Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Japanese banks are the hottest new thing but unless you think <a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto</a> is going to change its spots, it's still best thought of as a range trade. </li>
<li>WM Motors opts for a backdoor listing via merging with <a href="https://www.smartkarma.com/entities/we-solutions-ltd" target="_blank" data-smartkarma-citation="entities:9818:1" rel="noopener">WE Solutions Limited (860 HK)</a>. There's probably a good reason for doing so.</li>
<li>You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.</li>
</ul>


Japanese banks are the hottest new thing but unless you think Bank of Kyoto is going to change its spots, it's still best thought of as a range trade. 
WM Motors opts for a backdoor listing via merging with WE Solutions Limited (860 HK). There's probably a good reason for doing so.
You pay for the liquidity of Japanese banks by paying a higher PBR against not as much improvement in ROE. That's life.


Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

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>Things are starting to pickup on the IPO front with the first somewhat sizeable US ADR filing done this week.</li>
<li>Placements deal flow continued to stay strong this week, even as the performance didn't.</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.
Things are starting to pickup on the IPO front with the first somewhat sizeable US ADR filing done this week.
Placements deal flow continued to stay strong this week, even as the performance didn't.


ECM Weekly (20th Jan 23) - HK Brokers, Wuxi, IQIYI, Anycol, Adani, WM Mot, LG Ene, AIn, Oasis, Perta

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Avalon Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. </li>
<li>Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.</li>
<li>As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.</li>
</ul>



Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. 
Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.
As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.


Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Travis Lundy

Equity Bottom-Up

<ul>
<li>After the postal ballot approved the offering in December 2022, <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.</li>
<li>One exchange <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/080ed615-f2a6-4f08-b287-8eb0b1622c75.pdf" target="_blank" rel="noopener">release</a> today gave the timing, and following  few articles in recent days suggesting it, another <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/372e7564-839a-47d2-8a86-834217b3a190.pdf" target="_blank" rel="noopener">release</a> said the offering would be partly paid shares.  </li>
<li>The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.</li>
</ul>


After the postal ballot approved the offering in December 2022, Adani Enterprises (ADE IN) is on track to conduct a Rs 200bn or US$2.4bn+ Equity Offering.
One exchange release today gave the timing, and following  few articles in recent days suggesting it, another release said the offering would be partly paid shares.  
The structure of the Offer and risks are detailed below but investors should remember, it was illiquidity which got the price here. Liquidity is a Bug not a Feature.


Adani Enterprises Offering - A Discount and a Put Option But Liquidity Is a Bug Not A Feature

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a> could be added and <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.</li>
<li>Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.

Adani Enterprises (ADE IN) could be added and Wipro Ltd (WPRO IN) could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.
Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.


S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

India

Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation.  Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

Price Gauge
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Adani Enterprises (ADE IN)

Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ECM Weekly (20th Jan 23) - HK Brokers, Wuxi, IQIYI, Anycol, Adani, WM Mot, LG Ene, AIn, Oasis, Perta

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

Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue...

Clarence Chu

Adani Enterprises Offering - A Discount and a Put Option But Liquidity Is a Bug Not A Feature

Adani Enterprises FPO to raise Rs 200bn is taking shape. Price bands are announced. Book building is next week. Expect it to price at the low end....

Travis Lundy

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In SPACE: Bank of Kyoto, WM Motors, Japanese Banks, Hong Kong Aerospace, CP ALL/MAKRO

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

ECM Weekly (20th Jan 23) - HK Brokers, Wuxi, IQIYI, Anycol, Adani, WM Mot, LG Ene, AIn, Oasis, Perta

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

Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue...

Clarence Chu

Adani Enterprises Offering - A Discount and a Put Option But Liquidity Is a Bug Not A Feature

Adani Enterprises FPO to raise Rs 200bn is taking shape. Price bands are announced. Book building is next week. Expect it to price at the low end....

Travis Lundy

S&P BSE/​​Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions

I see one change for SENSEX, four changes for BSE 100, and three changes for BSE 200 based on the latest available data. There could be around...

Janaghan Jeyakumar, CFA

S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions