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

<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>IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.</li>
<li>Placements stole the limelight this week too with Kakao Pay's selldown by Ant and Joy Spreader's crash pulling the scales even on last week's better performing 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.
IPO volumes remain subdued across the region, although a number of deals are said to be looking to launch soon.
Placements stole the limelight this week too with Kakao Pay's selldown by Ant and Joy Spreader's crash pulling the scales even on last week's better performing deals.


ECM Weekly (12th June 2022) - Alibaba, Kakao Pay, Thai Life, Tuhu, GoGoX, Net Protection, WM Motor

Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Technical Analysis

<ul><li>I got Alibaba spectacularly wrong. The government allowed the release of new games and eased some restrictions on the tech sector.</li><li>The mood turned positive, helped by record inflows in Index funds and short covering. It helped Alibaba to rally spectacularly.</li><li>As I am looking for a retest of technology stocks, I will go for stop out until I get more clarity on long ideas.</li></ul>

I got Alibaba spectacularly wrong. The government allowed the release of new games and eased some restrictions on the tech sector.The mood turned positive, helped by record inflows in Index funds and short covering. It helped Alibaba to rally spectacularly.As I am looking for a retest of technology stocks, I will go for stop out until I get more clarity on long ideas.

Hang Seng Index Constituents 8th June 2022

<ul>
<li>Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.</li>
</ul>


Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.


Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a> is declaring a dividend at a time when regulators have forced the company to increase its capital base.</li>
<li>Moreover, Ant’s financial performance doesn’t support a dividend payment of RMB 11.8bn in the short term.</li>
<li>We think the sale of 5.0m <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> shares today was forced upon Ant through the lack of usual funding sources at <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>’s disposal.</li>
</ul>



Ant Financial Services Group (6688 HK) is declaring a dividend at a time when regulators have forced the company to increase its capital base.
Moreover, Ant’s financial performance doesn’t support a dividend payment of RMB 11.8bn in the short term.
We think the sale of 5.0m Kakao Pay (377300 KS) shares today was forced upon Ant through the lack of usual funding sources at Alibaba Group (9988 HK)’s disposal.


Kakao Pay Block Sale: It Seems Alibaba Is Liquidating Investments to Fund Loss Making Ventures

<ul>
<li>Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.</li>
<li>The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay.
The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Kakao Pay Placement - Discount Is Enticing, That's It

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

ECM Weekly (12th June 2022) - Alibaba, Kakao Pay, Thai Life, Tuhu, GoGoX, Net Protection, WM Motor

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

Hang Seng Index Constituents 8th June 2022

I got Alibaba spectacularly wrong. The government allowed the release of new games and eased some restrictions on the tech sector.

Untying The Gordian Knot

Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Net Protections Holdings, a buy now pay later service provider, raised around US$570m in its Japan IPO in Dec 2021. The lockup on one set of...

Sumeet Singh

Kakao Pay Block Sale: It Seems Alibaba Is Liquidating Investments to Fund Loss Making Ventures

Without sufficient underlying performance to fund a dividend of RMB 11.8bn, it is possible that Ant Group had to sell a part of Kakao Pay...

Oshadhi Kumarasiri

Kakao Pay Placement - Discount Is Enticing, That's It

Alipay aims to raise around US$386m via selling around 3.3% of outstanding shares of Kakao Pay. This is the first selldown by Alipay which owns...

Sumeet Singh

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52-week Range

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