Category

IPOs and Placements

Brief IPOs & Placements: Wanda Sports (万达体育) IPO Review – Shareholders Selling in the IPO and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. Wanda Sports (万达体育) IPO Review – Shareholders Selling in the IPO
  2. DouYu IPO: Bull/​​​​Bear DCF Scenarios
  3. Douyu IPO: Cost Structure Disadvantage Vs. Huya Implies a Discount Not Premium Is Appropriate
  4. CloudMinds IPO Initiation: Computer Says No
  5. CloudMinds Inc Early Thoughts – Still Nascent

1. Wanda Sports (万达体育) IPO Review – Shareholders Selling in the IPO

Selling%20shareholders

Wanda Sports Group (WSG US) is looking to raise up to US$500m in its US IPO. We have previously covered the company in:

In this insight, we will go through our assumptions, valuation forecast, run the deal through our ECM framework.

2. DouYu IPO: Bull/​​​​Bear DCF Scenarios

Dcf

Douyu International Holdings (DOYU US) is a leading game live streaming platform in China with a focus on e-sports content. DouYu which announced its IPO price range of $11.50-14.00 per ADS, will price its IPO on 16 July. 

In our valuation note, we stated that we would participate in the IPO at most at the mid-point of the proposed IPO valuation range. Our DCF analysis outlined in this note suggests a base-case valuation of $12.42 per ADS, 3% downside from the mid-point of the IPO price range. Our DCF sensitivity suggests that the top-end of the IPO price while achievable, prices in ambitious execution. 

3. Douyu IPO: Cost Structure Disadvantage Vs. Huya Implies a Discount Not Premium Is Appropriate

5

Douyu plans to list on the 16th of July on Nasdaq. Proceeds of the IPO are expected to be utilised to expand on content genres offered and provide premium esports content, improve existing technologies and big data analytics, invest in marketing activities and for general corporate purposes. At the mid-point of the offer price range, the company will raise approx. USD572.8m to carry out the above-mentioned investment activities.

Douyu mainly competes with Huya in the game streaming landscape in China. Huya listed in the US in May 2018 and the company has managed to make an operating profit and raise its gross profits in the last year. Meanwhile, Douyu continues to struggle to make operating profits, having just achieved gross profit status in the last fiscal year. Even though the company has a higher user base than Huya, Douyu continues to suffer with regards to efficiently managing costs related to revenue sharing fees and content costs.

Huya’s topline and bottomline performance seems much more favourable to us than Douyu’s. According to our estimates, Douyu has an EV of USD3,498m, which iterates to an FY1 EV/sales multiple of 4.4x, which we believe is expensive compared to peers. In comparison, peers Huya and iQiyi are trading at cheaper multiples of 3.4x and 3.1x respectively. 

4. CloudMinds IPO Initiation: Computer Says No

Cloud%20robot

CloudMinds (CMDS US) offers an end-to-end cloud robot system which is capable of operating consumer service robots, which include both in-house and third-party robots. It is backed by Softbank Group (9984 JP)’s Vision Fund, which is a 34.6% shareholder.

CloudMinds is big on vision and buzzword-laden rhetoric. Overall, we believe that CloudMinds is not an IPO for the faint-hearted, and it is not yet ready for the unforgiving glare of the public markets.

5. CloudMinds Inc Early Thoughts – Still Nascent

Percentage of fy2018 revenue  chartbuilder

CloudMinds (CMDS UA) is looking to raise US$500m in its upcoming IPO in the US.

The idea of replacing day to day mundane tasks through robots and being able to leverage AI and cloud computing to improve their performance sounds incredible. FY2018 revenue growth has also been spectacular.

But, under the fold, the company is less like a cloud robotics company since it derives majority of revenue from smart devices with cloud computing capabilities. The lack of data disclosure is frustrating, as it has made revenue visibility poor since there is no way of telling which products (smart devices or robots) are selling well. 

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Brief IPOs & Placements: ESR-REIT Placement: Acquisition and AEI Are DPU Accretive but Debt Payment Dilutes and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. ESR-REIT Placement: Acquisition and AEI Are DPU Accretive but Debt Payment Dilutes
  2. Hansoh Pharma (翰森制药) Post-IPO Trading Update: Fairly Valued
  3. Budweiser Brewing Company APAC IPO: A Solid PHIP Update

1. ESR-REIT Placement: Acquisition and AEI Are DPU Accretive but Debt Payment Dilutes

Highlight

ESR-REIT announced an S$100 million private placement and S$75 million preferential offerings for the existing unitholders. In this insight, we will provide our thoughts on the deal and score the deal in our ECM framework. 

2. Hansoh Pharma (翰森制药) Post-IPO Trading Update: Fairly Valued

Liquidity%20of%202019%20ipos%20%281%29

Hansoh Pharma’s IPO was priced at the high end and started trading last Friday. In our earlier note, we argued that the company should trade at least on par with its close peer, Sino Biopharm. Its strong debut echos our positive view on the deal. In this insight, we will summarize the allocation and trading on the first day, and update our views on the company’s valuation.


Our previous coverage on Hansoh Pharma

3. Budweiser Brewing Company APAC IPO: A Solid PHIP Update

Volume

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales value based in the Asia Pacific, according to GlobalData. On Thursday, Budweiser APAC received HKEX approval for a Hong Kong IPO to raise $5-10 billion, according to press reports.

