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

<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, </p>
<ul>
<li>
<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.</li>
<li>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.</li>
<li>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> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-not-cheap-but-sensible" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Not Cheap but Sensible</a> we discussed our thoughts on valuation. </li>
</ul>
</div><div><p>In this note, we’ll talk about the final pricing and other dynamics.</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 and Monde Nissin Pre-IPO - Not Cheap but Sensible we discussed our thoughts on valuation. 

In this note, we’ll talk about the final pricing and other dynamics.

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

<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

APAC IPOs & Placements

Zhen Zhou, Toh

<p><a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" data-smartkarma-citation="entities:23188:1" rel="noopener">AC Energy Corp (ACEN PM)</a> is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines.</p><p>In this note, we will take a brief look at recent changes at ACEN, valuation from FTI Consulting compared to the placement price range, and share our thoughts on the deal. </p>

AC Energy Corp (ACEN PM) is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines.In this note, we will take a brief look at recent changes at ACEN, valuation from FTI Consulting compared to the placement price range, and share our thoughts on the deal. 

AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle

<p>On 16th April, <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> announced it had decided to defer the Proposed Spin-off Listing of BeerCo, citing uncertain market conditions and volatile outlook.</p><p>We briefly looked at BeerCo’s valuation and ThaiBev’s holdco valuation in our previous note where we pointed out that management wanted an expensive valuation for BeerCo (~US$9bn) which we thought was hard to justify. </p><p>In this note, we will compare BeerCo to its ASEAN and regional peers and discuss the reasons for the lukewarm demand from institutional investors.</p><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beer-brewery-pre-ipo-spin-off-early-take-aiming-to-build-an-asean-champion" target="_blank" data-smartkarma-citation="insights:36583" rel="noopener">ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion?</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beer-brewery-pre-ipo-spin-off-valuation-estimates-and-implications" target="_blank" data-smartkarma-citation="insights:36633" rel="noopener">ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beerco-pre-ipo-declining-rev-and-mkt-share-concerns-but-good-cost-control" target="_blank" data-smartkarma-citation="insights:48193" rel="noopener">ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beerco-pre-ipo-thoughts-on-beerco-and-thaibev-holdco-valuation" target="_blank" data-smartkarma-citation="insights:48256" rel="noopener">ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beerco-pre-ipo-thoughts-on-beerco-and-thaibev-holdco-valuation" target="_blank" data-smartkarma-citation="insights:48256" rel="noopener">ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation</a> </li>
</ul>

On 16th April, Thai Beverage (THBEV SP) announced it had decided to defer the Proposed Spin-off Listing of BeerCo, citing uncertain market conditions and volatile outlook.We briefly looked at BeerCo’s valuation and ThaiBev’s holdco valuation in our previous note where we pointed out that management wanted an expensive valuation for BeerCo (~US$9bn) which we thought was hard to justify. In this note, we will compare BeerCo to its ASEAN and regional peers and discuss the reasons for the lukewarm demand from institutional investors.

ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion? 

ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications 

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control 

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation 

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation 


ThaiBev BeerCo's Deferred IPO -Beer Comparison - Sober Up

<div><p><a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> announced that it received a no-objection letter for the proposed spinoff of BeerCo from SGX-ST on 5th February, 2021.</p></div><div>
<p>BeerCo's business include brands like Chang, Archa, and Federbräu in Thailand. It also includes the majority (53.59%) interest in Saigon Beer-Alcohol-Beverage Corporation (SABECO), listed in Vietnam, which include brands like Bia Saigon and 333 in Vietnam.</p>
<p>In this note, we will look at the valuation of BeerCo and ThaiBev Holdco.</p>
</div><div><p>We have previously covered the potential spinoff over a year ago:</p></div><div><ul style="list-style-type: disc;">
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beer-brewery-pre-ipo-spin-off-early-take-aiming-to-build-an-asean-champion" target="_blank" data-smartkarma-citation="insights:36583" rel="noopener">ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion?</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beer-brewery-pre-ipo-spin-off-valuation-estimates-and-implications" target="_blank" data-smartkarma-citation="insights:36633" rel="noopener">ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/thaibev-beerco-pre-ipo-declining-rev-and-mkt-share-concerns-but-good-cost-control" target="_blank" data-smartkarma-citation="insights:48193" rel="noopener">ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control</a> </li>
</ul></div>

Thai Beverage (THBEV SP) announced that it received a no-objection letter for the proposed spinoff of BeerCo from SGX-ST on 5th February, 2021.
BeerCo's business include brands like Chang, Archa, and Federbräu in Thailand. It also includes the majority (53.59%) interest in Saigon Beer-Alcohol-Beverage Corporation (SABECO), listed in Vietnam, which include brands like Bia Saigon and 333 in Vietnam.
In this note, we will look at the valuation of BeerCo and ThaiBev Holdco.
We have previously covered the potential spinoff over a year ago:

ThaiBev Beer Brewery Pre-IPO/Spin-Off - Early Take - Aiming to Build an ASEAN Champion? 

ThaiBev Beer Brewery Pre-IPO/Spin-Off - Valuation Estimates and Implications 

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control 


ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation

Philippines

San Miguel Food and Beverage, Inc. operates as a food and beverage company. The Company manufactures processed meats, beef, poultry, dairy, and grocery products, as well as produces beverages. San Miguel Food and Beverage markets its products worldwide.

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San Miguel Food and Beverage (FB PM)

Monde Nissin IPO - Might Not Be a High Flyer but Worth the Ride, Quorn Tastes Good

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

Sumeet Singh

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

AC Energy Re-IPO - Lots of Moving Parts, Needs the Dust to Settle

AC Energy Corp (ACEN PM) is looking to raise up to about US$341m in its upcoming re-IPO in the Philippines. n this note, we will take a brief look...

Zhen Zhou, Toh

ThaiBev BeerCo's Deferred IPO -Beer Comparison - Sober Up

On 16th April, Thai Beverage (THBEV SP) announced it had decided to defer the Proposed Spin-off Listing of BeerCo, citing uncertain market...

Zhen Zhou, Toh

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation

Thai Beverage (THBEV SP) announced that it received a no-objection letter for the proposed spinoff of BeerCo. In this note, we will look at the...

Zhen Zhou, Toh

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