APAC IPOs & Placements, Aequitas Research

Ethan Aw

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>
<a href="https://www.smartkarma.com/entities/carsales-com-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">Carsales.Com Ltd (CAR AU)</a> aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. </li>
<li>The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at 28.2 days of three month ADV. 
The use of proceeds will be to acquire 40% of Webmotors SA and strengthen its balance sheet. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

Geopolitical Analyst, Steno Research, Steno Research

Mikkel Rosenvold

Geopolitical Analyst, Steno Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

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<li>A disappointing wage agreement for German metal workers in November was an early indicator that trade unions will be a poor match against employers in upcoming wage negotiations. </li>
<li>The 5 most important wage battlegrounds to watch in Europe in Q2-Q3 will be Germany, UK, France, Italy and the Netherlands - read full case studies below.</li>
<li>Despite weak unions, current broad-based wage pressures of 4-5% is enough to keep core inflation TOO elevated in the Euro zone. The ECB has more work to do on tightening.</li>
</ul>


A disappointing wage agreement for German metal workers in November was an early indicator that trade unions will be a poor match against employers in upcoming wage negotiations. 
The 5 most important wage battlegrounds to watch in Europe in Q2-Q3 will be Germany, UK, France, Italy and the Netherlands - read full case studies below.
Despite weak unions, current broad-based wage pressures of 4-5% is enough to keep core inflation TOO elevated in the Euro zone. The ECB has more work to do on tightening.


Europe Wants to Get Paid – 5 Feuds to Look Out For

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab Holdings (GRAB US)</a> 4Q2022 numbers late last week made encouraging reading with revenues exceeding expectations significantly despite slow GMV growth in the quarter, as it maintained regional category leadership.</li>
<li>The company saw continued improvement in segment-adjusted EBITDA margins in 4Q2022 versus 3Q2022 for both mobility and deliveries, with the latter making significant progress towards steady-state margins. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s relatively high regional cost remains a drag but should stabilise here and outside this, it looks to be firmly on track to accelerate profitably. </li>
</ul>



Grab Holdings (GRAB US) 4Q2022 numbers late last week made encouraging reading with revenues exceeding expectations significantly despite slow GMV growth in the quarter, as it maintained regional category leadership.
The company saw continued improvement in segment-adjusted EBITDA margins in 4Q2022 versus 3Q2022 for both mobility and deliveries, with the latter making significant progress towards steady-state margins. 

Grab's relatively high regional cost remains a drag but should stabilise here and outside this, it looks to be firmly on track to accelerate profitably. 


Grab (GRAB US) - Moving Towards Steady State

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.</li><li>Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.</li><li>As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).</li></ul>

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by foreign on-demand service leaders foodpanda and Deliveroo.Meituan is hiring delivery workers including motorcycle and bike riders as well as so-called foot soldiers who can dispatch orders by foot, a recruitment document showed.As an incentive, Meituan said new riders who complete a certain volume of orders will receive a bonus of HK$2,500 ($319).

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

iShares High Yield Bond Factor ETF / Equity Bottom-Up

<ul><li>We might get a reasonable amount of flak for this article, as many investors <a href="https://www.reuters.com/markets/us/new-fed-research-flags-rising-risk-us-recession-2022-12-30/" target="_blank" rel="noopener">fear a recession</a>, and concurrently are staying away from high-yield bonds.</li><li>However, credit spreads are narrowing, and the equity market is receiving substantial support.</li><li>Thus, we believe the time is right to "risk it" on cyclical, high-yield corporate bonds with favorable interest rate sensitivity.</li></ul>

We might get a reasonable amount of flak for this article, as many investors fear a recession, and concurrently are staying away from high-yield bonds.However, credit spreads are narrowing, and the equity market is receiving substantial support.Thus, we believe the time is right to "risk it" on cyclical, high-yield corporate bonds with favorable interest rate sensitivity.

HYDB: Optimistically Backing High-Yield Corporate Bonds

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Carsales Renounceable Entitlement Offer - Following up on a Decade-Old Acquisition

Carsales.Com Ltd (CAR AU) aims to raise around US$330m (A$501m) via a renounceable entitlement offer. The deal is relatively large to digest at...

Ethan Aw

Europe Wants to Get Paid – 5 Feuds to Look Out For

A decline in real wages across the European continent has heightened expectation for upcoming collective bargaining agreements. We point you to the...

Steno Research

Grab (GRAB US) - Moving Towards Steady State

Grab's 4Q2022 numbers late last week made encouraging reading with revenues exceeding expectations significantly despite slow GMV growth in the...

Angus Mackintosh

Meituan Gears Up for Hong Kong Expansion With Rider Recruitment

Chinese food delivery giant Meituan launched a recruitment campaign in Hong Kong signaling a push into the Asian financial hub dominated by...

Caixin Global

HYDB: Optimistically Backing High-Yield Corporate Bonds

We might get a reasonable amount of flak for this article, as many investors fear a recession, and concurrently are staying away from high-yield...

Pearl Gray Equity and Research

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