APAC IPOs & Placements

Zhen Zhou, Toh

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

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
On Friday, Bloomberg reported that China Securities Regulatory Commission’s (CSRC) was weighing tighter rules for Chinese companies listing overseas which could have an impact on upcoming large IPOs such as ByteDance and Didi Chuxing. 
However, shortly after, on the same day, CSRC came forward to deny it. While the rumor has been dispelled quickly, one should keep in mind that it wasn’t too long ago that the SEC tightened its restrictions on Chinese companies as it sought public comments for the Holding Foreign Companies Accountable Act (HFCAA). The push and pull factors that we highlighted in our China ADRs note last year seem to remain strong with both sides wanting to limit Chinese companies listing in the US.


JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War 

JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond 

JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation 

JD Logistics (京东物流) Pre-IPO - PHIP Updates and Fine-Tuning Valuation 
JD Logistics (京东物流) Pre-IPO - Index Implications - It Will Cut Close
JD Logistics (京东物流) Pre-IPO - Bull/​Bear Case + Valuation Sensitivity

SF REIT launched its IPO bookbuild this week. Books were reportedly covered and will close this coming Monday. The company will debut on 17th May. 

SF REIT Pre-IPO -One trick pony, who’s not doing the trick.
SF REIT IPO - Don’t See a Clear Reason to Buy

Central China Management (PHIP filed) and New Hope Service have also started premarketing and both companies are looking to raise up to US$150m each. We also heard that Betta Pharma will seek approval next week. 
This week’s notable filings include ANE in Hong Kong (US$500m), Nuvoco Vistas and Chemplast Sanmar in India (US$680m and US$450m, respectively) and CTOS Holdings in Malaysia (US$290m). 
This week, we initiated coverage on Anjuke (ANJ HK), a real estate information and transaction service provider, and shared our preliminary thoughts on the valuation of Angelalign Technology (AAT HK).

Anjuke Pre-IPO - Mixed (Positive and Negative) Developments
Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers

In the US, Waterdrop Inc. (WDH US), despite closing books a day earlier and pricing its NYSE IPO at the top end, closed almost 20% below its IPO price.

Waterdrop Pre-IPO - The Positives - Fast Growth, Strong Backers
Waterdrop Pre-IPO - The Negatives - Scandals, Shutdowns, Competing with Giants, Regulation 
Waterdrop IPO - Valuation Has Nearly Tripled over the past Year
Waterdrop IPO Trading - Ant’s Mutual Aid Admissions Showcase the Regulatory Overhang

We initiated coverage on Ximalaya (XIMA US) and Qiniu (QNIU US) which filed their prospectus last week. Both companies are in the midst of premarketing.

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening
Ximalaya Pre-IPO - The Negatives
Qiniu Cloud (七牛云) Pre-IPO: PaaS Doesn’t Warrant a Premium

For Hello Inc. (1883864D US), Ming Lu went on the ground and compared Hello Inc’s bike sharing services against its competitors like Meituan (3690 HK) and Didi Bike (青桔单车). 

Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable
Hello (HI): Competition on the Ground, Hard to Reach Profitability

In the Philippines, Monde Nissin Corp (0191881D PM) bookbuild is scheduled to open on Tuesday. It was reported that the company has already drawn over US$1bn of orders from investors and is in talks with over a dozen cornerstone investors. 

Monde Nissin Pre-IPO - The Positives - High Market Share
Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA
Monde Nissin Pre-IPO - Peer Comparison for Food Business
Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business
Monde Nissin Pre-IPO - Thoughts on Valuation
Monde Nissin Pre-IPO - Not Cheap but Sensible

In Thailand, Ngern Tid Lor (NTL TB) will trade on Monday. Demand for the IPO had likely been good considering that, last month, it closed its bookbuild five days early and priced at the top-end.

Ngern Tid Lor IPO Trading - Should Be a Steady Listing 
There is a flurry of IPOs coming to market in Australia. Aurora Healthcare, Australia Venue Company, and Keypath Education have kicked off their IPOs this week and will launch bookbuild this coming Monday. We will publish on Aurora Healthcare and Australia Venue Company by Monday.
Placements took a backseat this week. There was only Ascendas REIT (AREIT SP)’s placement in Singapore. This marks their second placement in under six months. This time the REIT raised US$315m to acquire the remaining 75% stake in Galaxis, in the one-north precinct. 

