2023 High Conviction - GoTo - Burnt Through All Cash From the IPO, Weakest Cash Position Among Peers

GoTo IPO Lockup Expiry Follow-Up - Has Corrected but Has Traded Relatively Little Volume

Pertamina Geothermal Energy IPO - Somewhat like an Energy Explorer. Somewhat like a Power Producer

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

ECM Weekly (28th Aug 2022) - China Tourism, BA REIT, Hongjiu Fruit, YH Ent, Biocyto, WM, APM, Daiwa

2023 High Conviction: Zomato - Home Delivering Laziness

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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 Bottom-Up

China Tourism Group Duty Free / Equity Bottom-Up

<ul>
<li>China Tourism Duty Free (CDF) is the largest travel retail operator in the world primarily focusing on sales of high-quality duty-free and duty-paid merchandise to domestic and international travelers.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), it had 86.0% market share by retail sales revenue in China duty-free merchandise sales in 2021.</li>
<li>With signs emerging of China finally looking to relax its COVID restrictions over the coming months, this will lead to a sales revival at its airports.</li>
</ul>


China Tourism Duty Free (CDF) is the largest travel retail operator in the world primarily focusing on sales of high-quality duty-free and duty-paid merchandise to domestic and international travelers.
As per Frost &amp; Sullivan (F&amp;S), it had 86.0% market share by retail sales revenue in China duty-free merchandise sales in 2021.
With signs emerging of China finally looking to relax its COVID restrictions over the coming months, this will lead to a sales revival at its airports.


2023 High Conviction: China Tourism Duty Free - All Ready for the Next Travel Wave