APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

INOX India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise up to US$175m in its Indian IPO.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.


Inox India IPO - Offering Access to a Niche Sector

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>AI / In Depth: How the AI race has spread from the cloud to the palm of your hand</li><li>Carbon /: China climate envoy reaffirms 2030 target for peaking carbon emissions</li><li>Standard Chartered /: Standard Chartered China unit gets securities business license</li></ul>

AI / In Depth: How the AI race has spread from the cloud to the palm of your handCarbon /: China climate envoy reaffirms 2030 target for peaking carbon emissionsStandard Chartered /: Standard Chartered China unit gets securities business license

CX Daily: How the AI Race Has Spread From the Cloud to the Palm of Your Hand

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Equity Bottom-Up

<ul>
<li>China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.</li>
<li>The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.</li>
<li>Netease scored one approval while Tencent has been zeroed for five rounds.</li>
</ul>


China announced game approval for November batch. The number of games approved is in-line with the pace of approval in recent months.
The Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Netease scored one approval while Tencent has been zeroed for five rounds.


Tencent/Netease: Game Approval Skewed Towards Netease in '23

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul><li>JSE indices get rebalanced in the closing auction on Thursday.</li><li>No constituent changes will be made to the ALSI, Top 40, Top 40 SWIX, FINI, FINDI or INDI. HAR will enter the RESI and AMS will fall out.</li><li>Largest buys: BTI, MNP, BHG, APN.</li></ul>

JSE indices get rebalanced in the closing auction on Thursday.No constituent changes will be made to the ALSI, Top 40, Top 40 SWIX, FINI, FINDI or INDI. HAR will enter the RESI and AMS will fall out.Largest buys: BTI, MNP, BHG, APN.

The Week Ahead: US Inflation, Fed, Quarterly Rebalancing

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

CX Daily: How the AI Race Has Spread From the Cloud to the Palm of Your Hand

AI / In Depth: How the AI race has spread from the cloud to the palm of your hand “Find a photo of a girl laughing while wearing a garbage bag in...

Caixin Global

Tencent/Netease: Game Approval Skewed Towards Netease in '23

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

The Week Ahead: US Inflation, Fed, Quarterly Rebalancing

JSE Dec rebalance - passive buys and sells in Thursday’s closing auction. JSE indices get rebalanced in the closing auction on Thursday.

DMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

CX Daily: How the AI Race Has Spread From the Cloud to the Palm of Your Hand

AI / In Depth: How the AI race has spread from the cloud to the palm of your hand “Find a photo of a girl laughing while wearing a garbage bag in...

Caixin Global

Tencent/Netease: Game Approval Skewed Towards Netease in '23

​China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.

Ke Yan, CFA, FRM

The Week Ahead: US Inflation, Fed, Quarterly Rebalancing

JSE Dec rebalance - passive buys and sells in Thursday’s closing auction. JSE indices get rebalanced in the closing auction on Thursday.

DMA

China's game approval process remains slow, with Netease receiving one approval and Tencent facing five rounds of zero approvals.