In our IPO initiation note, we concluded that Budweiser APAC fundamentals are strong. The PHIP update which outlines 1Q19 financials reinforces our view).

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Brief IPOs & Placements: Douyu IPO: Cost Structure Disadvantage Vs. Huya Implies a Discount Not Premium Is Appropriate and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. Douyu IPO: Cost Structure Disadvantage Vs. Huya Implies a Discount Not Premium Is Appropriate
  2. CloudMinds IPO Initiation: Computer Says No
  3. CloudMinds Inc Early Thoughts – Still Nascent
  4. Douyu Vs Huya: 2Q Top Streamers Analysis
  5. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm

1. Douyu IPO: Cost Structure Disadvantage Vs. Huya Implies a Discount Not Premium Is Appropriate

11

Douyu plans to list on the 16th of July on Nasdaq. Proceeds of the IPO are expected to be utilised to expand on content genres offered and provide premium esports content, improve existing technologies and big data analytics, invest in marketing activities and for general corporate purposes. At the mid-point of the offer price range, the company will raise approx. USD572.8m to carry out the above-mentioned investment activities.

Douyu mainly competes with Huya in the game streaming landscape in China. Huya listed in the US in May 2018 and the company has managed to make an operating profit and raise its gross profits in the last year. Meanwhile, Douyu continues to struggle to make operating profits, having just achieved gross profit status in the last fiscal year. Even though the company has a higher user base than Huya, Douyu continues to suffer with regards to efficiently managing costs related to revenue sharing fees and content costs.

Huya’s topline and bottomline performance seems much more favourable to us than Douyu’s. According to our estimates, Douyu has an EV of USD3,498m, which iterates to an FY1 EV/sales multiple of 4.4x, which we believe is expensive compared to peers. In comparison, peers Huya and iQiyi are trading at cheaper multiples of 3.4x and 3.1x respectively. 

2. CloudMinds IPO Initiation: Computer Says No

Gross%20margin

CloudMinds (CMDS US) offers an end-to-end cloud robot system which is capable of operating consumer service robots, which include both in-house and third-party robots. It is backed by Softbank Group (9984 JP)’s Vision Fund, which is a 34.6% shareholder.

CloudMinds is big on vision and buzzword-laden rhetoric. Overall, we believe that CloudMinds is not an IPO for the faint-hearted, and it is not yet ready for the unforgiving glare of the public markets.

3. CloudMinds Inc Early Thoughts – Still Nascent

Margins improved gross margin operating margin chartbuilder

CloudMinds (CMDS UA) is looking to raise US$500m in its upcoming IPO in the US.

The idea of replacing day to day mundane tasks through robots and being able to leverage AI and cloud computing to improve their performance sounds incredible. FY2018 revenue growth has also been spectacular.

But, under the fold, the company is less like a cloud robotics company since it derives majority of revenue from smart devices with cloud computing capabilities. The lack of data disclosure is frustrating, as it has made revenue visibility poor since there is no way of telling which products (smart devices or robots) are selling well. 

4. Douyu Vs Huya: 2Q Top Streamers Analysis

Huya%20 %20followers%20distribution

Douyu, one of the two major e-sports broadcasting company in China, launched its IPO to raise up to USD 944 million last week. In our previous insight, we covered the company’s fundamentals, the latest financial numbers, and a detailed comparison between Douyu and Huya. We also looked at the IPO valuations. 

In this insight, we will compare key metrics of top streamers on both platforms and try to answer two questions in this insight: 1) how dependent are both platforms on top streamers, and 2) what is the difference of operating metrics for top streamers on both platforms.


Our previous coverage on Douyu

5. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm

Sing%20hotel%20main

Singha Group plans to launch the IPO of its hotel arm SHR in Q3’19. Interestingly, they have more rooms and higher room rates than Erawan. These are some observations we make about this upcoming IPO:

  • Structure. The IPO will be firmly underwritten by CIMB and includes 70m warrants for executives and subsidiaries and staggered lock-up periods and expected free float of 40%. Singha Group already has four other listed entities we know of, namely S, NVD, SPRIME, and BGC.
  • Business. Over the past 3 years, SHR has grown revenues and earnings by 63% and 53% respectively. Their portfolio includes 39 hotel properties spread over 5 countries and 3 continents. They include several international brands (Hilton, Hard Rock, Holiday Inns) as well as a few in-house brands (Santiburi, Outrigger).
  • Valuation. We conservatively value SHR at Bt5.3/sh using DCF valuation and Bt10.5/sh using relative valuation. Depending on the market sentiment during the IPO period, we would expect the stock to be closer to one end of this spectrum.
  • Risk. The company/underwriter identifies many risks, most notably competitive risks. Others mentioned include those linked to branding, events risk, Brexit (since they have 29 in UK), and economic risks.

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Brief IPOs & Placements: Hansoh Pharma (翰森制药) Post-IPO Trading Update: Fairly Valued and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. Hansoh Pharma (翰森制药) Post-IPO Trading Update: Fairly Valued
  2. Budweiser Brewing Company APAC IPO: A Solid PHIP Update
  3. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!