AREIT Placement - Expected to Be DPU Accretive but the Acquisition Might Take a While
AREIT - Paying for Acquisition with Only Equity Doesn’t Add Up, DPU to Fall by 3-4%
Ascendas REIT Placement - Multiple Acquisitions to Be Made, Starting From US Office Properties
Ascendas REIT Placement - Smaller than the Last Deal, Should Be Accretive as Well

Credits to Clarence Chu for helping out with the note.
Accuracy Rate:Our overall accuracy rate is 74.1% for IPOs and 67.3% for Placements (Performance measurement criteria is explained at the end of the note)New IPO filings this week  

ANE (Cayman) Inc. (Hong Kong, US$500m)
Ronshine Service (Hong Kong, US$100m)
Nuvoco Vistas (India, US$680m)
Chemplast Sanmar Limited (India, US$450m)
CTOS Holding (Malaysia, US$290m)
News on Upcoming IPOs  
Hong Kong/China
China Logistics Firm ANE Files for Hong Kong IPO
JD Logistics pre-markets HK IPO
New Hope Service pre-markets US$150m IPO
Li Ruigang Starts Countdown to IPO of CMC Inc. in Hong Kong
Hangzhou Xpower Tech seeks US$300m HK IPO
Central China Management to pre-market HK IPO next week
Ronshine Service Files for Hong Kong Initial Public Offering
Books covered for SF REIT HK IPO
Chinese Ride-Hailing Giant Didi Chuxing Considers Spinning Off Its Community Group Buying Business After IPO
China Telecom targeting Rmb54.4bn Shanghai IPO
Shanghai Electric Wind Power plans Rmb2.9bn Star IPO
InnoCare Pharma kicks off A-share IPO tutorial
China Three Gorges Renewables (Group) prices Rmb22.7bn Shanghai IPO
China Is Said to Mull Tighter Rules for Firms Listing Overseas
CHINA'S CSRC DENIES MULLING TIGHTER RULES FOR OFFSHORE LISTINGS
US/China ADRs
Quwan Network Tech mulls US$300m US IPO
Ximalaya, Qiniu pre-market US IPOs
Didi Chuxing adds banks to US IPO
E-Commerce Service Valued at $235 Million Targets U.S. IPO
Ant-Backed Snowball Finance Said to Plan $300 Million U.S. IPO
Tencent-backed VIPKid mulls US$500m US IPO
India
Indian auto classified firm CarTrade to soon file for $266m IPO
Robotics company GreyOrange eyes $600 million via US listing
Chemplast Sanmar files DRHP to raise $466m via IPO
Tata Power Mulling $473 Million Renewable Energy Unit IPO
India Pesticides, KIMS get Sebi nod to launch IPOs
PowerGrid InvIT IPO subscribed 4.83 times
Wellness Forever plans up to Rs12bn IPO
Others
Aussie IPOs gather pace
Aurora Healthcare Australia seeks listing via A$415m ASX IPO
Keypath Education plans A$249m ASX listing
US pokies company Scientific Games mulls ASX-listing, hires bankers
KKR to list Australian majority-owned pub group seeking A$352m
Bitcoin miner Iris is said to weigh Australia’s first SPAC deal
Australian Venue markets A$352m ASX IPO
Malaysia’s CTOS files for M$1.2bn IPO
Malaysian PE firm Creador looking to sell 40% of its stake in CTOS Digital via IPO
Monde Nissin cooks up record Philippine IPO
Hyundai Heavy applies for KRX approval of W1trn IPO
A Twosome Place invites banks on IPO
Analysis on Upcoming IPOs

Name
Insight

Hong Kong

Anjuke
Anjuke Pre-IPO - Mixed (Positive and Negative) Developments 


Angelalign
Angelalign (时代天使) Pre-IPO: Medical Device Player with Consumer Feature 


Angelalign
Angelalign (时代天使) Pre-IPO: Deserves a Premium to Peers 


Betta Pharma
Betta Pharma (贝达医药) A+H: Tier 2 Player Struggled to Break Out 


ByteDance
ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)


ByteDance
ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H? 


