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>NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022.</li>
<li>Unlike a secondary or a dual primary listing, there will be no new capital raised and there will be no secondary shares sold either.</li>
<li>In this note we take a quick look at the deal dynamics.</li>
</ul>


NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022.
Unlike a secondary or a dual primary listing, there will be no new capital raised and there will be no secondary shares sold either.
In this note we take a quick look at the deal dynamics.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Hang Seng China Enterprises Index / Event-Driven

<ul>
<li>The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.</li>
<li>The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.</li>
<li>With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.</li>
</ul>


The HSCEI 2022 dividend futures are trading around our fair value. Larger than expected special dividends from oil and telecom companies could provide some upside.
The HSCEI 2022/23 div steepener has dropped from -5 to -15 since our last Insight. We see further downside here and would look to add to shorts in the spread.
With rising interest rates, higher inflation, higher oil prices, a slowdown could lead to a rapid repricing of dividends and there will be opportunities to buy back the spread lower.


HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors</li>
<li>Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research</li>
<li>In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights</li>
</ul>


As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors
Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research
In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights


2021 Year in Review - Forensic Accounting in Equity Research

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.</li>
<li>The outlook for revenue and profit just got higher. A lot higher.</li>
<li>Also true, Tesla's easy comps may be coming to an end.</li>
</ul>



Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push.
The outlook for revenue and profit just got higher. A lot higher.
Also true, Tesla's easy comps may be coming to an end.


Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

<ul>
<li>Sure the Elon Musk Show is on all channels, but he and <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> did have a very good year.</li>
<li>They also caught a lot of lucky breaks that won't last—which is overlooked by investors. </li>
<li>Next year will be different. And it starts in just two days.</li>
</ul>


Sure the Elon Musk Show is on all channels, but he and Tesla Motors (TSLA US) did have a very good year.
They also caught a lot of lucky breaks that won't last—which is overlooked by investors. 
Next year will be different. And it starts in just two days.


Look Away From Elon Musk To Gauge Tesla's Prospects—and Looming Risks

China

NIO Inc. manufactures and sells automobiles. The Company offers electric vehicles and parts, as well as provides battery charging services. NIO serves customers worldwide.

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NIO (NIO US)

NIO HK Listing - Ticking the Box

NIO announced that it would look to list in the HK by way of introduction with trading set to begin on 10th March 2022. In this note, we take a...

Sumeet Singh

HSCEI Dividend Futures: Stay Short the 2022/23 Steepener

We see the HSCEI 2022 div futures trading in line with our estimates while there could be more downside to the 2022/23 div spread. We'd look to get...

Brian Freitas

2021 Year in Review - Forensic Accounting in Equity Research

As a forensic accountant doing equity research, I strive to publish differentiated insights that augment investment research. I look back at 2021's...

Jason Yap, CFA

Record Tesla Q4 Deliveries Boost Q4 Revenue & Profit Estimates

Tesla's Q4 deliveries trounced market estimates thanks to a strong yearend push. Also true, Tesla's easy comps may be coming to an end.

Vicki Bryan

Look Away From Elon Musk To Gauge Tesla's Prospects—and Looming Risks

Sure the Elon Show is on all channels, but he and Tesla did have a very good year. They also caught a lot of lucky breaks that won't last—which is...

Vicki Bryan

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