Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Malo Medical Management / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/malo-medical-management" target="_blank" data-smartkarma-citation="entities:40035:1" rel="noopener">Malo Medical Management (MMM HK)</a> (MMM) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.</li>
<li>MMM is a dental service provider in China. It ranked ninth among all private dental service providers and second among all premium dental service providers, as per F&amp;S.</li>
<li>MMM provides dental services to patients through a widespread network of Malo Clinic-branded specialty dental clinics. As of Apr 2023, it owned 29 dental clinics in 13 cities in China.</li>
</ul>



Malo Medical Management (MMM HK) (MMM) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.
MMM is a dental service provider in China. It ranked ninth among all private dental service providers and second among all premium dental service providers, as per F&amp;S.
MMM provides dental services to patients through a widespread network of Malo Clinic-branded specialty dental clinics. As of Apr 2023, it owned 29 dental clinics in 13 cities in China.


Malo Medical Management Pre-IPO Tearsheet

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group</a> (MDG) disclosed selected unaudited operational data for 22Q1-Q3. The negative trend on performance would continue to 22Q4. The overall 2022 performance of MDG would show a negative growth.</li>
<li>We may face a situation where both domestic and external demand would weaken in 2023. MDG’s overseas revenue is expected to see a bigger YoY decline than domestic revenue.</li>
<li>There would be strong expectations but weak realities in 2023Q1-Q2, during which MDG's share price could rally in short term, but it’s not based on the improvement of its fundamentals.</li>
</ul>



Modern Dental Group (MDG) disclosed selected unaudited operational data for 22Q1-Q3. The negative trend on performance would continue to 22Q4. The overall 2022 performance of MDG would show a negative growth.
We may face a situation where both domestic and external demand would weaken in 2023. MDG’s overseas revenue is expected to see a bigger YoY decline than domestic revenue.
There would be strong expectations but weak realities in 2023Q1-Q2, during which MDG's share price could rally in short term, but it’s not based on the improvement of its fundamentals.


Modern Dental Group (3600.HK)- 2023 Harsh Reality Is Hard to Avoid, but Short-Term Rally Is Possible

<ul>
<li>Due to better-than-expected VBP results, we saw a decent rally of MDG’s share price last Friday. However, all the medical products that are covered by VBP begin to lose logic. </li>
<li>Backwardness in R&amp;D is a bottleneck restricting MDG's future growth. MDG is more like a manufacturing/processing plant relying on labor dividends than a technology company with high product added value.</li>
<li>Multiple risks (e.g.pandemic, depreciation of exchange rate against US dollar, economic downturn, etc.) will add more uncertainties to MDG's 2022 performance. MDG’s share price could remain tepid after temporary rally. </li>
</ul>


Due to better-than-expected VBP results, we saw a decent rally of MDG’s share price last Friday. However, all the medical products that are covered by VBP begin to lose logic. 
Backwardness in R&amp;D is a bottleneck restricting MDG's future growth. MDG is more like a manufacturing/processing plant relying on labor dividends than a technology company with high product added value.
Multiple risks (e.g.pandemic, depreciation of exchange rate against US dollar, economic downturn, etc.) will add more uncertainties to MDG's 2022 performance. MDG’s share price could remain tepid after temporary rally. 


Modern Dental Group (3600.HK) 22H1- Share Price May Remain Tepid Due to Lack of Core Competitiveness

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

<ul>
<li>Arrail is a leading premium dental service provider in China. The company launched book building to raise up to USD 87m via a Hong Kong listing.</li>
<li>In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, and compared its key metrics with peers and provide thoughts on valuation.</li>
<li>In this note, we provide a quick update for the book building.</li>
</ul>


Arrail is a leading premium dental service provider in China. The company launched book building to raise up to USD 87m via a Hong Kong listing.
In our previous notes, we looked at the company's background, its operation, its financials, and its expansion plan, and compared its key metrics with peers and provide thoughts on valuation.
In this note, we provide a quick update for the book building.


Arrail Group (瑞尔集团) IPO: Downsized Deal Mostly Taken by Cornerstones

<ul>
<li>Arrail is a leading dental service provider in China. The company is looking to raise up to USD100m via a Hong Kong listing.</li>
<li>In our previous note, we looked at the company's background, its operation, its financials, and its expansion plan.</li>
<li>In this note, we compare the key metric with its peer and provide our thoughts on the valuation.</li>
</ul>


Arrail is a leading dental service provider in China. The company is looking to raise up to USD100m via a Hong Kong listing.
In our previous note, we looked at the company's background, its operation, its financials, and its expansion plan.
In this note, we compare the key metric with its peer and provide our thoughts on the valuation.


Arrail Group (瑞尔集团) Pre-IPO:  Peer Comp and Thoughts on Valuation

Hong Kong

Modern Dental Group is a leading global provider of custom-made dental prosthetics, including crowns, bridges, dentures, and clear aligners. The company also offers orthodontic devices, sports guards, and anti-snoring devices, leveraging digital dentistry solutions. Founded in 1986, Modern Dental Group is headquartered in Hong Kong.

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Modern Dental Group (3600 HK)

Malo Medical Management Pre-IPO Tearsheet

Malo Medical Management (MMM HK) is looking to raise around US$100m (estimated) in its upcoming Hong Kong IPO. The deal will be run by Haitong.

Sumeet Singh