ByteDance
ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants 


ByteDance
ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok 


ByteDance
ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India 


ByteDance
ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges 


Chaoju
Chaoju Eye Care (朝聚眼科) Pre-IPO: Growth Prospect Far from Being Impressive 


Dida
Dida Pre-IPO - Making Hay While Big Brother Retreats 


Dida
Dida Pre-IPO - Earnings Forecast and First Stab at Valuation 


Dida
Dida Pre-IPO - Peer Comparison - Lagging in Scale, Leading in Profitability 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Edding Grp
Edding Group (亿腾医药) Pre-IPO: Notes from Latest Financials and Its Related Party 


Hanyu
Shanghai Hanyu (捍宇医疗) Pre-IPO: Not a Straight-A but Listing at Right Time 


Intco Med
Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1 


Kilcoy
Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement 


JD Logistics
JD Logistics (京东物流) Pre-IPO - Tethered to JD Group and Looking Beyond 


JD Logistics
JD Logistics (京东物流) Pre-IPO - Thoughts on Valuation 


JD Logistics
JD Logistics (京东物流) Pre-IPO - Peer Comparison - Shielded from Price War 


Kilcoy
Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained 


Kindstar
Kindstar (康圣环球) Pre-IPO: Issues with Scalability 


Kindstar
Kindstar (康圣环球) Pre-IPO: Is It Worth the Premium? 


RemeGen

RemeGen (荣昌生物) Pre-IPO: Thoughts on Valuation of RC18 and RC48 


Bio-heart

Shanghai Bio-Heart (上海百心安) Pre-IPO: Needs a Long Runway 


Toplist

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives 


Tasly

Tasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters 


WeDoctor

WeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More 


WeDoctor

WeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor 


WeDoctor

We Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely 


WeDoctor

We Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes 


Youran Dairy

China Youran Dairy(悠然牧业) Pre-IPO - A Leader Pulling Ahead in a Fragmented Market 

India

Aadhar Housing

Aadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures 


ASK

ASK Investment Managers Pre-IPO - Riding on a Wave of Wealth 


Anmol Ind
Anmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders


Bharat Hotel
Bharat Hotels Pre-IPO - Catching up with Peers 


Bajaj En
Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It 


CMS Info
CMS Info Systems Pre-IPO - When a PE Sells to Another PE... Only One Gets the Timing Right


Crystal Crop
Crystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers


ESAF SFB

ESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party 


Flemingo 
Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country


Emami Cem

Emami Cement Pre-IPO - Still in Ramp Up Phase but Shares Pledge Might Lead to an Early IPO 


NSE
NSE IPO Preview- Not Only Fast..its Risky and Expensive


NSE
National Stock Exchange Pre-IPO Review - Bigger, Better, Stronger but a Little Too Fast for Some


LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO 


Penna Cem

Penna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid 


PNB Met
PNB Metlife Pre-IPO Quick Take - Doesn't Stack up Well Versus Its Larger Peers


Samhi Hotels

Samhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace 


Sona Comstar

Sona Comstar Pre-IPO - Inconsistent Growth, Patchy Disclosures 

Malaysia

QSR
QSR Brands Pre-IPO - As Healthy as Fast Food

The U.S.

Hello Inc

Hello Inc (哈罗出行) Pre-IPO - Nowhere near Being Sustainable 


Qiniu

Qiniu Cloud (七牛云) Pre-IPO: PaaS Doesn't Warrant a Premium 


Ximalaya

Ximalaya Pre-IPO - The Positives - A Whole Lot of Listening 


Ximalaya

Ximalaya Pre-IPO - The Negatives 



ECM Weekly (9th May 2021) - JD Logistics, Anjuke, Waterdrop, Ximalaya, Qiniu, Monde Nissin

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

<ul><li>
<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> has secured investor commitments for a $1.0 billion IPO at 13.50 pesos, according to Reuters. The Reuters article further states that the company has secured more than a dozen cornerstone investors, including some of the world’s largest asset managers.</li></ul>


Monde Nissin Corp (0191881D PM) has secured investor commitments for a $1.0 billion IPO at 13.50 pesos, according to Reuters. The Reuters article further states that the company has secured more than a dozen cornerstone investors, including some of the world’s largest asset managers.

A Quick Look at Monde Nissin’s Valuation at The New Offer Price of P13.50 Per Share

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> we discussed our thoughts on valuation.</p></div><div><p>In this note, we’ll talk about implied valuation at its fixed price.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers. In Monde Nissin Pre-IPO - Thoughts on Valuation we discussed our thoughts on valuation.In this note, we’ll talk about implied valuation at its fixed price.

