APAC IPOs & Placements

Zhen Zhou, Toh

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

SCE Intelligent Commercial Management / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/sce-intelligent-commercial-management" target="_blank" data-smartkarma-citation="entities:33500:1" rel="noopener">SCE Intelligent Commercial Management (606 HK)</a>  (SIM) is looking to raise US$296m in its Hong Kong IPO.</p><p>SCE Intelligent Management (SIM) is a comprehensive property management service provider that manages commercial and residential properties in China. SIM’s contracted property management portfolio spans across 54 cities, 18 provinces, municipalities and autonomous regions in China. Properties under management include residential properties and commercial properties such as shopping malls and office buildings.</p><p>In this note, we will look at company fundamentals, assumptions, and share our thoughts on valuation.</p>

SCE Intelligent Commercial Management (606 HK)  (SIM) is looking to raise US$296m in its Hong Kong IPO.SCE Intelligent Management (SIM) is a comprehensive property management service provider that manages commercial and residential properties in China. SIM’s contracted property management portfolio spans across 54 cities, 18 provinces, municipalities and autonomous regions in China. Properties under management include residential properties and commercial properties such as shopping malls and office buildings.In this note, we will look at company fundamentals, assumptions, and share our thoughts on valuation.

SCE Commercial Management (中骏商管服务) IPO - Still Reliant on China SCE, Exposed to Lower Tier Cities

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/yuexiu-services-group-limited" target="_blank" data-smartkarma-citation="entities:33482:1" rel="noopener">Yuexiu Services Group (6626 HK)</a> ("YSG") is the latest property management service company to list in Hong Kong. The Offer Price range is HK$4.88-HK$6.52/share. The Offer Price will be announced on the 25 June.</p>
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<p>YSG is the spin-off of <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a>, which will own 68.9% in YSG after the IPO, down from 91.9% currently, before over-allotment.</p>
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<p>YSG will raise HK$2.1bn (US$0.27bn), before over-allotment, at the mid-price of the IPO range.  </p>
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<p>On an FY20 PER metric, YSG is pitched at a small premium to a basket of peers, and generally exceeds similar-sized property management companies.</p>
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<p>More below the fold. </p>
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Yuexiu Services Group (6626 HK) ("YSG") is the latest property management service company to list in Hong Kong. The Offer Price range is HK$4.88-HK$6.52/share. The Offer Price will be announced on the 25 June.


YSG is the spin-off of Yuexiu Property (123 HK), which will own 68.9% in YSG after the IPO, down from 91.9% currently, before over-allotment.


YSG will raise HK$2.1bn (US$0.27bn), before over-allotment, at the mid-price of the IPO range.  


On an FY20 PER metric, YSG is pitched at a small premium to a basket of peers, and generally exceeds similar-sized property management companies.


More below the fold. 


Yuexiu Services (6626 HK): This Looks Fully Priced

<p><a href="https://www.smartkarma.com/entities/yuexiu-services-group-limited" target="_blank" data-smartkarma-citation="entities:33482:1" rel="noopener">Yuexiu Services (6626 HK)</a> is looking to raise up to US$311m in its Hong Kong IPO.</p><p>Yuexiu Services is an urban operation service provider in China with a focus on the Greater Bay Area. It manages a mix of non-commercial and commercial properties. As of December 2020, the company had 215 properties under management with about 32.6m GFA under management and about 96.1% of these GFA situated in Tier 1, New Tier 1 and Tier 2 cities. </p><p>In this note, we will look at company fundamentals, assumptions, and share our thoughts on valuation.</p>

Yuexiu Services (6626 HK) is looking to raise up to US$311m in its Hong Kong IPO.Yuexiu Services is an urban operation service provider in China with a focus on the Greater Bay Area. It manages a mix of non-commercial and commercial properties. As of December 2020, the company had 215 properties under management with about 32.6m GFA under management and about 96.1% of these GFA situated in Tier 1, New Tier 1 and Tier 2 cities. In this note, we will look at company fundamentals, assumptions, and share our thoughts on valuation.

Yuexiu Services (越秀服务) IPO - Interesting but Not Outstanding

China

Yuexiu Services Group Limited provides property management services. The Company offers building maintenance, security management, and other services. Yuexiu Services Group is located in Hong Kong.

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Yuexiu Services (6626 HK)

SCE Commercial Management (中骏商管服务) IPO - Still Reliant on China SCE, Exposed to Lower Tier Cities

SCE Commercial Management (SIM) is looking to raise US$296m in its HK IPO. SIM is a comprehensive property management service provider that manages...

Zhen Zhou, Toh