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

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell 7% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>  to fund its budget requirements for 2023-24.</li>
<li>Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

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.

Equity Bottom-Up

<ul>
<li>MQG is seeing far higher NPL growth than traditional bank peers</li>
<li>Funding costs pressure are far higher and NIM contraction is substantial</li>
<li>High rates for longer &amp; greater risks of recessionary-conditions can weight more on MQG</li>
</ul>


MQG is seeing far higher NPL growth than traditional bank peers
Funding costs pressure are far higher and NIM contraction is substantial
High rates for longer &amp; greater risks of recessionary-conditions can weight more on MQG


Australia Banks - MQG Funding Cost, NPLs Far Worse, With Higher Rates, Longer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>This morning, ACCC <a href="https://www.accc.gov.au/media-release/accc-seeks-further-views-on-anzs-proposed-acquisition-of-suncorp-bank" target="_blank" rel="noopener">announced</a> that it had released a "<a href="https://www.accc.gov.au/system/files/public-registers/documents/Statement%20of%20preliminary%20views%20-%2004.04.23%20-%20PR%20-%20MA1000023%20ANZ%20Suncorp.pdf" target="_blank" rel="noopener">Statement of Preliminary Views</a>" on the ANZ/Suncorp deal and sought further views. </li>
<li>For now, the ACCC questions "the nature, likelihood, and extend of claimed public benefits" including synergies or claims regarding investment in Queensland. </li>
<li>Based on my reading of the document, this view is likely to carry over through the final decision due mid-June 2023. That means there's likely a trade here. </li>
</ul>


This morning, ACCC announced that it had released a "Statement of Preliminary Views" on the ANZ/Suncorp deal and sought further views. 
For now, the ACCC questions "the nature, likelihood, and extend of claimed public benefits" including synergies or claims regarding investment in Queensland. 
Based on my reading of the document, this view is likely to carry over through the final decision due mid-June 2023. That means there's likely a trade here. 


ACCC Sour on ANZ/Suncorp Bank Deal Makes for A Good Trade

<ul>
<li>Funding squeeze evident in HK's HIBOR market and reported in Australia too</li>
<li>Even where not visible, this must be expected globally, as banks reign in risk</li>
<li>MQG has low levels of deposits and high levels of securities</li>
</ul>


Funding squeeze evident in HK's HIBOR market and reported in Australia too
Even where not visible, this must be expected globally, as banks reign in risk
MQG has low levels of deposits and high levels of securities


<ul>
<li>TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.</li>
<li>The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.</li>
<li>In this note, we talk about the upcoming lock-up release and its dynamics.</li>
</ul>


TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.
The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.
In this note, we talk about the upcoming lock-up release and its dynamics.


TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

Australia

Commonwealth Bank of Australia provides banking, life insurance, and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

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Commonwealth Bank of Australia (CBA AU)

Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Auckland Airport just reported its full year results, this in effect frees its largest shareholder, Auckland City Council to progress with its...

Sumeet Singh

Australia Banks - MQG Funding Cost, NPLs Far Worse, With Higher Rates, Longer

MQG is not a traditional Australian bank, and where its NPL delta is far higher than peers, as its is funding cost delta. High rats for longer, may...

Daniel Tabbush

ACCC Sour on ANZ/Suncorp Bank Deal Makes for A Good Trade

The ACCC has come out pretty clearly against the ANZ/SunCorp Bank deal, and seems to prefer a deal where SunCorp Bank would be merged with another...

Travis Lundy

MQG - Funding Squeeze?

Funding squeeze is evident in Hong Kong, and reports suggest the same in Australia, with other markets likely. Banks which rely more on non-deposit...

Daniel Tabbush

TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and David Teoh,...

Sumeet Singh

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