APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Allied Blenders and Distillers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/allied-blenders-distillers" target="_blank" data-smartkarma-citation="entities:36090:1" rel="noopener">Allied Blenders &amp; Distillers (ABD IN)</a> is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.</li>
<li>ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.</li>
<li>ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. </li>
</ul>



Allied Blenders &amp; Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and Equirus Capital will be the bookrunners.
ABD is the largest Indian-owned Indian-made foreign liquor (IMFL) company and the third largest IMFL company in India, in terms of annual sales volumes between FY14 and FY21.
ABD has grown its brand over time and managed to stay profitable, despite COVID-19. However, sales volume has yet to return to pre-COVID levels, along with its profitability. 


Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sula-vineyards-ltd" target="_blank" data-smartkarma-citation="entities:36206:1" rel="noopener">Sula Vineyards</a> is looking to raise around US$117m in its upcoming India IPO.</li>
<li>Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. </li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.</li>
</ul>



Sula Vineyards is looking to raise around US$117m in its upcoming India IPO.
Sula Vineyards (SV) distributes wines under a bouquet of brands. In addition to its flagship brand “Sula,” popular brands include “RASA,” “Dindori”, “The source,” “Satori”, “Madera” &amp; “Dia”. 
We have looked at various aspects of the deal in our previous notes. In this note, we will talk about recent updates and valuations.


Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> is currently trading at a Holdco discount of 20.25%, which is below -2.0x the standard deviation of the 180-day average Holdco discount.</li>
<li>We have noticed that the <a href="https://www.smartkarma.com/entities/heineken-nv-a891c739-a3af-4147-aaec-95028301d46a" target="_blank" data-smartkarma-citation="entities:33777:1" rel="noopener">Heineken NV (HEINY US)</a> to <a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> ratio tends to bottom during bear markets and peak during extreme bull runs.</li>
<li>With the bull run ending and the Heineken to Heineken Holding ratio near the peak, it may be a good time for a Short Heineken and Long Heineken Holding trade.</li>
</ul>



Heineken Holding NV (HEIO NA) is currently trading at a Holdco discount of 20.25%, which is below -2.0x the standard deviation of the 180-day average Holdco discount.
We have noticed that the Heineken NV (HEINY US) to Heineken Holding NV (HEIO NA) ratio tends to bottom during bear markets and peak during extreme bull runs.
With the bull run ending and the Heineken to Heineken Holding ratio near the peak, it may be a good time for a Short Heineken and Long Heineken Holding trade.


Heineken Holdco Discount: About Time for a Change in Direction

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.</li>
<li>The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.</li>
<li>The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.</li>
</ul>


The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.
The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.
The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.


<ul>
<li>Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices.</li>
<li>Although 2022 will most likely be yet another challenging year, Heineken is expanding its presence in key large markets such as China, India and Brazil.</li>
<li>At the same time, the company is better positioned than most of its peers to sustain its profitability through pricing measures, backed by its strong global brand portfolio.</li>
</ul>


Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices.
Although 2022 will most likely be yet another challenging year, Heineken is expanding its presence in key large markets such as China, India and Brazil.
At the same time, the company is better positioned than most of its peers to sustain its profitability through pricing measures, backed by its strong global brand portfolio.


Heineken: What To Expect In 2022 And How I Am Positioning Myself

Netherlands

Heineken N.V. produces and distributes beverages internationally. The Company produces beers, spirits, wines, and soft drinks under various brand names.

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Heineken NV (HEINY US)

Allied Blenders and Distillers Pre-IPO - Yet to Recover from COVID-19

Allied Blenders & Distillers (ABD IN) is looking to raise about US$250m in its upcoming India IPO. I-Sec, Axis Capital, JM Financial, Kotak and...

Ethan Aw

Sula Vineyards IPO - Does Offer a Unique Exposure with Lots of Ifs and Buts

Sula Vineyards is looking to raise around US$117m in its upcoming India IPO. In this note, we talk about the recent updates and valuations.

Sumeet Singh

Heineken Holdco Discount: About Time for a Change in Direction

With the bull run about to end and the Heineken to Heineken Holding ratio near the peak, it may be a good time for a Short Heineken and Long...

Oshadhi Kumarasiri

Carlsberg: A Challenging Year Ahead

The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results. The company...

Vladimir Dimitrov, CFA

Heineken: What To Expect In 2022 And How I Am Positioning Myself

Following the pandemic lockdowns of 2020 and 2021, Heineken is now faced with rising commodity prices. Although 2022 will most likely be yet...

Vladimir Dimitrov, CFA

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