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>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$1.7bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Seres Group A/H IPO Pricing - Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>, a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.


Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.</li><li>The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling FERRARI80 with a return of -2.8%, while opening new positions in ESTEE80, MUFG19, and SONY80.The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government approved chip exports to the Middle East.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

<ul><li>We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.</li><li>We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).</li></ul>

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively.We also suggest initiating positions in ASML0 1 , a DR referencing ASML Holding N.V. listed on the Euronext Amsterdam, and MWG1 9 , a DR referencing Mobile World Investment Corporation listed on the Ho Chi Minh Stock Exchange.The average return of the KTX DR Tactical Picks portfolio was nearly unchanged from the previous day (–0.08%).

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

<ul><li>We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).</li><li>We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.</li><li>The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.</li></ul>

We recommend taking profit on AMD80, which has delivered a holding-period return of +30.1%, following a 23% rally in the underlying US stock after the company secured a deal to supply AI chips to OpenAI (ChatGPT).We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed on the Tokyo Stock Exchange.The average return of the KTX DR Tactical Picks portfolio rose +1.19% from the previous day, supported by strong gains in US technology stocks, particularly AMD.

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

Italy

Ferrari NV designs and manufactures sports cars. The Company offers new and used vehicles, warranty programs, financial supports, and maintenance, as well as watches, apparels, earphones, caps, and other accessories. Ferrari markets its products worldwide.

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Ferrari N.V. (RACE US)

Seres Group A/H IPO Pricing - Thoughts on Valuations

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the IPO pricing.

Sumeet Singh

Seres Group A/H Listing - PHIP Updates and Thoughts on A/H Premium

Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing. In this note, we talk about the recent...

Sumeet Singh

KTX TACTICAL DR PICKS - October 10, 2025 (Eng.)

The KTX DR Tactical Picks portfolio gained slightly, up +0.38% from the previous day, supported by the rise in NVDA80 after the US government...

Krungthai XSpring

KTX TACTICAL DR PICKS - October 9, 2025 (Eng.)

We recommend selling TOYOTA80 and POPMART80, with holding-period returns of +1.3% and –3.1%, respectively. We also suggest initiating positions in...

Krungthai XSpring

KTX TACTICAL DR PICKS - OCTOBER 7, 2025 (Eng.)

We also recommend selling MUFG19, with a holding-period return of –1.3%, and adding MITSU19, a DR referencing Mitsubishi Heavy Industries, listed...

Krungthai XSpring

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