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

China Resources Beverage / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage</a> is looking to raise US$1bn in its upcoming Hong Kong IPO.</li>
<li>China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO.
China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China.
In this note, we talk about the positive aspects of the deal.


China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

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.

Equity Bottom-Up

Tsingtao Brewery Co Ltd H / Equity Bottom-Up

<ul><li>Tsingtao announced 3Q results after market close last Friday (27 Oct).</li><li>3Q revenue and net profits came in at RMB9.4bn/RMB1.5bn, down/up -4.6%/+4.7% YoY.</li><li>The results were consistent to our expectation, and was slightly better than what market previously expected of an approximately 10% sales decline. </li></ul>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.

Tsingtao announced 3Q results after market close last Friday (27 Oct).3Q revenue and net profits came in at RMB9.4bn/RMB1.5bn, down/up -4.6%/+4.7% YoY.The results were consistent to our expectation, and was slightly better than what market previously expected of an approximately 10% sales decline. 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.

Tsingtao Brewery (168 HK) – 3Q Rev/Np -4.6%/+4.7%; Above Market Expectation

<ul>
<li>Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.</li>
<li>GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.
GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

<ul><li>Tsingtao reported 14% growth in 2Q net profits to RMB2.0bn. Driven by 3% volume growth and 5% ASP uptick, revenue stood at RMB11bn, up 8% YoY.</li><li>This compared to HSD growth of CR Beer and 20% of Budweiser.</li><li>Gross/EBIT margins was up approximately 2pp to 33%/21%, respectively, and we expect recurring strengths in both premiumization and cost efficiency to fuel margins expansion into 2H. </li></ul>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.

Tsingtao reported 14% growth in 2Q net profits to RMB2.0bn. Driven by 3% volume growth and 5% ASP uptick, revenue stood at RMB11bn, up 8% YoY.This compared to HSD growth of CR Beer and 20% of Budweiser.Gross/EBIT margins was up approximately 2pp to 33%/21%, respectively, and we expect recurring strengths in both premiumization and cost efficiency to fuel margins expansion into 2H. 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.

Tsingtao Brewery (168 HK) – 2Q Rev/Np +8%/14% on Recurring Strengths

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A shares were up small on the week, largely due to a big rally on Friday (led by record Northbound buying). HK Stocks had a HUGE week. </li>
<li>Net SOUTHBOUND buying was +HK10.3bn. Net buys every day and now 20 days straight, but buying was foreign-led.</li>
<li>Little market news. More geopolitical news. Big SOE bank H-shares see relentless buying. HSTECH +13.4%, HSI +8.8%, HSCEI +9.1%.</li>
</ul>


A shares were up small on the week, largely due to a big rally on Friday (led by record Northbound buying). HK Stocks had a HUGE week. 
Net SOUTHBOUND buying was +HK10.3bn. Net buys every day and now 20 days straight, but buying was foreign-led.
Little market news. More geopolitical news. Big SOE bank H-shares see relentless buying. HSTECH +13.4%, HSI +8.8%, HSCEI +9.1%.


HK Connect SOUTHBOUND Flows (To 26 Apr 2024); Strong Net Buying on Banks/Energy Telco SOEs. Again.

China

Tsingtao Brewery Company Limited produces and distributes beer products.  The Company markets its products throughout China and around the world under the Tsingtao Beer brand name.

Tsingtao Brewery Co Ltd A (600600 CH)

China Resources Beverage Pre-IPO - The Positives - Strong Position in Its Main Market

China Resources Beverage is looking to raise US$1bn in its upcoming Hong Kong IPO. In this ntoe, we talk about the positive aspects of the deal.

Sumeet Singh

Tsingtao Brewery (168 HK) – 3Q Rev/Np -4.6%/+4.7%; Above Market Expectation

he results were consistent to our expectation, and was slightly better than what market previously expected of an approximately 10% sales decline.

CMB International

2024 High Conviction - Giant Biogene - Growth Rate Keeps Moving Higher

Giant Biogene was listed in Hong Kong IPO in 2022. It has done well since and is now trading 45% above its IPO price, but its still cheap.

Sumeet Singh

Tsingtao Brewery (168 HK) – 2Q Rev/Np +8%/14% on Recurring Strengths

Tsingtao reported 14% growth in 2Q net profits to RMB2.0bn. Driven by 3% volume growth and 5% ASP uptick, revenue stood at RMB11bn, up 8% YoY.

CMB International

HK Connect SOUTHBOUND Flows (To 26 Apr 2024); Strong Net Buying on Banks/Energy Telco SOEs. Again.

A decent flow week. Net buying every day. That's 20 days in a row. Some may be Central Huijin buying. HK stocks had a HUGE up week. It was probably...

Travis Lundy