Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Thematic (Sector/Industry)

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the lowering of borrowing costs are important steps to tackling the two main problems – bank non-performing loans and corporate indebtedness – weighing down the economy. We welcome the moves. However we suspect the market is getting ahead of itself.

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the lowering of borrowing costs are important steps to tackling the two main problems – bank non-performing loans and corporate indebtedness – weighing down the economy. We welcome the moves. However we suspect the market is getting ahead of itself.

India Reform - Moving In The Right Direction

With the growth rate fast veering towards the dreaded “Hindu’ growth rate of 4.5%, the norm for India for decades after the independence, Indian policy makers are springing into action. A plan for reviving the economy by increasing financing, public infrastructure spending and improving the ease of doing business has been put in motion. India’s troubled public banking sector is being restructured and consolidated. It might take another few quarters of economic pain before India revives but government policy and the reform agenda are finally moving in the right direction.

With the growth rate fast veering towards the dreaded “Hindu’ growth rate of 4.5%, the norm for India for decades after the independence, Indian policy makers are springing into action. A plan for reviving the economy by increasing financing, public infrastructure spending and improving the ease of doing business has been put in motion. India’s troubled public banking sector is being restructured and consolidated. It might take another few quarters of economic pain before India revives but government policy and the reform agenda are finally moving in the right direction.

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul><li>On January 26, 2026, Eaton Corp (ETN) announced plans to spin off its Mobility Group — which represents roughly 11% of total revenue — in a tax-free transaction expected to be completed by the first quarter of 2027</li><li>The spin-off is part of Eaton’s broader 2030 growth strategy to sharpen its focus on its higher-growth, higher-margin Electrical and Aerospace businesses, which are closely tied to secular megatrends such as electrification, digitalization, AI-driven data center buildouts, and infrastructure and defense spending.</li><li>In recent years, Eaton’s stock has been bid up as investors increasingly view ETN as a beneficiary of the booming AI and data-center buildout, not just a traditional industrial equipment maker.<figure class="editor-figure mceNonEditable"></figure></li></ul>

On January 26, 2026, Eaton Corp (ETN) announced plans to spin off its Mobility Group — which represents roughly 11% of total revenue — in a tax-free transaction expected to be completed by the first quarter of 2027The spin-off is part of Eaton’s broader 2030 growth strategy to sharpen its focus on its higher-growth, higher-margin Electrical and Aerospace businesses, which are closely tied to secular megatrends such as electrification, digitalization, AI-driven data center buildouts, and infrastructure and defense spending.In recent years, Eaton’s stock has been bid up as investors increasingly view ETN as a beneficiary of the booming AI and data-center buildout, not just a traditional industrial equipment maker.

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/verisure-holding-ab" target="_blank" data-smartkarma-citation="entities:43889:1" rel="noopener">Verisure Holding (VSURE SS)</a> is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.</li>
<li>
<a href="https://www.smartkarma.com/entities/metlen-energy-metals-plc" target="_blank" data-smartkarma-citation="entities:45704:1" rel="noopener">Metlen Energy &amp; Metals (MTLN LN)</a> is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.</li>
<li>
<a href="https://www.smartkarma.com/entities/schibsted-asa" target="_blank" data-smartkarma-citation="entities:22250:1" rel="noopener">Vend Marketplaces ASA (VEND NO)</a> is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.</li>
</ul>



Verisure Holding (VSURE SS) is forecasted to be added at a market cap of ~$19bn following its IPO on 8 October.

Metlen Energy &amp; Metals (MTLN LN) is expected to be added at a market cap of ~$6bn due to a change of incorporation and primary listing from Greece to UK.

Vend Marketplaces ASA (VEND NO) is projected to be added at a market cap of ~$6bn because of the unification of its share class structure.


STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>.</li>
<li>There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Bharti Airtel (BHARTI IN).
There have been three US$1bn+ selldowns already in 2025, twice by Sunil Mittal-led promoter entity Indian Continental Investment (ICI) and once by Singtel, which last sold in May 2025.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

United Kingdom

Airtel Africa Plc provides telecommunications and mobile money services across 14 countries in Africa, primarily in East, Central, and West Africa. The company offers a range of services including prepaid and postpaid wireless voice, 2G, 3G, 4G, and 5G data services, mobile money, international roaming, and fixed-line telephony. It is headquartered in London, England, and was founded on June 8, 2010.

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Airtel Africa (AAF LN)

India Reform - Moving In The Right Direction

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the...

Sharmila Whelan

India: Modi Springs in Action

With the growth rate fast veering towards the dreaded “Hindu’ growth rate of 4.5%, the norm for India for decades after the independence, Indian...

Sharmila Whelan

Weekly Update (WDC, AAF, WAT)

On January 26, 2026, Eaton Corp (ETN) announced plans to spin off its Mobility Group — which represents roughly 11% of total revenue — in a tax...

Richard Howe

STOXX Europe600 Dec25 Forecast: VSURE, VEND & MTLN Leading Top Additions

VSURE or MTLN may be added ahead of the review as a replacement following KKR’s cash acquisition of Spectris (SXS), which is expected to close on 3...

Dimitris Ioannidis

Bharti Airtel Placement - Second Singtel Selldown in 2025; Fourth US$1bn+ Deal This Year

Pastel Ltd, a subsidiary of Singapore Telecommunications (Singtel) is looking to raise up to US$1.2bn via selling a 0.8% stake in Airtel.

Akshat Shah

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