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>The CapVest scheme meeting is scheduled for 6 June and the CapVest takeover offer runs from 6 May to 5 July. The BGH takeover is open and ends 20 May.</li>
<li>The independent expert has concluded that both CapVest and BGH’s proposals are fair and reasonable. <a href="https://www.smartkarma.com/entities/virtus-health-ltd" target="_blank" data-smartkarma-citation="entities:14776:1" rel="noopener">Virtus Health (VRT AU)</a> shares currently trade above both proposals. </li>
<li>With BGH unwilling to concede to CapVest, it is likely that BGH increases its 20.02% stake at a higher price than its takeover offer, resulting in a higher offer price.  </li>
</ul>


The CapVest scheme meeting is scheduled for 6 June and the CapVest takeover offer runs from 6 May to 5 July. The BGH takeover is open and ends 20 May.
The independent expert has concluded that both CapVest and BGH’s proposals are fair and reasonable. Virtus Health (VRT AU) shares currently trade above both proposals. 
With BGH unwilling to concede to CapVest, it is likely that BGH increases its 20.02% stake at a higher price than its takeover offer, resulting in a higher offer price.  


CapVest Scheme Meeting on 6 Jun, CapVest Takeover Offer Open 6 May to 5 July

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Rainbow Children's Medicare / Equity Capital Markets

<ul>
<li>Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.</li>
<li>RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.</li>
<li>In this note, we will talk about the recent updates and peer comparison.</li>
</ul>


Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO.
RCH is a multi-specialty pediatric and obstetrics and gynecology hospital chain in India, operating 14 hospitals and three clinics in six cities, with a total bed capacity of 1,500 beds.
In this note, we will talk about the recent updates and peer comparison.


Rainbow Children’s Hospital - Recent Updates and Peer Comp

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

Jinxin Fertility Group  / Equity Bottom-Up

<ul>
<li>Jinxin announced in recent days that it further increases stake in Shenzhen Hospital, Jiuzhou Hospital and Hewanjia Hospital.</li>
<li>In this note, we analyze the impact on the company. We think the acquisition is sensible when the market sentiment is weak. </li>
<li>We also summarize recent industry development and the company's FY2021 results. We are turning relatively more bearish.</li>
</ul>


Jinxin announced in recent days that it further increases stake in Shenzhen Hospital, Jiuzhou Hospital and Hewanjia Hospital.
In this note, we analyze the impact on the company. We think the acquisition is sensible when the market sentiment is weak. 
We also summarize recent industry development and the company's FY2021 results. We are turning relatively more bearish.


Jinxin Fertility: Shenzhen and Yunnan Acquisitions

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>As China’s leading assisted reproductive service provider, <a href="https://www.smartkarma.com/entities/jinxin-fertility-group-ltd" target="_blank" data-smartkarma-citation="entities:28003:1" rel="noopener">Jinxin Fertility Co Ltd (1951 HK)</a> can be negatively affected by the country’s consistently falling birth rate.</li>
<li>The company performed 27,354 IVF cycles in 2021, 20% higher than that of 2020. However, it is still lower than 27,854 IVF cycles performed in 2019, pre-COVID era.</li>
<li>Concern over the fact that the Chinese government may impose restrictions on the for-profit healthcare service providers, like it did for K12 education sector, is souring near-term sentiment.</li>
</ul>


As China’s leading assisted reproductive service provider, Jinxin Fertility Co Ltd (1951 HK) can be negatively affected by the country’s consistently falling birth rate.
The company performed 27,354 IVF cycles in 2021, 20% higher than that of 2020. However, it is still lower than 27,854 IVF cycles performed in 2019, pre-COVID era.
Concern over the fact that the Chinese government may impose restrictions on the for-profit healthcare service providers, like it did for K12 education sector, is souring near-term sentiment.


Jinxin Fertility (1951 HK): Regulatory Risk and Macro Headwind Jeopardize Growth Prospect

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>IVF penetration rate in China is not high and the rate of improvement is very slow. With public hospitals accounting for over 90% market share, Jinxin’s growth space is limited.</li>
<li>Jinxin has extended its business scope to support the entire fertility and pregnancy lifecycle. But it could drag down the overall net profit margin,resulting in lower-than-expected performance in the end.</li>
<li>The breakthrough point is internationalization. If COVID-19 is under control and Jinxin continues to expand overseas markets successfully, it could change its valuation logic and open up upward potential.</li>
</ul>


IVF penetration rate in China is not high and the rate of improvement is very slow. With public hospitals accounting for over 90% market share, Jinxin’s growth space is limited.
Jinxin has extended its business scope to support the entire fertility and pregnancy lifecycle. But it could drag down the overall net profit margin,resulting in lower-than-expected performance in the end.
The breakthrough point is internationalization. If COVID-19 is under control and Jinxin continues to expand overseas markets successfully, it could change its valuation logic and open up upward potential.


Jinxin Fertility Co Ltd (1951.HK) - The Outlook Is Not Optimistic Even with Policy Support

China

Jinxin Fertility Group Limited provides assisted reproductive services. The Company offers vitro fertilization services, embryo transfer services, management services, and other services. Jinxin Fertility Group also provides ancillary medical services.

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Jinxin Fertility Group (1951 HK)

CapVest Scheme Meeting on 6 Jun, CapVest Takeover Offer Open 6 May to 5 July

The shares currently trade above both the CapVest and BGH proposals. It is likely that BGH further increases its stake at a higher price than its...

Arun George

Rainbow Children’s Hospital - Recent Updates and Peer Comp

Rainbow Children’s Hospital (RCH) aims to raise around US$200m via issuing a mix of primary and secondary shares in its India IPO. In this note, we...

Sumeet Singh

Jinxin Fertility: Shenzhen and Yunnan Acquisitions

We analyze the impact of its recent acquisition of stakes in Shenzhen Hospital and two Yunnan hospitals, and recent industry and company...

Ke Yan, CFA, FRM

Jinxin Fertility (1951 HK): Regulatory Risk and Macro Headwind Jeopardize Growth Prospect

China’s record low birth rate and policy overhangs are souring investor sentiment on Jinxin Fertility. Current COVID situation in China is also not...

Tina Banerjee

Jinxin Fertility Co Ltd (1951.HK) - The Outlook Is Not Optimistic Even with Policy Support

Despite “Third Child Policy”, Jinxin's outlook is challenging due to low IVF penetration rate, dominance of public hospitals, low profit margin of...

Xinyao (Criss) Wang

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