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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smpp-ltd" target="_blank" data-smartkarma-citation="entities:44073:1" rel="noopener">SMPP Ltd</a> is planning to raise about US$476m through its upcoming IPO in India.</li>
<li>SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India.
SMPP Ltd. designs and manufactures defence equipment, specialising in ammunition components and personal protection products for the Indian armed forces, police, and security agencies.
In this note, we look at the company’s past performance.


SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Hanwha Aerospace / Equity Capital Markets

<ul>
<li>Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.</li>
<li>We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.</li>
<li>It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. </li>
</ul>


Hanwha Aerospace (012450 KS) announced a rights offering capital raise of 3.6 trillion won (US$2.5 billion), which is the largest ever rights offering capital raise in Korea.
We believe this capital raise is likely to result in higher concerns about shares dilution at Hanwha Aerospace and negatively impact its share price.
It is also likely to have a significant negative impact on the entire Korean defense stocks, as it signals a top on this sector. 


Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Taking advantage of a doubling in its share price over the last year, <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal</a> is tapping the market to fund the expansion of its US facilities to fulfil US Navy contracts.</li>
<li>Austal is placing out 52.6mn new shares (non-underwritten) at A$3.80/share - ~A$200mn all-in - a 15.6% discount to last close, and effectively tapping out its annual placement capacity.</li>
<li>Provided the placement is squared away, founder John Rothwell will unload $50mn of his own stock. As such, any M&amp;A activity is now firmly on the backburner. </li>
</ul>


Taking advantage of a doubling in its share price over the last year, Austal is tapping the market to fund the expansion of its US facilities to fulfil US Navy contracts.
Austal is placing out 52.6mn new shares (non-underwritten) at A$3.80/share - ~A$200mn all-in - a 15.6% discount to last close, and effectively tapping out its annual placement capacity.
Provided the placement is squared away, founder John Rothwell will unload $50mn of his own stock. As such, any M&amp;A activity is now firmly on the backburner. 


Austal (ASB AU)'s Placement Puts The Skids On Near-Term M&A

Podcast by Jim Grant on high finance, Grant's Current Yield Podcast

Grant’s Current Yield Podcast

Podcast by Jim Grant on high finance

Grant's Current Yield Podcast

You've read their prose. Now hear their voices. Listen to Jim Grant and Evan Lorenz talk high finance, Grant's-style, with plenty of wit and historical context to enliven their discussion of today's foremost investment topics. Welcome to Grant's Radio!

Thematic (Sector/Industry)

<ul><li>Steve Bogdan shares insights on the defense industry and the need for tangible capital investment in the US</li><li>Discussion on the Chinese naval buildup and its impact on Washington's strategic thinking</li><li>Exploration of investment opportunities in defense stocks and the macro implications of rising rates due to increased spending and automation trends</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Steve Bogdan shares insights on the defense industry and the need for tangible capital investment in the USDiscussion on the Chinese naval buildup and its impact on Washington's strategic thinkingExploration of investment opportunities in defense stocks and the macro implications of rising rates due to increased spending and automation trendsThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Lockheed Martin Corporation recently held its third-quarter earnings call for 2024, during which key financial metrics and strategic developments were discussed.</li><li>The company reported robust demand across its business sectors, leading to a record backlog of over $165 billion, driven primarily by increased orders for precision and air defense munitions like the Javelin and various missile systems.</li><li>This backlog, a critical indicator of future revenue, underscores Lockheed Martin's strong market position and ongoing demand for its defense products.</li></ul>

Lockheed Martin Corporation recently held its third-quarter earnings call for 2024, during which key financial metrics and strategic developments were discussed.The company reported robust demand across its business sectors, leading to a record backlog of over $165 billion, driven primarily by increased orders for precision and air defense munitions like the Javelin and various missile systems.This backlog, a critical indicator of future revenue, underscores Lockheed Martin's strong market position and ongoing demand for its defense products.

Lockheed Martin Corporation: Can It Capitalize On The Current Aerospace & Defense Macro? - Major Drivers

United States

Lockheed Martin Corporation is a global security company that primarily researches, designs, develops, manufactures, and integrates advanced technology products and services.  The Company's businesses span space, telecommunications, electronics, information and services, aeronautics, energy, and systems integration.  Lockheed Martin operates worldwide.

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Lockheed Martin (LMT US)

SMPP Ltd Pre-IPO - In the Right Space (Defence), at the Right Time but Growth Has Been Inconsistent

SMPP Ltd is planning to raise about US$476m through its upcoming IPO in India. In this note, we look at the company's past performance.

Sumeet Singh

Hanwha Aerospace: Rights Offering of 3.6 Trillion Won (Negative on Entire Korean Defense Sector)

Hanwha Aerospace announced a rights offering capital raise of 3.6 trillion won. We believe this capital raise is likely to result in higher...

Douglas Kim

Austal (ASB AU)'s Placement Puts The Skids On Near-Term M&A

A doubling in the share price over the past year urged a rethink of the company’s funding plans; plus validating its rejection last year of Hanwha...

David Blennerhassett

BACK TO THE FUTURE

Steve Bogdan shares insights on the defense industry and the need for tangible capital investment in the US Discussion on the Chinese naval...

Grant’s Current Yield Podcast

Lockheed Martin Corporation: Can It Capitalize On The Current Aerospace & Defense Macro? - Major Drivers

Lockheed Martin Corporation recently held its third-quarter earnings call for 2024, during which key financial metrics and strategic developments...

Baptista Research

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