APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a> is looking to raise around US$155m in its Korean IPO. </li>
<li>Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.</li>
<li>In this note, we discuss its recent financials, and share our updated thoughts on valuation.</li>
</ul>



Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. 
Seoul Guarantee Insurance (SGI) is a guarantee insurance firm operating predominantly in Korea.
In this note, we discuss its recent financials, and share our updated thoughts on valuation.


Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.</li>
<li>
<a href="https://www.smartkarma.com/entities/stella-international" target="_blank" data-smartkarma-citation="entities:7610:1" rel="noopener">Stella International (1836 HK)</a> will increase its dividends and buybacks after positive earnings surprise. <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> saw a surge in new policies from mainlanders in HK.
</li>
<li>
<a href="https://www.smartkarma.com/entities/lufax-holding-ltd-b751749a-8feb-4b4d-85a7-d99ac0308fe7" target="_blank" data-smartkarma-citation="entities:40067:1" rel="noopener">Lufax Holding (6623 HK)</a> reported an earnings miss with declining loan volume. <a href="https://www.smartkarma.com/entities/yancoal-australia" target="_blank" data-smartkarma-citation="entities:8427:1" rel="noopener">Yancoal Australia (3668 HK)</a> reported a decline of 57% in earnings which was below analysts' estimates.
</li>
</ul>


ETF flows in the Asian region continued their positive momentum during August with Southbound Connect positive again for the week.

Stella International (1836 HK) will increase its dividends and buybacks after positive earnings surprise. AIA Group Ltd (1299 HK) saw a surge in new policies from mainlanders in HK.


Lufax Holding (6623 HK) reported an earnings miss with declining loan volume. Yancoal Australia (3668 HK) reported a decline of 57% in earnings which was below analysts' estimates.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

AngloGold Ashanti Spon Adr / Technical Analysis

<ul>
<li>We continue to see more global indexes/Sectors breaking out to new highs, with the latest being the MSCI Emerging Markets index (local currency), breaking out from a 2-year base--add exposure.</li>
<li>In terms of MSCI EM specifically, this is a huge risk-on signal for global equities, as EM is pretty much as risky as it gets across the global landscape.</li>
<li>Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
</ul>


We continue to see more global indexes/Sectors breaking out to new highs, with the latest being the MSCI Emerging Markets index (local currency), breaking out from a 2-year base--add exposure.
In terms of MSCI EM specifically, this is a huge risk-on signal for global equities, as EM is pretty much as risky as it gets across the global landscape.
Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.


MSCI Emerging Markets Finally Join the Rally; China/HK Improve; Upgrading Taiwan, Downgrading Brazil

<ul>
<li>The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.</li>
<li>This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.</li>
<li>Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ</li>
</ul>


The SPX, Nasdaq 100, and DJI breaking out to new all-time highs following 3-week consolidations. Russell 2000 (IWM), S&amp;P 400 (IJH), Vanguard ExtendedMarket (VXF), countless other Sectors/industries breaking out also.
This is classic bull market behavior. Considering market dynamics remain healthy, this is all evidence that supports our ongoing bullish outlook.
Software, Data Storage buys: NTAP, NTNX, DBX, VRNS, and CVLT. Investment Banking &amp; Brokerage, Mid-Cap buys: JEF, SF, EVR, MC, and LAZ


Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

<ul>
<li>Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).</li>
<li>The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.</li>
<li>Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish</li>
</ul>


Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).
The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.
Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish


Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

France

AXA SA is an insurance company which also provides related financial services. The Company offers life and non-life insurance, savings and pension products, and asset management services. AXA operates in both domestic and international markets.

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AXA (AXAHY US)

Seoul Guarantee Insurance Pre-IPO Updated Thoughts on Valuation - Weaker Performance than Expected

Seoul Guarantee Insurance (031210 KS) is looking to raise around US$155m in its Korean IPO. In this note, we discuss its recent financials, and...

Clarence Chu

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (August 26)

ETF flows were again led by China. Stella International reported a surge in earnings and AIA announced new policy growth exceeded expectations....

David Mudd

MSCI Emerging Markets Finally Join the Rally; China/HK Improve; Upgrading Taiwan, Downgrading Brazil

MSCI EM Finally Joins the Rally; China/Hong Kong Continue to Improve; Downgrading Brazil to Market Weight; Upgrading Taiwan to Overweight;...

Vermilion Research

Breakouts Proliferate; Bullish Outlook Intact; Small- And Mid-Caps to Lead?

Breakouts Proliferate; Bullish Outlook Intact; Small- and Mid-Caps to Outperform? $SPX $QQQ $DJI breakout to all-time highs, $IWM $IJH $VXF,...

Vermilion Research

Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

Upgrading Real Estate $XLRE $VNQ and Transportation $IYT $XTN to Market Weight; Smid-Caps With Bullish RS Reversals as $SPX, $COMP Take a Pause;...

Vermilion Research

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