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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.</li>
<li>He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 25%+ stake will be released from lock-up tomorrow.
He had earlier stated his intention to pare down his stake. He has sold shares in Sep 2022, Feb 2023 and Aug 2023.
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul>
<li>Air New Zealand (AIR) reported a weaker 1H24 result, consistent with its most recent commentary and reflective of a sequential deterioration in profitability through the period.</li>
<li>The next six months look even worse. FY24 guidance, that was issued earlier this week, suggests the business will be barely profitable through 2H24, with particular pressure evident across its North America and domestic segments.</li>
<li>The profit squeeze is a function of yield pressure from increasing competition and slowing demand, and continued above trend cost inflation. </li>
</ul>


Air New Zealand (AIR) reported a weaker 1H24 result, consistent with its most recent commentary and reflective of a sequential deterioration in profitability through the period.
The next six months look even worse. FY24 guidance, that was issued earlier this week, suggests the business will be barely profitable through 2H24, with particular pressure evident across its North America and domestic segments.
The profit squeeze is a function of yield pressure from increasing competition and slowing demand, and continued above trend cost inflation. 


Air New Zealand - 1H24 — Descending into the Wrong Airport

<ul><li>Air New Zealand (AIR) has issued another profit warning, this time guiding FY24 consensus earnings materially lower.</li><li>This warning follows several downgrades during the past six months.</li><li>The health of the operating environment has steadily deteriorated through FY24, given slowing demand, increasing competition, and rising costs. </li></ul>

Air New Zealand (AIR) has issued another profit warning, this time guiding FY24 consensus earnings materially lower.This warning follows several downgrades during the past six months.The health of the operating environment has steadily deteriorated through FY24, given slowing demand, increasing competition, and rising costs. 

<ul><li>Air New Zealand (AIR) will report a material fall in earnings in its 1H24 result on 22 February 2024.</li><li>Management guidance is for PBT at the bottom end of its NZ$180m–NZ$230m range.</li><li>We forecast PBT of NZ$183m, down -39% against the prior year. The quality of the result will be compromised by the inclusion of ~NZ$45m of income connected to expired COVID-related credits.</li></ul>

Air New Zealand (AIR) will report a material fall in earnings in its 1H24 result on 22 February 2024.Management guidance is for PBT at the bottom end of its NZ$180m–NZ$230m range.We forecast PBT of NZ$183m, down -39% against the prior year. The quality of the result will be compromised by the inclusion of ~NZ$45m of income connected to expired COVID-related credits.

Air New Zealand - 1H24 Preview — Descending

Thematic (Sector/Industry)

<ul><li>A deteriorating economic backdrop is impacting demand for freight and passengers.</li><li>Imports into New Zealand have slumped over 2023 as supply chain destocking has compounded slowing domestic consumption.</li><li>The latter has softened demand across different transport modes. </li></ul>

A deteriorating economic backdrop is impacting demand for freight and passengers.Imports into New Zealand have slumped over 2023 as supply chain destocking has compounded slowing domestic consumption.The latter has softened demand across different transport modes. 

Transport Trends - Where's the Freight, Mate?

New Zealand

Air New Zealand Limited operates an airline business that provides international and domestic air passenger and cargo transport services throughout New Zealand and the South West Pacific. The Company also provides engineering and ground handling services.

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Air New Zealand (AIR NZ)

Interglobe Aviation (Indigo) Lockup - Still Has US$3bn+ Stake Left, After Three Prior Selldowns

The founder is now looking up to US$450m via selling around 3.3% of the company. This deal is well flagged although the timing is a few days later...

Sumeet Singh

Air New Zealand - 1H24 — Descending into the Wrong Airport

Air New Zealand (AIR) reported a weaker 1H24 result, consistent with its most recent commentary and reflective of a sequential deterioration in...

Forsyth Barr

Air New Zealand - We'd Been Warned

Air New Zealand (AIR) has issued another profit warning, this time guiding FY24 consensus earnings materially lower. This warning follows several...

Forsyth Barr

Air New Zealand - 1H24 Preview — Descending

Air New Zealand (AIR) will report a material fall in earnings in its 1H24 result on 22 February 2024. Management guidance is for PBT at the bottom...

Forsyth Barr

Transport Trends - Where's the Freight, Mate?

Imports into New Zealand have slumped over 2023 as supply chain destocking has compounded slowing domestic consumption. The latter has softened...

Forsyth Barr

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