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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs</li>
<li>On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.</li>
<li>On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs
On the IPO front,  only the smaller issuers were active with most following through on year end listing plans.
On placements front, HK market got going in a jiffy, riding on the coattails of China reopening.


ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.</li>
<li>We continue to expect rangebound price action in the months ahead on the MSCI ACWI.</li>
<li>And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)</li>
</ul>


We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.
We continue to expect rangebound price action in the months ahead on the MSCI ACWI.
And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)


Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weimob-inc" target="_blank" data-smartkarma-citation="entities:27394:1" rel="noopener">Weimob Inc. (2013 HK)</a> is looking to raise about US$205m in its primary placement to fund R&amp;D, upgrade marketing systems, and for general working capital purposes.</li>
<li>On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>



Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&amp;D, upgrade marketing systems, and for general working capital purposes.
On an ADV basis, the deal is a relatively small one at just 3.6 days of the firm’s three month ADV.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Weimob Placement - Share Price Momentum over the past Few Months Have Been Strong

Greater China Equity Long/Short Analyst

Eric Chen

Equity Bottom-Up

<ul>
<li>Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. </li>
<li>Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.</li>
<li>We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. </li>
</ul>


Weimob has emerged from the pandemic stronger and leaner, further consolidating its leadership in China's e-commerce SaaS market. 
Drawing insights into the supply side (merchants/brands) on  Alibaba platform, our bottom-up analysis suggests that Weimob potentially has a US$600mn revenue opportunity by 2025.
We value Weimob at US$3bn assigning 5xPS on its US$600mn revenue by 2025,  implying 25% CAGR over 3-year period. Patience needed to navigate high-inflation environment which pressures growth assets. 


Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

<ul>
<li>Weimob's share price more than doubled in a month on encouraging 3Q preliminary data and improved sentiment towards China assets</li>
<li>We explore socio-economic factors resulting in the slow ramp up of China SaaS sector , size Weimob's TAM by drawing insights from Alibaba and determine its valuation in  two-piece report </li>
<li>In the first part, we argue that inadequate cost or efficiency competitiveness of SaaS solutions over existing labor-based or manual processes have been a key drag</li>
</ul>


Weimob's share price more than doubled in a month on encouraging 3Q preliminary data and improved sentiment towards China assets
We explore socio-economic factors resulting in the slow ramp up of China SaaS sector , size Weimob's TAM by drawing insights from Alibaba and determine its valuation in  two-piece report 
In the first part, we argue that inadequate cost or efficiency competitiveness of SaaS solutions over existing labor-based or manual processes have been a key drag


Weimob (2013 HK): Strategic Patience Will Be Rewarded

China

Weimob Inc. provides targetedmarketing services. The Company offers product display, orderintake and payment processing, customer relationship management, and social media marketing services. Weimob provides services in China.

Price Gauge
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Weimob Inc. (2013 HK)

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

Our bottom-up analysis suggests Weimob has a US$600mn revenue opportunity and could achieve US$100mn net profit by 2025 and we value the company at...

Eric Chen

Weimob (2013 HK): Strategic Patience Will Be Rewarded

We explore deep-rooted causes for the slow ramp-up of China SaaS sector, size Weimob's market opportunity by drawing insights gained from Alibaba,...

Eric Chen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (8th Jan 2022) - Sinohytec, Beauty Farm, Sula, Kfin, Bionote, Meidong, CIFI, Jinxin Fert

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Weimob Placement - Share Price Momentum over the past Few Months Have Been Strong

Weimob Inc. (2013 HK) is looking to raise about US$205m in its primary placement to fund R&D, upgrade marketing systems, and for general working...

Clarence Chu

Weimob (2013 HK): Strategic Patience Will Be Rewarded (Part 2)

Our bottom-up analysis suggests Weimob has a US$600mn revenue opportunity and could achieve US$100mn net profit by 2025 and we value the company at...

Eric Chen

Weimob (2013 HK): Strategic Patience Will Be Rewarded

We explore deep-rooted causes for the slow ramp-up of China SaaS sector, size Weimob's market opportunity by drawing insights gained from Alibaba,...

Eric Chen