1. Hansoh Pharma (翰森制药) Post-IPO Trading Update: Fairly Valued

Liquidity%20of%202019%20ipos%20%281%29

Hansoh Pharma’s IPO was priced at the high end and started trading last Friday. In our earlier note, we argued that the company should trade at least on par with its close peer, Sino Biopharm. Its strong debut echos our positive view on the deal. In this insight, we will summarize the allocation and trading on the first day, and update our views on the company’s valuation.


Our previous coverage on Hansoh Pharma

2. Budweiser Brewing Company APAC IPO: A Solid PHIP Update

Volume

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales value based in the Asia Pacific, according to GlobalData. On Thursday, Budweiser APAC received HKEX approval for a Hong Kong IPO to raise $5-10 billion, according to press reports.

In our IPO initiation note, we concluded that Budweiser APAC fundamentals are strong. The PHIP update which outlines 1Q19 financials reinforces our view).

3. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!

Realreal 2

The RealReal (REAL US), the largest online marketplace for authenticated, consigned luxury goods in the world, is getting ready for an IPO in the next few weeks. 

The consumers that own luxury goods such as a Prada bag but want to sell it can mail it to the company or drop it off at The RealReal stores. The RealReal would then authenticate the Prada bag and resell it. 

The company generated revenue of $207.4 million (up 54.9% YoY), gross profit of $136.9 million (up 56.2% YoY), and operating loss of $73.9 million in 2018 (from operating loss of $51.8 million in 2017). 

The RealReal is doing a very good job in generating repeat buyers. The RealReal repeat buyers as a percentage of GMV improved from 78% in 2015 to 80.7% in 2017 and 82.2% in 2018.

Get Straight to the Source on Smartkarma

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Brief IPOs & Placements: CloudMinds IPO Initiation: Computer Says No and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. CloudMinds IPO Initiation: Computer Says No
  2. CloudMinds Inc Early Thoughts – Still Nascent
  3. Douyu Vs Huya: 2Q Top Streamers Analysis
  4. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm
  5. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float

1. CloudMinds IPO Initiation: Computer Says No

Rev%20visibility

CloudMinds (CMDS US) offers an end-to-end cloud robot system which is capable of operating consumer service robots, which include both in-house and third-party robots. It is backed by Softbank Group (9984 JP)’s Vision Fund, which is a 34.6% shareholder.

CloudMinds is big on vision and buzzword-laden rhetoric. Overall, we believe that CloudMinds is not an IPO for the faint-hearted, and it is not yet ready for the unforgiving glare of the public markets.

2. CloudMinds Inc Early Thoughts – Still Nascent

Cloud ai solutions and smart devices have been the main revenue drive usdm cloud robot cloud ai solution smart devices others related parties chartbuilder

CloudMinds (CMDS UA) is looking to raise US$500m in its upcoming IPO in the US.

The idea of replacing day to day mundane tasks through robots and being able to leverage AI and cloud computing to improve their performance sounds incredible. FY2018 revenue growth has also been spectacular.

But, under the fold, the company is less like a cloud robotics company since it derives majority of revenue from smart devices with cloud computing capabilities. The lack of data disclosure is frustrating, as it has made revenue visibility poor since there is no way of telling which products (smart devices or robots) are selling well. 

3. Douyu Vs Huya: 2Q Top Streamers Analysis

Douyu%20 %20monetization%20distribution

Douyu, one of the two major e-sports broadcasting company in China, launched its IPO to raise up to USD 944 million last week. In our previous insight, we covered the company’s fundamentals, the latest financial numbers, and a detailed comparison between Douyu and Huya. We also looked at the IPO valuations. 

In this insight, we will compare key metrics of top streamers on both platforms and try to answer two questions in this insight: 1) how dependent are both platforms on top streamers, and 2) what is the difference of operating metrics for top streamers on both platforms.


Our previous coverage on Douyu

4. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm

Tour%20growth

Singha Group plans to launch the IPO of its hotel arm SHR in Q3’19. Interestingly, they have more rooms and higher room rates than Erawan. These are some observations we make about this upcoming IPO:

  • Structure. The IPO will be firmly underwritten by CIMB and includes 70m warrants for executives and subsidiaries and staggered lock-up periods and expected free float of 40%. Singha Group already has four other listed entities we know of, namely S, NVD, SPRIME, and BGC.
  • Business. Over the past 3 years, SHR has grown revenues and earnings by 63% and 53% respectively. Their portfolio includes 39 hotel properties spread over 5 countries and 3 continents. They include several international brands (Hilton, Hard Rock, Holiday Inns) as well as a few in-house brands (Santiburi, Outrigger).
  • Valuation. We conservatively value SHR at Bt5.3/sh using DCF valuation and Bt10.5/sh using relative valuation. Depending on the market sentiment during the IPO period, we would expect the stock to be closer to one end of this spectrum.
  • Risk. The company/underwriter identifies many risks, most notably competitive risks. Others mentioned include those linked to branding, events risk, Brexit (since they have 29 in UK), and economic risks.

5. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float

Srtuggled

IVD Medical (1931 HK) raised US$131m at HK$3.07 per share, the bottom end of its IPO price range. We have previously covered the IPO in our note:

In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.

Get Straight to the Source on Smartkarma

Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.



