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>
<a href="https://www.smartkarma.com/entities/sml-group" target="_blank" data-smartkarma-citation="entities:36102:1" rel="noopener">SML Group (SMLGZ HK)</a> is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).</li>
<li>SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.</li>
</ul>



SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO.
SML Group (SMLG) is a vertically integrated digital identification solutions provider. It primarily engages in developing, manufacturing and selling label and tag products with radio frequency identification (RFID).
SMLG’s revenue growth rebounded post-COVID on the back of improved consumer sentiment. However, the firm’s profitability growth has been slowing down yet it has undertaken additional debt to payout dividends.


SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Costco delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Net sales for the quarter grew 1.9% to $52.6 billion, compared to $51.61 billion at the same time last year.</li><li>Traffic or shopping frequency increased by 4.8% globally and 3.5% in the United States during the quarter.</li></ul>

Costco delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as the earnings expectations of Wall Street.Net sales for the quarter grew 1.9% to $52.6 billion, compared to $51.61 billion at the same time last year.Traffic or shopping frequency increased by 4.8% globally and 3.5% in the United States during the quarter.

Costco Wholesale Corporation: Strong Renewals & Membership Growth Continue To Drive Results – Key Drivers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97757" rel="noopener">Trial Holdings IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:97798" rel="noopener">Trial Holdings IPO: The Bear Case</a>.  </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.</li>
</ul>



Trial Holdings (5882 JP), a discount store operator in Japan, is seeking to raise US$380 million at the IPO reference price of JPY2,000. Pricing on 26 March.
We previously discussed the IPO in Trial Holdings IPO: The Bull Case and Trial Holdings IPO: The Bear Case.  
In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.


Research from Superfluous Value, Superfluous Value

Superfluous Value

Research from Superfluous Value

Stock selection has rarely been as important as it is today. After a roaring decade for US markets and with signs of mania everywhere, the S&P 500 as over-priced as it has ever been.

But, there is better way. Superfluous Value is a contrarian, deep-dive into the markets forgotten by the 60/40 instos and indexing, momentum chasers. Where the hot money has long moved on, it leaves behind investments offering great safety and prospective returns.

I believe the 2020s will look diametrically opposite to the recent past, with Emerging Markets, the UK, Japan and commodities set to rip and I intend to be holding the best opportunities available as they do.

Please feel free to come along on the journey.

Contrarian Deep-Dive into the Markets

Thematic (Sector/Industry)

<ul><li>Just a short pre-Christmas note today. A number of market pundits have been giving the all clear to jump back in the pool now that crypto has been nuked and Peleton et al are down 80%+.</li><li>Yes, those were bubbles of the more ridiculous variety, but the S&amp;P 500 is still dangerously expensive and growth stocks are not the sole reason.</li><li>Under the hood, the index is stuffed with mature industrial and consumer businesses still trading well above their historical norms.</li></ul>

Just a short pre-Christmas note today. A number of market pundits have been giving the all clear to jump back in the pool now that crypto has been nuked and Peleton et al are down 80%+.Yes, those were bubbles of the more ridiculous variety, but the S&amp;P 500 is still dangerously expensive and growth stocks are not the sole reason.Under the hood, the index is stuffed with mature industrial and consumer businesses still trading well above their historical norms.

<ul><li>Costco gave a decent performance this quarter, with an increase in net sales in comparison to the last year.</li><li>The company surpassed Wall Street expectations on all countsAverage transaction of ticket, traffic, sales metrics, or shopping frequency increased during the quarter.</li><li>In the quarter, the best-performing key categories were deli, bakery, toys, jewelry, lawn and garden, tire, kiosks, frozen, and candy.</li></ul>

Costco gave a decent performance this quarter, with an increase in net sales in comparison to the last year.The company surpassed Wall Street expectations on all countsAverage transaction of ticket, traffic, sales metrics, or shopping frequency increased during the quarter.In the quarter, the best-performing key categories were deli, bakery, toys, jewelry, lawn and garden, tire, kiosks, frozen, and candy.

Costco Wholesale Corp: Expansion In Taiwan & China

United States

Costco Wholesale Corporation operates wholesale membership warehouses in multiple countries.  The Company sells all kinds of food, automotive supplies, toys, hardware, sporting goods, jewelry, electronics, apparel, health and beauty aids, as well as other goods.

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Costco Wholesale (COST US)

SML Group Pre-IPO - Guided Decline in Profitability but Spike in Dividend Payout

SML Group (SMLGZ HK) is looking to raise about US$200m in its upcoming Hong Kong IPO. The firm’s profitability growth has been slowing down yet it...

Ethan Aw

Costco Wholesale Corporation: Strong Renewals & Membership Growth Continue To Drive Results – Key Drivers

Costco delivered a disappointing set of results as the company was unable to meet the revenue expectations as well as the earnings expectations of...

Baptista Research

Trial Holdings IPO: Valuation Insights

Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY2,000. We would participate in the IPO.

Arun George

The Bubble Isn't Where You Think It Is

A number of market pundits have been giving the all clear to jump back in the pool now that crypto has been nuked and Peleton et al are down 80%+.

Superfluous Value

Costco Wholesale Corp: Expansion In Taiwan & China

Costco gave a decent performance this quarter, with an increase in net sales in comparison to the last year. The company surpassed Wall Street...

Baptista Research

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