ECM Weekly (8 Mar 2020) - Bytedance, SBI Cards, ESAF SFB, Innocare, Kintor Pharma, GreenTown Mgt

324 Views08 Mar 2020 11:15
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.

Global markets were still volatile but overall, things may finally start to take a turn for the better, at least in Asia, as a few IPOs managed to launch and complete their IPO bookbuild. In Hong Kong, Bright Culture conduct its IPO marketing virtually and it set to price at the lower half of its IPO price range. We are also hearing that Innocare has been premarketing and will be looking to launch its IPO some time next week.

Other early coverage on upcoming Hong Kong IPOs include:

In India, investors seemed unfazed as SBI Cards' IPO was 26.54x oversubscribed for overall books. QIB tranche was covered 57.18x, HNW tranche 45.23x and retail 2.5x. Sumeet Singh shared his thoughts on updated valuations in:

Other India IPO coverage this week:

Sumeet Singh also shared his thoughts on Bytedance's meteoric rise in India.

We are also hearing that Mr DIY is considering delaying its IPO and will likely make its decision soon. That said, there seems to be still a healthy pipeline of deals coming in Southeast Asia. AMTD Digital is looking to dual list in Singapore and the US to fund their plans of developing a regional fintech platform. United Hampshire's IPO also seemed to be going well with books said to be multiple times covered.

Accuracy Rate:

Our overall accuracy rate is 73.5% for IPOs and 65.1% for Placements

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

New IPO filings this week

  • Kerry Express (Thailand, ~US$300m)
  • Immunotech Biopharm (Hong Kong, re-filed)

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.

News on Upcoming IPOs

Analysis on Upcoming IPOs

NameInsight
Hong Kong
Akeso BioAkesobio (康方生物) Pre-IPO: Late in the PD-1 Game but Products Are Promising
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) 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

GTMH

GreenTown Mgt (绿城管理) Pre-IPO - Sacrificed Margins in Pursuit of Growth, Muddled by JVs

Helenbergh

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

Hepalink

Shenzhen Hepalink (海瑞普) A+H: A Heparin-API King but Nothing Too Exciting

Innocare

InnoCare (诺诚健华) Pre-IPO: A Decent Team but Short of Clinical Stage Candidates

Innocare

InnoCare (诺诚健华) Pre-IPO: Thoughts on Valuation

Jiumaojiu

Jiumaojiu (九毛九) Pre-IPO Early Thoughts - New Brand Driving Growth

Kilcoy

Kilcoy Global Foods Pre-IPO - Rapid Earnings Growth on the Back of Margin Improvement

Kilcoy

Kilcoy Global Foods Pre-IPO - A Lot of Things Still Remain Unexplained

MegviiMegvii (旷视) Pre-IPO - Remarkable Growth (Part 1)
MegviiMegvii (旷视) Pre-IPO - A Bet on the Future - Segments, Revenue Drivers and Growth Potential
MegviiMegvii (旷视) Pre-IPO - The Real Race Is in Research - Founders' Profile and Talent
MegviiMegvii (旷视) Pre-IPO - Competitive Landscape and Peer Analysis
MegviiMegvii (旷视) Pre-IPO - Initial Thoughts on Valuation
MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
PeijiaPeijia Medical (沛嘉医疗) Pre-IPO: Reminiscence of Venus Medtech?
Smoore

Smoore Tech (麦克韦尔) IPO: Hidden E-Cigarette Player Behind the FEELM Technology

Smoore

Smoore Tech (麦克韦尔) Pre-IPO: 6Y and 1H2019 Financials Show Technology Driven Growth

Smoore

Smoore Intl (思摩尔国际) Pre-IPO: Tripling Capacity in Three Years

Smoore

Smoore Intl (思摩尔国际) Pre-IPO: Thoughts on E-Cig Regulation

TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
YeahkaYeahka (移卡) Pre-IPO Review - Growing in an Increasingly Competitive Space
YeahkaYeahka (移卡) Pre-IPO - Peer Analysis and Early Thoughts on Valuation
India
ASKASK 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 Hotel

Bharat Hotels Pre-IPO - Catching up with Peers

Burger King

Burger King India Pre-IPO - Has Been Growing Fast and Plans to Grow Even Faster

Burger King

Burger King India Pre-IPO - Peer Comparison Yields Interesting Nuggets on Profitability and Capex

Bajaj En

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

CAMSCAMS Pre-IPO - Quasi Monopoly Status Muddled by Inconsistent Performance
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
ESAF SFBESAF Small Finance Bank Pre-IPO - Growing Fast but Remains Highly Dependant on a Related Party
Equitas SFBEquitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing
Equitas SFBEquitas Small Finance Bank Pre-IPO - Another Forced Small Finance Bank Listing
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
IRFCIndian Railway Finance Pre-IPO - Low Risk, Low Margin Business
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
MindspaceMindspace Business Parks REIT Pre-IPO - Decent Growth but Not All Assets Are Equal
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta

LIC

Life Insurance Corporation of India Pre-IPO - Early Take on India's Largest IPO

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
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
Samhi HotelsSamhi Hotels Pre-IPO - Assets and Borrowings Are Growing, but Earnings Haven’t Kept Pace
Malaysia
Mr DIYMr D.I.Y. Pre-IPO - Largest Home Improvement Retailer in Malaysia
Mr DIYMr D.I.Y. Pre-IPO - Store Walk-Through and Thoughts on Value Proposition
Mr DIYMr D.I.Y. Pre-IPO - Peer Comparison - Small Stores with Dominant Market Share
Mr DIYMr D.I.Y. Pre-IPO - Assumptions and Thoughts on Valuation
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
CDPCDP Holdings Pre-IPO Review - Highly Reliant on Best Inc.
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
Kingsoft CloudKingsoft Cloud (金山云) Pre-IPO: The Leading Cloud Provider in China
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