Brief IPOs & Placements: Budweiser Brewing Company APAC IPO: A Solid PHIP Update and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. Budweiser Brewing Company APAC IPO: A Solid PHIP Update
  2. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!

1. Budweiser Brewing Company APAC IPO: A Solid PHIP Update

Volume

Budweiser Hong Kong Holding (0338867D HK)/Budweiser APAC is Anheuser Busch Inbev Sa/Nv (ABI BB)’s Asian business and is the largest beer company by retail sales value based in the Asia Pacific, according to GlobalData. On Thursday, Budweiser APAC received HKEX approval for a Hong Kong IPO to raise $5-10 billion, according to press reports.

In our IPO initiation note, we concluded that Budweiser APAC fundamentals are strong. The PHIP update which outlines 1Q19 financials reinforces our view).

2. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!

Realreal 2

The RealReal (REAL US), the largest online marketplace for authenticated, consigned luxury goods in the world, is getting ready for an IPO in the next few weeks. 

The consumers that own luxury goods such as a Prada bag but want to sell it can mail it to the company or drop it off at The RealReal stores. The RealReal would then authenticate the Prada bag and resell it. 

The company generated revenue of $207.4 million (up 54.9% YoY), gross profit of $136.9 million (up 56.2% YoY), and operating loss of $73.9 million in 2018 (from operating loss of $51.8 million in 2017). 

The RealReal is doing a very good job in generating repeat buyers. The RealReal repeat buyers as a percentage of GMV improved from 78% in 2015 to 80.7% in 2017 and 82.2% in 2018.

Get Straight to the Source on Smartkarma

Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.



Brief IPOs & Placements: CloudMinds Inc Early Thoughts – Still Nascent and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. CloudMinds Inc Early Thoughts – Still Nascent
  2. Douyu Vs Huya: 2Q Top Streamers Analysis
  3. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm
  4. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float
  5. Budweiser Brewing Company APAC IPO (Cancelled) – Quick Trades on the Not so Subtle Butterfly Effect

1. CloudMinds Inc Early Thoughts – Still Nascent

Total revenue jumped by 6x usdm  chartbuilder

CloudMinds (CMDS UA) is looking to raise US$500m in its upcoming IPO in the US.

The idea of replacing day to day mundane tasks through robots and being able to leverage AI and cloud computing to improve their performance sounds incredible. FY2018 revenue growth has also been spectacular.

But, under the fold, the company is less like a cloud robotics company since it derives majority of revenue from smart devices with cloud computing capabilities. The lack of data disclosure is frustrating, as it has made revenue visibility poor since there is no way of telling which products (smart devices or robots) are selling well. 

2. Douyu Vs Huya: 2Q Top Streamers Analysis

Douyu%20 %20monetization%20distribution

Douyu, one of the two major e-sports broadcasting company in China, launched its IPO to raise up to USD 944 million last week. In our previous insight, we covered the company’s fundamentals, the latest financial numbers, and a detailed comparison between Douyu and Huya. We also looked at the IPO valuations. 

In this insight, we will compare key metrics of top streamers on both platforms and try to answer two questions in this insight: 1) how dependent are both platforms on top streamers, and 2) what is the difference of operating metrics for top streamers on both platforms.


Our previous coverage on Douyu

3. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm

Tour%20growth

Singha Group plans to launch the IPO of its hotel arm SHR in Q3’19. Interestingly, they have more rooms and higher room rates than Erawan. These are some observations we make about this upcoming IPO:

  • Structure. The IPO will be firmly underwritten by CIMB and includes 70m warrants for executives and subsidiaries and staggered lock-up periods and expected free float of 40%. Singha Group already has four other listed entities we know of, namely S, NVD, SPRIME, and BGC.
  • Business. Over the past 3 years, SHR has grown revenues and earnings by 63% and 53% respectively. Their portfolio includes 39 hotel properties spread over 5 countries and 3 continents. They include several international brands (Hilton, Hard Rock, Holiday Inns) as well as a few in-house brands (Santiburi, Outrigger).
  • Valuation. We conservatively value SHR at Bt5.3/sh using DCF valuation and Bt10.5/sh using relative valuation. Depending on the market sentiment during the IPO period, we would expect the stock to be closer to one end of this spectrum.
  • Risk. The company/underwriter identifies many risks, most notably competitive risks. Others mentioned include those linked to branding, events risk, Brexit (since they have 29 in UK), and economic risks.

4. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float

Srtuggled

IVD Medical (1931 HK) raised US$131m at HK$3.07 per share, the bottom end of its IPO price range. We have previously covered the IPO in our note:

In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.

5. Budweiser Brewing Company APAC IPO (Cancelled) – Quick Trades on the Not so Subtle Butterfly Effect

Parent

The announcement of the cancellation of the IPO, will impact some of the listed names across Asia-Pac, apart from the more obvious impact on the parent, Anheuser Busch Inbev Sa/Nv (ABI BB). Not to mention, souring of sentiment for some of the bigger deals in the pipeline.

I’ve covered the IPO over the past few months and taken a quick look at some of the M&A prospects across Asia. In this insight, I’ll talk about some of the follow-on effects from the IPO cancellation, starting with the not so obvious and ending with the obvious.


Links to my earlier insights:

Get Straight to the Source on Smartkarma

Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.



