Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m. 

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
 
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
 
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

Regulatory Information

  • Regulatory Status: Exempt from regulation

Coverage

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Analysts

  • Sumeet Singh

    Head of Research
  • Ke Yan

    Co-Head of Research
  • Zhen Zhou Toh

    Analyst
Sumeet Singh

SBI Cards and Payments Pre-IPO - Ticks a lot of boxes

SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of SBI, India’s largest commercial bank. Prior to listing, it was 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%. SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding. Over FY17-FY19, SBI...

Zhen Zhou Toh

Poly Property Development (保利物业发展) IPO - Good cornerstone with some upside from the low-end

Poly Property Development (6049 HK) (POLY) is looking to raise up to US$598m in its Hong Kong IPO. We have previously covered the IPO in Poly Property Development (保利物业发展) Pre-IPO - PHIP Updates, Peer Comparison, & Thoughts on Valuation and Poly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company. Overall sentiment of property management services companies have been favorable. The company also managed to attract GIC and Hillhouse as cornerstone investors and they have a good track record over the past few years. Based on our assumptions, POLY is offered at 22.1 - 25.3x F...

Zhen Zhou Toh

JS Global (JS 环球生活) Re-IPO - Little Upside After Applying Holding Company Discount

JS Global Lifestyle (1691 HK) (JSG) is looking to raise US$331m in its Hong Kong IPO. JSG's previous attempt in October was pulled just three days before the listing date, citing unfavorable conditions. The new deal terms (fixed price at HK$5.20 per share) implied a price cut of about 6% from the bottom end of the previous IPO price range. The company has also managed to secure two cornerstone investors. Our updated SOTP valuation, assuming holding company discount of 20%, implies that there is only upside of 2.1% from the IPO price. Furthermore, there are still fundamental issues that do...

Zhen Zhou Toh

JS Global (JS 环球生活) IPO Updates Before IPO - Going at It Again

JS Global Lifestyle (1691 HK) (JSG) is looking to re-launch its IPO coming Monday, as per media reports. It was previously looking to raise up to US$462m in its Hong Kong IPO in October but pulled its IPO just three days before the listing date, citing unfavorable conditions. Since then, iRobot lost its lawsuit to halt SharkNinja’s sale of two of its recent robotic vacuums. While iRobot has started to cut price post lawsuit, its robotic vacuums are still much more expensive than Shark’s even though both have similar functionalities and performance. Aside from the lawsuit from iRobot, SharkN...

Jinxin Fertility Lock-up Expiry Trade - Might be worth doing a reverse enquiry

Stakes held by Jinxin Fertility’s pre-IPO investors and cornerstone investors, worth a total of USD 734 million (20% of the market cap), will be eligible for sale as early as December 22nd. In this note, we review the company’s recent performance and are of the view that the company’s recent performance benefits from capacity expansion in Shenzhen but the capacity-driven revenue due to relocation and expansion of facility in its flagship Xinan Hospital in Chengdu, Sichuan has not been reflected in 1H2019 results. The company’s valuation appears to be expensive relative to other listed hea...

Sumeet Singh

SBI Cards and Payments Pre-IPO - Ticks a lot of boxes

SBI Cards (SBIC) plans to raise up to US$1.5bn via selling a mix of primary and secondary shares in its Indian IPO. SBIC is a subsidiary of SBI, India’s largest commercial bank. Prior to listing, it was 74% owned by SBI with Carlyle, a private equity firm, owning the balance 26%. SBI Cards (SBIC) is the second-largest credit card issuer in India, with an 18% market share in terms of the number of credit cards outstanding and 17.9% market share in terms of total credit cards spending, as of six months ending Sep 2019. As of Sep 2019, SBIC had 9.46m credit cards outstanding. Over FY17-FY19, SBI...

Zhen Zhou Toh

Poly Property Development (保利物业发展) IPO - Good cornerstone with some upside from the low-end

Poly Property Development (6049 HK) (POLY) is looking to raise up to US$598m in its Hong Kong IPO. We have previously covered the IPO in Poly Property Development (保利物业发展) Pre-IPO - PHIP Updates, Peer Comparison, & Thoughts on Valuation and Poly Property Development (保利物业发展) IPO Early Thoughts - Well-Rounded Company. Overall sentiment of property management services companies have been favorable. The company also managed to attract GIC and Hillhouse as cornerstone investors and they have a good track record over the past few years. Based on our assumptions, POLY is offered at 22.1 - 25.3x F...

Zhen Zhou Toh

JS Global (JS 环球生活) Re-IPO - Little Upside After Applying Holding Company Discount

JS Global Lifestyle (1691 HK) (JSG) is looking to raise US$331m in its Hong Kong IPO. JSG's previous attempt in October was pulled just three days before the listing date, citing unfavorable conditions. The new deal terms (fixed price at HK$5.20 per share) implied a price cut of about 6% from the bottom end of the previous IPO price range. The company has also managed to secure two cornerstone investors. Our updated SOTP valuation, assuming holding company discount of 20%, implies that there is only upside of 2.1% from the IPO price. Furthermore, there are still fundamental issues that do...

Zhen Zhou Toh

JS Global (JS 环球生活) IPO Updates Before IPO - Going at It Again

JS Global Lifestyle (1691 HK) (JSG) is looking to re-launch its IPO coming Monday, as per media reports. It was previously looking to raise up to US$462m in its Hong Kong IPO in October but pulled its IPO just three days before the listing date, citing unfavorable conditions. Since then, iRobot lost its lawsuit to halt SharkNinja’s sale of two of its recent robotic vacuums. While iRobot has started to cut price post lawsuit, its robotic vacuums are still much more expensive than Shark’s even though both have similar functionalities and performance. Aside from the lawsuit from iRobot, SharkN...

Jinxin Fertility Lock-up Expiry Trade - Might be worth doing a reverse enquiry

Stakes held by Jinxin Fertility’s pre-IPO investors and cornerstone investors, worth a total of USD 734 million (20% of the market cap), will be eligible for sale as early as December 22nd. In this note, we review the company’s recent performance and are of the view that the company’s recent performance benefits from capacity expansion in Shenzhen but the capacity-driven revenue due to relocation and expansion of facility in its flagship Xinan Hospital in Chengdu, Sichuan has not been reflected in 1H2019 results. The company’s valuation appears to be expensive relative to other listed hea...

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