Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<p><em><strong>*No Substance: </strong></em>HDFC Bank (HDFCB.IN) [HDFCB] provided an investor update for FY 2Q22 ahead of its officially scheduled October 16, 2021 earnings release. The highlights were solely related to growth of lending and deposits; and</p><p><em><strong>*See No Evil: </strong></em>Nothing was discussed regarding HDFCB’s abysmal credit quality metrics from FY 1Q22, which likely will remain a true headache. At FY 1Q22, net new NPLs actually increased 153% on an annualized basis which is quite worrisome.  We would also be more comfortable if HDFCB was a bit more aggressive with its provisions. By our calculation, reserves are currently short by nearly INR 316 bn or nearly a year of operating results. </p>

*No Substance: HDFC Bank (HDFCB.IN) [HDFCB] provided an investor update for FY 2Q22 ahead of its officially scheduled October 16, 2021 earnings release. The highlights were solely related to growth of lending and deposits; and*See No Evil: Nothing was discussed regarding HDFCB’s abysmal credit quality metrics from FY 1Q22, which likely will remain a true headache. At FY 1Q22, net new NPLs actually increased 153% on an annualized basis which is quite worrisome.  We would also be more comfortable if HDFCB was a bit more aggressive with its provisions. By our calculation, reserves are currently short by nearly INR 316 bn or nearly a year of operating results. 

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Yoma Strategic Holdings / Equity Bottom-Up

Key Singapore Market Moves and Flows in 3Q21

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Private Capital Markets

<p><a href="https://www.smartkarma.com/entities/carousell-pte-ltd" target="_blank" data-smartkarma-citation="entities:28154:1" rel="noopener">Carousell Pte Ltd (1040620D SP)</a> is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?</p>
<p>Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.</p>
<p>Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.</p>
<p>The company is backed by a number of large-sized investors including <a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a>, Rakuten Ventures <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. </p>
<p>The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a> executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.</p>

Carousell Pte Ltd (1040620D SP) is South East Asia's largest  "classifieds marketplace" and it claims to make selling as easy as taking a photo and buying as simple as chatting. The traffic through Carousell is impressive but the question is can it monetize this huge potential?
Founded in August 2012, Carousell began in Singapore and is now one of the world’s largest and fastest-growing classifieds marketplaces, with a presence in eight markets across South East Asia, together with Taiwan and Hong Kong.
Carousell offers through classified listings a diverse range of products across a variety of categories, including lifestyle, gadgets, and fashion accessories but has been moving to more profitable and big-ticket areas, such as autos, property, and job ads.
The company is backed by a number of large-sized investors including Telenor ASA (TEL NO), Rakuten Ventures Rakuten Inc (4755 JP), Naver, Sequoia Capital (India), OLX, and most recently STIC investments giving the company strong backing with the most recent valuation at US$1.1bn, sealing its entry to the unicorn club. 
The company was reportedly exploring a potential listing in the US through a SPAC listing which could value the company at as much as US$1.5bn but management has said that it is considering all options to grow the company including an IPO. Carousel this year appointed a former Razer Inc (1337 HK) executive Edwin Chan as its CFO. Chan oversaw a gaming hardware company’s public listing in Hong Kong in 2017. We see this company as one of the most ESG-friendly investments available given its exposure to the circular economy.

Carousell - Champion of the Circular Economy

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

FWD Group Holdings / Equity Capital Markets

<div><p>FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. </p></div><div><p>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.</p></div><div>In our previous note, we spoke about the positive aspects of the deal, <a href="https://www.smartkarma.com/insights/fwd-pre-ipo-the-positives-growing-fast" target="_blank" rel="noopener">FWD Pre-IPO - The Positives - Growing Fast</a>.</div><div></div><div>In this note we will talk about some of the not so pleasant aspects. </div>

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In our previous note, we spoke about the positive aspects of the deal, FWD Pre-IPO - The Positives - Growing Fast.In this note we will talk about some of the not so pleasant aspects. 

FWD Pre-IPO - The Negatives - Strategy Remains Unclear

<p>FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. </p><p>FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.</p><p>In this note, we will talk about the positive aspects of the deal.</p>

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In this note, we will talk about the positive aspects of the deal.

FWD Pre-IPO - The Positives - Growing Fast

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DBS (DBS SP)

HDFC Bank – No Credit

HDFC BANK: HDFCB provided a balance sheet growth update for FY 2Q22. Nothing was discussed regarding HDFCB’s challenged credit quality nor its low...

Thomas J. Monaco

Key Singapore Market Moves and Flows in 3Q21

In 3Q21, the STI saw its narrowest quarterly trading range since 3Q17, generating a 0.2% decline in total return, while the FTSE APAC Index...

Singapore Exchange Ltd (SGX)

Carousell - Champion of the Circular Economy

Carousell is South-East Asia's largest classifieds marketplace which recently entered the uniform club with a valuation of US$1.1bn. It is a unique...

Angus Mackintosh

FWD Pre-IPO - The Negatives - Strategy Remains Unclear

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note, we will talk about the not so pleasant...

Sumeet Singh

FWD Pre-IPO - The Positives - Growing Fast

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note, we will talk about the positive...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)