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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.</li>
<li>There were no large placements launched this week, although <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> kept many occupied.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs managed to launch their bookbuild over the past week.
There were no large placements launched this week, although Atlas Arteria (ALX AU) kept many occupied.


ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Onewo Space-Tech (ONEWO HK) has provided its IPO price range of HK$47.1 to HK$52.7 a piece in the IPO offering of 116.74 million shares, representing 10% of its outstanding shares.</li>
<li>Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share. </li>
<li>Our valuation analysis suggests a range of HKD25 per share to HKD33.5 per share. We would AVOID this deal due to the much lower target price relative to IPO price.</li>
</ul>


Onewo Space-Tech (ONEWO HK) has provided its IPO price range of HK$47.1 to HK$52.7 a piece in the IPO offering of 116.74 million shares, representing 10% of its outstanding shares.
Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share. 
Our valuation analysis suggests a range of HKD25 per share to HKD33.5 per share. We would AVOID this deal due to the much lower target price relative to IPO price.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by <a href="https://www.smartkarma.com/entities/china-vanke-co-ltd-h" target="_blank" data-smartkarma-citation="entities:18368:1" rel="noopener">China Vanke (2202 HK)</a>. </li>
<li>As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.</li>
<li>In this note, we will run the deal through our ECM framework and talk about valuations.</li>
</ul>



Onewo Space-Tech (ONEWO HK) (OST) aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke (2202 HK). 
As per Frost &amp; Sullivan, amongst the residential community service providers in China, OST ranked first. It also ranked first in the commercial space integrated services market in China.
In this note, we will run the deal through our ECM framework and talk about valuations.


Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/onewo-space-tech" target="_blank" data-smartkarma-citation="entities:36204:1" rel="noopener">Onewo Space-Tech (ONEWO HK)</a> has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80058" rel="noopener">Onewo IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/onewo-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:80108" rel="noopener">Onewo IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/onewo-ipo-trade-offs-vs-peers" target="_blank" data-smartkarma-citation="insights:80425" rel="noopener">Onewo IPO: Trade-Offs Vs Peers</a>. </li>
<li>Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.</li>
</ul>



Onewo Space-Tech (ONEWO HK) has launched its HKEx listing at HK$47.1-52.7 per share to raise up to US$0.8 billion. Books are open from 19 to 22 September.
We previously discussed the IPO in Onewo IPO: The Bull Case, Onewo IPO: The Bear Case and Onewo IPO: Trade-Offs Vs Peers. 
Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would participate.


<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.</li>
<li>There was only the <a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a> mega entitlement offer this week, on the placements front.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs are rumoured to be aiming to launch their bookbuild next week.
There was only the Atlas Arteria (ALX AU) mega entitlement offer this week, on the placements front.


ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

China

Onewo Inc. operates as a property management service provider. The Company operates and manages residential communities, workspaces, public premises, and others. Onewo provides its services throughout Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Onewo (2602 HK)

ECM Weekly (25th Sep 2022) - Onewo, Leapmotor, CALB, Socionext, WCP, Sula, Jenscare, EbixCash, Atlas

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Onewo Space-Tech IPO Valuation Analysis

Our base case valuation of Onewo Spacetech is HKD27.7 per share, which represents 41% lower than the low end of the IPO price of HKD47.1 per share.

Douglas Kim

Onewo Space-Tech IPO - Appears Digestible Even on Conservative Assumptions

Onewo Space-Tech aims to raise upto US$784m in its Hong Kong IPO. OST is a property management service provider primarily owned by China Vanke.

Sumeet Singh

Onewo IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range is attractive compared to peers with financially sound parentco backgrounds. We would...

Arun George

ECM Weekly (18th Sep 2022) - CALB, Onewo, Leapmotor, WCP, Biogene, Socionext, Prop Guru, PayMate

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)