Brief IPOs & Placements: The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too! and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!
  2. ECM Weekly (15 Jun 2019) – Budweiser Brewing Co, Jinxin Fertility, Wanda Sports, Hansoh Pharma

1. The RealReal IPO Preview: The Devil Wears Prada, Chanel, Louis Vuitton, Gucci, & Secondhand Too!

Realreal 2

The RealReal (REAL US), the largest online marketplace for authenticated, consigned luxury goods in the world, is getting ready for an IPO in the next few weeks. 

The consumers that own luxury goods such as a Prada bag but want to sell it can mail it to the company or drop it off at The RealReal stores. The RealReal would then authenticate the Prada bag and resell it. 

The company generated revenue of $207.4 million (up 54.9% YoY), gross profit of $136.9 million (up 56.2% YoY), and operating loss of $73.9 million in 2018 (from operating loss of $51.8 million in 2017). 

The RealReal is doing a very good job in generating repeat buyers. The RealReal repeat buyers as a percentage of GMV improved from 78% in 2015 to 80.7% in 2017 and 82.2% in 2018.

2. ECM Weekly (15 Jun 2019) – Budweiser Brewing Co, Jinxin Fertility, Wanda Sports, Hansoh Pharma

Upcoming

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

This week’s Hong Kong IPO listings breathed life into the exchange as China Tobacco International (HK) (6055 HK) and Hansoh Pharmaceutical (3692 HK)‘s performed exceptionally well on debut, closing 40% and 36% above their respective IPO price for the week.

That said, not all IPOs had a good debut. China East Education (667 HK)‘s IPO flopped despite being the biggest education IPO in Hong Kong this year and was reported earlier that its books were covered on the second day of bookbuild.

Tai Hing (6811 HK)‘s IPO also took a hit, opening 17% below its IPO price. As per our valuation note, we thought that the IPO would only have been attractive from a valuation perspective at the bottom end of its IPO price range, hence, Wednesday’s low debut price presented a good opportunity to accumulate a position for near-term recovery.

Jinxin Fertility Co Ltd (1951 HK) is looking to close its books early. The IPO boasts Orbimed, Hillhouse, and Ally Bridge among its cornerstone investors. The three investors had also participated in Hansoh Pharma’s IPO which performed exceptionally well. Another potential IPO that is moving fast is Alibaba Group Holding (BABA US) which is said to have filed for Hong Kong listing which could raise up to US$20bn. 

On the other hand, ESR Cayman (ESR HK) pulled its Hong Kong IPO citing market condition as the reason. This was not totally unexpected as Sumeet Singh pointed out in his valuation note, ESR Cayman IPO – Richly Valued, that while it is a good company, implied valuation looks a tad too expensive and deal dynamics did not inspire confidence. Hopefully, the IPO will relaunch at a more sensible valuation.

In other countries, Thailand seems to be the most active of all. Asset World Corporation, owned by Charoen Sirivadhanabhakdi, will be looking to IPO in the second half of the year while Index Living Mall, a furniture and home-decoration retailer, is looking to list in the third quarter of 2019.

Accuracy Rate:

Our overall accuracy rate is 72.3% for IPOs and 63.8% for Placements 

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • Shenzhen Leoking (Hong Kong, US$100m)

Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
AB InbevAb InBev Asia Pre-IPO – A Brief History of the Asia Pacific Operations – Eeking Out Growth in China
AB InbevAb InBev Asia Pre-IPO – Quick Note – More like CR Beer Rather than Tsingtao
AB InbevAb InBev Asia Pre-IPO – On Its Way to Potentially Being the Biggest HK IPO This Year
AB Inbev

Budweiser Brewing APAC Pre-IPO – It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet

AB Inbev

Budweiser Brewing Company APAC Pre-IPO – Country Performance and Updated Peer Comparison

AB Inbev

Budweiser Brewing Company APAC Pre-IPO – Refining Valuation for the Diverging Growth Prospects

AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
CIMC VehCIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead
ClarityClarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

Helenbergh

Helenbergh (海伦堡) Early Thoughts – The Usual Red Flag – Related Party Transactions

Hut Chi-Med

Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities

Jinxin

Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars

TubatuTubatu Group Pre-IPO – Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO – Online -> Online + Offline -> Online -> ?
South Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 1) – Highly Profitable Operator of Public Golf Courses in Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 2) – Valuation Analysis
Plakor

Plakor IPO Preview (Part 1)

ZinusZinus IPO Preview (Part 1) – An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Aakash EduAakash Education Pre-IPO – Fast Growth in an Attractive Sector
Anmol IndAnmol Industries Pre-IPO Quick Take – No Growth, Generous Payments to Founders
Bharat Hotels

Bharat Hotels Pre-IPO – Catching up with Peers 

CMS InfoCMS Info Systems Pre-IPO – When a PE Sells to Another PE… Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO – DRHP Raises More Questions than in Answers
Flemingo Flemingo Travel Retail Pre-IPO – Its a Different Business in Every Country
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review – Bigger, Better, Stronger but a Little Too Fast for Some
MazagonMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take – Sales for Its Main Segment Have Been Sta

