APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

Keppel Infrastructure Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keppel-infrastructure-trust" target="_blank" data-smartkarma-citation="entities:456:1" rel="noopener">Keppel Infrastructure Trust (KIT SP)</a> is looking to raise S$125m (US$96m) in its primary placement.</li>
<li>The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.</li>
<li>Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. </li>
</ul>



Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement.
The proceeds in the deal will be used to partially pay down its bridge loan, the latter used in a series of acquisitions made by the REIT in 2022.
Including the preferential offering, the deal would be a large one to digest at 9.4% of the REIT’s current mcap and 89.3 days of three month ADV. 


Keppel Infrastructure Trust Placement - Very Well Flagged, Should Expect Some Short Covering

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.</li>
<li>In my previous insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-for-straits-times-index-mar-23-smm-could-miss-addition" target="_blank" rel="noopener">link</a>), I mentioned <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> could miss out on being added to the STI in March 2023 and that happened to be true.</li>
<li>However, based on the current data, <a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> could finally be added to the STI in September 2023.</li>
</ul>


In this insight, we take a look at the potential index changes for Singapore's ST index ("STI") between now and the September 2023 index review.
In my previous insight (link), I mentioned Sembcorp Marine (SMM SP) could miss out on being added to the STI in March 2023 and that happened to be true.
However, based on the current data, Sembcorp Marine (SMM SP) could finally be added to the STI in September 2023.


Quiddity Leaderboard Singapore's STI Sep 23: Sembcorp Marine Addition Could Finally Happen

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.</li>
</ul>


Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.


Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sembcorp-marine-ltd" target="_blank" data-smartkarma-citation="entities:11:1" rel="noopener">Sembcorp Marine (SMM SP)</a> shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  </li>
<li>The divestment of Keppel O&amp;M will further move <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.</li>
<li>Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. </li>
</ul>



Sembcorp Marine (SMM SP) shareholders voted overwhelmingly for the merger between Keppel O&amp;M and Sembcorp Marine. The transaction is expected to close by 28 February.  
The divestment of Keppel O&amp;M will further move Keppel Corp (KEP SP) towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit its 15% ROE target.
Pre-Dividend in specie distribution, our Keppel SoTP valuation based on Sembcorp Marine’s reference issue price (S$0.122) and last close (S$0.136) is S$8.49 and S$8.72 per share, respectively. 


Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

<ul>
<li>You could imagine people covering their short in <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> now. The Hang Seng sell flow on 4 January 2023 is insignificant. But there will be more overhang later. </li>
<li>If you buy <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> outright, you are buying a package of three potential future takeout targets.</li>
<li>It's not certain the scrip terms will continue as stated in the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">DTAC</a> /<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True</a> merger, but if they change at all, that would almost certainly require a new shareholder meeting.</li>
</ul>


You could imagine people covering their short in Meituan (3690 HK) now. The Hang Seng sell flow on 4 January 2023 is insignificant. But there will be more overhang later. 
If you buy Link Administration (LNK AU) outright, you are buying a package of three potential future takeout targets.
It's not certain the scrip terms will continue as stated in the DTAC /True merger, but if they change at all, that would almost certainly require a new shareholder meeting.


Last Week in Event SPACE: Meituan, Link Admin/Pexa, DTAC/True, Medley

Singapore

Keppel DC REIT is Asia's first pure-play data centre REIT listed on the Singapore Exchange. Keppel DC REIT's investment strategy is to principally invest, directly or indirectly, in a diversified portfolio of income-producing real estate assets which are used primarily for data centre purposes, as well as real estate related assets.

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Keppel DC REIT (KDCREIT SP)

Keppel Infrastructure Trust Placement - Very Well Flagged, Should Expect Some Short Covering

Keppel Infrastructure Trust (KIT SP) is looking to raise S$125m (US$96m) in its primary placement. The proceeds in the deal will be used to...

Clarence Chu

Quiddity Leaderboard Singapore's STI Sep 23: Sembcorp Marine Addition Could Finally Happen

If SMM gets added to the STI, there could be around 427mn shares to buy which around 1.4 days of volume and translates to a flow of US$33.6mn

Janaghan Jeyakumar, CFA

Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. In this note we talk about the trading dynamics.

Sumeet Singh

Keppel (KEP SP): Keppel O&M/Sembcorp Marine Transaction Moves Towards Completion

The divestment of Keppel O&M will further move Keppel towards a more asset-light and recurring earnings model, providing a helpful tailwind to hit...

Arun George

Last Week in Event SPACE: Meituan, Link Admin/Pexa, DTAC/True, Medley

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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