Monde Nissin Pre-IPO - Not Cheap but Sensible

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<div class="content-highlight">
<p>The week that was in <a href="mailto:ASEAN@Smartkarma" target="_blank" rel="noopener">ASEAN@Smartkarma</a> is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.</p>
<p>We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. </p>
</div><h3>Macro Insights</h3><p>In<a href="https://www.smartkarma.com/insights/singapore-further-scope-for-growth-surprises" target="_blank" rel="noopener"> Singapore: Further Scope For Growth Surprises</a>, economist<a href="https://www.smartkarma.com/profiles/nigel-chiang" target="_blank" rel="noopener"> Nigel Chiang</a> discusses Singapore's economic outlook, where he sees GDP potentially exceeding +6% in 2021.</p><h3>Equity Bottom Up</h3><p>In <a href="https://www.smartkarma.com/insights/bank-negara-indonesia-bbni-ij-the-happening" target="_blank" data-smartkarma-citation="insights:50860" rel="noopener">Bank Negara Indonesia (BBNI IJ) - The Happening,</a> CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits one of Indonesia'stop four banks and finds an encouraging picture.</p><p><a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener"></a>In <a href="https://www.smartkarma.com/insights/mitra-keluarga-karyasehat-mika-ij-occupancy-and-profitability-rising" target="_blank" data-smartkarma-citation="insights:50645" rel="noopener">Mitra Keluarga Karyasehat (MIKA IJ) - Occupancy and Profitability Rising</a>, CrossASEAN Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" data-smartkarma-citation="accounts:937" rel="noopener">Angus Mackintosh</a> revisits Indonesia's leading hospital player post its recent results. </p><p> In<a href="https://www.smartkarma.com/insights/matahari-department-store-lppf-ij-uncertain-waters-ahead-of-lebaran" target="_blank" rel="noopener"> Matahari Department Store (LPPF IJ) - Uncertain Waters Ahead of Lebaran</a>, CrossASEAN insight provider<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> revisits<a href="https://www.smartkarma.com/entities/pt-matahari-department-store" target="_blank" rel="noopener"> Matahari Department Store (LPPF IJ)</a> after the company released its 1Q21 results. </p><p>In<a href="https://www.smartkarma.com/insights/philippine-stock-exchange-inc-pse-pm-overlooked-and-on-the-up" target="_blank" rel="noopener"> Philippine Stock Exchange Inc (PSE PM) - Overlooked and On the Up</a>,<a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener"> Angus Mackintosh</a> provides an initial view on<a href="https://www.smartkarma.com/entities/philippine-stock-exchange-inc" target="_blank" rel="noopener"> Philippine Stock Exchange (PSE PM)</a>, which is seeing higher volumes and a surge in IPOs. </p><p>In<a href="https://www.smartkarma.com/insights/ac-energy-re-ipo-lots-of-moving-parts-needs-the-dust-to-settle" target="_blank" rel="noopener"> AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle</a>,<a href="https://www.smartkarma.com/profiles/zhen-zhou-toh" target="_blank" rel="noopener"> Zhen Zhou, Toh</a> provides an initial view on<a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" rel="noopener"> AC Energy Corp (ACEN PM)</a>, which is looking to raise up to US$341m in its upcoming IPO in the Philippines.</p><p>In<a href="https://www.smartkarma.com/insights/psei-index-rebalance-preview-follow-on-offering-could-see-acen-added-dmc-deleted" target="_blank" rel="noopener"> PSEi Index Rebalance Preview: Follow-On Offering Could See ACEN Added, DMC Deleted</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a>, takes a look at<a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" rel="noopener"> the Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a>'s rebalance preview. He sees a possibility of<a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" rel="noopener"> AC Energy Corp (ACEN PM)</a> being included in the index, which would see <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" rel="noopener">DMCI Holdings (DMC PM)</a> potentially being excluded.</p><p>In<a href="https://www.smartkarma.com/insights/high-conviction-ideas-2021-update-travel-bubble-taxi" target="_blank" rel="noopener"> High Conviction Ideas 2021 Update: Travel Bubble, Taxi</a>,<a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" rel="noopener"> Henry Soediarko</a> revisits<a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" rel="noopener"> Comfortdelgro Corp (CD SP)</a> after Singapore plans to forge a Travel Bubble agreement between Singapore and Hong Kong. </p><p>In<a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener"> Monde Nissin, Pre-IPO - Thoughts on Valuation</a>,<a href="https://www.smartkarma.com/profiles/sumeet-singh" target="_blank" rel="noopener"> Sumeet Singh</a> reports back on<a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" rel="noopener"> Monde Nissin Corp's (0191881D PM)</a>'s earnings forecasts and valuations. </p><p>In<a href="https://www.smartkarma.com/insights/msci-singapore-index-upcoming-changes" target="_blank" rel="noopener"> MSCI Singapore Index - Upcoming Changes</a>,<a href="https://www.smartkarma.com/profiles/brian-freitas" target="_blank" rel="noopener"> Brian Freitas</a> discusses upcoming changes on<a href="https://www.smartkarma.com/entities/msci-singapore-free-index" target="_blank" rel="noopener"> MSCI Singapore Free Index (SIMSCI INDEX)</a>.  </p><p>In<a href="https://www.smartkarma.com/insights/scgp-benefiting-from-supply-shortage-in-1h21" target="_blank" rel="noopener"> SCGP: Benefiting from Supply Shortage in 1H21</a>,<a href="https://www.smartkarma.com/companies/country-group" target="_blank" rel="noopener"> Country Group</a> maintains a HOLD rating for<a href="https://www.smartkarma.com/entities/scg-packaging-public-company-limited" target="_blank" rel="noopener"> SCG Packaging Public Company Limited (SCGP TB)</a> after the company announced its 1Q2021 results. </p><h3>Credit Insights</h3><p>In<a href="https://www.smartkarma.com/insights/morning-views-asia-road-king-infrastructure-sirtex-medical" target="_blank" rel="noopener"> Morning Views Asia: Road King Infrastructure, Sirtex Medical</a>, credit specialist<a href="https://www.smartkarma.com/profiles/leonard-law-cfa" target="_blank" rel="noopener"> Leonard Law, CFA</a> provides a bird's eye view on<a href="https://www.smartkarma.com/entities/sri-rejeki-isman-tbk-pt" target="_blank" rel="noopener"> Sri Rejeki Isman (SRIL IJ)</a> after the Fitch rating agency downgraded its ratings to C from CCC-, after the company failed to pay c. USD 850k of interest payments due on 23 April. </p>


