APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-leong-asia-ltd" target="_blank" data-smartkarma-citation="entities:6087:1" rel="noopener">Hong Leong Asia (HLA SP)</a> is looking to raise up to US$114m in a primary offering. </li>
<li>This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Hong Leong Asia (HLA SP) is looking to raise up to US$114m in a primary offering. 
This is a large deal to digest, representing 28.8 days of ADV and 6.3% of shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Genting Singapore shares fall post-1QFY2026; DBS downgrades to 'hold.'</li><li>DBS keeps 'buy' rating and $2.92 target for UMS Integration; shares rise 14%.</li><li>RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre benefits.</li></ul>

Genting Singapore shares fall post-1QFY2026; DBS downgrades to 'hold.'DBS keeps 'buy' rating and $2.92 target for UMS Integration; shares rise 14%.RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre benefits.

Singapore Market Roundup (13-May-2026): Genting Singapore shares drop; DBS lowers rating to

<ul><li>DBS keeps 'buy' rating on UMS Integration with $2.92 target as shares jump 14%.</li><li>RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre options.</li><li>CGSI upgrades Hong Leong Asia to 'add', raising TP to $5.50 on strong powertrain and acquisition.</li></ul>

DBS keeps 'buy' rating on UMS Integration with $2.92 target as shares jump 14%.RHB keeps 'buy' on AIMS APAC REIT, raises TP to $1.70 due to data centre options.CGSI upgrades Hong Leong Asia to 'add', raising TP to $5.50 on strong powertrain and acquisition.

Singapore Market Roundup (12-May-2026): DBS maintains 'buy' on UMS Integration; target $2.92.

<ul><li>uSmart initiates coverage of Soon Hock Enterprise at 'buy', sees re-rating potential.</li><li>Paragon acquisition boosts CICT's status as Singapore's leading retail landlord.</li><li>Maybank and CGSI remain optimistic on ISOTeam after new contract win.</li></ul>

uSmart initiates coverage of Soon Hock Enterprise at 'buy', sees re-rating potential.Paragon acquisition boosts CICT's status as Singapore's leading retail landlord.Maybank and CGSI remain optimistic on ISOTeam after new contract win.

Singapore Market Roundup (23-Apr-2026): uSmart rates Soon Hock Enterprise as 'buy' with growth

<ul><li>uSmart initiates coverage of Soon Hock at 'buy,' foreseeing re-rating before Skye@Tuas launch.</li><li>Paragon acquisition strengthens CICT's position as Singapore's leading retail landlord.</li><li>Maybank and CGSI remain positive on ISOTeam after recent contract win.</li></ul>

uSmart initiates coverage of Soon Hock at 'buy,' foreseeing re-rating before Skye@Tuas launch.Paragon acquisition strengthens CICT's position as Singapore's leading retail landlord.Maybank and CGSI remain positive on ISOTeam after recent contract win.

Singapore Market Roundup (22-Apr-2026): uSmart rates Soon Hock 'buy' ahead of Skye@Tuas launch.

Singapore

Hong Leong Asia is a diversified Asian multinational with core businesses in Powertrain Solutions and Building Materials. It manufactures and distributes diesel engines for various applications, alongside producing and supplying cement, ready-mix concrete, and pre-cast concrete products. Headquartered in Singapore, the company was incorporated in 1963.

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Hong Leong Asia (HLA SP)

Aequitas: Hong Leong Asia Placement - Large Deal to Digest but Continues to Ride Tailwinds

Hong Leong Asia (HLA) is looking to raise up to US$114m in a primary offering. In this note, we will talk about the placement and run the deal...

Nicholas Tan

Singapore Market Roundup (13-May-2026): Genting Singapore shares drop; DBS lowers rating to

Genting Singapore shares drop after 1QFY2026; DBS downgrades to 'hold.' UMS Integration shares rise 14% with a $2.92 target. RHB raises AIMS APAC...

Singapore Market Roundup

Singapore Market Roundup (12-May-2026): DBS maintains 'buy' on UMS Integration; target $2.92.

DBS maintains 'buy' on UMS Integration with a $2.92 target; RHB raises AIMS APAC REIT TP to $1.70; CGSI upgrades Hong Leong Asia to 'add' with TP...

Singapore Market Roundup

Singapore Market Roundup (23-Apr-2026): uSmart rates Soon Hock Enterprise as 'buy' with growth

uSmart rates Soon Hock Enterprise as 'buy' due to re-rating potential; Paragon acquisition enhances CICT's retail leadership; Maybank and CGSI...

Singapore Market Roundup

Singapore Market Roundup (22-Apr-2026): uSmart rates Soon Hock 'buy' ahead of Skye@Tuas launch.

uSmart rates Soon Hock as 'buy' ahead of Skye@Tuas launch. Paragon acquisition boosts CICT's retail leadership, while Maybank and CGSI favor...

Singapore Market Roundup

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