ECM Weekly (10 November 2018) - SoftBank, Tongcheng-Elong, Sinochem Energy, Bitmain, Frontage

440 Views10 Nov 2018 15:02
SUMMARY

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.

Just as we thought that there will be an influx of IPOs starting this week, things have gotten off a shaky start with Tongcheng-Elong Holdings Ltd (1629482D CH) , which was supposed to launch its bookbuild, putting its IPO on hold to after Ctrip.Com International (Adr) (CTRP US) 's share price declined 19%. Daniel Hellberg and Ming LU covered the company's earnings results and the main takeaway that there will still be pressure on margins from competition and it does not bode well for Tongcheng's IPO.

There are also companies like Wanka Online (1669726D HK) which has already gotten approval that has yet to launch its IPO. Babytree Inc (BABYTRE HK), which we have been hearing that it will be seeking approval for the past two weeks, has yet to come onto the market.

Nevertheless, we continue to hear companies preparing for IPO. Idreamsky Technology (DSKY HK) and Sinochem Energy (1644249D HK) are said to be gauging demand while Softbank Group (9984 JP) mobile unit's IPO seems to be proceeding well with the company likely to be getting its approval on Monday.

Zhaogang.com (0941802D HK) is also aiming to launch its IPO by the end of the year. It had initially planned to launch a dual-class share structure in Hong Kong but has decided to revert to a regular IPO with same voting rights, according to Bloomberg's article.

Accuracy Rate:

Our overall accuracy rate is 71.8% for IPOs and 64.1% for Placements

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

New IPO filings this week

  • Penna Cement (India, ~US$185m)
  • Polycab (India, ~US$270m)
  • Mogu (the US, ~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

Smartkarma Community's this week Analysis on Upcoming IPO

List of pre-IPO Coverage on Smartkarma

NameInsight
Hong Kong
Ant FinancialAnt Financial IPO Early Thought: Understand Fintech Empire, Growth & Risk Factors
Asia InfoAsiaInfo Tech (亚信科技) IPO: Cost Control Is the Key (Part 1)
BabyTreeBabytree Group Pre-IPO - Young Moms Need It but Almost All Seem to Have It, Might Be at Peak MAU
BabyTreeBabytree IPO Preview: In Desperate Need of Alibaba to Unleash Its Potential
BitmainBitmain IPO Preview: The Last Hurrah Before Reality Bites
BitmainBitmain IPO Preview (Part 2) - King of Cryptocurrency Mining Rigs but Its Moat Is Shrinking
BitmainBitmain: A Counter Thesis
BitmainBitmain (比特大陆) IPO: Running Out of Steam on Mining Rigs (Part 1)
BitmainBitmain (比特大陆) IPO: Value At Risk of Founder's Belief (Part 2)
BitmainBitmain (比特大陆) IPO: Take-Aways from Founder's Recent Speech at Tsinghua University (Part 3)
Canaan Inc.Canaan Inc. IPO Preview (Part 1) - The Biggest Blockchain Related IPO Globally in 2018
Canaan Inc.Canaan Inc. IPO Preview (Part 2) - A Closer Look at ASIC Developments and Competition
Canaan Inc.Canaan Inc. IPO Preview (Part 3): Earnings Forecast & Valuation Analysis
Canaan Inc.Canaan (嘉楠耘智) IPO Quick Take: Beware that ASIC Is a Different Ball Game
CansinoCanSino Biologics (康希诺) IPO: Promising Pre-Clinical Results but Vaccine Scandal Weighs (Part 1)
CenmintangCenmintang IPO Preview: A Beverage and Snack Play Whose Growth Is Hard to Grasp
China FeiheChina Feihe IPO Preview: Goat Bless Infant Formula Milk?
Entertnmt PlusEntertainment Plus – 60% Market Share, Margin Not a Concern
Entertnmt PlusMaoyan IPO Preview: Running Out of Growth Drivers
Entertnmt PlusEntertainment Plus (猫眼娱乐) IPO: The Engineered Movie Ticketing Leader Running Out of Steam (Part 1)
Entertnmt PlusEntertainment Plus (猫眼娱乐) IPO: The Coming Regulatory Bang Isn't That Bad (Part 2)
Fosun TourismFosun Tourism IPO, Part 1: Back to the Beach With Club Med! | But Is This a 'China' Play?
Fosun Tourism

Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?