The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South East Asia and includes macro, top-down and thematic pieces, as well as actionable equity bottom-up and credit insights over the past week.
We add below a NEW section, which includes emerging themes in ASEAN and selects important news flow or developments for commentary, which may impact SE Asian companies and markets. 
Macro InsightsIn Singapore: Further Scope For Growth Surprises, economist Nigel Chiang discusses Singapore's economic outlook, where he sees GDP potentially exceeding +6% in 2021.Equity Bottom UpIn Bank Negara Indonesia (BBNI IJ) - The Happening, CrossASEAN Insight Provider Angus Mackintosh revisits one of Indonesia'stop four banks and finds an encouraging picture.In Mitra Keluarga Karyasehat (MIKA IJ) - Occupancy and Profitability Rising, CrossASEAN Insight Provider Angus Mackintosh revisits Indonesia's leading hospital player post its recent results.  In Matahari Department Store (LPPF IJ) - Uncertain Waters Ahead of Lebaran, CrossASEAN insight provider Angus Mackintosh revisits Matahari Department Store (LPPF IJ) after the company released its 1Q21 results. In Philippine Stock Exchange Inc (PSE PM) - Overlooked and On the Up, Angus Mackintosh provides an initial view on Philippine Stock Exchange (PSE PM), which is seeing higher volumes and a surge in IPOs. In AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle, Zhen Zhou, Toh provides an initial view on AC Energy Corp (ACEN PM), which is looking to raise up to US$341m in its upcoming IPO in the Philippines.In PSEi Index Rebalance Preview: Follow-On Offering Could See ACEN Added, DMC Deleted, Brian Freitas, takes a look at the Philippines Stock Exchange PSEi Index (PCOMP INDEX)'s rebalance preview. He sees a possibility of AC Energy Corp (ACEN PM) being included in the index, which would see DMCI Holdings (DMC PM) potentially being excluded.In High Conviction Ideas 2021 Update: Travel Bubble, Taxi, Henry Soediarko revisits Comfortdelgro Corp (CD SP) after Singapore plans to forge a Travel Bubble agreement between Singapore and Hong Kong. In Monde Nissin, Pre-IPO - Thoughts on Valuation, Sumeet Singh reports back on Monde Nissin Corp's (0191881D PM)'s earnings forecasts and valuations. In MSCI Singapore Index - Upcoming Changes, Brian Freitas discusses upcoming changes on MSCI Singapore Free Index (SIMSCI INDEX).  In SCGP: Benefiting from Supply Shortage in 1H21, Country Group maintains a HOLD rating for SCG Packaging Public Company Limited (SCGP TB) after the company announced its 1Q2021 results. Credit InsightsIn Morning Views Asia: Road King Infrastructure, Sirtex Medical, credit specialist Leonard Law, CFA provides a bird's eye view on Sri Rejeki Isman (SRIL IJ) after the Fitch rating agency downgraded its ratings to C from CCC-, after the company failed to pay c. USD 850k of interest payments due on 23 April. 

