Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> made an <a href="https://links.sgx.com/FileOpen/SCM%20Press%20Release%2027.10.2022.ashx?App=Announcement&amp;FileID=735575" target="_blank" rel="noopener">announcement</a> of revised structure and revised terms.</li>
<li>Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. </li>
<li>Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. </li>
</ul>


Today, Keppel Corp (KEP SP) and Sembcorp Marine (SMM SP) made an announcement of revised structure and revised terms.
Under revised terms, Sembcorp will issue fewer shares to Keppel, and it will be a takeover rather than Scheme of Arrangement. Keppel will deliver more shares to shareholders, keeping less. 
Just like the first announcement, there is a little here for everyone. Keppel doesn't do a great job of selling it but it is still win-win. 


Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Over the five trading sessions from Nov 22 to 28, institutions were net buyers of Singapore stocks, resulting in a net institutional inflow of S$188 million, reversing the net outflow of S$38 million observed over the five preceding sessions up to Nov 21.</li><li>Stocks that led the net institutional inflow over the five sessions through to Nov 22 were Yangzijiang Shipbuilding Holdings, Oversea-Chinese Banking Corporation, Keppel, CapitaLand Integrated Commercial Trust, Singapore Exchange, United Overseas Bank, Seatrium, Jardine Matheson Holdings, Eneco Energy and Thai Beverage Public Co.</li><li>On Nov 22, Lim Keen Ban Holdings Pte Ltd acquired 1.6 million shares of Cortina Holdings at S$2.90 per share.</li></ul>

Over the five trading sessions from Nov 22 to 28, institutions were net buyers of Singapore stocks, resulting in a net institutional inflow of S$188 million, reversing the net outflow of S$38 million observed over the five preceding sessions up to Nov 21.Stocks that led the net institutional inflow over the five sessions through to Nov 22 were Yangzijiang Shipbuilding Holdings, Oversea-Chinese Banking Corporation, Keppel, CapitaLand Integrated Commercial Trust, Singapore Exchange, United Overseas Bank, Seatrium, Jardine Matheson Holdings, Eneco Energy and Thai Beverage Public Co.On Nov 22, Lim Keen Ban Holdings Pte Ltd acquired 1.6 million shares of Cortina Holdings at S$2.90 per share.

DBS buys back nearly S$15m of its shares; AGT Partners becomes Oiltek’s substantial shareholder

Director and Founding Member, Corporate Monitor Limited

Tan Yee Peng

Director and Founding Member

Strengthening Corporate Performance

Corporate Monitor Limited

Corporate Monitor was established to encourage better performance of companies, particularly companies listed on the SGX, and hold their management and boards to account, for the benefit of their shareholders and stakeholders.

<ul>
<li>This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030.</li>
<li>CML has earlier issued two reports on this subject. The first examines the lack of disclosure by Keppel on critical information and data pertaining to its asset management business.</li>
<li>This is disappointing as Keppel is almost halfway to its fund under management (‘FUM”) target of S$200bn, and we include peers which are similar in size.</li>
</ul>


This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030.
CML has earlier issued two reports on this subject. The first examines the lack of disclosure by Keppel on critical information and data pertaining to its asset management business.
This is disappointing as Keppel is almost halfway to its fund under management (‘FUM”) target of S$200bn, and we include peers which are similar in size.


Keppel: Strategic Transformation to Asset Manager (Report 3)

<ul>
<li>If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager.</li>
<li>Given the industry’s history, the objective of this report is to examine Keppel’s claim that its unique position as an operator gives it a competitive pathway to success within Asset Management.</li>
<li>Keppel’s acquisition and running of M1 will serve as a lens to evaluate Keppel’s claim.</li>
</ul>


If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager.
Given the industry’s history, the objective of this report is to examine Keppel’s claim that its unique position as an operator gives it a competitive pathway to success within Asset Management.
Keppel’s acquisition and running of M1 will serve as a lens to evaluate Keppel’s claim.


Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)

Singapore

Keppel Corporation Limited's core businesses are offshore and marine, infrastructure, property investment and development, telecommunications and transportation, energy, and engineering.

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Keppel Corp (KEP SP)

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Keppel & Sembcorp Marine Revise Transaction, Improve Terms to SMM

Keppel and SMM have amended the transaction structure and terms, and it is a win-win, but perhaps more of a win for SMM as it catches up with...

Travis Lundy

DBS buys back nearly S$15m of its shares; AGT Partners becomes Oiltek’s substantial shareholder

Over the five trading sessions from Nov 22 to 28, institutions were net buyers of Singapore stocks, resulting in a net institutional inflow of...

Singapore Exchange Ltd (SGX)

Keppel: Strategic Transformation to Asset Manager (Report 3)

This is the third report issued by CML on Keppel’s transformation to a global asset manager per its Vision 2030. CML has earlier issued two reports...

Corporate Monitor Limited

Keppel: Does M1 Reveal an Investor-Operator Advantage? (Report 2)

If Keppel succeeds it will be the only industrial operator that successfully transforms into a global asset manager. Given the industry’s history,...

Corporate Monitor Limited

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