APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Shandong Nanshan Aluminum A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nanshan-aluminium-international-holdings" target="_blank" data-smartkarma-citation="entities:43976:1" rel="noopener">Nanshan Aluminium International Holdings (NAI HK)</a>  is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International.</li>
<li>Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia.</li>
<li>The firm’s primary focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing the low-temperature Bayer process to produce metallurgical-grade alumina in sand form.</li>
</ul>



Nanshan Aluminium International Holdings (NAI HK)  is looking to raise about US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International.
Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia.
The firm’s primary focus has been tapping into Indonesia’s abundant bauxite and coal reserves, utilizing the low-temperature Bayer process to produce metallurgical-grade alumina in sand form.


Nanshan Aluminium International Pre-IPO Tearsheet

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Nanshan Aluminium International / Equity Bottom-Up

Nanshan Aluminium International (2610 HK)

<ul>
<li>Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.</li>
<li>Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.</li>
<li>Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.</li>
</ul>


Volume growth: Capacity rising from 3 mtpa to 4 mtpa by early 2026 supports double-digit EPS growth.
Margin strength: &gt;50% gross margins and net-cash balance sheet provide resilience despite alumina cyclicality.
Valuation appeal: Trades at 7–8× FY25E P/E and ~5× EV/EBITDA, a discount to regional peers.


Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

Indonesia

Nanshan Aluminium International is a leading Southeast Asian alumina manufacturer, specializing in the production and sales of metallurgical-grade alumina. The company also supplies aluminum hydroxide and is initiating an electrolytic aluminum project. Its production facilities are located in the Special Economic Zone, Bintan Island, Riau Islands Province, Indonesia. The company was founded in 2017.

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Nanshan Aluminium International (2610 HK)

Nanshan Aluminium International Pre-IPO Tearsheet

Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia and is looking to raise about US$500m in its upcoming Hong Kong...

Nicholas Tan

Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nanshan Aluminium International Pre-IPO Tearsheet

Nanshan Aluminium International is a leading alumina manufacturer in Southeast Asia and is looking to raise about US$500m in its upcoming Hong Kong...

Nicholas Tan

Nanshan Aluminium — A Southeast Asia Alumina Pure Play at a Discount

​Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.

Rahul Jain

Aluminum company poised for double-digit EPS growth with increased capacity, strong margins, and attractive valuation compared to peers.