APAC IPOs & Placements

Zhen Zhou, Toh

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

Kilcoy Global Foods / Equity Capital Markets

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
ECM activity in Asia has quieten down as markets took a dive in this week.
We were expecting some IPOs to come to market soon but some were already said to be delaying their launch. InnoCare Pharma Ltd (1576300D CH) which was planning to start gauging demand for its IPO decided to postpone investors' meeting. Nonetheless, Ke Yan, CFA, FRM has already shared his thoughts on valuation in:

InnoCare (诺诚健华) Pre-IPO: Thoughts on Valuation 
We also have not heard anything on Lion Air's IPO after it was reported last week that it has started to premarket its IPO. Other IPOs in the pipeline includes Mr. DIY which will likely premarket/launch by this quarter and Megvii Technology (1737211D HK) which was said to have been approved and will look to launch after Chinese New Year.

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 
In India, the pipeline continues to grow with the Government of India announcing its intention to list LIC (Life Insurance Corp) in FY21. The company is the largest life insurance company in India with over 50% market share. Upon listing it will likely be one of the largest listed stocks in India. We await more details to be reported.
In Singapore, Elite Commercial REIT prices IPO at $1.21 per unit and trading debut will be on the 6th of February. On a side note, the smaller Trans-cab IPO bites the dust again with as the company is postponing it on the back of virus outbreak concerns.

Elite Commercial REIT IPO - Probably Just About Fairly Valued at the Low-End 
Accuracy Rate:Our overall accuracy rate is 73.6% for IPOs and 65% for Placements (Performance measurement criteria is explained at the end of the note)No new IPO filings this week  
Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.News on Upcoming IPOs  

Second biggest pubs group may toast $1b IPO
Prestige Group seeks to raise up to $400m before REIT listing 
Biotech Firm InnoCare Delays Hong Kong IPO Step on Virus Fears
Elite Commercial REIT prices IPO at $1.21 apiece
Analysis on Upcoming IPOs  


InnoCare (诺诚健华) Pre-IPO: Thoughts on Valuation 

Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Name
Insight

Hong Kong

Ant Financial
Ant Financial IPO Early Thought: Understand Fintech Empire, Growth &amp; Risk Factors


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


Helenbergh
Helenbergh (海伦堡) Early Thoughts - The Usual Red Flag - Related Party Transactions


Innocare
InnoCare (诺诚健华) Pre-IPO: A Decent Team but Short of Clinical Stage Candidates 


Innocare
InnoCare (诺诚健华) Pre-IPO: Thoughts on Valuation 


Jiumaojiu
Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Megvii

Megvii (旷视) Pre-IPO - Remarkable Growth (Part 1) 


Megvii

Megvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential 


Megvii

Megvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent 


Megvii

Megvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis 


Megvii

Megvii (旷视) Pre-IPO -  Initial Thoughts on Valuation 


MicuRx
MicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment


Smoore
Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology 


Smoore
Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years 


Smoore
Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


Yeahka

Yeahka (移卡) Pre-IPO Review - Growing in an Increasingly Competitive Space 

India

ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Aakash Edu
Aakash Education Pre-IPO - Fast Growth in an Attractive Sector


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Burger King
Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster 


Burger King
Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


Mazagon
Mazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending


Mindspace

Mindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal 


Mrs. Bector
Mrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta


Lodha
Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable


Lodha
Lodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


SBI Cards

SBI Cards and Payments Pre-IPO - The Positives - Ticks a Lot of Boxes 


SBI Cards

SBI Cards and Payments Pre-IPO - The Negatives - Banking on a Single Growth Driver 

Malaysia

Mr DIY

Mr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia 


Mr DIY

Mr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition 


QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

The U.S

CDP

CDP Holdings Pre-IPO Review - Highly Reliant on Best Inc. 


CloudMinds
CloudMinds Inc Early Thoughts - Still Nascent


Huize

Huize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business 



ECM Weekly (2 Feb 2020) - Smoore, Innocare, Kilcoy Global, Mr. DIY

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<div>
<p><a href="https://www.smartkarma.com/entities/kilcoy-global-foods" target="_blank" data-smartkarma-citation="entities:28813:1" rel="noopener">Kilcoy Global Foods (KIL HK)</a> (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on premium beef and other high quality animal protein products. KGF has operations and processing facilities located across Australia, China and the United States.</p>
</div>
<div>
<p>KGF was setup in 2013 and has since grown via a series of acquisitions. It is backed by <a href="https://www.smartkarma.com/entities/new-hope-liuhe-co-ltd-a" target="_blank" data-smartkarma-citation="entities:12912:1" rel="noopener">New Hope Liuhe (000876 CH)</a>. </p>
</div>
<div>
<p>Given the complex nature of its operations, I have split this insight into two parts. In the first part, I'll talked about the company background and the positive aspects of the deal (see <a href="https://www.smartkarma.com/insights/kilcoy-global-foods-pre-ipo-rapid-earnings-growth-on-the-back-of-margin-improvement" target="_blank" rel="noopener">Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement</a>)</p>
<p>In this part, I'll talk about the negative aspects and briefly touch upon valuations.</p>
</div>


Kilcoy Global Foods (KIL HK) (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on premium beef and other high quality animal protein products. KGF has operations and processing facilities located across Australia, China and the United States.


KGF was setup in 2013 and has since grown via a series of acquisitions. It is backed by New Hope Liuhe (000876 CH). 


Given the complex nature of its operations, I have split this insight into two parts. In the first part, I'll talked about the company background and the positive aspects of the deal (see Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement)
In this part, I'll talk about the negative aspects and briefly touch upon valuations.


Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

<p><a href="https://www.smartkarma.com/entities/kilcoy-global-foods" target="_blank" data-smartkarma-citation="entities:28813:1" rel="noopener">Kilcoy Global Foods (KIL HK)</a> (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on premium beef and other high quality animal protein products. KGF has operations and processing facilities located across Australia, China and the United States.</p>
<p>KGF was setup in 2013 and has since grown via a series of acquisitions. It is backed by <a href="https://www.smartkarma.com/entities/new-hope-liuhe-co-ltd-a" target="_blank" data-smartkarma-citation="entities:12912:1" rel="noopener">New Hope Liuhe (000876 CH)</a>. </p>
<p>Given the complex nature of its operations, I have split this insight into two parts. In this part, I'll talk about the company background and the positive aspects of the deal. In the next part, I'll talk about the negative aspects and briefly touch upon valuations.</p>

Kilcoy Global Foods (KIL HK) (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on premium beef and other high quality animal protein products. KGF has operations and processing facilities located across Australia, China and the United States.
KGF was setup in 2013 and has since grown via a series of acquisitions. It is backed by New Hope Liuhe (000876 CH). 
Given the complex nature of its operations, I have split this insight into two parts. In this part, I'll talk about the company background and the positive aspects of the deal. In the next part, I'll talk about the negative aspects and briefly touch upon valuations.

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

Kilcoy Global Foods (KIL HK)

ECM Weekly (2 Feb 2020) - Smoore, Innocare, Kilcoy Global, Mr. DIY

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. ECM...

Zhen Zhou, Toh

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

Kilcoy Global Foods (KIL HK) (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on...

Sumeet Singh

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

Kilcoy Global Foods (KIL HK) (KGF) plans to raise up to US$400m in its Hong Kong listing. KGF is a premium food solutions provider with a focus on...

Sumeet Singh