Lodha

Lodha Developers Pre-IPO – Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMartIndiaMART Pre-IPO – Getting and Retaining Subscribers Seems to Be Difficult
PNB MetPNB Metlife Pre-IPO Quick Take – Doesn’t Stack up Well Versus Its Larger Peers
Malaysia
QSRQSR Brands Pre-IPO – As Healthy as Fast Food
The U.S
DouyuDouyu (斗鱼直播) IPO: Leader At a Cost
DouyuDouyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
MetenMeten International Edu (美联国际教育) Early Thoughts – Unclear Strategies
Wanda SportsWanda Sports (万达体育) Early Thoughts – Convoluted by Contracts and Cyclicality

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Brief IPOs & Placements: Douyu Vs Huya: 2Q Top Streamers Analysis and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. Douyu Vs Huya: 2Q Top Streamers Analysis
  2. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm
  3. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float
  4. Budweiser Brewing Company APAC IPO (Cancelled) – Quick Trades on the Not so Subtle Butterfly Effect
  5. ECM Weekly (13 Jul 2019) – Budweiser APAC IPO Cancelled, Douyu Listing Next Week

1. Douyu Vs Huya: 2Q Top Streamers Analysis

Douyu%20 %20monetization%20distribution

Douyu, one of the two major e-sports broadcasting company in China, launched its IPO to raise up to USD 944 million last week. In our previous insight, we covered the company’s fundamentals, the latest financial numbers, and a detailed comparison between Douyu and Huya. We also looked at the IPO valuations. 

In this insight, we will compare key metrics of top streamers on both platforms and try to answer two questions in this insight: 1) how dependent are both platforms on top streamers, and 2) what is the difference of operating metrics for top streamers on both platforms.


Our previous coverage on Douyu

2. IPO Radar: S Hotels & Resorts, Singha’s Hospitality Arm

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Singha Group plans to launch the IPO of its hotel arm SHR in Q3’19. Interestingly, they have more rooms and higher room rates than Erawan. These are some observations we make about this upcoming IPO:

  • Structure. The IPO will be firmly underwritten by CIMB and includes 70m warrants for executives and subsidiaries and staggered lock-up periods and expected free float of 40%. Singha Group already has four other listed entities we know of, namely S, NVD, SPRIME, and BGC.
  • Business. Over the past 3 years, SHR has grown revenues and earnings by 63% and 53% respectively. Their portfolio includes 39 hotel properties spread over 5 countries and 3 continents. They include several international brands (Hilton, Hard Rock, Holiday Inns) as well as a few in-house brands (Santiburi, Outrigger).
  • Valuation. We conservatively value SHR at Bt5.3/sh using DCF valuation and Bt10.5/sh using relative valuation. Depending on the market sentiment during the IPO period, we would expect the stock to be closer to one end of this spectrum.
  • Risk. The company/underwriter identifies many risks, most notably competitive risks. Others mentioned include those linked to branding, events risk, Brexit (since they have 29 in UK), and economic risks.

3. IVD Medical (華檢醫療) Trading Update – Concentrated Shareholding, Tiny Adjusted Free-Float

Srtuggled

IVD Medical (1931 HK) raised US$131m at HK$3.07 per share, the bottom end of its IPO price range. We have previously covered the IPO in our note:

In this insight, we will update on the deal dynamics, implied valuation, and include a valuation sensitivity table.

4. Budweiser Brewing Company APAC IPO (Cancelled) – Quick Trades on the Not so Subtle Butterfly Effect

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The announcement of the cancellation of the IPO, will impact some of the listed names across Asia-Pac, apart from the more obvious impact on the parent, Anheuser Busch Inbev Sa/Nv (ABI BB). Not to mention, souring of sentiment for some of the bigger deals in the pipeline.

I’ve covered the IPO over the past few months and taken a quick look at some of the M&A prospects across Asia. In this insight, I’ll talk about some of the follow-on effects from the IPO cancellation, starting with the not so obvious and ending with the obvious.


Links to my earlier insights:

5. ECM Weekly (13 Jul 2019) – Budweiser APAC IPO Cancelled, Douyu Listing Next Week

Upcoming

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

It’s an unfortunate week for Asia’s ECM market as Budweiser Brewing Company APAC (1876 HK) was not able to price its IPO on Friday and, as of this morning, AB InBev announced that the IPO has been called off. Perhaps the massive deal size without cornerstone investors and the tight valuation discount were too much for investors to digest. In any case, it will likely affect the sentiment of any upcoming mega IPOs in Hong Kong.

Beyond that, next week will be filled with trading debuts. In Hong Kong, there are Zhongliang Holdings (2772 HK), Edvantage Group (382 HK), and Jinshang Bank Co Ltd (2558 HK) listing on Tuesday and Thursday. Zhongliang priced close to the bottom of its price range while Edvantage and Jinshang priced at and slightly above their mid-point respectively.

In Singapore, Prime Us Reit (PRIME SP) is listing on Friday while Douyu International Holdings (DOYU US) is listing on Wednesday. We heard that Douyu’s books have already been covered.

Beyond that, this week’s IPO performance in Hong Kong had been lacklustre. CIMC Vehicle Group Co Ltd (1839 HK) closed below its IPO price on the first day while IVD Medical (1931 HK) struggled and closed right at its IPO price.

