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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dxn-holdings-bhd" target="_blank" data-smartkarma-citation="entities:36030:1" rel="noopener">DXN Holdings (DXN MK)</a> was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off lockup soon.</li>
<li>DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.</li>
<li>Demand for the IPO was lukewarm and the shares had a turbulent debut. Aside from its weak momentum, liquidity on the stock is weak as well. </li>
</ul>



DXN Holdings (DXN MK) was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off lockup soon.
DXN Holdings (DXN) is a global health-oriented and wellness direct selling company.
Demand for the IPO was lukewarm and the shares had a turbulent debut. Aside from its weak momentum, liquidity on the stock is weak as well. 


DXN Holdings Lock-Up - PE Investor Could Sell Further Although Liquidity Is Weak

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>Of the six Malaysian banks screened, we keep value plays <a href="https://www.smartkarma.com/entities/rhb-bank-bhd" target="_blank" data-smartkarma-citation="entities:24161:1" rel="noopener">RHB Bank Bhd (RHBBANK MK)</a> and <a href="https://www.smartkarma.com/entities/cimb-group-holdings-bhd" target="_blank" data-smartkarma-citation="entities:68:1" rel="noopener">CIMB Group Holdings (CIMB MK)</a> on the buy list</li>
<li>RHB Bank is our top pick for its second from top post-provision profitability, for its high CET1 ratio not inhibiting its ROE, and for its undemanding PE and PBV valuations</li>
<li>CIMB remains our deep value pick with its solid CET1 ratio and premium pre-provision returns, despite its weaker credit quality; its modest valuations include a very attractive PEG ratio</li>
</ul>


Of the six Malaysian banks screened, we keep value plays RHB Bank Bhd (RHBBANK MK) and CIMB Group Holdings (CIMB MK) on the buy list
RHB Bank is our top pick for its second from top post-provision profitability, for its high CET1 ratio not inhibiting its ROE, and for its undemanding PE and PBV valuations
CIMB remains our deep value pick with its solid CET1 ratio and premium pre-provision returns, despite its weaker credit quality; its modest valuations include a very attractive PEG ratio


Malaysian Banks Data to June 2023 Screener; Stick with RHB Bank and CIMB

External broker reports(aggregated public sources), Public Investment Bank Bhd

Public Investment Bank Bhd

External broker reports(aggregated public sources)

Public Investment Bank Berhad provides investment banking services. The Company offers corporate finance, banking, securities financing, capital market, treasury, and advisory services.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>CIMB Niaga saw another strong quarter in 2QFY23 with a net profit of Rp1.65tln (+23.3% YoY, +4.5% QoQ) reported.</li><li>Improvements continued to be seen all round, with non-interest income growth particularly strong (+10.5% YoY, +2.0% QoQ), as loan loss provisions (-18.8% YoY, +4.1% QoQ) remain relatively steady.</li><li>Encouragingly, management has raised its Return on Equity (ROE) target for 2023 to between 14% and 16% (12% to 14% previously), indicative of its confident outlook for the year. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

CIMB Niaga saw another strong quarter in 2QFY23 with a net profit of Rp1.65tln (+23.3% YoY, +4.5% QoQ) reported.Improvements continued to be seen all round, with non-interest income growth particularly strong (+10.5% YoY, +2.0% QoQ), as loan loss provisions (-18.8% YoY, +4.1% QoQ) remain relatively steady.Encouragingly, management has raised its Return on Equity (ROE) target for 2023 to between 14% and 16% (12% to 14% previously), indicative of its confident outlook for the year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Thematic (Sector/Industry)

<ul>
<li>Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea</li>
<li>In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico</li>
<li>Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials</li>
</ul>


Among the large-cap EM Asia banks, we recommend CCB in China, HDFC Bank in India, Bank Mandiri in Indonesia and Hana Financial in South Korea
In LatAm, we turn positive on Banco do Brasil, for its big value attributes and lesser political risk; we turn cautious on Bradesco and stay cautious on Banorte in Mexico
Two large-cap names to watch are Credicorp in Peru and Standard Bank of South Africa; both have challenging macro-economic backdrops but sound “bottom up” credentials


Large Cap GEM Bank Screener - Our Top Picks

<ul>
<li>Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens</li>
<li>RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios</li>
<li>CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio</li>
</ul>


Of the six Malaysian banks screened, we maintain RHB Bank and CIMB on the buy list; we add funding and liquidity metrics to our screens
RHB Bank is our top pick for its strong post-provision profitability, its high CET1 ratio understating its ROE, and it is attractive valuations on PE multiples and PBV ratios
CIMB remains our deep value pick as we believe it has potential to improve post-provision returns; the constructive return outlook combines positively with CIMB’s modest valuations, including its PEG ratio


Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

Malaysia

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

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CIMB Group Holdings (CIMB MK)

DXN Holdings Lock-Up - PE Investor Could Sell Further Although Liquidity Is Weak

DXN Holdings (DXN MK) was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off...

Clarence Chu

Malaysian Banks Data to June 2023 Screener; Stick with RHB Bank and CIMB

Among Malaysian banks, we like RHB Bank for strong profitability, premium CET1 ratio, healthy credit quality and undervalued stock, CIMB Group for...

Victor Galliano

CIMB Niaga: Another Strong Quarter

Encouragingly, management has raised its Return on Equity (ROE) target for 2023 to between 14% and 16% (12% to 14% previously), indicative of its...

Public Investment Bank Bhd

Large Cap GEM Bank Screener - Our Top Picks

In EM Asia, we like CCB, HDFC Bank, Mandiri & Hana; in LatAm, we turn positive on Banco do Brasil, go cautious on Bradesco & remain cautious on...

Victor Galliano

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

RHB Bank and CIMB are our buys; RHB Bank has strong post-provision profitability, a high CET1 ratio and attractive valuations, modestly valued CIMB...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DXN Holdings Lock-Up - PE Investor Could Sell Further Although Liquidity Is Weak

DXN Holdings (DXN MK) was listed on the Bursa Malaysia Exchange on 19th May 2023. Both promoters and Gano Global (KV Asia Capital), will come off...

Clarence Chu

Malaysian Banks Data to June 2023 Screener; Stick with RHB Bank and CIMB

​Among Malaysian banks, we like RHB Bank for strong profitability, premium CET1 ratio, healthy credit quality and undervalued stock, CIMB Group for...

Victor Galliano

CIMB Niaga: Another Strong Quarter

Encouragingly, management has raised its Return on Equity (ROE) target for 2023 to between 14% and 16% (12% to 14% previously), indicative of its...

Public Investment Bank Bhd

Large Cap GEM Bank Screener - Our Top Picks

In EM Asia, we like CCB, HDFC Bank, Mandiri & Hana; in LatAm, we turn positive on Banco do Brasil, go cautious on Bradesco & remain cautious on...

Victor Galliano

Malaysian Banks March 2023 Results Screener; Maintaining RHB Bank and CIMB on Our Buy List

RHB Bank and CIMB are our buys; RHB Bank has strong post-provision profitability, a high CET1 ratio and attractive valuations, modestly valued CIMB...

Victor Galliano

Among Malaysian banks, we like RHB Bank for strong profitability, premium CET1 ratio, healthy credit quality and undervalued stock, CIMB Group for...