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/ventia-services-group-pty-ltd" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia Services Group Pty (VNT AU)</a> (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$214m via selling 14% of the company.</li>
<li>The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>



Ventia Services Group Pty (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$214m via selling 14% of the company.
The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
In this note, we will talk about the deal dynamics.


Ventia Services Group Placement - Well Flagged and All past Deals Have Done Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventia-services-group-pty-ltd" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia Services Group Pty (VNT AU)</a>’s two largest shareholders, Apollo Global Management and CIMIC Group, will come off their placement linked lockup soon.</li>
<li>The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.</li>
<li>In this note, we will talk about the likely placement and past deal performance.</li>
</ul>



Ventia Services Group Pty (VNT AU)’s two largest shareholders, Apollo Global Management and CIMIC Group, will come off their placement linked lockup soon.
The two largest shareholders together owned nearly 30% of the company and have pared their stake twice this year.
In this note, we will talk about the likely placement and past deal performance.


Ventia Services Group US$450m Placement Lockup Expiry - Past Deals Have Done Well

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell around 4.5% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a> to fund its budget requirements for 2023-24.</li>
<li>The deal is very well flagged with Auckland City Council having publicly stated their intention to sell 7% of the stock in Jun 2023.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Auckland City Council plans to sell around 4.5% of Auckland Intl Airport (AIA NZ) to fund its budget requirements for 2023-24.
The deal is very well flagged with Auckland City Council having publicly stated their intention to sell 7% of the stock in Jun 2023.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Auckland Airport Placement - Well Flagged, LO Support but Still a Bit Tricky

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jun 30th (reported today) which has an aggregated short interest worth USD16.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.


ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. </li>
<li>While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.</li>
<li>Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.</li>
</ul>


Global equities (MSCI ACWI) continue to hold above $93 on ACWI-US, a level that, since January, we had anticipated would cap upside in 2023. 
While ACWI-US remains below $96-$97 (a target we discussed was possible in our April 18, 2023 Int’l Macro Vision), we could easily see $93 act as support moving forward.
Therefore, we are bullish on global equities as long as ACWI-US is above $93, targeting $110.29. This is the measured move price target following the inverse head-and-shoulders breakout.


MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

New Zealand

Xero Limited offers an online accounting system.  The software features bank transaction importing, a cashbook, a general ledger, invoicing, accounts receivable, accounts payable, financial reporting, and management of expense claims.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Xero Ltd (XRO AU)

Ventia Services Group Placement - Well Flagged and All past Deals Have Done Well

Ventia Services Group Pty (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$214m via...

Sumeet Singh

Ventia Services Group US$450m Placement Lockup Expiry - Past Deals Have Done Well

The deal is now live, with the two investors looking to sell half of their current stake, as we had expected. This will be a very well flagged deal.

Sumeet Singh

Auckland Airport Placement - Well Flagged, LO Support but Still a Bit Tricky

Auckland City Council plans to sell around 4.5% of Auckland Intl Airport (AIA NZ) to fund its budget requirements for 2023-24. In this note, we...

Sumeet Singh

ASX Short Interest Weekly (Jun 30th): Rea, ANZ, Xero, Westpac, NAB, Liontown

We analyzed ASX short interest report for the past week and highlight short interest changes in Rea, ANZ, Xero, Westpac, Natl Aust Bank, Liontown.

Ke Yan, CFA, FRM

MSCI ACWI-US Bullish Above $93; EURO STOXX 50 Holding At Uptrend; Buys in Discretionary, Tech, Svcs.

MSCI $ACWI Bullish Above $93, inverse head-and-shoulders breakout targets $110; EURO $STOXX 50 Holding At the Uptrend; Buys in Consumer...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)