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

Life Insurance Corporation of India / Equity Capital Markets

Life Insurance Corporation of India (LICI IN)

<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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.</li>
<li>There were no major placements this week, with even Air New Zealand failing to hold its deal price.</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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.


ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

<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 IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</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 IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.
Placements remained few and far between with only Air New Zealand (AIR NZ) launching its shortfall bookbuild.


ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (2325 HK)</a> is looking to raise US$139m in its Hong Kong IPO.</li>
<li>Yunkang Group has grown its on-site diagnostics centers and has grand plans to add new centers with the IPO proceeds.</li>
<li>However, its business performance had been largely impacted by COVID, where COVID-related tests amounted to 83.6% of total tests performed in FY21, while contributing 58.1% to total revenue.</li>
</ul>



Yunkang Group (2325 HK) is looking to raise US$139m in its Hong Kong IPO.
Yunkang Group has grown its on-site diagnostics centers and has grand plans to add new centers with the IPO proceeds.
However, its business performance had been largely impacted by COVID, where COVID-related tests amounted to 83.6% of total tests performed in FY21, while contributing 58.1% to total revenue.


Yunkang Group IPO - Futile to Try and Gauge Its Post-COVID Performance

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (2325 HK)</a> is a medical operation service provider in China and offers a full suite of diagnostic testing services.</li>
<li>The company’s IPO application has been approved and plans to raise about US$139m. In this  insight, we have highlighted some of the key new data points from PHIP filing.</li>
<li>Revenue grew 8.8% YoY in 2021 excl. Cov-19 tests (vs 80.2% from Cov-19 tests) and we are yet to see major improvements excluding the positive impact on margins from COVID.</li>
</ul>



Yunkang Group (2325 HK) is a medical operation service provider in China and offers a full suite of diagnostic testing services.
The company’s IPO application has been approved and plans to raise about US$139m. In this  insight, we have highlighted some of the key new data points from PHIP filing.
Revenue grew 8.8% YoY in 2021 excl. Cov-19 tests (vs 80.2% from Cov-19 tests) and we are yet to see major improvements excluding the positive impact on margins from COVID.


Yunkang IPO (PHIP): Growth Still Largely Driven by COVID

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yunkang-group" target="_blank" data-smartkarma-citation="entities:35631:1" rel="noopener">Yunkang Group (YK HK)</a> is looking to raise US$139m in its Hong Kong IPO.</li>
<li>Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue.</li>
<li>Yunkang saw its full-year FY21 performance pulled up in the later half of the year. Number of tests administered had also surged 3.45x YoY in FY21.</li>
</ul>



Yunkang Group (YK HK) is looking to raise US$139m in its Hong Kong IPO.
Yunkang Group is a medical operation service provider in China and as per F&amp;S, had a market share of 3.7% in China’s medical operation service market as per 2020 revenue.
Yunkang saw its full-year FY21 performance pulled up in the later half of the year. Number of tests administered had also surged 3.45x YoY in FY21.


Yunkang Group IPO - Has Improved Its Operating Metrics, but Still Reliant on COVID Boost

China

Yunkang Group is a leading medical operation service organization primarily engaged in providing diagnostic testing services. Its services include diagnostic outsourcing for hospitals, establishing on-site diagnostic centers for medical institution alliances, and offering personalized diagnostic testing for non-medical institutions. The company is headquartered in Guangzhou, China, and was established in 2018.

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Yunkang Group (2325 HK)

ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

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

ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

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

Yunkang Group IPO - Futile to Try and Gauge Its Post-COVID Performance

Yunkang Group (2325 HK) is looking to raise US$139m in its Hong Kong IPO. Were China to lift its lockdown status, inline with global trends, the...

Clarence Chu

Yunkang IPO (PHIP): Growth Still Largely Driven by COVID

Yunkang’s revenue grew only 8.8% YoY in 2021 excl. Cov-19 related tests (vs 80.2% growth from Cov tests) and we are yet to see major improvements...

Shifara Samsudeen, FCMA, CGMA

Yunkang Group IPO - Has Improved Its Operating Metrics, but Still Reliant on COVID Boost

Yunkang Group (YK HK) is looking to raise US$139m in its Hong Kong IPO. Yunkang saw its full-year FY21 performance pulled up in the later half of...

Clarence Chu

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