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>In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. </li>
<li>The following dataset includes all ASEAN IPOs and placements above US$100m, <strong>which amounted to a total of 18 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. 
The following dataset includes all ASEAN IPOs and placements above US$100m, which amounted to a total of 18 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas ASEAN IPOs + Placements Broker Performance 2023

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.</li>
<li>On the placement front, 2024 picked up where 2023 left off, with <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> leading the way.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a number of large filings over the holidays is somewhat positive for 2024 prospects.
On the placement front, 2024 picked up where 2023 left off, with Samsung Electronics (005930 KS) leading the way.


ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

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>With Singapore bank's negative credit growth now at -4.7% YoY in the latest available month of October, there is increased risk of worsening net interest income growth.</li>
<li>Over the past several months the severity of worsening domestic credit growth in Singapore is acute moving from +8% YoY in May to -5% YoY in October. </li>
<li>OCBC and DBS saw net interest income delta essentially flat YoY, while for UOB net interest income delta was well lower. 2H23 can be far worse for all. </li>
</ul>


With Singapore bank's negative credit growth now at -4.7% YoY in the latest available month of October, there is increased risk of worsening net interest income growth.
Over the past several months the severity of worsening domestic credit growth in Singapore is acute moving from +8% YoY in May to -5% YoY in October. 
OCBC and DBS saw net interest income delta essentially flat YoY, while for UOB net interest income delta was well lower. 2H23 can be far worse for all. 


Singapore - Domestic Credit Growth Negative Past Four Consecutive Months | Core Income Delta Risk

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>A few large placements in India, along with <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> pricing, kept the market ticking this week.</li>
<li>In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
A few large placements in India, along with Denso Corp (6902 JP) pricing, kept the market ticking this week.
In the IPO space, India saw a flurry of launches, as companies and banker try to cash-in on the market frenzy.


ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Product Marketing Manager, Criat

Raghav Chandra Mathur

Product Marketing Manager

Next-Generation Credit Analytics Provider

Criat

Criat specializes in new-generation data-driven credit analytics. Leveraging our industry-leading DeepCredit analytical technologies, we produce daily-updated forward-looking credit assessment and valuation to help financial institutions stay ahead of risks. Coupled with use-case-driven applications, we extract insights, answer questions and enable smarter credit decisions.

<ul>
<li>ASEAN banks have started showing signs of how tighter-for-longer credit conditions are slowing the momentum growth of earnings driven by higher interest rates.</li>
<li>Our review of ASEAN5 + Vietnam’s banking sector in our 12th September 2023 Chart of the Week showcased the diverging paths facing the Southeast Asian banking sector since the onset of the pandemic in 2020.</li>
<li>This week’s chart of the week is going to focus on the latest Q3 2023 earning report coming from each country in the ASEAN5 + Vietnam banking bloc.</li>
</ul>


ASEAN banks have started showing signs of how tighter-for-longer credit conditions are slowing the momentum growth of earnings driven by higher interest rates.
Our review of ASEAN5 + Vietnam’s banking sector in our 12th September 2023 Chart of the Week showcased the diverging paths facing the Southeast Asian banking sector since the onset of the pandemic in 2020.
This week’s chart of the week is going to focus on the latest Q3 2023 earning report coming from each country in the ASEAN5 + Vietnam banking bloc.


ASEAN Banks Q3 Earnings Reinforce Their Diverse Credit Profiles

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)

Aequitas ASEAN IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023, which amounted to a total of 18 deals.

Ethan Aw

ECM Weekly (14th Jan 2024) - Samsung, Lasertec, Ayala, Indigo, Amer, IPO Pipeline, 2023 Performance

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Singapore - Domestic Credit Growth Negative Past Four Consecutive Months | Core Income Delta Risk

Singapore banks are seeing another negative month of credit growth YoY and its pace is worsening. Net interest income risk is also amplified by...

Daniel Tabbush

ECM Weekly (17th Dec 2023) - Toyota, Denso, Mankind, Axis, Merdeka, DOMS, India Shelter, Inox

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASEAN Banks Q3 Earnings Reinforce Their Diverse Credit Profiles

ASEAN banks have started showing signs of how tighter-for-longer credit conditions are slowing the momentum growth of earnings driven by higher...

Criat

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Market Cap (USDm)

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