bullish

Tyro Payments

ECM Weekly (9 Nov 2019) - Phoenix Tree, I-Mab, Tyro Payments, Pharmaron, Heaven-Sent

407 Views09 Nov 2019 12:56
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.

Hong Kong IPOs' performance was mixed this week. ESR Cayman (1821 HK)'s struggled to hold above its IPO price after an strong debut while Changsha Broad Homes (2163 HK), which just got listed on Wednesday, is already trading 7% below its IPO price. On the other hand, Shanghai Kindly Instrument-H (1501 HK) closed 29% above its IPO price on the first day of trading.

Next week, Sinomab Bioscience Ltd (3681 HK) and China Feihe (6186 HK) will listed on the 12th and 13th of November respectively. Pharmaron IPO has been approved and filed its PHIP while Heaven-Sent Gold Group has already launched its IPO bookbuild. Ke Yan, CFA, FRM share his thoughts on valuation for both IPOs in:

China ADRs listings have been pushing through with their IPOs at lower valuation as seen from Ecmoho (MOHO US), 36Kr Holdings (1753455D US) and Q&K International (QK US)'s much smaller deal size than initially filed. This doesn't bode well for new IPO filings like YX Asset Recovery (YX US), which we hear is premarketing for its IPO, Phoenix Tree, I-Mab, Ehang and etc.

In other markets, we are also hearing that Bangkok Commercial Asset Management (BAM) is starting its premarketing this month after getting regulatory approval for the IPO in October. There were also reports that Sri Trang Gloves will look to IPO in 1H 2020.

In Australia, despite the setbacks, Tyro Payments (TYRO AU)'s IPO is looking promising so far as Sumeet Singh analyzed the company's business model and track record in:

Accuracy Rate:

Our overall accuracy rate is 72.7% for IPOs and 64.8% for Placements

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

New IPO filings this week

  • Burger King India (India, ~US$150m)
  • Liwayway (Global) Company (Hong Kong, ~US$100m)
  • Renrui Human Resources (Hong Kong, re-filed)
  • Beijing Enterprises Urban Resources (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
Alibaba

Alibaba IPO/Secondary Listing - The Real IPO Only Begins on the 11th Day Post Listing

Alphamab

Alphamab (康宁杰瑞) IPO: Strong R&D Capability and Innovative Platforms

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

Helenbergh

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

Home Credit

Home Credit Pre-IPO (Part I) - The Positives - Lots to Like

Home Credit

Home Credit Pre-IPO (Part II) - The Negatives - A Lot More to Dislike

Home Credit

Home Credit Pre-IPO - Bigger but Not Necessarily Better than Peers

Home Credit

Home Credit Pre-IPO - Thoughts on Valuation and the Curious Case of Expanding Equity Base

Huali

Huali University (华立大学) IPO Early Thoughts - Risks Abound

Innocare

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

Jiumaojiu

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

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
MicuRxMicuRx Pharma (盟科医药) IPO: Betting on Single Drug in the Not so Attractive Antibiotic Segment
PharmaronPharmaron (康龙化成) A+H Listing: A Leading Drug Discovery Company
PharmaronPharmaron (康龙化成) A+H Listing: 3Q2019 Numbers and Thoughts on Valuation
Poly PrpPoly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company
Renrui

Renrui Human Resources (人瑞人才) Pre-IPO Review - Riding on China's Unicorns

SinoMab

SinoMab (中国抗体): Pipeline Concentrated on Autoimmune Therapy

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

TaslyTasly Biopharm (天士力生物) IPO: Visible Growth from Approved Drug but Lacks Blockbusters
VenusVenus Medtech (启明医疗) IPO: Has the Elements for a Hot Healthcare Deal
VenusVenus Medtech (启明医疗) IPO: Technical Comparison of VenusA-Valve and Peers
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 Hotels

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

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
Flemingo Flemingo Travel Retail Pre-IPO - Its a Different Business in Every Country
Emami CemEmami Cement Pre-IPO - Still in Ramp Up Phase but Emami 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
MazagonMazagon Dock IPO Preview: A Monopoly Submarine Yard in India with Captive Navy Spending
Mrs. BectorMrs. Bectors Food Specialities Pre-IPO Quick Take - Sales for Its Main Segment Have Been Sta

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
UjjivanUjjivan Small Finance Bank Pre-IPO - Shouldn't Be Forced to List
Malaysia
QSRQSR Brands Pre-IPO - As Healthy as Fast Food
The U.S
CloudMindsCloudMinds Inc Early Thoughts - Still Nascent
FangDDFangDD (房多多) IPO: Reminiscence of SFUN?
HuizeHuize (慧择) Pre-IPO - Insurance Agency Masquerading as a Platform Business
I-MabI-Mab (天境生物) Pre-IPO: Strong Management and Investor Backing with Differentiated Products
MetenMeten International Edu (美联国际教育) Early Thoughts - Unclear Strategies
Phoenix TreePhoenix Tree (Danke) Pre-IPO - Another WeWork - Nothing Is Improving Apart from Revenue
Q&KQ&K Intl (青客) IPO: Yet Another WeWork Model that Will Not Work
Australia
Tyro Tyro Payments IPO - A Lot to like Apart from Its Earnings Profile and Churn Rate
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