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

Innovent Biologics Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a> (IB) aims to raise around US$313m for R&amp;D and marketing.</li>
<li>The company has undertaken a number of deals in the past, with the overall results being mixed.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&amp;D and marketing.
The company has undertaken a number of deals in the past, with the overall results being mixed.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Innovent Biologics Placement - Has Ample Cash but the Discount Is Enticing

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.

Equity Bottom-Up

<ul><li>Pfizer managed to surpass the revenue and earnings expectations of analysts.</li><li>Operationally, non-COVID-19 revenue increased, but total revenue decreased in the quarter.</li><li>The projected revenue declines in both PAXLOVID and COMIRNATY principally brought on this loss.</li></ul>

Pfizer managed to surpass the revenue and earnings expectations of analysts.Operationally, non-COVID-19 revenue increased, but total revenue decreased in the quarter.The projected revenue declines in both PAXLOVID and COMIRNATY principally brought on this loss.

Pfizer Inc: Delving into Their Game Plan For Future Growth! - Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the not-so-positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In this note, we will talk about the positive aspects of the deal.


WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In Q1FY24, <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> recorded 52% YoY revenue growth to ¥109B, reflecting a one-time payment received for the transfer of co-development and co-commercialization license for ADHD drugs.  </li>
<li>Shionogi has reiterated FY24 guidance. The company expects FY24 revenue of ¥450B (up 6% YoY), operating profit of ¥150B (up 1% YoY), and net profit of ¥155B (down 16% YoY).</li>
<li>Despite competition, Xocova captured a 60% market share of the treatment group patients in Japan. Over a six-month period since emergency approval, more than 70K patients have used Xocova.</li>
</ul>


In Q1FY24, Shionogi &amp; Co (4507 JP) recorded 52% YoY revenue growth to ¥109B, reflecting a one-time payment received for the transfer of co-development and co-commercialization license for ADHD drugs.  
Shionogi has reiterated FY24 guidance. The company expects FY24 revenue of ¥450B (up 6% YoY), operating profit of ¥150B (up 1% YoY), and net profit of ¥155B (down 16% YoY).
Despite competition, Xocova captured a 60% market share of the treatment group patients in Japan. Over a six-month period since emergency approval, more than 70K patients have used Xocova.


Shionogi & Co (4507 JP): Non-Recurring Income Lifts Q1 Revenue; FY24 Guidance Reiterated

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

Innovent Biologics Placement - Has Ample Cash but the Discount Is Enticing

Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&D and marketing. In this note, we talk about the deal dynamics and run the...

Sumeet Singh

Pfizer Inc: Delving into Their Game Plan For Future Growth! - Major Drivers

Pfizer managed to surpass the revenue and earnings expectations of analysts. Operationally, non-COVID-19 revenue increased, but total revenue...

Baptista Research

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

Shionogi & Co (4507 JP): Non-Recurring Income Lifts Q1 Revenue; FY24 Guidance Reiterated

In Q1, revenue surged 52% YoY to ¥109B, reflecting a one-time payment received for the transfer of the license for ADHD drugs. Shionogi expects...

Tina Banerjee

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52-week Range

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Innovent Biologics Placement - Has Ample Cash but the Discount Is Enticing

Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&D and marketing. In this note, we talk about the deal dynamics and run the...

Sumeet Singh

Pfizer Inc: Delving into Their Game Plan For Future Growth! - Major Drivers

Pfizer managed to surpass the revenue and earnings expectations of analysts. Operationally, non-COVID-19 revenue increased, but total revenue...

Baptista Research

WuXi XDC Cayman Pre-IPO - The Negatives - Bottlenecks Have Held Margins Back. Receivables Ballooning

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the not-so...

Clarence Chu

WuXi XDC Cayman Pre-IPO - The Positives - Sales Have Surged Leading to Market Share Gains

WuXi XDC Cayman Inc (1877628D HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. In this note, we will talk about the positive...

Clarence Chu

Shionogi & Co (4507 JP): Non-Recurring Income Lifts Q1 Revenue; FY24 Guidance Reiterated

In Q1, revenue surged 52% YoY to ¥109B, reflecting a one-time payment received for the transfer of the license for ADHD drugs. Shionogi expects...

Tina Banerjee