In today’s briefing:
- FWD IPO Trading – Tepid Demand
- Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore
- ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH
- Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia
- Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of
- Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook
FWD IPO Trading – Tepid Demand
- FWD Group Holdings (1828 HK), a pan-Asian life insurer founded by Richard Li, raised around US$442m in its HK IPO.
- FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia.
- We looked at the company’s past performance and valuations in our previous notes. In this note we talk about the trading dynamics.
Curator’s Cut: CC Vs DD, Singapore’s IPO Momentum and Pair Trade Ideas Galore
- Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published in the past two weeks on Smartkarma
- In this cut, we compare the top two Chinese ride hailing platforms, the recent momentum in Singapore IPOs and the flurry of pair trade ideas on Smartkarma
- Want to dig deeper? Comment or message with the themes you’d like to see highlighted next
ECM Weekly (7 July 2025) – IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH
- Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
- On the IPO front, next week will see a large number of listings across the region.
- On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.
Weekly Deals Digest (06 Jul) – Lens Tech, FWD, Geekplus, NTT DC REIT, Fengxiang, HKBN, Insignia
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: FWD Group Holdings (1828 HK), Geekplus Technology (2590 HK), NTT DC REIT (NTTDCR SP) IPOs and Lens Technology (6613 HK) H Share listing.
- Event-Driven developments: Shandong Fengxiang (9977 HK), Yichang HEC Changjiang Pharma (1558 HK), Jilin Jiutai Rural Comm Bank (6122 HK), New World Resources (NWC AU), Insignia Financial (IFL AU).
Daehan Shipbuilding Pre-IPO: Discount to Peers but Some Things to Take Note Of
- Daehan Shipbuilding (439260 KS) is looking to raise up to US$370m in its upcoming Korean IPO.
- It specializes in the design and construction of medium-sized (Aframax) and semi-large sized (Suezmax) vessels for crude oil and petroleum product transportation.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
Pre-IPO Three Squirrels – Pain Points of the Business Model and the Performance Outlook
- As the traffic dividend of e-commerce fades, Three Squirrels is facing challenges.The offline predicament is essentially a conflict between the online traffic thinking mode and the logic of physical retail.
- Three Squirrels hasn’t built a true moat, and the high selling expenses would continue to erode the transformation space, leading to rely more on online channels and quick customer traffic.
- We have concerns on the expansion outlook and growth sustainability. Our forecast is CAGR could be 15% in 2025-2027. Valuation may not meet expectations if growth continues to slow down.
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