzhou Tigermed Consulting offers services worldwide.

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Hangzhou Tigermed Consulting C (3347 HK)

Tigermed IPO: Valuation Insights

Hangzhou Tigermed Consulting (H) (3347 HK) is a global contract research organisation (CRO). Tigermed is the largest clinical CRO in China with a...

Arun George

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