Frontage

Frontage Holding (方达控股) IPO: More Disclosure Needed to Understand Moat and Growth Prospect

China KepeiChina Kepei Edu (科培教育) Pre-IPO Review - A Well Run Private Higher Education Company
MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
Sinochem EnergySinochem Energy (中化能源) IPO First Impression: Trophy Asset Mixed with Volatile Trading Business
STX STX IPO Preview– a One-Hit Wonder
STX STX Entertainment (胜图娱乐) IPO: Legendary Founder but Results Matter
Stealth BioStealth Biotherapeutics IPO: Cure the Symptoms but Not the Cause (Part 1)
TongchengTongcheng-ELong (同程艺龙) Pre-IPO Review - A Force to Be Reckoned With
TongchengTongcheng-Elong IPO Preview: When Unequals Try to Merge as Equals
TongchengTongcheng-Elong IPO: Strategic Shareholder Agreement Constraints Profitability
TubatuTubatu Group Pre-IPO - Performing Better than Qeeka but Growing Much Slower, US$1bn a Stretch
TubatuTubatu Group Pre-IPO - Online -> Online + Offline -> Online -> ?
Qilu ExpressQilu Expressway IPO Preview: Concentration Risk and Recent News May Mean Discount to Peers
WankaWanka Online Pre-IPO - Listing Too Early but It Needs the Cash
WankaWanka Online IPO Preview: Rapid but Unsustainable Growth
WeLabWeLab Pre-IPO - Stuck in a Regulatory Quagmire; Not the Right Time to List
YancoalYancoal Australia IPO: Just Turned Profitable But Is It Sustainable Against Industry Headwinds
South Korea
AsianaAsiana IDT IPO Preview (Part 1)
AsianaAsiana IDT IPO Preview (Part 2) - Valuation Analysis
DaeyuDaeyu Co. IPO Preview (Part 1)
EbangEbang IPO Preview (Part 1): Lower Sales but Higher Operating Profit Versus Canaan Inc.
FoodnamooFoodnamoo Inc IPO Preview (Part 1) - A Leader in Home Meal Replacement Products in 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
Livent

Livent IPO Preview (Part 1): A Profitable Company that Produces Lithium

Plakor

Plakor IPO Preview (Part 1)

Robotis

Robotis IPO Preview (Part 1) - An Innovative Provider of Robotic Solutions in Korea

VespaVespa Inc IPO Preview (Part 1)
T-RoboticsT-Robotics IPO Preview (Part 1) - Following the Explosive Demand of Robotis IPO?
ZinusZinus IPO Preview (Part 1) - An Amazing Comeback Story (#1 Mattress Brand on Amazon)
India
CMS InfoCMS Info Systems Pre-IPO Review - 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
Mazagon DockMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending

Lodha

Lodha Developers Pre-IPO - Second Time Lucky but Not Really that Much Affordable
LodhaLodha Developers IPO: Large Presence in Affordable Segment Saves Lodha the Blushes in a Sluggish Mkt
IndiaMartIndiaMART Pre-IPO - Getting and Retaining Subscribers Seems to Be Difficult
Japan
SoftbankSoftbank Telecom Pre-IPO Review - Vision Is Needed to Arrive at US$90bn Valuation
SoftbankSoftBank KK IPO Preview: Paying Dividends at a Full Price
SoftbankSoftbank Telecom Pre-IPO - All About the Yield
SoftbankSoftbank KK IPO: Recent Events Shaves Billions off the Valuation
The U.S.
360 Finance360 Finance (360金融) IPO First-Take: Too Late into Cash Loan Game
360 Finance360 Finance IPO Preview: Pluses and Minuses
Tencent Music

Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not

Tencent Music

Tencent Music (TME): Only 29% Spotify-Like, But the Other Business Produces Profits

Tencent Music

Tencent Music IPO: A Deep-Dive on Why Tencent Music Is Profitable and Spotify Is Not

Tencent Music

Tencent Music Entertainment Group - Much Ado Nah Music About Nothing!

Tencent Music

Tencent Music Entertainment Group: Part 2 -The Curious Case of Acquiring Ultimate Music Inc

Tencent MusicTencent Music Pre-IPO - This Is How We Do It - A Quick Look at How the Apps Work
Tencent MusicTencent Music Pre-IPO Review - The Final Countdown - Growth Doesn't Seem to Be Slowing Down
Tencent Music

Tencent Music Entertainment Group– Competitors Aplenty Imply No Differentiation Except Moniker

Tencent Music

Tencent Music:We Estimate Value at USD 3.77 Per Share; Lower Than Many Expect - $11.7 B for TME

Tencent MusicTencent Music Pre-IPO - Valuations Estimates - Leaving on a Jet Plane - $30bn Was Quite Stretched
Tencent MusicTencent Music Pre-IPO - Quick Peer Analysis - If I Was You, I’d Wanna Be Me Too - Bigger and Fast
Tencent MusicTencent Music Pre-IPO - Industry - Don't Cry - In 2010 a Little Red Dot Almost Overtook the Dragon
WeidaiWeidai IPO Preview: Robust Foundations in Turbulent Times
Australia
Latitude financialLatitude Financial Group Pre-IPO Review - Credit Prospectus Throw up Some Interesting Data Points
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