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>On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.</li>
<li>The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. </li>
<li>Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.</li>
</ul>


On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE.
The stock has been at the center of a regulatory crackdown since its IPO in Jun 2021. 
Apart from the delisting and relisting flows, it now also has US$20bn of stock coming up for lock-up expiry.


DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Despite a lot of enthusiasm leading up to the merger with SPAC Altimeter Growth Corp, Grab has had a weak market debut, with shares down nearly 30% this week.</li><li>Much of the excitement surrounding the deal stems from the fact that Grab holds the crown for the biggest SPAC deal to date and the underlying factors surrounding the valuation</li><li>At its current valuation, there is little room for upside, especially given the regulatory risk and the highly fragmented nature of some markets leading to more competition</li></ul>

Despite a lot of enthusiasm leading up to the merger with SPAC Altimeter Growth Corp, Grab has had a weak market debut, with shares down nearly 30% this week.Much of the excitement surrounding the deal stems from the fact that Grab holds the crown for the biggest SPAC deal to date and the underlying factors surrounding the valuationAt its current valuation, there is little room for upside, especially given the regulatory risk and the highly fragmented nature of some markets leading to more competition

Grab is Worth More Than the Sum its Parts

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition</li>
<li>On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Hong Kong ECM took yet another hit with China Tourism Group deciding to delay its H-Share listing citing poor market condition
On 2nd Dec 2021, SEC issued the final amendments for implementation of HFCAA which will China ADRs going forward. 


ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>NAV/Share is the lowest since July 2020 largely driven by declines in Alibaba shares (-8% this week and -61% from all-time highs)</li>
<li>A US de-listing for Didi is not necessarily good news for Softbank as the value of that stake will be determined by pricing for a HK listing</li>
<li>The NAV discount has returned to 48% as a less aggressive buyback program does little to drive the share price (not necessarily bad over the long run)</li>
</ul>


NAV/Share is the lowest since July 2020 largely driven by declines in Alibaba shares (-8% this week and -61% from all-time highs)
A US de-listing for Didi is not necessarily good news for Softbank as the value of that stake will be determined by pricing for a HK listing
The NAV discount has returned to 48% as a less aggressive buyback program does little to drive the share price (not necessarily bad over the long run)


Softbank Group - A Very Bad Week as China Drives NAV Weakness and Discount Round Trip

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  </li>
<li>According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.</li>
<li>The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.</li>
</ul>


Grab will start trading on Nasdaq today after Altimeter Growth Corp’s shareholders approved its merger with Grab on Tuesday.  
According to announcements in April, the deal will value the combine company at approx. US$39.6bn on a pro-forma basis and Grab will receive about US$4.5bn in cash.
The combined entity will trade under the ticker GRAB and will be one of the largest SPAC deals ever. Shareholder redemptions (shareholders opting out of the deal) were effectively 0.0%.


Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

DiDi Chuxing: Delisting - Relisting + US$20bn Lockup Expiry = Big Mess

On 2nd Dec 2021, Didi announced that it would look to delist its ADRs from NYSE and it would seek a listing on HKSE. The company also has US$20bn...

Sumeet Singh

Grab is Worth More Than the Sum its Parts

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact. Despite a lot of enthusiasm...

subSPAC

ECM Weekly (5th December 2021) - Weibo, Asymchem, Grab, Yonghe, Gushengtang, Siam Makro, SF Intra

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

Sumeet Singh

Softbank Group - A Very Bad Week as China Drives NAV Weakness and Discount Round Trip

Softbank's value is still tied to Alibaba and other China investments even with a robust buyback. NAV is the lowest since July 2020 and the...

Kirk Boodry

Grab SPAC Listing: Avoid the Ride

Though Grab's SPAC listing would offer an opportunity to grab a share of the growing SEA market, Grab's financials do not justify its hefty...

Shifara Samsudeen, FCMA, CGMA

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