Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

<ul>
<li>Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.</li>
<li>Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing.</li>
<li>In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.</li>
</ul>


Mynt, the digital payments and consumer finance platform behind GCash, started marketing for its PSE listing. MS, JPM, and UBS are the joint global coordinators.
Our previous notes covered the company's business, industry backdrop, financials and pre-IPO investor backing.
In this note we compare the company with five listed regional digital finance peers on financials, operating data and valuation.


Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

<ul>
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Strategic Leadership Transition: GXS Bank (“GXS”) is undergoing a pivotal leadership shift in mid-2025, with Group CEO Muthukrishnan Ramaswami retiring in May and Lai Pei Si (current CEO of the successful Malaysian subsidiary, GXBank) taking the helm in June.
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Aggressive Growth with Profitability in Sight: The bank has set a concrete target to achieve profitability by March 2027. 
</li>
<li dir="ltr" style="list-style-type: disc;" aria-level="1">
Ecosystem-Led "Gen Z &amp; Gig" Focus: Unlike traditional banks, GXS leverages the massive user bases of its shareholders, Grab and Singtel, to target underserved segments like gig workers, early jobbers, and micro-SMEs.
</li>
</ul>



Strategic Leadership Transition: GXS Bank (“GXS”) is undergoing a pivotal leadership shift in mid-2025, with Group CEO Muthukrishnan Ramaswami retiring in May and Lai Pei Si (current CEO of the successful Malaysian subsidiary, GXBank) taking the helm in June.


Aggressive Growth with Profitability in Sight: The bank has set a concrete target to achieve profitability by March 2027. 


Ecosystem-Led "Gen Z &amp; Gig" Focus: Unlike traditional banks, GXS leverages the massive user bases of its shareholders, Grab and Singtel, to target underserved segments like gig workers, early jobbers, and micro-SMEs.



GXS Bank: Playing Catch up to Scale (Initiation)

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.

<ul><li>GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation loans.</li><li>GXS Group's FY24 income was S$32.1 million, with a net loss of S$214 million due to credit reserves.</li><li>GXS Bank acquired Validus Capital to enhance SME lending capabilities, focusing on working capital loans and trade finance.</li></ul>

GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation loans.GXS Group's FY24 income was S$32.1 million, with a net loss of S$214 million due to credit reserves.GXS Bank acquired Validus Capital to enhance SME lending capabilities, focusing on working capital loans and trade finance.

kopi-C with GXS Group CEO Lai Pei-Si: GXS Bank’s Blueprint for Scale, Profitability and Purpose

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ Insights published over the past two weeks on Smartkarma
In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT services have fared with AI
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

Singapore

Grab is a leading superapp in Southeast Asia, providing services across deliveries, mobility, and digital financial services. Its platform connects consumers with driver and merchant partners for on-demand food, grocery, and package deliveries, ride-hailing, and digital payment solutions. The company is headquartered in Singapore and was founded in 2012.

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Grab (GRAB US)

Mynt (GCash) Pre-IPO: Peer Comparison

Mynt started to market its PSE listing. In this note, we compare the company with its listed peers on operating data, financials and valuation, and...

Ke Yan, CFA, FRM

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of...

Pranav Rao

GXS Bank: Playing Catch up to Scale (Initiation)

Strategic Leadership Transition: GXS Bank (“GXS”) is undergoing a pivotal leadership shift in mid-2025, with Group CEO Muthukrishnan Ramaswami...

pvtIQ

kopi-C with GXS Group CEO Lai Pei-Si: GXS Bank’s Blueprint for Scale, Profitability and Purpose

GXS Bank's FlexiLoan product allows phased capital drawdowns and early repayment without penalties, addressing inefficiencies in renovation...

Singapore Exchange Ltd (SGX)

Curator's Cut: Critical Minerals' Rise, SEA's Digital Promise & IT Services in Flux

In this cut, we review the global focus on critical minerals, how ASEAN's digital economy can grow amidst political uncertainty, and how IT...

Pranav Rao

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