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/integral-corporation" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral Corporation (5842 JP)</a> is looking to raise around US$175m in its Japan IPO.</li>
<li>Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Integral Corporation (5842 JP) is looking to raise around US$175m in its Japan IPO.
Integral is a private equity management company advising funds that invest in both listed and unlisted companies in Japan, with a focus on mid-sized companies.
In this note, we talk about the positive aspects of the deal.


Integral Corporation Pre-IPO - The Positives - Strong Track Record

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.</li><li>Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.</li><li>However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”</li></ul>

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.Microsoft’s declaration in January 2023 that AI would emerge as the next computing platform coupled with Nvidia’s shocking earnings guide up last quarter, coupled with a weaker dollar and decline in bond yields, provided fuel in the first half of the year for the technology sector and garnered investor eyeballs to anything closely associated with AI.However, on Microsoft’s most recent earnings call on July 25th, CFO Amy Hood stated “Even with strong demand and a leadership position, growth from our AI services will be gradual as Azure AI scales and our copilots reach general availability dates. So for FY '24, the impact will be weighted towards H2.”

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Broad General Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/broad-general-holding" target="_blank" data-smartkarma-citation="entities:39963:1" rel="noopener">Broad General Holding (BG HK)</a> is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Deutsche Bank and Everbright Securities.</li>
<li>Broad General Holding is a private investment fund manager with a focus on serving high network individuals (HNWIs).</li>
<li>As per F&amp;S, the firm was the second largest private investment fund manager in China focused on serving HNWIs in terms of total AUM as of Dec 22.</li>
</ul>



Broad General Holding (BG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Deutsche Bank and Everbright Securities.
Broad General Holding is a private investment fund manager with a focus on serving high network individuals (HNWIs).
As per F&amp;S, the firm was the second largest private investment fund manager in China focused on serving HNWIs in terms of total AUM as of Dec 22.


Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Rakuten sold its 20% stake in Seiyu to KKR at the end of May, divesting from direct ownership in physical supermarkets. </li>
<li>This provides a much needed injection of cash for Rakuten’s digital projects and should also help the online platform build trust with other supermarket chains interested in joining its platform.</li>
<li>Both companies reaffirmed their commitment to build the largest online food retail platform within the next two years.</li>
</ul>


Rakuten sold its 20% stake in Seiyu to KKR at the end of May, divesting from direct ownership in physical supermarkets. 
This provides a much needed injection of cash for Rakuten’s digital projects and should also help the online platform build trust with other supermarket chains interested in joining its platform.
Both companies reaffirmed their commitment to build the largest online food retail platform within the next two years.


Rakuten’s Seiyu Sell off Will Boost Netsuper Business

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/yuexiu-property-co-ltd" target="_blank" data-smartkarma-citation="entities:18097:1" rel="noopener">Yuexiu Property (123 HK)</a> rights issue and <a href="https://www.smartkarma.com/entities/adicon-holdings-limited" target="_blank" data-smartkarma-citation="entities:33786:1" rel="noopener">ADICON Holdings Limited (ADI HK)</a>, <a href="https://www.smartkarma.com/entities/horizon-construction-development" target="_blank" data-smartkarma-citation="entities:35117:1" rel="noopener">Horizon Construction Development (1887128D HK)</a>, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/blackmores-ltd" target="_blank" data-smartkarma-citation="entities:928:1" rel="noopener">Blackmores Ltd (BKL AU)</a>, <a href="https://www.smartkarma.com/entities/united-malt-group-ltd" target="_blank" data-smartkarma-citation="entities:29116:1" rel="noopener">United Malt Group Ltd (UMG AU)</a>,  <a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a>, Lian Beng.</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Yuexiu Property (123 HK) rights issue and ADICON Holdings Limited (ADI HK), Horizon Construction Development (1887128D HK), Mankind Pharma (6596876Z IN) IPOs.
Event-Driven developments - Blackmores Ltd (BKL AU), United Malt Group Ltd (UMG AU),  Aag Energy Holdings (2686 HK), HKBN Ltd (1310 HK), Metro Pacific Investments Co (MPI PM), Lian Beng.


Weekly Deals Digest (30 Apr) - AAG, HKBN, Blackmores, Lian Beng, Horizon Construction, Mankind

United States

KKR & Co. Inc. operates as an investment firm. The Company manages investments such as private equity, energy, infrastructure, real estate, credit strategies, and hedge funds. KKR & Co serves clients worldwide.

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KKR & Co (KKR US)

Integral Corporation Pre-IPO - The Positives - Strong Track Record

Integral Corporation, a private equity management company, is looking to raise around US$175m in its Japan IPO. In this note we talk about the...

Sumeet Singh

Weekly Stock Bullfinder - Week of 8/14

The start of the second half of the year so far has seen a change in the market themes versus the first half of the year.

Weekly Stock Bull Finder

Broad General Holding Pre-IPO Tearsheet

Broad General Holding (BG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are Deutsche Bank and...

Clarence Chu

Rakuten’s Seiyu Sell off Will Boost Netsuper Business

Rakuten's sell off of Seiyu looked like a retreat from the online food business but in fact, the disposal will help bring in other retailers to its...

Michael Causton

Weekly Deals Digest (30 Apr) - AAG, HKBN, Blackmores, Lian Beng, Horizon Construction, Mankind

Last week, notable developments occurred in Event-Driven (Blackmores, United Malt, AAG, HKBN, Metro Pacific Investments, Lian Beng) and ECM...

Arun George

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