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

Centurion Accommodation / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) plans to raise around US$600m in its Singapore listing.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>In this note, we look at the REIT's portfolio and performance.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
In this note, we look at the REIT's portfolio and performance.


Centurion Accomodation REIT IPO - New Asset Class

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">Ntt Dc Reit (NTTDCR SP)</a> (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.</li>
<li>The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.</li>
<li>In this note, we look at the company's portfolio and its performance.</li>
</ul>



Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
In this note, we look at the company's portfolio and its performance.


NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Event-Driven

<ul>
<li>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

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>In the most recent quarters HSBC saw its NIM decline from around 1.7% to 1.5%</li>
<li>As the bank de-risks its CRE lending it is left with a greater proportion of bad CRE loans</li>
<li>There can be more significant impairment charges on BoCom, the USD3bn done was small</li>
</ul>


In the most recent quarters HSBC saw its NIM decline from around 1.7% to 1.5%
As the bank de-risks its CRE lending it is left with a greater proportion of bad CRE loans
There can be more significant impairment charges on BoCom, the USD3bn done was small


HSBC - The Narrative Seems to Be Missing Many Points of the Reality

<ul>
<li>HK &amp; China CRE credit impaired loans are rising sharply and high in 3Q23. We believe there is risk that the bank has to take much higher credit costs. </li>
<li>Not only Mainland China CRE where there are risks. HSBC shows its ECL coverage ratio for HK CRE rising 45% over the past nine months, from 4Q22 to 3Q23. </li>
<li>LT credit costs shows HSBC's provisioning is like during a benign environment, at ~1/3 of its LT average. Its +34% QoQ credit costs in 4Q22 is worth keeping in mind. </li>
</ul>


HK &amp; China CRE credit impaired loans are rising sharply and high in 3Q23. We believe there is risk that the bank has to take much higher credit costs. 
Not only Mainland China CRE where there are risks. HSBC shows its ECL coverage ratio for HK CRE rising 45% over the past nine months, from 4Q22 to 3Q23. 
LT credit costs shows HSBC's provisioning is like during a benign environment, at ~1/3 of its LT average. Its +34% QoQ credit costs in 4Q22 is worth keeping in mind. 


HSBC - HK & China CRE Credit Impaired Loans Now 25.8% from 20.2% | ECL Coverage for HK CRE up 45%

Singapore

DBS Group Holdings Ltd is a leading financial services group in Asia, providing a comprehensive range of commercial banking and financial services. It offers retail, SME, corporate, and investment banking, including accounts, loans, cards, payments, investments, and insurance products. The company is headquartered in Singapore and was founded in 1968.

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DBS Group (DBSDY US)

Centurion Accomodation REIT IPO - New Asset Class

Centurion Accomodation REIT (CAREIT SP) (CAREIT) plans to raise around US$600m in its Singapore listing. In this note, we talk about the REIT's...

Sumeet Singh

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we look at its portfolio and...

Sumeet Singh

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express' IPO linked lockup expired over the weeked. The stock has been correcting over the past few weeks, especially with the CCASS...

Sumeet Singh

HSBC - The Narrative Seems to Be Missing Many Points of the Reality

The HSBC narrative seems to be missing much of the reality: the sharp drop in NIM in 4Q23, the worsening proportion of bad CRE loans to total, and...

Daniel Tabbush

HSBC - HK & China CRE Credit Impaired Loans Now 25.8% from 20.2% | ECL Coverage for HK CRE up 45%

NYCB, Aozora, now Pfandbriefbank in Germany, CRE risks are clear. HSBC is not only exposed in places like Hong Kong and China, but also material...

Daniel Tabbush

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