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

Toplist China is a loyalty management solution services provider in China. It provides a one-stop loyalty management solution to clients, in particular, financial institutions. As per iResearch, it ranked second in the loyalty management SaaS market and fifth in the integrated loyalty management solution services market in China in 2019, in terms of gross sales proceeds.Earnings growth has been strong over 2016-18, with TC reporting revenue CAGR of 37.47% and adjusted PAT CAGR of 37.32%. Growth has been driven by 6.7x increase in users over 2018-20, a 3.9x increase in orders processed and 7.3x increase in the number of vendors. Unfortunately, there isn’t much more to like apart from that, in our view.

Toplist China is a loyalty management solution services provider in China. It provides a one-stop loyalty management solution to clients, in particular, financial institutions. As per iResearch, it ranked second in the loyalty management SaaS market and fifth in the integrated loyalty management solution services market in China in 2019, in terms of gross sales proceeds.Earnings growth has been strong over 2016-18, with TC reporting revenue CAGR of 37.47% and adjusted PAT CAGR of 37.32%. Growth has been driven by 6.7x increase in users over 2018-20, a 3.9x increase in orders processed and 7.3x increase in the number of vendors. Unfortunately, there isn’t much more to like apart from that, in our view.

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives

China

Toplist China is one of the largest loyalty management services provider in China

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Toplist China (TC HK)

Toplist China Pre-IPO - Overwhelmingly More Negatives than Positives

Toplist China is a loyalty management solution services provider in China. It provides a one-stop loyalty management solution to clients, in...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)