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>
<a href="https://www.smartkarma.com/entities/muyuan-foodstuff-co-ltd-a" target="_blank" data-smartkarma-citation="entities:3705:1" rel="noopener">Muyuan Foodstuff Co Ltd A (002714 CH)</a> , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.</li>
<li>MF is a leading pork company with over 30 years of expertise in the hog farming industry.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing.
MF is a leading pork company with over 30 years of expertise in the hog farming industry.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.</li>
<li>In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.</li>
<li>The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.</li>
</ul>


The company priced an upsized 12.0 million share offering at $17.00—above the initial range—and opened 29.4% higher at $22.00.
In March, amid broader sector weakness across the medical device space, the stock broke below its IPO price.
The company did report better than expected sales in its most recent quarterly report last week with guidance raised giving long term investors more confidence in its execution moving forward.


Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Smithfield Foods / Equity Capital Markets

<ul>
<li>The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.</li>
<li>Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.</li>
<li>A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.</li>
</ul>


The company priced 26.08 million shares at $20.00—a reduced offering from the original 34.8 million shares and below the initial $23–$27 range.
Since then, Smithfield has staged a steady and impressive climb. On Monday, shares reached a new post-IPO high of $25.22—a 26% gain from the issue price.
A lesson can be learned: when the market punishes early entries, strong fundamentals and time can still pave the road to recovery.


Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

Kilcoy Global Foods / Equity Capital Markets

<ul>
<li>They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide. </li>
<li>For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.</li>
<li>The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.</li>
</ul>


They provide tasty, fresh, natural, healthy and convenient food products to customers across over 40 countries worldwide. 
For the year ended December 31, 2024, they recorded a total revenue of US$2,195.0 million, increasing by 17.3% from US$1,870.7 million for the year ended December 31, 2023.
The area in which this company operates in is one that is not traditionally attractive to IPO investors as the margins are low and the competition is high.


Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>You could label <a href="https://www.smartkarma.com/entities/kyocera-corp" target="_blank" data-smartkarma-citation="entities:753:1" rel="noopener">Kyocera Corp (6971 JP)</a>"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH Group (288 HK)</a>spins off <a href="https://www.smartkarma.com/entities/smithfield-foods-inc" target="_blank" data-smartkarma-citation="entities:44251:1" rel="noopener">Smithfield Foods (SFD US)</a> - below the prior expected price range.  Pricing looks full here.</li>
<li>As <a href="https://www.smartkarma.com/entities/china-national-building-ma-h" target="_blank" data-smartkarma-citation="entities:184:1" rel="noopener">China National Building Material (3323 HK)</a>'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?</li>
</ul>


You could label Kyocera Corp (6971 JP)"BULLISH" because the stock goes up rather than down; but you could easily label this BEARISH because the prospects aren't exciting.

WH Group (288 HK)spins off Smithfield Foods (SFD US) - below the prior expected price range.  Pricing looks full here.
As China National Building Material (3323 HK)'s Partial Offer heads towards the pointy end, do you buy, and/or borrow, and tender; short outright; or short tender?


Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

United States

Smithfield Foods, Inc. is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, the company responsibly meets demand for quality protein around the world.

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Smithfield Foods (SFD US)

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

IPO Boutique

Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.

IPO Boutique

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Muyuan Foods A/H Listing - Decent Pricing, Weak Momentum

Muyuan Foodstuff Co Ltd A (002714 CH) , a leader in the hog farming industry, aims to raise around US$1.4bn in its H-share listing. In this note,...

Sumeet Singh

Beta Bionic Inc (BBNX) Six Month Summary: From Breakout to Breakdown

​Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

IPO Boutique

Smithfield Foods Inc (SFD) Six Month Summary: Rough Start with a Resilient IPO Turnaround

​Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

IPO Boutique

Kilcoy Global Foods (KGF): China Based Protein Provider Readying for July IPO

​A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.

IPO Boutique

Last Week in Event SPACE: Kyocera, WH Group/Smithfield, CNBM, Japan Eyewear, Core Concept Tech

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Company prices upsized share offering above initial range, opens 29.4% higher. Stock broke below IPO price in March but recent quarterly may begin...

Smithfield's reduced IPO offering at $20/share has since climbed 26% to $25.22, showing that strong fundamentals and time can lead to recovery in...

A global food company sees strong revenue growth despite challenges in attracting IPO investors due to low margins and high competition.