Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Recent underperformance of <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> vs Peers appears to be part of a "perfect storm". </li>
<li>
<a href="https://www.smartkarma.com/entities/pccw-ltd" target="_blank" data-smartkarma-citation="entities:873:1" rel="noopener">PCCW Ltd (8 HK)</a> has an attractive yield on its side; and Richard Li has been buying. But a 6% premium to NAV is unsustainable for this holding company structure.</li>
<li>Palliser Capital's straightforward request is for a 35% reduction in <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> holding reflects a strategic urgency. </li>
</ul>


Recent underperformance of Newmont Mining (NEM US) vs Peers appears to be part of a "perfect storm". 

PCCW Ltd (8 HK) has an attractive yield on its side; and Richard Li has been buying. But a 6% premium to NAV is unsustainable for this holding company structure.
Palliser Capital's straightforward request is for a 35% reduction in Keisei Electric Railway Co (9009 JP)'s Oriental Land (4661 JP) holding reflects a strategic urgency. 


Last Week In Event SPACE: Newcrest/Newmont, Keisei Electric, PCCW, Cosmo Energy, Leapmotor

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.</li>
<li>It was a busy week for placements as well, with <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

J&amp;T Global Express (1519 HK) launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.
It was a busy week for placements as well, with Liontown Resources (LTR AU)'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. 


ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

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.

EcoPro Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a> is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:114725" rel="noopener">EcoPro Materials IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ecopro-materials-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:114976" rel="noopener">EcoPro Materials IPO: The Bear Case</a>.</li>
<li>In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.</li>
</ul>



EcoPro Materials (ECO123 KS) is a leading player in the electrode material industry. It is seeking to raise up to US$470 million in a KRX IPO.
We previously discussed the IPO in EcoPro Materials IPO: The Bull Case and EcoPro Materials IPO: The Bear Case.
In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we would pass on the IPO.


Kokusai Electric  / Equity Capital Markets

<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/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>, <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>.       </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 - Kokusai Electric (6525 JP), EcoPro Materials (ECO123 KS), Seoul Guarantee Insurance (031210 KS), Cainiao Smart Logistics (1437124D HK), J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Nws Holdings (659 HK), Origin Energy (ORG AU), Liontown Resources (LTR AU), Estia Health (EHE AU), Pact Group Holdings (PGH AU).       


Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> managed to get strong support, even though we remain somewhat unconvinved. </li>
<li>In the placement space,  we looked at the upcoming lockups for <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, along with the <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> placement.</li>
</ul>


Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) managed to get strong support, even though we remain somewhat unconvinved. 
In the placement space,  we looked at the upcoming lockups for Rakuten Bank (5838 JP) and Zomato (ZOMATO IN), along with the Ingenia Communities (INA AU) placement.


ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

South Korea

Ecopro BM Co.,Ltd develops and manufactures advanced materials. The Company produces and sells high-nickel cathode materials and other products. Ecopro BM markets its products throughout Korea.

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Ecopro BM (247540 KS)

Last Week In Event SPACE: Newcrest/Newmont, Keisei Electric, PCCW, Cosmo Energy, Leapmotor

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

EcoPro Materials IPO: Valuation Insights

In this note, we look at the syndicate's valuation methodology. Our valuation analysis suggests that the IPO price range is unattractive, and we...

Arun George

Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

Last week, notable developments occurred in Event-Driven (Eoflow, NWS, Liontown, Origin, Estia, Pact, Healius, Newcrest) and ECM (Kokusai, J&T,...

Arun George

ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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