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

Virgin Australia Holdings / Equity Capital Markets

<ul>
<li>Bain Capital raised around US$440m via selling some of its stake in <a href="https://www.smartkarma.com/entities/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia Holdings (VAH AU)</a>.</li>
<li>Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.</li>
<li>We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>


Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).
Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
We have looked at the company’s past performance and provided our thoughts on valuations in our previous note. In this note, we talk about the trading dynamics.


Virgin Australia IPO Trading - Flying into Oil and Recent Air Crash Headwinds

<ul>
<li>Bain Capital is looking to raise around US$440m via selling some of its stake in <a href="https://www.smartkarma.com/entities/virgin-australia-holdings-ltd" target="_blank" data-smartkarma-citation="entities:814:1" rel="noopener">Virgin Australia Holdings (VAH AU).</a>
</li>
<li>Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.</li>
<li>In this note, we look at the company’s past performance and provide our thoughts on valuations.</li>
</ul>


Bain Capital is looking to raise around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU).

Virgin Australia is the second largest airline group operating in the Australian aviation market, with an average 32% domestic RPT capacity market share in CY24.
In this note, we look at the company’s past performance and provide our thoughts on valuations.


Virgin Australia IPO - Not Terribly Exciting, After Significant Items Adjustment

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund, representing 0.7% of its common shares. </li>
<li>This is a clear indication of Hanjin Kal Chairman Cho Won-Tae and his allies launching a management rights defense against Hoban Group which recently increased its stake in Hanjin Kal. </li>
<li>The higher probability scenario is for Hanjin Kal's shares to retrace down to below 100,000 won level as a full blown M&amp;A fight is not likely in the near future. </li>
</ul>


On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund, representing 0.7% of its common shares. 
This is a clear indication of Hanjin Kal Chairman Cho Won-Tae and his allies launching a management rights defense against Hoban Group which recently increased its stake in Hanjin Kal. 
The higher probability scenario is for Hanjin Kal's shares to retrace down to below 100,000 won level as a full blown M&amp;A fight is not likely in the near future. 


Hanjin Group Chairman Cho Fights Back Against Hoban Group for Control of Hanjin Kal

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion in the fourth quarter and earnings per share of $1.85, topping their own guidance.</li><li>This positive result was achieved against a backdrop of industry leading operational performance, with Delta achieving the highest system completion factor and on time performance among its peers.</li><li>For the full year 2024, Delta's operational achievements included 78 "Brand Perfect" days and recognition with Cirium's Platinum Award for operational excellence for the fourth consecutive year.</li></ul>

Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion in the fourth quarter and earnings per share of $1.85, topping their own guidance.This positive result was achieved against a backdrop of industry leading operational performance, with Delta achieving the highest system completion factor and on time performance among its peers.For the full year 2024, Delta's operational achievements included 78 "Brand Perfect" days and recognition with Cirium's Platinum Award for operational excellence for the fourth consecutive year.

Delta Air Lines’ Strong 2024: Record Profits

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>South Korea is prioritizing enhancing its EDA competitiveness to stay ahead in the technological race.</li><li>China is focusing on consolidating promising chip firms while doubling the terminations of IPOs to control the market.</li><li>Commodity DRAM and NAND chip prices are stalling due to slow demand recovery, affecting Taiwanese companies and PanelSemi's development of mini LEDs. Vietnam PM strengthens South Korea relations and secures investments in display production and clean energy. Taiwan is aiming to lead in floating wind technology with a projected global investment of EUR250 billion by 2035.</li></ul>

South Korea is prioritizing enhancing its EDA competitiveness to stay ahead in the technological race.China is focusing on consolidating promising chip firms while doubling the terminations of IPOs to control the market.Commodity DRAM and NAND chip prices are stalling due to slow demand recovery, affecting Taiwanese companies and PanelSemi's development of mini LEDs. Vietnam PM strengthens South Korea relations and secures investments in display production and clean energy. Taiwan is aiming to lead in floating wind technology with a projected global investment of EUR250 billion by 2035.

Tech Supply Chain Tracker (05-Jul-2024): S. Korea boosts EDA competitiveness.

United States

Delta Air Lines, Inc. provides scheduled air transportation for passengers, freight, and mail over a network of routes throughout the United States and internationally.

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Delta Air Lines (DAL US)

Virgin Australia IPO Trading - Flying into Oil and Recent Air Crash Headwinds

Bain Capital raised around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU). In this note, we talk about the trading...

Sumeet Singh

Virgin Australia IPO - Not Terribly Exciting, After Significant Items Adjustment

Bain Capital is looking to raise around US$440m via selling some of its stake in Virgin Australia Holdings (VAH AU). In this note, we look at the...

Sumeet Singh

Hanjin Group Chairman Cho Fights Back Against Hoban Group for Control of Hanjin Kal

On 15 May, Hanjin KAL Corp (180640 KS) announced that it will contribute 440,044 shares of its treasury stock to the company’s welfare fund,...

Douglas Kim

Delta Air Lines’ Strong 2024: Record Profits

Delta Air Lines reported a strong performance for the December quarter and full year 2024, highlighted by a record pretax profit of $1.6 billion...

Baptista Research

Tech Supply Chain Tracker (05-Jul-2024): S. Korea boosts EDA competitiveness.

South Korea, Taiwan, China, and Vietnam are all making moves to enhance their competitiveness in the semiconductor industry through various...

Tech Supply Chain Tracker

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