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

New Ruipeng Pet Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/new-ruipeng-pet-group-inc" target="_blank" data-smartkarma-citation="entities:36735:1" rel="noopener">New Ruipeng Pet Group (RPET US)</a> is looking to raise at least US$100m in its upcoming US IPO.</li>
<li>New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets. </li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.</li>
</ul>



New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO.
New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets. 
In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.


New Ruipeng Pet Group Pre-IPO Peer Comparison - Largest Domestic Player, but Smallest Margins

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/hesai-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:95074" rel="noopener">Hesai Group IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/hesai-group-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:95100" rel="noopener">Hesai Group IPO: The Bear Case</a>. </li>
<li>In this note, we present our forecasts and discuss valuation. Our analysis suggests that Hesai is unattractively valued at the IPO price range. We would pass on the IPO.</li>
</ul>



Hesai Group (HSAI US) has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.
We previously discussed the IPO in Hesai Group IPO: The Bull Case and Hesai Group IPO: The Bear Case. 
In this note, we present our forecasts and discuss valuation. Our analysis suggests that Hesai is unattractively valued at the IPO price range. We would pass on the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.</li>
<li>In <a href="https://www.smartkarma.com/insights/hesai-group-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:95074" rel="noopener">Hesai Group IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on continuing pricing pressure, declining contract liabilities, gross margin decline, ongoing losses, worsening cash conversion cycle and FCF burn.</li>
</ul>



Hesai Group (HSAI US) has launched a Nasdaq IPO to raise up to US$171 million at an indicative price range of US$17-19 per ADS.
In Hesai Group IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on continuing pricing pressure, declining contract liabilities, gross margin decline, ongoing losses, worsening cash conversion cycle and FCF burn.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case valuation of Hesai Group is implied market cap of US$3.4 billion or target price of US$27.1 per share.</li>
<li>Our target price is 43% higher than the high end of the IPO price of US$19 per share. Given the solid upside, we have a positive view of this IPO. </li>
<li>The company's superior technology in the LiDAR product segment along with its global market leadership should help Hesai Group to successfully complete this IPO despite political risks related to China. </li>
</ul>


Our base case valuation of Hesai Group is implied market cap of US$3.4 billion or target price of US$27.1 per share.
Our target price is 43% higher than the high end of the IPO price of US$19 per share. Given the solid upside, we have a positive view of this IPO. 
The company's superior technology in the LiDAR product segment along with its global market leadership should help Hesai Group to successfully complete this IPO despite political risks related to China. 


Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a> launches a US$600 million IDX IPO and <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> launches a US$171 million Nasdaq IPO.</li>
<li>Event-Driven developments <a href="https://www.smartkarma.com/entities/halcyon-agri-corp-ltd" target="_blank" data-smartkarma-citation="entities:18191:1" rel="noopener">Halcyon Agri (HACL SP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/nissin-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:18567:1" rel="noopener">Nissin Electric (6641 JP)</a>, <a href="https://www.smartkarma.com/entities/techno-associe-co-ltd" target="_blank" data-smartkarma-citation="entities:3893:1" rel="noopener">Techno Associe (8249 JP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>, <a href="https://www.smartkarma.com/entities/o2micro-international-limited" target="_blank" data-smartkarma-citation="entities:36418:1" rel="noopener">O2Micro International (OIIM US)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Pertamina Geothermal (0125738D IJ) launches a US$600 million IDX IPO and Hesai Group (HSAI US) launches a US$171 million Nasdaq IPO.
Event-Driven developments Halcyon Agri (HACL SP), Toshiba Corp (6502 JP), Nissin Electric (6641 JP), Techno Associe (8249 JP), Pushpay Holdings (PPH NZ), Nitro Software Ltd (NTO AU), O2Micro International (OIIM US). 


Weekly Deals Digest (05 Feb) - Pertamina Geothermal, Hesai, Halcyon, Toshiba, Pushpay, O2Micro

China

Hesai develops, manufactures, and sells three-dimensional LiDAR solutions for advanced driver assistance systems, autonomous vehicles, and robotics. The company's products are used in passenger and commercial vehicles, as well as various industrial and service robots. Hesai was founded in October 2014 and is headquartered in Shanghai, China.

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Hesai (2525 HK)

New Ruipeng Pet Group Pre-IPO Peer Comparison - Largest Domestic Player, but Smallest Margins

New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO. In this note, we undertake a peer comparison.

Clarence Chu

Hesai Group IPO: Valuation Insights

In this note, we present our forecasts and discuss valuation. Our analysis suggests that Hesai is unattractively valued at the IPO price range. We...

Arun George

Hesai Group IPO: The Bear Case

The key elements of the bear case rest on continuing pricing pressure, declining contract liabilities, gross margin decline, ongoing losses,...

Arun George

HESAI Group IPO Valuation Analysis

Our base case valuation of Hesai Group is implied market cap of US$3.4 billion or target price of US$27.1 per share which is 43% higher than the...

Douglas Kim

Weekly Deals Digest (05 Feb) - Pertamina Geothermal, Hesai, Halcyon, Toshiba, Pushpay, O2Micro

Last week, notable developments occurred in Event-Driven (Nissin Electric, Techno Associe, Toshiba, Halcyon, O2Micro, Elmo, Nitro, Pushpay,...

Arun George

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