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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mnc-solution" target="_blank" data-smartkarma-citation="entities:44082:1" rel="noopener">MNC Solution (MNC KS)</a> is looking to raise US$200m in its Korea IPO.</li>
<li>MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.</li>
<li>In our previous note, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



MNC Solution (MNC KS) is looking to raise US$200m in its Korea IPO.
MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
In our previous note, we looked at the firm’s past performance and undertook a peer comparison. In this note, we discuss our thoughts on valuation.


MNC Solutions Pre-IPO - Thoughts on Valuation - Defensively, Would Ideally like a Further Discount

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mnc-solution" target="_blank" data-smartkarma-citation="entities:44082:1" rel="noopener">MNC Solution (MNC KS)</a> is looking to raise US$200m in its upcoming Korea IPO.</li>
<li>MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.</li>
<li>In our previous note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.</li>
</ul>



MNC Solution (MNC KS) is looking to raise US$200m in its upcoming Korea IPO.
MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
In our previous note, we looked at the firm’s past performance. In this note, we undertake a peer comparison.


MNC Solutions Pre-IPO Peer Comparison - Tiny Player Outgrowing Peers

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.

Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/renewable-japan-co-ltd" target="_blank" data-smartkarma-citation="entities:35211:1" rel="noopener">Renewable Japan (9522 JP)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/net-one-systems-co-ltd" target="_blank" data-smartkarma-citation="entities:1279:1" rel="noopener">Net One Systems (7518 JP)</a>, <a href="https://www.smartkarma.com/entities/avarga-ltd" target="_blank" data-smartkarma-citation="entities:13105:1" rel="noopener">Avarga Ltd (AVARGA SP)</a>, <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a>, <a href="https://www.smartkarma.com/entities/nishimoto-co-ltd" target="_blank" data-smartkarma-citation="entities:44086:1" rel="noopener">Nishimoto (9260 JP)</a>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Renewable Japan (9522 JP), Shanghai Henlius Biotech (2696 HK), Macromill, Inc (3978 JP), Seven &amp; I Holdings (3382 JP), Canvest Environmental Protection Group (1381 HK). 

Lowest spreads: Nec Networks &amp; System Integr (1973 JP), Net One Systems (7518 JP), Avarga Ltd (AVARGA SP), T Gaia Corp (3738 JP), Nishimoto (9260 JP), Elematec Corp (2715 JP). 


Merger Arb Mondays (18 Nov) - Henlius, GAPack, Xingda, Seven & I, Fuji Soft, NEC Networks, Macromill

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mnc-solution" target="_blank" data-smartkarma-citation="entities:44082:1" rel="noopener">MNC Solution (MNC KS)</a> MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.</li>
<li>MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO.
MNC Solutions (MNC) supplies high-precision control components for maritime and aviation weaponry, and travel devices for stabilization to the defense industry.
In this note, we look at the firm’s past performance.


MNC Solutions Pre-IPO - Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanwha-corporation" target="_blank" data-smartkarma-citation="entities:10619:1" rel="noopener">Hanwha Corporation (000880 KS)</a> is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>'s deconsolidation of <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech (LEGN US)</a>?</li>
<li>Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Hanwha Corporation (000880 KS) is "expensive" on my monitor. But that doesn't paint the whole picture. And what's up with Genscript Biotech (1548 HK)'s deconsolidation of Legend Biotech (LEGN US)?
Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

South Korea

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hanwha Aerospace (012450 KS)

MNC Solutions Pre-IPO - Thoughts on Valuation - Defensively, Would Ideally like a Further Discount

MNC Solution (MNC KS) is looking to raise US$200m in its Korea IPO. In our previous note, we looked at the firm’s past performance. In this note,...

Clarence Chu

MNC Solutions Pre-IPO Peer Comparison - Tiny Player Outgrowing Peers

MNC Solution (MNC KS) is looking to raise US$200m in its upcoming Korea IPO. In our previous note, we looked at the firm’s past performance. In...

Clarence Chu

Merger Arb Mondays (18 Nov) - Henlius, GAPack, Xingda, Seven & I, Fuji Soft, NEC Networks, Macromill

This week, the highest gross spreads are Renewable Japan (80.3%), Henlius (22.1%), Macromill (18.4%), Seven & I (14.8%), Canvest (14.0%), GA Pack...

Arun George

MNC Solutions Pre-IPO - Momentum Has Been Very Strong, Although Some Corp Gov Issues to Watch For

MNC Solution (MNC KS) MNC Solutions is looking to raise US$200m in its upcoming Korea IPO. In this note, we look at the firm’s past performance.

Clarence Chu

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

Hanwha Corp appears attractive here. The pushback is that HC is thinly traded. And Genscript’s deconsolidation has minimal impact on financials...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)