The Week That Was in ASEAN@Smartkarma - BNI Is Happening, Indonesian Hospitals, and the PSE

<p>We are positive about the <a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> IPO due to two main reasons. The cash cow, the APAC food and beverage business, generate steady earnings growth and sufficient cash flows to pay a decent dividend and facilitate investments in the fast-growing alternative meat business.</p><p>The second reason and perhaps the most important in determining the fair value of Monde Nissin is its exposure to the fast-growing meat alternatives market.  We look at Monde Nissin’s Alternative Meat Brand Quorn in details below.</p>

We are positive about the Monde Nissin Corp (0191881D PM) IPO due to two main reasons. The cash cow, the APAC food and beverage business, generate steady earnings growth and sufficient cash flows to pay a decent dividend and facilitate investments in the fast-growing alternative meat business.The second reason and perhaps the most important in determining the fair value of Monde Nissin is its exposure to the fast-growing meat alternatives market.  We look at Monde Nissin’s Alternative Meat Brand Quorn in details below.

A Quick Run Through Technology & The Business Model of Monde Nissin’s Alternative Meat Brand "Quorn"

Philippines

Monde Nissin Corp. manufactures and distributes prepared food products. The Company markets its products such as noodles and biscuits through retail food outlets. Monde Nissin serves customers worldwide.

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Monde Nissin (MONDE PM)

ECM Weekly (9th May 2021) - JD Logistics, Anjuke, Waterdrop, Ximalaya, Qiniu, Monde Nissin

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the...

Zhen Zhou, Toh

Monde Nissin Pre-IPO - Not Cheap but Sensible

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Branded Food and Beverage Business, which sells...

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - BNI Is Happening, Indonesian Hospitals, and the PSE

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

Angus Mackintosh

A Quick Run Through Technology & The Business Model of Monde Nissin’s Alternative Meat Brand "Quorn"

One of the mains reasons why we are positive about the Monde Nissin IPO is its exposure to the fast-growing meat alternatives market through "Quorn".

Oshadhi Kumarasiri

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ECM Weekly (9th May 2021) - JD Logistics, Anjuke, Waterdrop, Ximalaya, Qiniu, Monde Nissin

Aequitas Research publishes weekly updates on the deals that have been covered by the team recently along with updates for upcoming IPOs in the...

Zhen Zhou, Toh

A Quick Look at Monde Nissin’s Valuation at The New Offer Price of P13.50 Per Share

A conservative FY+2 EV/EBIT of 17x to the APAC F&B and a US$2.3bn valuation to Quorn suggests that that the market cap @ P13.50 per share is about...

Oshadhi Kumarasiri

Monde Nissin Pre-IPO - Not Cheap but Sensible

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Branded Food and Beverage Business, which sells...

Sumeet Singh

The Week That Was in ASEAN@Smartkarma - BNI Is Happening, Indonesian Hospitals, and the PSE

The week that was in ASEAN@Smartkarma is filled with another eclectic mix of differentiated, substantive, and actionable insights from across South...

Angus Mackintosh

A Quick Run Through Technology & The Business Model of Monde Nissin’s Alternative Meat Brand "Quorn"

One of the mains reasons why we are positive about the Monde Nissin IPO is its exposure to the fast-growing meat alternatives market through "Quorn".

Oshadhi Kumarasiri