Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>When Wuthelam took control of Asia's largest coatings business, <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a>, in August 2020, I was bearish. It was great for the Goh family but minorities lost.</li>
<li>At the time, I said "Float is low", and "There are cross-holders who don't need to be there. This would be a very good sell for them. "</li>
<li>17 months later, 6 financial institutions will now sell their cross-holdings. There is float impact and some immediate index impact. </li>
</ul>


When Wuthelam took control of Asia's largest coatings business, Nippon Paint Holdings (4612 JP), in August 2020, I was bearish. It was great for the Goh family but minorities lost.
At the time, I said "Float is low", and "There are cross-holders who don't need to be there. This would be a very good sell for them. "
17 months later, 6 financial institutions will now sell their cross-holdings. There is float impact and some immediate index impact. 


Nippon Paint (4612) - A BIG Secondary Which Is a Tough Sell, with Variable Index Implications

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

LG Energy Solution / 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/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> started book building for its mega US$10bn+ IPO</li>
<li>Placements too got off to a large, if not strong, start with <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> US$1bn+ deals. </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.

LG Energy Solution (LGENERGY KS) started book building for its mega US$10bn+ IPO
Placements too got off to a large, if not strong, start with Sea Ltd (SE US) and Nippon Paint Holdings (4612 JP) US$1bn+ deals. 


ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> will raise up to $405 million at an IPO range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement. </li>
<li>In <a href="https://www.smartkarma.com/insights/avia-avian-ipo-initiation-painting-by-numbers" target="_blank" data-smartkarma-citation="insights:61202" rel="noopener">Avia Avian IPO Initiation: Painting by Numbers</a>, we noted that Avia is delivering strong growth, rising margins and strong cash generation. We concluded that Avia is worth a look.</li>
<li>Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower entry point. </li>
</ul>



PT Avia Avian (AVIA IJ) will raise up to $405 million at an IPO range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement. 
In Avia Avian IPO Initiation: Painting by Numbers, we noted that Avia is delivering strong growth, rising margins and strong cash generation. We concluded that Avia is worth a look.
Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower entry point. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> is a market leader in the decorative paints and coatings industry in Indonesia, with around a 20% market share based on sales revenue in 2020. </li>
<li>Avia is seeking to raise up to $405 million at an IPO price range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement.</li>
<li>The fundamentals are attractive as Avia is delivering strong growth in both its segments, rising group margins and strong cash generation. Overall, we believe that Avia is worth a look.</li>
</ul>



PT Avia Avian (AVIA IJ) is a market leader in the decorative paints and coatings industry in Indonesia, with around a 20% market share based on sales revenue in 2020. 
Avia is seeking to raise up to $405 million at an IPO price range of IDR780-930. Selling shareholders will also raise up to $364 million through a private placement.
The fundamentals are attractive as Avia is delivering strong growth in both its segments, rising group margins and strong cash generation. Overall, we believe that Avia is worth a look.


Avia Avian IPO Initiation: Painting by Numbers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a>  is looking to raise US$772m in its Indonesia IPO.</li>
<li>Avia Avian (AA) is a paint manufacturer and retailer and the market leader in Indonesia’s decorative paint and coating industry with a market share of 20% based on FY20 revenue</li>
<li>AA offered at a valuation that isn't cheap but still justifiable. We think it should trade towards 44.7x and 38.5x FY22 and FY23 P/E ratios based on selected peers’ average. </li>
</ul>



PT Avia Avian (AVIA IJ)  is looking to raise US$772m in its Indonesia IPO.
Avia Avian (AA) is a paint manufacturer and retailer and the market leader in Indonesia’s decorative paint and coating industry with a market share of 20% based on FY20 revenue
AA offered at a valuation that isn't cheap but still justifiable. We think it should trade towards 44.7x and 38.5x FY22 and FY23 P/E ratios based on selected peers’ average. 


Avia Avian IPO - Leader in Indonesia Paint Industry with Justifiable Valuation

Japan

NIPPON PAINT HOLDINGS CO., LTD. produces paints for automobiles, ships, and other industrial paints.  The Company also manufactures fine chemicals such as finishing agents and adhesives.

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Nippon Paint Holdings (4612 JP)

Nippon Paint (4612) - A BIG Secondary Which Is a Tough Sell, with Variable Index Implications

Nippon Paint (4612) has long been expensive. It has become less so but is not cheap. Now it wants cross-holders to sell to raise Real World Float....

Travis Lundy

ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

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

Avia Avian IPO: Valuation Insights

Our valuation analysis suggests that Avia is fully priced at the IPO price range. Consequently, we would remain on the sidelines seeking a lower...

Arun George

Avia Avian IPO Initiation: Painting by Numbers

Avia is seeking to raise up to $405 million at an IPO price range of IDR780-930. Avia is delivering robust growth, rising group margins and strong...

Arun George

Avia Avian IPO - Leader in Indonesia Paint Industry with Justifiable Valuation

PT Avia Avian (AVIA IJ) is looking to raise US$772m in its Indonesia IPO. We think that valuation is justifiable at the IPO price range.

Sumeet Singh

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