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

Centuria Industrial REIT / Equity Capital Markets

<div><a href="https://www.smartkarma.com/entities/360-capital-industrial-fund" target="_blank" data-smartkarma-citation="entities:17517:1" rel="noopener">Centuria Industrial Reit (CIP AU)</a> plans to raise up to US$105m (A$154m) in order to part fund its purchase of two industrial assets via a sale and leaseback with Arnott's. </div><div>The deal scores doesn't score well on our framework, owing to the large dilution and size versus ADV. Like its sister companies placement yesterday, <a href="https://www.smartkarma.com/insights/centuria-metroploitan-reit-placement-a-case-of-too-much-too-soon-for-too-little-accretion" target="_blank" rel="noopener">Centuria Metroploitan REIT Placement - A Case of Too Much Too Soon for Too Little Accretion</a>, this deal too follows hot on the heels of an an earlier raising in the middle of this year.</div>

Centuria Industrial Reit (CIP AU) plans to raise up to US$105m (A$154m) in order to part fund its purchase of two industrial assets via a sale and leaseback with Arnott's. The deal scores doesn't score well on our framework, owing to the large dilution and size versus ADV. Like its sister companies placement yesterday, Centuria Metroploitan REIT Placement - A Case of Too Much Too Soon for Too Little Accretion, this deal too follows hot on the heels of an an earlier raising in the middle of this year.

Centuria Industrial REIT Placement - Relatively Big Raise for Relatively Little Accretion

Centuria Office REIT / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/centuria-metropolitan-reit" target="_blank" data-smartkarma-citation="entities:10557:1" rel="noopener">Centuria Metropolitan Reit (CMA AU)</a> plans to raise up to US$126m (A$185m) in order to part fund its purchase of an office building in Canberra.The deal scores well on our framework, despite the large dilution and size versus ADV. However, this deal follows hot on the heels of an even larger fund raising just a few months ago, which might end up impacting deal performance.

Centuria Metropolitan Reit (CMA AU) plans to raise up to US$126m (A$185m) in order to part fund its purchase of an office building in Canberra.The deal scores well on our framework, despite the large dilution and size versus ADV. However, this deal follows hot on the heels of an even larger fund raising just a few months ago, which might end up impacting deal performance.

Centuria Metroploitan REIT Placement - A Case of Too Much Too Soon for Too Little Accretion

Credit Analyst, BondAdviser

Jack Pobjoy

Credit Analyst

Australian bonds & fixed income research

BondAdviser

BondAdviser is the central reference point for intelligent information on Australian fixed income markets. We help you make informed decisions by providing unbiased research, transparent pricing data, analytics, portfolio tools and education.

BondAdviser has the broadest coverage of retail-accessible ASX-listed and over-the-counter Australian bonds and fixed income securities. We make it easy for you to review and compare investments before you place an order with your broker or dealer.

Credit

Today <a href="https://www.smartkarma.com/entities/15546" target="_blank" data-smartkarma-citation="entities:15546:1">Centuria Capital (CNI AU)</a> and <a href="https://www.smartkarma.com/entities/16870" target="_blank" data-smartkarma-citation="entities:16870:1">Challenger Ltd (CGF AU)</a> reported results for the full year ended 30 June 2018 (FY18) with both companies in a strong growth phase. <a href="https://www.smartkarma.com/entities/443" target="_blank" data-smartkarma-citation="entities:443:1">Australia And New Zealand Banking Group (Anz) (ANZ AU)</a> and <a href="https://www.smartkarma.com/entities/15" target="_blank" data-smartkarma-citation="entities:15:1">National Australia Bank (NAB AU)</a> also released brief third-quarter updates (Q318), voicing a continuation of themes throughout the Australian banking system including high compliance costs, measured capital accumulation and steady (albeit skewed) asset quality.
Today, I…

