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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro (BTG TB)</a> raised about US$460m in its Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand.</li>
<li>In this note we will talk about the trading dynamics.</li>
</ul>



Betagro (BTG TB) raised about US$460m in its Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand.
In this note we will talk about the trading dynamics.


Betagro IPO Trading - Seems Fairly Valued

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. </li>
<li>Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. </li>
<li>Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. </li>
</ul>


Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail. 
Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better. 
Compared to AOT, BEM's PBR is 63% cheaper while its share price still underperformed AOT this year by 11%. 


Bangkok Express and Metro (BEM): Marching On

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Thai Life Insurance / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we talk about allocation and the trading dynamics</li>
</ul>


Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we talk about allocation and the trading dynamics


Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about valuation. 


Delhivery IPO - Thoughts on Valution, Touch-And-Go

<ul>
<li>Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. </li>
</ul>


Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we will undertake a peer comparison. 


Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Thailand

Kex Express is a nationwide parcel delivery company in Thailand, providing integrated logistics solutions for C2C, B2C, and B2B segments, including domestic and international parcel delivery. They also offer ocean freight, cross-border land transportation, and customs clearance services. The company is headquartered in Bangkok, Thailand, and was founded in 2006.

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Kex Express (KEX TB)

Betagro IPO Trading - Seems Fairly Valued

Betagro (BTG TB) raised about US$460m in its Thailand IPO. Betagro is an integrated agro-industrial and food business in Thailand. In this note we...

Clarence Chu

Bangkok Express and Metro (BEM): Marching On

The early sign of recovery is there and BEM has proven that it participates and does not lag behind the improvement in the ridership recovery as...

Henry Soediarko

Thai Life Insurance IPO Trading - One for Domestics and Cornerstones

Thai Life Insurance (TLI) raised around US$975m in its Thailand IPO. Cornerstone investors, including GIC, took up around 54% of the deal. In this...

Sumeet Singh

Delhivery IPO - Thoughts on Valution, Touch-And-Go

Delhivery is now looking to raise around US$700m in its upcoming India IPO, the company is backed by a host of financial investors, the largest...

Sumeet Singh

Delhivery IPO - Peer Comparison, What It Gains in Growth It Gives up in Margins

Delhivery is now looking to raise around US$700m in its upcoming India IPO. In this note, we will undertake a peer comparison.

Sumeet Singh

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