bullish

Kakaopay

ECM Weekly (5th September 2021) - JR West, Kakaobank, Helen's, ANE, Weilong Snacks, NewMed

235 Views05 Sep 2021 10:24
SUMMARY

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


Events next week:

In Hong Kong this week, Helen's International Holding (9869 HK) launched its IPO bookbuild

We initiated coverage on other upcoming IPOs like ANE Logistics (1292621D CH) and Shanghai NewMed Medical (NMM HK) while Ming Lu took a trip down to the local supermarket and convenience store in China to get a sense of how Weilong Delicious Global (WDG HK)'s products compare to competitors.

In Japan, we shared our thoughts on peer comparison and valuation of Simplex Holdings (4373 JP). We also initiated on upcoming South Korean IPOs like Kakao Pay (377300 KS) and K Car (KCAR KS) which are looking to raise up to US$1.3bn and US$629m, respectively.

There were a handful of placements too. Most notably, West Japan Railway Co (9021 JP) was launched its unexpected US$2.7bn follow-on offering to fund strategic investments and repay debt.

The deal will price on 13th September. In Japan, Korea Post sold its entire (US$947m) stake in KakaoBank (323410 KS) in a block trade. The deal only represented 1.5 days ADV and was reported to be multiple times covered. Share price is still holding above deal price on Friday.

Finally, in Hong Kong, Dongyue Group (189 HK) raised about US$440m in its placement. The deal closed 15% above its deal price with books also multiple times covered.

Accuracy Rate:

Our overall accuracy rate is 74% for IPOs and 67.8% for Placements

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

New IPO filings this week

  • AirPower Technologies (Hong Kong, US$1bn)
  • Jinmao Property Development (Hong Kong, US$300m)
  • Laowang Holding (Hong Kong, US$200m)
  • Biocytogen Pharmaceuticals (Hong Kong, US$150m)
  • MapmyIndia (India, US$137m)

News on Upcoming IPOs

Hong Kong/China

US/China ADRs

India

Japan/Korea

Others

Analysis on Upcoming IPOs

NameInsight
Hong Kong
APM Monaco

APM Monaco Pre-IPO - China’s Resilience Shines

Anjuke

Anjuke Pre-IPO - Mixed (Positive and Negative) Developments

Ambio

AmbioPharm (昂博制药) Pre-IPO: Peptide CDMO Leader Turning Licensor

Biel Crystal

Biel Crystal (伯恩光学) Pre-IPO - Cash Flow Generative Business but Underlying Trend Is Worrying

Broncus

Broncus (堃博医疗) Pre-IPO: Big Potential to Be Tested

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) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

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

ByteDance

ByteDance (字节跳动) Pre-IPO: How Has It Done in 1H?

ByteDance

ByteDance: The Unlisted Company’s Video Apps Leading the Market and Threatening Internet Giants

ByteDance

ByteDance (字节跳动) Pre-IPO: Why Facebook Should Worry About TikTok

ByteDance

ByteDance (字节跳动) Pre-IPO - Globally the Most Downloaded App for Jan 2020 Driven by India

ByteDance

ByteDance (字节跳动) Pre-IPO: Global Ambition Meets Regulatory Challenges

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Mixed PHIP Update, Updated Thoughts on Valuation

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Initial Thoughts on Valuation

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Tencent Music Peer Comp, Regulatory Impact

Cloud Village

Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up

Edda

EDDA Healthcare Pre-IPO - RoboDoc - Has Been Around for a While but Is Just Getting the Robo Going

Dingdang

Dingdang Health Tech (叮当健康) Pre-IPO - Impressive Growth but Not Without Concerns

Intco Med

Intco Medical (英科医疗) A+H: From China No.1 to Global No. 1

Imeik

Imeik Tech (爱美客) A/H Pre-IPO - Dermal Filler Leader Capitalizing on Its Valuation

Jenscare

Jenscare (宁波健世科技) Pre-IPO: Differentiated Heart Valve Portfolio

MicroPort Medbot

MicroPort MedBot Pre-IPO - RoboDoc - Pre-Revenue, Has a Large Competitor but a Large Market as Well

NewMed

NewMed (纽脉医疗) Pre-IPO: Uphill Battle for TAVR but Leads the TMVR

Neusoft Xikang

Neusoft Xikang (东软熙康) Pre-IPO: A Long Way to Profit

Neusoft Med

Neusoft Medical Systems (东软医疗系统) Pre-IPO: Unattractive Fundamentals

Novotech

Novotech Pre-IPO: Biotech Focused CRO at Hefty Pre-IPO Valuation

WeDoctorWeDoctor (微医) Pre-IPO -App Walk Through - The Online Medical Directory and More
WeDoctorWeDoctor (微医) Pre-IPO - A More Focused Online Medical Svc Provider than Ping An Good Doctor
WeDoctorWe Doctor (微医) Pre-IPO - Peer Comparison - Picking Its Battles Wisely
WeDoctorWe Doctor (微医) Pre-IPO - Forecasts, Early Thoughts on Valuation, and Acquisition Gripes
WeilongWeilong Delicious Global Pre-IPO - The Positives - Fast Growth, Strong Backers
WeilongWeilong Delicious Global Pre-IPO - The Negatives - Spicy Valuation
WM TechWM Tech Pre-IPO - Peer Comparison and Pre-IPO Valuation - Some Signs of Advantage
WM TechWM Tech Pre-IPO - Digitalization Efforts Coming Through but Not Well Substantiated
India
Aadhar HousingAadhar Housing Finance Pre-IPO - Decent past Growth but Comes with Weird Disclosures
Aditya AMCAditya Birla Sun Life AMC Pre-IPO - Strong Profit Growth but It's Losing Market Share
Anmol IndAnmol Industries Pre-IPO Quick Take - No Growth, Generous Payments to Founders
Bharat Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Bajaj En

Bajaj Energy Pre-IPO - Supposed to Deliver Steady Performance if Only Its Sole Client Would Let It

Crystal CropCrystal Crop Protection Pre-IPO - DRHP Raises More Questions than in Answers
ESAF SFBESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but 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

LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO
Penna CemPenna Cement - Aggressive Expansion Plans Even Though Past Performance Has Been Tepid
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
Philippines
MREITMREIT Pre-IPO - Mediocre Performance, Convoluted Lease, Low Asset Yield
Get started on the Smartkarma Research Network with a complimentary Preview Pass to:
  • Unlock all research summaries
  • Follow top, independent analysts
  • Receive personalised alerts and emails
  • Access Briefings, Analytics, and Events

Upgrade anytime to our paid plans for full-length research, real-time analyst discussions, and more.

Join a thriving community of 45,000+ investors, including the top global asset managers managing over $13trn in assets.

or
Already have an account? Sign In Now
Discussions
(Paid Plans Only)
chart-bar
x