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.

Event-Driven

<ul>
<li>On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.</li>
<li>In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.</li>
</ul>


On 2nd Dec 2021, Securities Exchange Commission (SEC) issued Final amendments to implement the Holding Foreign Companies Accountable Act (HFCAA).
On 24th Mar 2021, SEC had issued Amendments, Seeks Public Comment on HFCAA. This was a follow up on the HFCAA.
In this note, we'll talk about the final amendments and its possible timelines and implications, and a possible trade setup.


China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/vipshop-holdings-ltd-adr" target="_blank" data-smartkarma-citation="entities:1088:1" rel="noopener">Vipshop Holdings (VIPS US)</a> has had an exceptionally volatile 12 months of trading. Following a &gt;200% share price surge between October 2020 and March 2021, the share price has corrected 77%, wiping out nearly $24bn in market value. The significant sell-off, coupled with less severe earnings expectation downgrades (-18%) from the sell-side, has resulted in Vipshop de-rating from a peak forward PE ratio of 25.3x to only 6.9x, which is the cheapest the stock has ever been. 
In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer-term earnings outlook for the company. 
Going into their 3Q21 reporting period, Vipshop is facing an exceptionally high growth base set in the comparative period as well as macro-economic headwinds due to a slowing Chinese economy and retail spending, which could result in the continuation of the earnings downgrade cycle over the short- to medium-term. However, trading on an estimated 5.3x ex-cash forward PE ratio likely implies that the buy-side has factored most of this in and we are nearing the point of peak pessimism.

Vipshop Holdings (VIPS US) has had an exceptionally volatile 12 months of trading. Following a &gt;200% share price surge between October 2020 and March 2021, the share price has corrected 77%, wiping out nearly $24bn in market value. The significant sell-off, coupled with less severe earnings expectation downgrades (-18%) from the sell-side, has resulted in Vipshop de-rating from a peak forward PE ratio of 25.3x to only 6.9x, which is the cheapest the stock has ever been. 
In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer-term earnings outlook for the company. 
Going into their 3Q21 reporting period, Vipshop is facing an exceptionally high growth base set in the comparative period as well as macro-economic headwinds due to a slowing Chinese economy and retail spending, which could result in the continuation of the earnings downgrade cycle over the short- to medium-term. However, trading on an estimated 5.3x ex-cash forward PE ratio likely implies that the buy-side has factored most of this in and we are nearing the point of peak pessimism.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For the month of April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. </li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of April 2024, 7 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. 
The average premium for the new transactions announced (or first discussed) in April was ~55%. The average premium YTD is ~42%. 
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

<ul>
<li>For the month of March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of March 2024, 8 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new transactions announced (or first discussed) in March was ~55%. The average premium YTD is ~39%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

<ul>
<li>For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in February was ~33%.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul>


For the month of February 2024, 15 new transactions (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$20bn.
The average premium for the new transactions announced (or first discussed) in February was ~33%.
This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.


(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

China

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JOYY (YY US)

China ADRs Delisting - US Tightens and HK Loosens Requirements - Long/Short Basket Trade

On 2nd Dec 2021, SEC issued Final amendments to implement the Holding Foreign Companies Accountable Act. In this note we will talk about the final...

Sumeet Singh

Vipshop: Cheapest It Has Ever Been

In this insight, we take a closer look at the meaningful market events which have driven the sell-off in Vipshop as well as the short- and longer...

Wium Malan, CFA

(Mostly) Asia M&A, April 2024: Austal, L'Occitane, Langham Hosp., Jastec, Mimasu, Best World, Isetan

For the month of April, 7 new deals were discussed on Smartkarma with an overall deal size of just ~US$4bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia M&A, Mar 2024: Chilled & Frozen, TDCX, MMA Offshore, JSR, Roland DG, SciClone

For the month of March, 8 new deals were discussed on Smartkarma with an overall deal size of ~US$4bn. The average premium for the new deals...

David Blennerhassett

(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement

For the month of February, 20 new deals were discussed on Smartkarma with an overall deal size of ~US$20bn. The average premium for the new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)