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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 30th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Aug 30th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Kuaishou Technology (1024 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Aug 30th): Tencent, Aia, Kuaishou Technology

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.</li><li>Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.</li><li>Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-13022'>Anton Oilfield</a></li><li><a href='#lucror-entity-26970'>Meituan</a></li><li><a href='#lucror-entity-18097'>Yuexiu Property </a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Anton OilfieldMeituanYuexiu Property 

Morning Views Asia: Anton Oilfield, Meituan, Yuexiu Property  

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>The stock has declined for three years and a half, from HK$460 to HK$100.</li>
<li>Revenue grew by 21% YoY and the operating margin improved significantly in 2Q24.</li>
<li>We conclude the stock has an upside of 131% and a price target of HK$237. Buy.</li>
</ul>


The stock has declined for three years and a half, from HK$460 to HK$100.
Revenue grew by 21% YoY and the operating margin improved significantly in 2Q24.
We conclude the stock has an upside of 131% and a price target of HK$237. Buy.


MT / Meituan (3690 HK): 2Q24, Three-Digit Profit Growth After Three-Year Stock Plunge, Buy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. He has sold many times before.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

Hong Kong Buybacks Weekly (Aug 30th): Tencent, Aia, Kuaishou Technology

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.

CMB International

Morning Views Asia: Anton Oilfield, Meituan, Yuexiu Property

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

MT / Meituan (3690 HK): 2Q24, Three-Digit Profit Growth After Three-Year Stock Plunge, Buy

The stock has declined for half year, from HK$460 to HK$100. However the 2Q24 result is quite good, both growth rate and profit margin. We believe...

Ming Lu

Interglobe Aviation (Indigo) Placement - Another US$800m+ Deal, This Time by the Correct Co-Founder

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal, aims to raise around US$850m via selling around 3.8% stake in Indigo.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)