APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs from 2019-2022. </li>
<li>The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>173 deals.  </strong>
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs from 2019-2022. 
The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB raises Centurion's target price to $1.86, adding Perth PBSA project.</li><li>RHB calls CAREIT an appealing diversification with decent yields in an unrated report.</li><li>Analysts predict significant growth potential for LHN.</li></ul>

RHB raises Centurion's target price to $1.86, adding Perth PBSA project.RHB calls CAREIT an appealing diversification with decent yields in an unrated report.Analysts predict significant growth potential for LHN.

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market</li>
<li>Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks</li>
<li>CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital</li>
</ul>


US banks show continued strength and the overall economy, from the weekly balance sheet data and the CP market
Total loans continue to accelerate in most recent week to 5.4% and loan loss reserves show almost no growth, for many weeks
CP growth rate is less, but it remains high at 26% and this is a good sign of industrial demand for working capital


US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

<ul>
<li>New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November</li>
<li>There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22</li>
<li>Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand</li>
</ul>


New high frequency data from the Fed in its weekly H8 series for US banks, shows loan growth at 5.22% YoY in week 12 November
There has not been a higher rate in a long time, since mid FY23 where the data is distorted from a low base effect in FY22
Steepening slope of weekly loan growth together with no real rise in loan loss allowance, gives a strong view of US credit metrics, demand


US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

<ul>
<li>There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength</li>
<li>CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital</li>
<li>Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating</li>
</ul>


There is good HFD out from the Fed on weekly balance sheets and commercial paper outstanding, suggesting continued underlying strength
CP outstanding for non-financials is rising at rate of 19% YoY in most recent week, which is relatively strong growth for short duration working capital
Weekly loan growth data is 5.09% YoY for week of 5 November, one of highest growth rates in recent weeks, with LDR expansion accelerating


US Banks - CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

RHB raises Centurion's target price to $1.86, highlights Perth PBSA project, and sees CAREIT as a strong diversification with good yields; LHN...

Singapore Market Roundup

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

New weekly data from the Fed shows loans accelerating for US banks and with loan loss reserves still stable, suggesting strong credit market, overall.

Daniel Tabbush

US Banks - CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

High frequency data from Fed on commercial paper and balance sheets is positive. Loans are accelerating to 5% YoY and CP is at 19% YoY, with LDR...

Daniel Tabbush

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Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

In this note, we will take a look at broker performance for HK IPOs from 2019-2022. The following dataset includes all HK IPOs above US$100m for...

Ethan Aw

Singapore Market Roundup (09-Dec-2025): RHB raises Centurion's target price to $1.86 with Perth

RHB raises Centurion's target price to $1.86, highlights Perth PBSA project, and sees CAREIT as a strong diversification with good yields; LHN...

Singapore Market Roundup

US Banks - Further Accelerating Loans 5.4% YoY, Benign 0.56% LLR YoY, Credit Conditions Very Good

US banks show continued strength in weekly balance sheets, accelerating loan growth at 5.43% YoY with only 0.56% YoY growth in loan loss reserves....

Daniel Tabbush

US Banks - New HFD Shows Loans Accelerating Further at 5.22% YoY, Highest Pace in 2 Years

New weekly data from the Fed shows loans accelerating for US banks and with loan loss reserves still stable, suggesting strong credit market, overall.

Daniel Tabbush

US Banks - CP at +19% YoY, LDR Expansion Accelerates, Weekly Loans +5% YoY

High frequency data from Fed on commercial paper and balance sheets is positive. Loans are accelerating to 5% YoY and CP is at 19% YoY, with LDR...

Daniel Tabbush