Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria,CFA

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK) and</a> <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>
</li>
<li>Post our insight <a href="https://www.smartkarma.com/insights/dongfeng-motor-489hk-abandoned-restructuring-cash-mcap-can-it-be-a-dark-horse-in-coming-future" target="_blank" data-smartkarma-citation="insights:190701" rel="noopener">Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future?</a> , <a href="https://www.smartkarma.com/entities/dongfeng-motor-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:910:1" rel="noopener">Dongfeng Motor (489 HK)</a> is up 150% driven by delisting offer.</li>
<li>Our top picks in Japan are<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a>,<a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> and in India,it is <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a>,<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN) and </a><a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor (TVSL IN)</a><a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener"> </a>
</li>
</ul>


We compile our picks across Japan, China and India based on bottom-up triggers in each company.Our top picks in China Chow Tai Fook Jewellery (1929 HK) and Midea Group (300 HK)

Post our insight Dongfeng Motor(489HK)-Abandoned Restructuring,Cash &gt; MCap : Can It Be A Dark Horse In Coming Future? , Dongfeng Motor (489 HK) is up 150% driven by delisting offer.
Our top picks in Japan areDenso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India,it is Mahindra &amp; Mahindra (MM IN),Ashok Leyland (AL IN) and TVS Motor (TVSL IN) 



Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

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 analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.</li>
<li>We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.</li>
</ul>


We analyse the changes of A-H premium on 157 stocks over the last week. The average A-H premium was 61.0% as of Aug 29th.
The average A-H premium changed by 2.7ppt week-on-week, led by health care, financials, information technology and offset by real estate.
We highlight weekly changes in A-H premium for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities, Jl Mag Rare-Earth.


A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a> has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.</li>
<li>The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.</li>
<li>We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.</li>
</ul>



Aux Electric (2580 HK) has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m.
The company’s low-price strategy has helped expand its top line and market share in a short span of time; however, margins lag behind large air conditioner peers.
We think AUX should be compared against Hisense due to their higher dependence on ODM sales and believe AUX’s IPO is valued attractively compared to Hisense.


AUX Electric IPO: Forecasts and Valuation

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a>  is looking to raise up to US$460m in its upcoming Hong Kong IPO.</li>
<li>It is one of the global top five air conditioner providers, with capabilities covering the design, R&amp;D, production, sales and related services of household and central air conditioners.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Aux Electric (2580 HK)  is looking to raise up to US$460m in its upcoming Hong Kong IPO.
It is one of the global top five air conditioner providers, with capabilities covering the design, R&amp;D, production, sales and related services of household and central air conditioners.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aux Electric IPO: Smallest Player but Superior Growth and Margins

<ul>
<li>AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.</li>
<li>
<a href="https://www.smartkarma.com/entities/aux-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:45549:1" rel="noopener">Aux Electric (2580 HK)</a> has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.</li>
<li>AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers <a href="https://www.smartkarma.com/entities/gree-electric-appliances-inc-of-zhuhai" target="_blank" data-smartkarma-citation="entities:7622:1" rel="noopener">Gree Electric Appliances (000651 CH)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a> .</li>
</ul>


AUX Electric is one of the top 5 air conditioner providers globally whose low-price strategy has helped expand its top line and market share in a short span of time.

Aux Electric (2580 HK) has filed for an IPO on HKEx and plans to raise proceeds of around US$460m through the issuance of 207m shares.
AUX’s low-price strategy and higher share of ODM brands have led to margins that are lower than domestic AC peers Gree Electric Appliances (000651 CH) and Midea Group (300 HK) .


AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins

China

Midea Group Co., Ltd. manufactures and distributes home appliances. The Company produces water heaters, air conditioners, ventilation equipment, and consumer appliances. Midea Group also develops robotics and automation systems.

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Midea Group (300 HK)

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities,...

Ke Yan, CFA, FRM

AUX Electric IPO: Forecasts and Valuation

AUX Electric has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m. In this...

Shifara Samsudeen, FCMA, CGMA

Aux Electric IPO: Smallest Player but Superior Growth and Margins

Aux Electric is looking to raise up to US$460m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins

AUX Electric, a global AC provider has filed for an IPO on HKEx to raise $460m. AUX's low-price strategy has helped drive top line growth however...

Shifara Samsudeen, FCMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shortlist Of High Conviction Ideas Across China, Japan, India - August 2025

Here is an update on Midea Group recent results announced on 29Aug, which we missed in the note. For the first six months ended 30 June 2025,...

Sreemant Dudhoria,CFA

A-H Premium Weekly (Aug 29th): Qingdao Port, Beigene, Cgn Power, China Galaxy Securities

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Qingdao Port, Beigene, Cgn Power, China Galaxy Securities,...

Ke Yan, CFA, FRM

AUX Electric IPO: Forecasts and Valuation

AUX Electric has announced terms for its HKEx IPO and plans to issue 207m shares at HK$16.00-17.42 per share and will raise around US$460m. In this...

Shifara Samsudeen, FCMA, CGMA

Aux Electric IPO: Smallest Player but Superior Growth and Margins

Aux Electric is looking to raise up to US$460m in its upcoming Hong Kong IPO. In this note, we examine the IPO dynamics, and look at the firm’s...

Nicholas Tan

AUX Electric IPO: Low-Price AC Strategy Drives Top Line Growth; Limited Upside to Margins

​AUX Electric, a global AC provider has filed for an IPO on HKEx to raise $460m. AUX's low-price strategy has helped drive top line growth however...

Shifara Samsudeen, FCMA, CGMA

AUX Electric, a global AC provider has filed for an IPO on HKEx to raise $460m. AUX's low-price strategy has helped drive top line growth however...