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.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> (CATL) is now looking to raise US$5bn via issuing new shares.</li>
<li>Two weeks ago we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Contemporary Amperex Technology (CATL) (3750 HK) (CATL) is now looking to raise US$5bn via issuing new shares.
Two weeks ago we wrote about how CATL could look to raise US$5bn via a primary issuance, since then nearly US$4.5bn worth of secondary deals have taken place.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Aequitas: CATL H-Share Placement- Will Be Very Well Flagged US$5bn Deal but Last Deal Didn’t Do Well

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD475mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 24th. The aggregated holding was USD1,312.8bn.
We estimate that foreign flows to be outflows of USD475mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES, Hyundai Motor, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Solactive has announced the review results for the Global Lithium Index. There are no constituent changes but there will be capping changes for some stocks.</li>
<li>Estimated one-way turnover is 7.8% and will result in a round-trip trade of US$360m.</li>
<li>The largest inflows are estimated to be in <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla</a> , <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD </a>, <a href="https://www.smartkarma.com/entities/eve-energy-co-ltd" target="_blank" data-smartkarma-citation="entities:14769:1" rel="noopener">EVE Energy</a>, <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution</a>, <a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK Corp</a>, <a href="https://www.smartkarma.com/entities/naura-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:2333:1" rel="noopener">NAURA Technology Group</a> and <a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology</a>.</li>
</ul>


Solactive has announced the review results for the Global Lithium Index. There are no constituent changes but there will be capping changes for some stocks.
Estimated one-way turnover is 7.8% and will result in a round-trip trade of US$360m.
The largest inflows are estimated to be in Tesla , BYD , EVE Energy, LG Energy Solution, TDK Corp, NAURA Technology Group and Contemporary Amperex Technology.


Solactive Global Lithium Index Rebalance: Capping Changes in April

Ningbo Tuopu Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-tuopu-group-co-ltd" target="_blank" data-smartkarma-citation="entities:25181:1" rel="noopener">Ningbo Tuopu Group (601689 CH)</a> (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.</li>
<li>According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share listing.
According to CIC, NT was the largest Chinese supplier of soft-touch interior components and the second-largest Chinese supplier of air suspension systems and vibration control systems.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

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

<ul>
<li>Mercedes has joined <a href="https://www.smartkarma.com/entities/bayerische-motoren-werke-ag-bmw-72824b26-c157-46b2-bafe-650cb75a091f" target="_blank" data-smartkarma-citation="entities:21591:1" rel="noopener">Bayerische Motoren Werke (BMW) (BMW GR)</a> and <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a> as customers of Samsung SDI. </li>
<li>We chronicled the different phase of <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> development and how the PER varied over time, reflecting the business condition. </li>
<li>EU EV subsidy has moved on from simple grants to Industrial Protectionism that benefit players with local manufacturing facilities like Samsung SDI. The difference is 15-25% per vehicle. </li>
</ul>


Mercedes has joined Bayerische Motoren Werke (BMW) (BMW GR) and Stellantis NV (STLAM IM) as customers of Samsung SDI. 
We chronicled the different phase of Samsung SDI (006400 KS) development and how the PER varied over time, reflecting the business condition. 
EU EV subsidy has moved on from simple grants to Industrial Protectionism that benefit players with local manufacturing facilities like Samsung SDI. The difference is 15-25% per vehicle. 


South Korea

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

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LG Energy Solution (373220 KS)

KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Solactive Global Lithium Index Rebalance: Capping Changes in April

There are no constituent changes for the index in April, but there are capping changes. Estimated one-way turnover is 7.8% and will result in a...

Brian Freitas

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Samsung SDI (006400): More to Come

Mercedes, BMW, and Stellantis NV are now customers of Samsung SDI. It will also benefit from EU EV subsidies favoring players with local...

Henry Soediarko

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Aequitas: CATL H-Share Placement- Will Be Very Well Flagged US$5bn Deal but Last Deal Didn’t Do Well

Contemporary Amperex Technology (CATL) (3750 HK) (CATL) is now looking to raise US$5bn via issuing new shares. In this note, we talk about the deal...

Sumeet Singh

KRX Foreign Holding Weekly (Apr 24th): SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY INDUSTRIES

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Doosan Enerbility, HD HYUNDAI HEAVY...

Ke Yan, CFA, FRM

Solactive Global Lithium Index Rebalance: Capping Changes in April

There are no constituent changes for the index in April, but there are capping changes. Estimated one-way turnover is 7.8% and will result in a...

Brian Freitas

Aequitas: Ningbo Tuopu A/H Listing - Revenue Growth Has Been Strong, Margins Lagging

Ningbo Tuopu Group (601689 CH) (NT), an integrated system solution provider for automotive OEMs, aims to raise around US$1bn in its H-share...

Sumeet Singh

Samsung SDI (006400): More to Come

​Mercedes, BMW, and Stellantis NV are now customers of Samsung SDI. It will also benefit from EU EV subsidies favoring players with local...

Henry Soediarko

Mercedes, BMW, and Stellantis NV are now customers of Samsung SDI. It will also benefit from EU EV subsidies favoring players with local...