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

Maynilad Water Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a>  (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Maynilad Water Services (MYNLD PH)  (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
In this note, we talk about the not-so-positive aspects of the deal.


Maynilad Water Services Pre-IPO - The Negatives - Growth Hasn’t Always Been as Strong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/maynilad-water-services-inc" target="_blank" data-smartkarma-citation="entities:44852:1" rel="noopener">Maynilad Water Services (MYNLD PH)</a> (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.</li>
<li>MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO.
MWS is a leading global water utility player operating the largest concession by population served within a single concession area in the Philippines and Southeast Asia (SEA), as per GlobalData.
In this note, we talk about the positive aspects of the deal.


Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

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>As forecast, <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> and <a href="https://www.smartkarma.com/entities/china-banking-corporation" target="_blank" data-smartkarma-citation="entities:22788:1" rel="noopener">China Banking (CBC PM)</a> will replace <a href="https://www.smartkarma.com/entities/nickel-asia-corp" target="_blank" data-smartkarma-citation="entities:10379:1" rel="noopener">Nickel Asia (NIKL PM)</a> and <a href="https://www.smartkarma.com/entities/wilcon-builder-s-supply" target="_blank" data-smartkarma-citation="entities:23685:1" rel="noopener">Wilcon Depot (WLCON PM)</a> in 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</a>.</li>
<li>Passive trackers will need to buy between 14-44 days of ADV in the adds while selling between 17-54 days of ADV in the deletes.</li>
<li>The stocks have already moved a lot over the last few months and positioning has built up over that period. There could still be outperformance ahead of the passives trading.</li>
</ul>


As forecast, Areit (AyalaLand REIT) (AREIT PM) and China Banking (CBC PM) will replace Nickel Asia (NIKL PM) and Wilcon Depot (WLCON PM) in the Philippines Stock Exchange PSEi Index.
Passive trackers will need to buy between 14-44 days of ADV in the adds while selling between 17-54 days of ADV in the deletes.
The stocks have already moved a lot over the last few months and positioning has built up over that period. There could still be outperformance ahead of the passives trading.


PCOMP Index Rebalance: AREIT, CBC to Replace NIKL, WLCON

<ul>
<li>The review period for the February rebalance of 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> ends in two weeks.</li>
<li>There could be two changes for the index with passive trackers needing to trade between 23-64x ADV in the stocks.</li>
<li>The passive buying is a lot larger than the passive selling, there will be funding outflows for the other index constituents; some stocks will have over 1x ADV to trade.</li>
</ul>


The review period for the February rebalance of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) ends in two weeks.
There could be two changes for the index with passive trackers needing to trade between 23-64x ADV in the stocks.
The passive buying is a lot larger than the passive selling, there will be funding outflows for the other index constituents; some stocks will have over 1x ADV to trade.


PCOMP Index Rebalance Preview: Two Changes Likely in February

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-prologis-reit-inc" target="_blank" data-smartkarma-citation="entities:15683:1" rel="noopener">Nippon Prologis Reit (3283 JP)</a> is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. </li>
<li>The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka. 
The deal is a somewhat large one to digest, at 14 days of three month ADV but only 3% dilution. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Philippines

AREIT Inc. is the first and largest Real Estate Investment Trust (REIT) in the Philippines, investing in a diversified portfolio of income-generating commercial properties including offices, retail spaces, hotels, and industrial land. The company offers investment opportunities with stable yields, distributing at least 90% of its distributable income. AREIT Inc. was incorporated on September 4, 2006, and is headquartered in Makati City, Philippines.

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AREIT (AREIT PM)

Maynilad Water Services Pre-IPO - The Negatives - Growth Hasn’t Always Been as Strong

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the not...

Sumeet Singh

Maynilad Water Services Pre-IPO - The Positives - Key Infrastructure Provider

Maynilad Water Services (MYNLD PH) (MWS) is looking to raise at least US$633m in its upcoming Philippines IPO. In this note, we talk about the...

Sumeet Singh

PCOMP Index Rebalance: AREIT, CBC to Replace NIKL, WLCON

AREIT and CBC will replace NIKL and WLCON in the PCOMP this week. Passive trackers will need to buy between 14-54 days of ADV in the changes. Adds...

Brian Freitas

PCOMP Index Rebalance Preview: Two Changes Likely in February

There could be two sets of changes for the PCOMP in February. Passives will need to trade between 23-64x ADV in the stocks. The adds have moved...

Brian Freitas

Nippon Prologis REIT Placement - Well-Flagged and past Deals Have Performed Decently

Nippon Prologis Reit (3283 JP) is looking to raise US$184m in its primary follow-on offering to acquire one property, namely Prologis Park Soka.

Ethan Aw

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