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

Citicore Renewable Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-renewable-energy" target="_blank" data-smartkarma-citation="entities:40676:1" rel="noopener">Citicore Renewable Energy (CREC PM)</a> is looking to raise around US$120m in its Philippines IPO.</li>
<li>Citicore Renewable Energy (CREC) is a pure-play renewable energy platform focused on developing and operating renewable energy projects in the Philippines.</li>
<li>We looked at the firm’s past performance in an earlier note. In this note, we will share our thoughts on valuation.</li>
</ul>



Citicore Renewable Energy (CREC PM) is looking to raise around US$120m in its Philippines IPO.
Citicore Renewable Energy (CREC) is a pure-play renewable energy platform focused on developing and operating renewable energy projects in the Philippines.
We looked at the firm’s past performance in an earlier note. In this note, we will share our thoughts on valuation.


Citicore Renewable Energy IPO - Needs a Wider Discount to Be Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/citicore-renewable-energy" target="_blank" data-smartkarma-citation="entities:40676:1" rel="noopener">Citicore Renewable Energy (CREC PM)</a> is looking to raise about US$180m in its upcoming Philippines IPO.</li>
<li>Citicore Renewable Energy (CREC) is a pure-play renewable energy platform focused on developing and operating renewable energy projects in the Philippines.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Citicore Renewable Energy (CREC PM) is looking to raise about US$180m in its upcoming Philippines IPO.
Citicore Renewable Energy (CREC) is a pure-play renewable energy platform focused on developing and operating renewable energy projects in the Philippines.
In this note, we look at the firm's past performance.


Citicore Renewable Energy Pre-IPO - Growing with a Pipeline to Match, Although Marred with Risks

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for a bunch of indices ended last week though the announcement of the changes will take 4-6 weeks.</li>
<li>There are no rebalance implementations in the coming week though focus will move to the implementation of the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited</a>/ <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank</a> merger and index changes the following week.</li>
<li>There were big inflows to China focused ETF with a lot of money going into Semiconductor and Chip focused ETFs.</li>
</ul>


The review period for a bunch of indices ended last week though the announcement of the changes will take 4-6 weeks.
There are no rebalance implementations in the coming week though focus will move to the implementation of the HDFC Limited/ HDFC Bank merger and index changes the following week.
There were big inflows to China focused ETF with a lot of money going into Semiconductor and Chip focused ETFs.


Index Rebalance & ETF Flow Recap: KQ150, LQ45, PCOMP, HDFC/HDFCB, Delta Electronics, Redox IPO, AMFI

<ul>
<li>With a couple of trading days to the end of the review period, we do not forecast any changes for the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> in August. </li>
<li>However, there could be an ad hoc change if <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> is delisted. The stock now trades above the tender offer price.</li>
<li>
<a href="https://www.smartkarma.com/entities/bloomberry-resorts-corp" target="_blank" data-smartkarma-citation="entities:17961:1" rel="noopener">Bloomberry Resorts (BLOOM PM)</a> is the highest ranked non-constituent and the stock has started to move higher again, likely driven in part by potential index inclusion.</li>
</ul>


With a couple of trading days to the end of the review period, we do not forecast any changes for the Philippines Stock Exchange PSEi Index (PCOMP INDEX) in August. 
However, there could be an ad hoc change if Metro Pacific Investments Co (MPI PM) is delisted. The stock now trades above the tender offer price.

Bloomberry Resorts (BLOOM PM) is the highest ranked non-constituent and the stock has started to move higher again, likely driven in part by potential index inclusion.


PCOMP Index Rebalance Preview: Just the Ad Hoc Change

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>We have looked at the company's performance in our previous note. In this note, we talk about valuations.</li>
</ul>


Pertamina Geothermal Energy (PGE) is looking to raise around US$650m in its upcoming Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
We have looked at the company's performance in our previous note. In this note, we talk about valuations.


Pertamina Geothermal Energy IPO - Thoughts on Valuation

Philippines

AC Energy Corp operates as a renewable power generation company. The Company operates wind, solar, and geothermal energy plants. AC Energy serves customers in Philippines.

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AC Energy Corp (ACEN PM)

Citicore Renewable Energy IPO - Needs a Wider Discount to Be Attractive

Citicore Renewable Energy (CREC PM) is looking to raise around US$120m in its Philippines IPO. In this note, we will share our thoughts on valuation.

Clarence Chu

Citicore Renewable Energy Pre-IPO - Growing with a Pipeline to Match, Although Marred with Risks

Pre-marketing for Citicore Renewable Energy's US$140m Philippines IPO is currently underway, as per media reports. With a maximum offer price of...

Clarence Chu

Index Rebalance & ETF Flow Recap: KQ150, LQ45, PCOMP, HDFC/HDFCB, Delta Electronics, Redox IPO, AMFI

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

PCOMP Index Rebalance Preview: Just the Ad Hoc Change

There are no forecast changes for the PCOMP in August. MPI's delisting could lead to BLOOM's inclusion. MPI is trading above the tender office...

Brian Freitas

Pertamina Geothermal Energy IPO - Thoughts on Valuation

Pertamina Geothermal Energy is looking to raise around US$650m in its upcoming Indonesia IPO. In this note, we talk about valuations.

Sumeet Singh

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