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>Temasek aims to raise around US$104m via selling nearly half of its stake in <a href="https://www.smartkarma.com/entities/ifast-corp-ltd" target="_blank" data-smartkarma-citation="entities:17798:1" rel="noopener">iFAST (IFAST SP)</a>.</li>
<li>The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP).
The stock has done exceptionally well over the past few years, however, it is now trading at its all time highs.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


IFAST Placement - Great Track Record but the Stock Is Toppish

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.

Thematic (Sector/Industry)

<ul>
<li>We believe that the credit metric deterioration at HSBC is not well flagged by the bank, or well understood in the market. </li>
<li>There is substantial growth in credit costs in its HK business, where this has been the most important driver of value for HSBC</li>
<li>CRE credit metrics are of concern in HK and in Mainland China, where Stage 2 loans are rising substantially, from Stage 1 loan bucket</li>
</ul>


We believe that the credit metric deterioration at HSBC is not well flagged by the bank, or well understood in the market. 
There is substantial growth in credit costs in its HK business, where this has been the most important driver of value for HSBC
CRE credit metrics are of concern in HK and in Mainland China, where Stage 2 loans are rising substantially, from Stage 1 loan bucket


HSBC - 1H25 Tables & Data, Clear Risks, Even if Not Stated in Headlines

<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>We have looked at the company's past performance in our previous note. In this note, we will talk about valuations.</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
We have looked at the company's past performance in our previous note. In this note, we will talk about valuations.


<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

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 (DBS SP)

IFAST Placement - Great Track Record but the Stock Is Toppish

Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP). In this note, we talk about the deal dyanmics.

Sumeet Singh

HSBC - 1H25 Tables & Data, Clear Risks, Even if Not Stated in Headlines

HSBC 1H25 data release has a lot of granular data, which does not instill a huge amount of confidence in HK or CH credit metrics.

Daniel Tabbush

NTT DC REIT IPO - Thoughts on Valuation

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 talk about valuations.

Sumeet Singh

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IFAST Placement - Great Track Record but the Stock Is Toppish

Temasek aims to raise around US$104m via selling nearly half of its stake in iFAST (IFAST SP). In this note, we talk about the deal dyanmics.

Sumeet Singh

HSBC - 1H25 Tables & Data, Clear Risks, Even if Not Stated in Headlines

HSBC 1H25 data release has a lot of granular data, which does not instill a huge amount of confidence in HK or CH credit metrics.

Daniel Tabbush

NTT DC REIT IPO - Thoughts on Valuation

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 talk about valuations.

Sumeet Singh

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

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