Accuracy Rate:

Our overall accuracy rate is 72.5% for IPOs and 64% for Placements 

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • SinoMab Bioscience (Hong Kong, ~US$200m)

Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Alibaba

Alibaba IPO/Secondary Listing – The Real IPO Only Begins on the 11th Day Post Listing ​

AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ascentage

Ascentage Pharma (亚盛医药) IPO: Updates and Thoughts on HQP1351 (3rd Gen Bcr-Abl TKI) ​

Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

Clarity

Clarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand

China Feihe

China Feihe (中国飞鹤) IPO: New Numbers, New Red Flag, and Demographic Risk 

Helenbergh

Helenbergh (海伦堡) Early Thoughts – The Usual Red Flag – Related Party Transactions

Hut Chi-Med

Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities

JS Global

JS Global Lifestyle (JS 环球生活) Early Thoughts – Declaring US$470m Dividend Before IPO 

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
Renrui

Renrui Human Resources (人瑞人才) Pre-IPO Review – Riding on China’s Unicorns 

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars

Topsports Topsports International Holdings Pre-IPO – Performing Well but All Proceeds Will Likely Go to Belle 
Topsports Topsports Pre-IPO – Quick Take – Nike & Adidas Data Throws up Some Interesting Nuggets 
TOT Bio TOT Biopharm (东曜药业) IPO: An Unimpressive Pipeline 
TubatuTubatu Group Pre-IPO – Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO – Online -> Online + Offline -> Online -> ?
India
ASK ASK Investment Managers Pre-IPO – Riding on a Wave of Wealth 
Aakash EduAakash Education Pre-IPO – Fast Growth in an Attractive Sector
Anmol IndAnmol Industries Pre-IPO Quick Take – No Growth, Generous Payments to Founders
Bharat Hotels

Bharat Hotels Pre-IPO – Catching up with Peers 

CMS InfoCMS Info Systems Pre-IPO – When a PE Sells to Another PE… Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO – DRHP Raises More Questions than in Answers
Flemingo Flemingo Travel Retail Pre-IPO – Its a Different Business in Every Country
Emami Cem Emami Cement Pre-IPO – Still in Ramp Up Phase but Emami Shares Pledge Might Lead to an Early IPO 
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review – Bigger, Better, Stronger but a Little Too Fast for Some
MazagonMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take – Sales for Its Main Segment Have Been Sta

Lodha

Lodha Developers Pre-IPO – Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
PNB MetPNB Metlife Pre-IPO Quick Take – Doesn’t Stack up Well Versus Its Larger Peers
Sterling Sterling and Wilson Solar Pre-IPO – Potentially India’s Largest IPO This Year – Ain’t No Sunshine 
Malaysia
QSRQSR Brands Pre-IPO – As Healthy as Fast Food
The U.S
AMTDI AMTD International (尚乘国际) Pre-IPO – Avoid at All Costs 
DouyuDouyu (斗鱼直播) IPO: Leader At a Cost
DouyuDouyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
Douyu Douyu (斗鱼直播) IPO: Latest Numbers Bode Well for Listing (Part 3) 
Douyu Douyu (斗鱼直播) IPO: Detailed E-Sports Broadcasting Comparison with Huya 
MetenMeten International Edu (美联国际教育) Early Thoughts – Unclear Strategies
Wanda SportsWanda Sports (万达体育) Early Thoughts – Convoluted by Contracts and Cyclicality
Wanda Sports Wanda Sports (万达体育) Pre-IPO – Closer Look at the Business Segments ​

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Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.



Brief IPOs & Placements: ECM Weekly (15 Jun 2019) – Budweiser Brewing Co, Jinxin Fertility, Wanda Sports, Hansoh Pharma and more

By | Daily Briefs, IPOs and Placements

In this briefing:

  1. ECM Weekly (15 Jun 2019) – Budweiser Brewing Co, Jinxin Fertility, Wanda Sports, Hansoh Pharma

1. ECM Weekly (15 Jun 2019) – Budweiser Brewing Co, Jinxin Fertility, Wanda Sports, Hansoh Pharma

Upcoming

Aequitas Research puts out a weekly update on the deals that have been covered by Smartkarma Insight Providers recently, along with updates for upcoming IPOs.

This week’s Hong Kong IPO listings breathed life into the exchange as China Tobacco International (HK) (6055 HK) and Hansoh Pharmaceutical (3692 HK)‘s performed exceptionally well on debut, closing 40% and 36% above their respective IPO price for the week.

That said, not all IPOs had a good debut. China East Education (667 HK)‘s IPO flopped despite being the biggest education IPO in Hong Kong this year and was reported earlier that its books were covered on the second day of bookbuild.

Tai Hing (6811 HK)‘s IPO also took a hit, opening 17% below its IPO price. As per our valuation note, we thought that the IPO would only have been attractive from a valuation perspective at the bottom end of its IPO price range, hence, Wednesday’s low debut price presented a good opportunity to accumulate a position for near-term recovery.

Jinxin Fertility Co Ltd (1951 HK) is looking to close its books early. The IPO boasts Orbimed, Hillhouse, and Ally Bridge among its cornerstone investors. The three investors had also participated in Hansoh Pharma’s IPO which performed exceptionally well. Another potential IPO that is moving fast is Alibaba Group Holding (BABA US) which is said to have filed for Hong Kong listing which could raise up to US$20bn. 

