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

<ul>
<li>Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.</li>
<li>According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Beneunder Limited (BL) aims to raise around US$500m in its Hong Kong IPO.
According to CIC, it was the largest sunprotection apparel brand in China in terms of both total retail sales value and online retail sales value with 5.0% and 12.9% marketshare. 
In this note, we will talk about the positive aspects of the deal.


Beneunder Pre-IPO - The Positives - Basking in the Sun

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Topsports International Holdings / Event-Driven

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (6110 HK)</a></strong> is trading cheap to peers <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> and <a href="https://www.smartkarma.com/entities/li-ning-co-ltd" target="_blank" data-smartkarma-citation="entities:6047:1" rel="noopener">Li Ning (2331 HK)</a>, and to partners <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a>.</li>
<li>Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.</li>
<li>Yet forward operational updates may surprise to the upside.  Management appears confident of their "<em>immersive shopping experience</em>" strategy, and recently declared a special dividend for FY22 (Feb Y/E). </li>
</ul>



Topsports International (6110 HK) is trading cheap to peers Anta Sports Products (2020 HK) and Li Ning (2331 HK), and to partners Nike (NKE US) and Adidas AG (ADS GR).
Like for so many companies in China, the combination of severe lockdown restrictions and global supply chain disruptions has impacted Topsports operations.
Yet forward operational updates may surprise to the upside.  Management appears confident of their "immersive shopping experience" strategy, and recently declared a special dividend for FY22 (Feb Y/E). 


Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

<ul>
<li>Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.</li>
<li>The company is one of the largest retailers for <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a> in China.</li>
<li>Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.</li>
</ul>


Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.
The company is one of the largest retailers for Nike (NKE US) and Adidas AG (ADS GR) in China.
Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.


Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Asics reports Q1 results on 11 May - we expect a beat to consensus numbers </li>
<li>We are bullish on Asics for the long term market share opportunity in China and margin expansion driven by digital</li>
<li>The rather amazing tie-up with STEPN for NFTs highlights potential new ways to monetise Asics brand value</li>
</ul>


Asics reports Q1 results on 11 May - we expect a beat to consensus numbers 
We are bullish on Asics for the long term market share opportunity in China and margin expansion driven by digital
The rather amazing tie-up with STEPN for NFTs highlights potential new ways to monetise Asics brand value


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational playbook, its culture of innovation, and strong brand momentum.</li><li>Among new introductions, Nike designed the boot named ACG Gaiadome FlyEase for the Paralympians, Olympians, and Team USA.</li><li>We are optimistic about the growth strategy of Nike and give it an 'Outperform' rating with a revised target price.</li></ul>

Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational playbook, its culture of innovation, and strong brand momentum.Among new introductions, Nike designed the boot named ACG Gaiadome FlyEase for the Paralympians, Olympians, and Team USA.We are optimistic about the growth strategy of Nike and give it an 'Outperform' rating with a revised target price.

Nike Inc.: The RTFKT Acquisition & Other Drivers

United States

NIKE, Inc. designs, develops, and markets athletic footwear, apparel, equipment, and accessory products for men, women, and children. The Company sells its products worldwide to retail stores, through its own stores, subsidiaries, and distributors.

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Nike (NKE US)

Beneunder Pre-IPO - The Positives - Basking in the Sun

Beneunder Limited aims to raise around US$500m in its Hong Kong IPO. Sales have grown 6x over FY19-21. In this note, we talk about the positive...

Sumeet Singh

Topsports (6110 HK): Upsizing Undervalued Sporting Goods Play

Topsorts is inexpensive versus peers and with to its historical metrics. Provided China does not implement another round of stringent lockdowns,...

David Blennerhassett

Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.

Sumeet Singh

Asics (7936) | Stepn into the Metaverse

Asics reports Q1 results on 11 May. We expect a beat. Longer term bulls should be buying for the market share opportunity in China and NFT...

Mark Chadwick

Nike Inc.: The RTFKT Acquisition & Other Drivers

Nike is continuing to prove its ability to operate through volatility and stay focused on long-term growth with the help of its operational...

Baptista Research

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