APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> is looking to raise about US$1bn in its upcoming Hong Kong IPO. </li>
<li>Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. </li>
<li>In our previous notes, we looked at various aspects of the company’s performance. In this note, we’ll provide our updated thoughts on the company’s valuation. </li>
</ul>



Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. 
Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization. 
In our previous notes, we looked at various aspects of the company’s performance. In this note, we’ll provide our updated thoughts on the company’s valuation. 


Growatt Technology Pre-IPO - Still Looks Good, Updated Thoughts on Valuation

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Kingsford Securities / Equity Capital Markets

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this year on the MAI (secondary bourse), has razor-thin net margins (2.6%) in a declining and ultra-competitive industry, ie Thai retail brokerage. It's also not one of the better run listed brokers and actually lost money in 2015. We think it's fair to value this stock at Bt0.10/sh to Bt0.19/sh based on two methods (ie liquidation and relative valuation respectively). We are highly unlikely to participate in the IPO due to the high risks involved, but just thought it would be interesting to take a peek nevertheless.

IPO Radar: Another Melting Ice Cube on Sathorn Road

Thailand

Kingsford Securities Public Company Limited  operates as a holding company. The Company, through its subsidiaries, offers investment services which includes trading debts and unit, brokerage agent, derivatives brokerage, online trading, depositing collateral and transfer money, electronic funds transfer, and bill payment services. Apple Wealth Holdings serves customers in Thailand.

Kingsford Securities (APPLE TB)

Growatt Technology Pre-IPO - Still Looks Good, Updated Thoughts on Valuation

Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. In this note, we’ll provide our updated thoughts...

Ethan Aw

IPO Radar: Another Melting Ice Cube on Sathorn Road

Not Steve Jobs' Cup of Tea. Unlike the world's most valuable company, Apple Wealth, which will offer around 20% of its shares to the public this...

Athaporn Arayasantiparb, CFA