Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

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>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/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> delivered another tepid debut in Hong Kong.</li>
<li>There were no major placements this week, probably due to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>'s less than ideal performance. </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.

ZJLD Group (ZJLD HK) delivered another tepid debut in Hong Kong.
There were no major placements this week, probably due to Anta Sports Products (2020 HK)'s less than ideal performance. 


ECM Weekly (1st May 2023) - ZJLD, Mankind, JD Industrial, JD Property, CPF Global Food, Horizon

<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>All eyes were on <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> listing this week. It didn't disappoint, neither did <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials.</a>
</li>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> pulled off one of the largest placements so far in 2023, despite being net cash.</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.
All eyes were on Rakuten Bank (5838 JP) listing this week. It didn't disappoint, neither did Merdeka Battery Materials.


Anta Sports Products (2020 HK) pulled off one of the largest placements so far in 2023, despite being net cash.


ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Keppel Infrastructure Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-infrastructure-trust" target="_blank" data-smartkarma-citation="entities:456:1" rel="noopener">Keppel Infrastructure Trust (KIT SP)</a> is looking to raise S$125m (US$96m) in its primary placement.</li>
<li>The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.</li>
<li>Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. </li>
</ul>



Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. 


Keppel Infrastructure Trust Placement - Very Well Flagged, Should Expect Some Short Covering

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 href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  </li>
<li>The divestment of Keppel O&amp;M will further move <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.</li>
<li>Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. </li>
</ul>



Sembcorp Marine (SMM SP) shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  
The divestment of Keppel O&amp;M will further move Keppel Corp (KEP SP) towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.
Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. 


Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

Singapore

Keppel Infrastructure Trust is a listed business trust that provides investors with the opportunity to invest in a large and well-diversified portfolio of core infrastructure assets located in jurisdictions with well-developed legal frameworks that support infrastructure investment. The Trust aims to provide long-term, regular, and sustainable distributions to its unit holders.

Keppel Infrastructure Trust (KIT SP)

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

ECM Weekly (1st May 2023) - ZJLD, Mankind, JD Industrial, JD Property, CPF Global Food, Horizon

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

Sumeet Singh

ECM Weekly (23rd Apr 2023) - Rakuten Bank, Merdeka, ZJLD, Mankind, Lalatech, IMotion, Anta, KIT

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

Sumeet Singh

Keppel Infrastructure Trust Placement - Very Well Flagged, Should Expect Some Short Covering

Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement. The proceeds in the deal will be used to...

Clarence Chu

Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

The divestment of Keppel O&M will further move Keppel towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit...

Arun George