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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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<p>We think the IPO is fairly valued and are concerned about its eroding market share. We would&nbsp;avoid this IPO:&nbsp;</p><ul><li>MYOB is a market leader in accounting software solutions&nbsp;in Australia and New Zealand (ANZ) for SMEs.&nbsp;However, MYOB has been late in providing cloud solutions and as a result it has been losing market share over the past few years. Despite its recent efforts to catch up, it still continues to lose market share.</li><li>We are also hearing that retail demand for the IPO has been lackluster.&nbsp;</li><li><strong>We would wait for a better entry point post IPO:</strong> Lastly, we think the recent acquisition could help MYOB to provide more value-add solution when they are integrated with existing solution properly. We would like to see its integration effort pays off before we invest.</li></ul>

We think the IPO is fairly valued and are concerned about its eroding market share. We would&nbsp;avoid this IPO:&nbsp;MYOB is a market leader in accounting software solutions&nbsp;in Australia and New Zealand (ANZ) for SMEs.&nbsp;However, MYOB has been late in providing cloud solutions and as a result it has been losing market share over the past few years. Despite its recent efforts to catch up, it still continues to lose market share.We are also hearing that retail demand for the IPO has been lackluster.&nbsp;We would wait for a better entry point post IPO: Lastly, we think the recent acquisition could help MYOB to provide more value-add solution when they are integrated with existing solution properly. We would like to see its integration effort pays off before we invest.

Lagging behind in the cloud rush, R&D underspent, M&As to mitigate? Avoid.

China

Kingdee International Software Group Company Limited, through its subsidiaries, develops and sells enterprise management software, e-commerce application software and middleware software.  The Company also provides internet-based services and setting up e-commerce platforms for enterprises. In addition, Kingdee provides solution consulting and technical support services.

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Kingdee International Software (268 HK)

Lagging behind in the cloud rush, R&D underspent, M&As to mitigate? Avoid.

We think the IPO is fairly valued and are concerned about its eroding market share. We would avoid this IPO: MYOB is a market leader in accounting...

Ke Yan, CFA, FRM

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