On the other hand, ESR Cayman (ESR HK) pulled its Hong Kong IPO citing market condition as the reason. This was not totally unexpected as Sumeet Singh pointed out in his valuation note, ESR Cayman IPO – Richly Valued, that while it is a good company, implied valuation looks a tad too expensive and deal dynamics did not inspire confidence. Hopefully, the IPO will relaunch at a more sensible valuation.

In other countries, Thailand seems to be the most active of all. Asset World Corporation, owned by Charoen Sirivadhanabhakdi, will be looking to IPO in the second half of the year while Index Living Mall, a furniture and home-decoration retailer, is looking to list in the third quarter of 2019.

Accuracy Rate:

Our overall accuracy rate is 72.3% for IPOs and 63.8% for Placements 

(Performance measurement criteria is explained at the end of the note)

New IPO filings this week

  • Shenzhen Leoking (Hong Kong, US$100m)

Below is a snippet of our IPO tool showing upcoming events for the next week. The IPO tool is designed to provide readers with timely information on all IPO related events (Book open/closing, listing, initiation, lock-up expiry, etc) for all the deals that we have worked on. You can access the tool here or through the tools menu.

Source: Aequitas Research, Smartkarma

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
AB InbevAb InBev Asia Pre-IPO – A Brief History of the Asia Pacific Operations – Eeking Out Growth in China
AB InbevAb InBev Asia Pre-IPO – Quick Note – More like CR Beer Rather than Tsingtao
AB InbevAb InBev Asia Pre-IPO – On Its Way to Potentially Being the Biggest HK IPO This Year
AB Inbev

Budweiser Brewing APAC Pre-IPO – It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet

AB Inbev

Budweiser Brewing Company APAC Pre-IPO – Country Performance and Updated Peer Comparison

AB Inbev

Budweiser Brewing Company APAC Pre-IPO – Refining Valuation for the Diverging Growth Prospects

AscentageAscentage Pharma (亚盛医药) IPO: Too Early for an IPO
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
CIMC VehCIMC Vehicle (中集车辆): Market Leader of Semi-Trailers but Little Growth Ahead
ClarityClarity Medical (清晰医疗) IPO: Proxy to HK SMILE Surgery Demand
ByteDance

ByteDance (字节跳动) IPO: How Jinri Toutiao Paves The Way for a Bigger Empire (Part 1)

ByteDance

ByteDance (字节跳动) IPO: Tiktok the No.1 Short Video App for a Good Reason (Part 2)

Helenbergh

Helenbergh (海伦堡) Early Thoughts – The Usual Red Flag – Related Party Transactions

Hut Chi-Med

Hutchison-China Med (和黄医药) H-Share Listing: MNC Partnerships Endorsed Its R&D Capabilities

Jinxin

Jinxin Fertility (锦欣生殖) Pre-IPO: Strong Foothold in Sichuan but Weak Sentiment for Sector

MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Not an Impressive Biosimilar Portfolio 

SH Henlius

Shanghai Henlius (复宏汉霖) IPO: Valuation of Four Biosimilars

TubatuTubatu Group Pre-IPO – Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO – Online -> Online + Offline -> Online -> ?
South Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 1) – Highly Profitable Operator of Public Golf Courses in Korea
KMH ShillaKMH Shilla Leisure IPO Preview (Part 2) – Valuation Analysis
Plakor

Plakor IPO Preview (Part 1)

ZinusZinus IPO Preview (Part 1) – An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
Aakash EduAakash Education Pre-IPO – Fast Growth in an Attractive Sector
Anmol IndAnmol Industries Pre-IPO Quick Take – No Growth, Generous Payments to Founders
Bharat Hotels

Bharat Hotels Pre-IPO – Catching up with Peers 

CMS InfoCMS Info Systems Pre-IPO – When a PE Sells to Another PE… Only One Gets the Timing Right
Crystal CropCrystal Crop Protection Pre-IPO – DRHP Raises More Questions than in Answers
Flemingo Flemingo Travel Retail Pre-IPO – Its a Different Business in Every Country
NSENSE IPO Preview- Not Only Fast..its Risky and Expensive
NSENational Stock Exchange Pre-IPO Review – Bigger, Better, Stronger but a Little Too Fast for Some
MazagonMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take – Sales for Its Main Segment Have Been Sta

Lodha

Lodha Developers Pre-IPO – Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMartIndiaMART Pre-IPO – Getting and Retaining Subscribers Seems to Be Difficult
PNB MetPNB Metlife Pre-IPO Quick Take – Doesn’t Stack up Well Versus Its Larger Peers
Malaysia
QSRQSR Brands Pre-IPO – As Healthy as Fast Food
The U.S
DouyuDouyu (斗鱼直播) IPO: Leader At a Cost
DouyuDouyu (斗鱼直播) IPO: Comparison with Huya (Part 2)
MetenMeten International Edu (美联国际教育) Early Thoughts – Unclear Strategies
Wanda SportsWanda Sports (万达体育) Early Thoughts – Convoluted by Contracts and Cyclicality

Get Straight to the Source on Smartkarma

Smartkarma supports the world’s leading investors with high-quality, timely, and actionable Insights. Subscribe now for unlimited access, or request a demo below.