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/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta-</a>led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations.</li>
</ul>



Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
We have looked at the company’s performance in our past note. In this note, we talk about valuations.


Amer Sports IPO - Deal Updates and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the not-so-positive aspects of the deal.


Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>We consider the fundamentals of <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> attractive and are positive towards its business outlook. Profitability has surged with solid growth rates in revenue and margin.</li>
<li>Amer's investment case lies in its multi-brand portfolio, niche, functional, and professional products, margin expansion/profitability improvement, and China growth prospects.</li>
<li>Since the proceeds will be used to repay shareholder loans, this will lower its interest burden and strengthen its financial position. Hence, the IPO should further boost its profitability.</li>
</ul>


We consider the fundamentals of Amer Sports (AS US) attractive and are positive towards its business outlook. Profitability has surged with solid growth rates in revenue and margin.
Amer's investment case lies in its multi-brand portfolio, niche, functional, and professional products, margin expansion/profitability improvement, and China growth prospects.
Since the proceeds will be used to repay shareholder loans, this will lower its interest burden and strengthen its financial position. Hence, the IPO should further boost its profitability.


Amer Sports IPO: The Fundamentals, and How We See It?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the positive aspects of the deal.


Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise US$2 billion.</li>
<li>In <strong><em><a href="https://www.smartkarma.com/insights/amer-sports-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:124040" rel="noopener">Amer Sports IPO: The Bull Case</a></em></strong>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on ball &amp; racquet sports’ deteriorating performance, EBIT margin not materially improving under the consortium’s ownership, cash burn and high leverage.</li>
</ul>



Amer Sports (AS US) is a global iconic sports and outdoor brand group. According to press reports, it has filed for a NYSE IPO to raise US$2 billion.
In Amer Sports IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on ball &amp; racquet sports’ deteriorating performance, EBIT margin not materially improving under the consortium’s ownership, cash burn and high leverage.


China

Topsports International Holdings Limited operates as a sports shoes and apparel retailer. The Company sells sports shoes, sports shirts, and other products. Topsports International Holdings markets its products throughout China.

Topsports International Holdings (6110 HK)

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Topsports International Holdings (6110 HK)

Amer Sports IPO - Deal Updates and Thoughts on Valuation

Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led...

Sumeet Singh

Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Amer Sports (AS US) plans to raise US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta (2020 HK) led consortium. In this note, we...

Sumeet Singh

Amer Sports IPO: The Fundamentals, and How We See It?

Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...

Osbert Tang, CFA

Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led...

Sumeet Singh

Amer Sports IPO: The Bear Case

The bear case rests on ball and racquet sports’ deteriorating performance, EBIT margin not materially improving under the consortium’s ownership,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amer Sports IPO - Deal Updates and Thoughts on Valuation

Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led...

Sumeet Singh

Amer Sports Pre-IPO - The Negatives - COVID Rebound, Weak Margins

Amer Sports (AS US) plans to raise US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta (2020 HK) led consortium. In this note, we...

Sumeet Singh

Amer Sports IPO: The Fundamentals, and How We See It?

​Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...

Osbert Tang, CFA

Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led...

Sumeet Singh

Amer Sports IPO: The Bear Case

The bear case rests on ball and racquet sports’ deteriorating performance, EBIT margin not materially improving under the consortium’s ownership,...

Arun George

Amer's multi-brand portfolio, niche, functional, and professional products, solid profitability, China growth prospects, and stronger post-IPO...