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

<ul>
<li>Khazanah is looking to raise up to US$300m via selling 1.5% of <a href="https://www.smartkarma.com/entities/tenaga-nasional-bhd" target="_blank" data-smartkarma-citation="entities:195:1" rel="noopener">Tenaga Nasional (TNB MK)</a>.</li>
<li>Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK).
Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Responding to clients' queries, we backtest our hypothesis of EPS estimate upgrades driving share prices. We measure price index movements in the sectors with EPS upgrades during the upgrade period.</li>
<li>Out of 32 market-sectors with EPS upgrades, share prices of 6 declined, that of 1 stayed flat and those of 25 appreciated. Our indicator has a roughly 80% strike rate.</li>
<li>The cheaper market-sectors appreciated much more than the quantum of EPS upgrades. The Korean sectors and few in Taiwan and ASEAN, notably. For cheap sectors, EPS upgrades are rerating catalysts.</li>
</ul>


Responding to clients' queries, we backtest our hypothesis of EPS estimate upgrades driving share prices. We measure price index movements in the sectors with EPS upgrades during the upgrade period.
Out of 32 market-sectors with EPS upgrades, share prices of 6 declined, that of 1 stayed flat and those of 25 appreciated. Our indicator has a roughly 80% strike rate.
The cheaper market-sectors appreciated much more than the quantum of EPS upgrades. The Korean sectors and few in Taiwan and ASEAN, notably. For cheap sectors, EPS upgrades are rerating catalysts.


Asian Equities: EPS Estimate Upgrades Do Drive Share Prices

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

Thematic (Sector/Industry)

<ul><li>Singapore's equity market is positioned to continue its resilient performance, with benchmark indices trending positively and dividend yields holding firm above historical averages.</li><li>The market's fundamental strength remains a key pillar of support; corporate balance sheets are robust, and free cash flow generation has been strong since the post-pandemic reopening.</li><li>This financial health enabled companies to increase dividend payouts in late 2024 at a faster rate than earnings growth, signaling a strong commitment to shareholder returns even as earnings momentum begins to moderate.</li></ul>

Singapore's equity market is positioned to continue its resilient performance, with benchmark indices trending positively and dividend yields holding firm above historical averages.The market's fundamental strength remains a key pillar of support; corporate balance sheets are robust, and free cash flow generation has been strong since the post-pandemic reopening.This financial health enabled companies to increase dividend payouts in late 2024 at a faster rate than earnings growth, signaling a strong commitment to shareholder returns even as earnings momentum begins to moderate.

1H 2025 Dividend Investing Update: Navigating the Yield Squeeze

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beverly-jcg-ltd" target="_blank" data-smartkarma-citation="entities:11480:1" rel="noopener">Beverly JCG Ltd (JCGI SP)</a> is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.</li>
<li>As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.</li>
<li>In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).</li>
</ul>



Beverly JCG Ltd (JCGI SP) is a SGX-Catalist listed company. It offers a broad suite of services including invasive and non-invasive aesthetic procedures, dentistry and wellness treatments, amongst others.
As of Apr 25, the firm has a total of two Ministry of Health licensed hospitals, four aesthetic and three dental clinics, most of which are located in Klang Valley.
In this note, we provide a company update as well as our thoughts on the firm's latest sale and purchase agreement with KL Wellness City (KLWC).


Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/old-chang-kee-ltd" target="_blank" data-smartkarma-citation="entities:10465:1" rel="noopener">Old Chang Kee (OCK SP)</a> is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. </li>
<li>It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.</li>
<li>We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.</li>
</ul>



Old Chang Kee (OCK SP) is a SGX-Catalist listed company, specializing in grab-and-go finger food such as its signature curry puff as well as skewered seafood offerings. 
It also offers chicken-based products such as chicken wings and chicken balls as a halal-certified food operator.
We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable shift in its sales mix.


Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS Group Holdings (DBSDY US)

Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK). In this note, we talk about the deal dynamics.

Sumeet Singh

1H 2025 Dividend Investing Update: Navigating the Yield Squeeze

Singapore's equity market is positioned to continue its resilient performance, with benchmark indices trending positively and dividend yields...

Syfe

Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

In this note, we provide a company update as well as our thoughts on the Beverly JCG's latest sale and purchase agreement with KL Wellness City...

Evolve Capital Advisory Pte Ltd

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK). In this note, we talk about the deal dynamics.

Sumeet Singh

Asian Equities: EPS Estimate Upgrades Do Drive Share Prices

​In response to clients' queries we backtest the efficacy of EPS est. upgrades as an indicator of share price movement. The indicator has 80%...

Manishi Raychaudhuri

1H 2025 Dividend Investing Update: Navigating the Yield Squeeze

Singapore's equity market is positioned to continue its resilient performance, with benchmark indices trending positively and dividend yields...

Syfe

Beverly JCG - Company Update - Balancing Between Dilution and Value Creation

In this note, we provide a company update as well as our thoughts on the Beverly JCG's latest sale and purchase agreement with KL Wellness City...

Evolve Capital Advisory Pte Ltd

Old Chang Kee Initiation - Defying the Dip, Resilience Amidst F&B Headwinds

We initiate non-rated coverage on Old Chang Kee. Post-COVID, the firm’s revenue had steadily recovered to pre-COVID levels by FY23, with a notable...

Evolve Capital Advisory Pte Ltd

In response to clients' queries we backtest the efficacy of EPS est. upgrades as an indicator of share price movement. The indicator has 80%...