Today Centuria Capital (CNI AU) and Challenger Ltd (CGF AU) reported results for the full year ended 30 June 2018 (FY18) with both companies in a strong growth phase. Australia And New Zealand Banking Group (Anz) (ANZ AU) and National Australia Bank (NAB AU) also released brief third-quarter updates (Q318), voicing a continuation of themes throughout the Australian banking system including high compliance costs, measured capital accumulation and steady (albeit skewed) asset quality.
Today, I…

Australian Reporting Season: Centuria Capital, Challenger, ANZ (Q3) & NAB (Q3)

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower than expected returns on equity we reduce earnings forecasts, fair value estimates and rebase medium- to longer-term dividend payout ratios lower to more sustainable long-term levels for three of the four wide moat-rated Australian banks: Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation. We cut Australia and New Zealand Banking Group's earnings forecasts and fair value estimate in March 2016 and now rebase its longer-term dividend payout ratio lower. Our preferred banks are the big retail-focused, New South Wales-based, banks Westpac and Commonwealth Bank due to their lower risk profiles, higher ROEs, higher NIMs, lower cost/income ratios, consistently lower-loan-loss rates, less volatility in earnings, and larger exposures to the strongly performing New South Wales economy.Analyst: David Ellis

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower than expected returns on equity we reduce earnings forecasts, fair value estimates and rebase medium- to longer-term dividend payout ratios lower to more sustainable long-term levels for three of the four wide moat-rated Australian banks: Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation. We cut Australia and New Zealand Banking Group's earnings forecasts and fair value estimate in March 2016 and now rebase its longer-term dividend payout ratio lower. Our preferred banks are the big retail-focused, New South Wales-based, banks Westpac and Commonwealth Bank due to their lower risk profiles, higher ROEs, higher NIMs, lower cost/income ratios, consistently lower-loan-loss rates, less volatility in earnings, and larger exposures to the strongly performing New South Wales economy.Analyst: David Ellis

Challenges Mount for the Wide Moat-Rated Australian Banks

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome.  The much lower core inflation reading, evidence of tightening bank credit conditions, some softening recently in credit growth, cooler job vacancies, a stronger AUD, some renewed doubts on China and timing of the 2 July election suggest the RBA needs to be decisive and get ahead of expectations.  Consequently we see further weakness in the AUD and continue to favour gold as we discussed last week outlining risks in China that may spill over to global asset markets and the rebounding JPY that may push the BoJ toward more easing.

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome.  The much lower core inflation reading, evidence of tightening bank credit conditions, some softening recently in credit growth, cooler job vacancies, a stronger AUD, some renewed doubts on China and timing of the 2 July election suggest the RBA needs to be decisive and get ahead of expectations.  Consequently we see further weakness in the AUD and continue to favour gold as we discussed last week outlining risks in China that may spill over to global asset markets and the rebounding JPY that may push the BoJ toward more easing.

Australia

Centuria Office REIT operates as a real estate investment trust. The Company invests in commercial properties via a listed property trust, as well as owns and manages office assets. Centuria Office serves customers in Australia.

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Centuria Office REIT (COF AU)

Centuria Industrial REIT Placement - Relatively Big Raise for Relatively Little Accretion

Centuria Industrial Reit (CIP AU) plans to raise up to US$105m (A$154m) in order to part fund its purchase of two industrial assets via a sale and...

Sumeet Singh

Centuria Metroploitan REIT Placement - A Case of Too Much Too Soon for Too Little Accretion

Centuria Metropolitan Reit (CMA AU) plans to raise up to US$126m (A$185m) in order to part fund its purchase of an office building in Canberra.The...

Sumeet Singh

Australian Reporting Season: Centuria Capital, Challenger, ANZ (Q3) & NAB (Q3)

Today Centuria Capital (CNI AU) and Challenger Ltd (CGF AU) reported results for the full year ended 30 June 2018 (FY18) with both companies in a...

BondAdviser

Challenges Mount for the Wide Moat-Rated Australian Banks

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower...

Morningstar, Inc.

AmpGFX - RBA Cut the Obvious Decision

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome. The much lower core inflation reading, evidence of...

Greg Gibbs

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