Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Blue Moon Group Pre-IPO - The Positives - Dominant Market Share, Strong Online Sales

Blue Moon Group Pre-IPO - The Negatives - Flagging Offline Sales, Not Really a Primary Raising

ECM Weekly (26 July 2020) - Li Auto, Ant Financial, Tigermed, Mindspace, Blue Moon

Topsports International IPO Trading - 1H Results - Inline but Not Very Encouraging Results

Topsports Lock-Up - Hasn't Corrected as Much, Watch Out for the Debt at Parent Level

Topsports - Nike Results Are Encouraging for the Short-Term but Not so for the Long Term

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 Capital Markets

Topsports International Holdings / Equity Capital Markets

Topsports International Holdings (6110 HK)

<p><a href="https://www.smartkarma.com/entities/belle-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:17174:1" rel="noopener">Belle International Holdings (1880 HK)</a> the parent of <a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (6110 HK)</a> aims to raise around US$310m via selling 3.57% of the company. </p><div><p>I've covered various aspects of the company in my earlier insights, links to which are below. In this insight, I'll talk about the deal dynamics.</p></div><div><p><strong>Links to my earlier insights:</strong></p></div><div><ul>
<li>The company's fundamentals and some of the related party issues: <a href="https://www.smartkarma.com/insights/topsports-international-holdings-pre-ipo-performing-well-but-all-proceeds-will-likely-go-to-belle" target="_blank" rel="noopener">Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle</a>
</li>
<li>Historic growth and its implication for current operations: <a href="https://www.smartkarma.com/insights/topsports-international-pre-ipo-history-has-a-lot-to-tell-about-growth-and-margins" target="_blank" rel="noopener">Topsports International Pre-IPO - History Has a Lot to Tell About Growth and Margins</a>
</li>
<li>Compared the company's reported growth numbers with those of its two principal brands: <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike Inc Cl B (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">adidas AG (ADS GR)</a>: <a href="https://www.smartkarma.com/insights/topsports-pre-ipo-quick-take-nike-adidas-data-throws-up-some-interesting-nuggets" target="_blank" rel="noopener">Topsports Pre-IPO - Quick Take - Nike &amp; Adidas Data Throws up Some Interesting Nuggets</a>
</li>
<li>Compared the company's performance with that of its main listed peer:  <a href="https://www.smartkarma.com/insights/topsports-pre-ipo-way-ahead-of-its-peer-on-most-counts" target="_blank" rel="noopener">Topsports Pre-IPO - Way Ahead of Its Peer on Most Counts</a>
</li>
<li>Commented on earnings outlook and valuation: <a href="https://www.smartkarma.com/insights/topsports-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Topsports Pre-IPO - Thoughts on Valuation</a>
</li>
<li>Updates from PHIP: <a href="https://www.smartkarma.com/insights/topsports-pre-ipo-phip-not-very-encouraging-updates-shifting-more-towards-adidas" target="_blank" rel="noopener">Topsports Pre-IPO - PHIP (Not Very Encouraging) Updates - Shifting More Towards Adidas</a>
</li>
<li>Comments on IPO price range: <a href="https://www.smartkarma.com/insights/topsports-international-ipo-looks-reasonable-towards-the-lower-end" target="_blank" rel="noopener">Topsports International IPO - Looks Reasonable Towards the Lower End</a>
</li>
<li>IPO trading update: <a href="https://www.smartkarma.com/insights/topsports-international-ipo-trading-cheap-at-the-ipo-price" target="_blank" rel="noopener">Topsports International IPO Trading - Cheap at the IPO Price</a>
</li>
<li>1H Results: <a href="https://www.smartkarma.com/insights/topsports-international-ipo-trading-1h-results-inline-but-not-very-encouraging-results" target="_blank" rel="noopener">Topsports International IPO Trading - 1H Results - Inline but Not Very Encouraging Results</a>
</li>
<li>Lock-up expiry: <a href="https://www.smartkarma.com/insights/topsports-lock-up-hasn-t-corrected-as-much-watch-out-for-the-debt-at-parent-level" target="_blank" rel="noopener">Topsports Lock-Up - Hasn’t Corrected as Much, Watch Out for the Debt at Parent Level</a>
</li>
<li>Update on Implication from Nike Results: <a href="https://www.smartkarma.com/insights/topsports-nike-results-are-encouraging-for-the-short-term-but-not-so-for-the-long-term" target="_blank" rel="noopener">Topsports - Nike Results Are Encouraging for the Short-Term but Not so for the Long Term</a>
</li>
</ul></div>

Belle International Holdings (1880 HK) the parent of Topsports International (6110 HK) aims to raise around US$310m via selling 3.57% of the company. I've covered various aspects of the company in my earlier insights, links to which are below. In this insight, I'll talk about the deal dynamics.Links to my earlier insights:
The company's fundamentals and some of the related party issues: Topsports International Holdings Pre-IPO - Performing Well but All Proceeds Will Likely Go to Belle

Historic growth and its implication for current operations: Topsports International Pre-IPO - History Has a Lot to Tell About Growth and Margins

Compared the company's reported growth numbers with those of its two principal brands: Nike Inc Cl B (NKE US) and adidas AG (ADS GR): Topsports Pre-IPO - Quick Take - Nike &amp; Adidas Data Throws up Some Interesting Nuggets

Compared the company's performance with that of its main listed peer:  Topsports Pre-IPO - Way Ahead of Its Peer on Most Counts

Commented on earnings outlook and valuation: Topsports Pre-IPO - Thoughts on Valuation

Updates from PHIP: Topsports Pre-IPO - PHIP (Not Very Encouraging) Updates - Shifting More Towards Adidas

Comments on IPO price range: Topsports International IPO - Looks Reasonable Towards the Lower End

IPO trading update: Topsports International IPO Trading - Cheap at the IPO Price

1H Results: Topsports International IPO Trading - 1H Results - Inline but Not Very Encouraging Results

Lock-up expiry: Topsports Lock-Up - Hasn’t Corrected as Much, Watch Out for the Debt at Parent Level

Update on Implication from Nike Results: Topsports - Nike Results Are Encouraging for the Short-Term but Not so for the Long Term



Belle International Holdings (2129452D HK)

Topsportsの配置 - 親会社が販売しているが、低価格帯では割引が魅力的