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

<a href="https://www.smartkarma.com/entities/z-energy-ltd" target="_blank" data-smartkarma-citation="entities:9838:1" rel="noopener">Z Energy Ltd (ZEL NZ)</a> aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. The shares are trading nearly 62% below their 52-week highs, as the company was suffering even before COVID-19. This placement will provide the company with some relief on its covenants. At 95 days of ADV and 25% dilution the deal won't be easy to digest.

Z Energy Ltd (ZEL NZ) aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. The shares are trading nearly 62% below their 52-week highs, as the company was suffering even before COVID-19. This placement will provide the company with some relief on its covenants. At 95 days of ADV and 25% dilution the deal won't be easy to digest.

Z Energy Placement - Closer to a Do or Die Situation

APAC IPOs & Placements

Zhen Zhou, Toh

Flight Centre Travel / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/flight-centre-travel-group-ltd" target="_blank" data-smartkarma-citation="entities:7537:1" rel="noopener">Flight Centre Travel (FLT AU)</a> is looking to raise A$701m through a fully underwritten institutional and entitlement offering.Overall, the deal scores poorly on momentum. While the equity raise could help with tiding the company through this tough period, uncertainty still looms. Furthermore, its poor performance prior to the virus outbreak adds on to doubts on whether FLT will ever return to its past glory even if virus outbreak is eventually resolved.

Flight Centre Travel (FLT AU) is looking to raise A$701m through a fully underwritten institutional and entitlement offering.Overall, the deal scores poorly on momentum. While the equity raise could help with tiding the company through this tough period, uncertainty still looms. Furthermore, its poor performance prior to the virus outbreak adds on to doubts on whether FLT will ever return to its past glory even if virus outbreak is eventually resolved.

Flight Centre Equity Raise - Cost Cutting Measures in Place but Doubts Will Probably Linger On

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels, leaving us squarely in the neutral camp. We believe the aforementioned major global indexes are likely to remain below resistance or have limited upside unless and until we see more definitive signs of bottoming within cyclical value areas of the market. In this report we recap important technical levels for the major indexes and highlight actionable set-ups within the utilities, travel and leisure and consumer staples industries.

Global Equity Strategy: Squarely in the Neutral Camp

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical picture. While there is some room to move higher in the near-term, we are hesitant to get too excited because several major indexes have additional hurdles to jump. We highlight important technical levels across major averages including Europe/UK (STOXX 600), Hong Kong (Hang Seng), Japan (TOPIX), and several EM countries (China, Brazil, Russia, Taiwan, and India).  Finally, we highlight attractive opportunities within the Consumer Discretionary, Heath Care and Services sectors.

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

Developed International Equity Strategy: Favor EAFE over EM

Australia

Flight Centre Travel Group Ltd operates as a retail travel agency in Australia.  The Company operates close to 1200 outlets throughout Australia and internationally including New Zealand, Hong Kong, South Africa, Canada and the United Kingdom. The Company's agencies and brands include Flight Centre, Travel Associates and Student Flights.

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Flight Centre Travel (FLT AU)

Z Energy Placement - Closer to a Do or Die Situation

Z Energy Ltd (ZEL NZ) aims to raise up to US$185m (NZ$301 m) in its fully underwritten institutional placement. The shares are trading nearly 62%...

Sumeet Singh

Flight Centre Equity Raise - Cost Cutting Measures in Place but Doubts Will Probably Linger On

Flight Centre Travel (FLT AU) is looking to raise A$701m through a fully underwritten institutional and entitlement offering.Overall, the deal...

Zhen Zhou, Toh

Global Equity Strategy: Squarely in the Neutral Camp

At this point in time the major global indexes (MSCI ACWI, ACWI ex-US, EAFE, EM) have failed to break above their respective resistance levels,...

Vermilion Research

Global Equity Strategy: Guarded Optimism

Global equities (MSCI ACWI) are decisively breaking above 1-month resistance on US-China trade war optimism, incrementally improving the technical...

Vermilion Research

Developed International Equity Strategy: Favor EAFE over EM

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank...

Vermilion Research

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