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>Khazanah is looking to raise up to US$300m via selling 1.5% of <a href="https://www.smartkarma.com/entities/tenaga-nasional-bhd" target="_blank" data-smartkarma-citation="entities:195:1" rel="noopener">Tenaga Nasional (TNB MK)</a>.</li>
<li>Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK).
Khazanah has sold multiple times before and hence, the selldown is unlikely to come as a surprise.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Zhongzhi / Exclusive: Zhongzhi vice president Xie among those probed over group’s collapse</li><li><p>Meeting /: Politburo weighs new rules to tighten party control over foreign affairs</p></li><li><p>GDP /: China to hit 5% GDP growth target for 2023, PBOC chief says</p></li></ul>

Zhongzhi / Exclusive: Zhongzhi vice president Xie among those probed over group’s collapseMeeting /: Politburo weighs new rules to tighten party control over foreign affairsGDP /: China to hit 5% GDP growth target for 2023, PBOC chief says

CX Daily: Zhongzhi Vice President Xie Among Those Probed Over Group’s Collapse 

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).
He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

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>
<a href="https://www.smartkarma.com/entities/my-eg-services-bhd" target="_blank" data-smartkarma-citation="entities:19765:1" rel="noopener">My E.G. Services (MYEG MK)</a> 's share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of services MyEG offers. </li>
<li>Plenty of the upsides from the new JV in the Philippines and Indonesia are yet to contribute to the full extent due to COVID-19.</li>
<li>Trades at 19x PER, a deep discount to its historical highs despite stable profitability and a healthy ROE at 23%.  </li>
</ul>



My E.G. Services (MYEG MK) 's share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of services MyEG offers. 
Plenty of the upsides from the new JV in the Philippines and Indonesia are yet to contribute to the full extent due to COVID-19.
Trades at 19x PER, a deep discount to its historical highs despite stable profitability and a healthy ROE at 23%.  


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<div>
<p>Back on the 3 June, Seaport Terminal, a wholly-owned vehicle of Tan Sri Syed Mokhtar Albukhary, <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3163886" target="_blank" rel="noopener">announced</a> an Offer for port operator and utility play <a href="https://www.smartkarma.com/entities/mmc-corp-bhd" target="_blank" data-smartkarma-citation="entities:9776:1" rel="noopener">MMC Corp Bhd (MMC MK)</a> at RM2.00/share, a 70.94% premium to last close. Seaport Terminal owned 51.76% of MMC.  The Offer was being done via a selective capital reduction and repayment (SCR) exercise.  The circular was <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3190946" target="_blank" rel="noopener">dispatched</a> on the 8 September with the EGM scheduled for the 30 September. Payment under the offer is expected towards the end of December.</p>
</div>
<div>
<p>This looked done, but has consistently traded wide to terms, largely on concerns as to how Permodalan Nasional (PNB) will vote.</p>
<p>In <em><a href="https://skr.ma/N86j6" target="_blank" rel="noopener">MMC Corp (MMC MK): This Is A Buy</a></em> I thought it was highly unlikely the Offer would have been pitched without first sounding out PNB. I recommended getting involved at the then gross spread of 13.6%.</p>
<p>Yesterday, shareholders overwhelmingly <a href="https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3197014" target="_blank" rel="noopener">approved</a> the SCR - 85% of the disinterested shareholders voted and 99.7519% in value to the votes attached to those shares approved the special resolution. Therefore, PNB gave its blessing.</p>
<p>Now it's a question of when the High Court will sanction the deal.</p>
</div>
<div>
<p>More below the fold.</p>
</div>


Back on the 3 June, Seaport Terminal, a wholly-owned vehicle of Tan Sri Syed Mokhtar Albukhary, announced an Offer for port operator and utility play MMC Corp Bhd (MMC MK) at RM2.00/share, a 70.94% premium to last close. Seaport Terminal owned 51.76% of MMC.  The Offer was being done via a selective capital reduction and repayment (SCR) exercise.  The circular was dispatched on the 8 September with the EGM scheduled for the 30 September. Payment under the offer is expected towards the end of December.


This looked done, but has consistently traded wide to terms, largely on concerns as to how Permodalan Nasional (PNB) will vote.
In MMC Corp (MMC MK): This Is A Buy I thought it was highly unlikely the Offer would have been pitched without first sounding out PNB. I recommended getting involved at the then gross spread of 13.6%.
Yesterday, shareholders overwhelmingly approved the SCR - 85% of the disinterested shareholders voted and 99.7519% in value to the votes attached to those shares approved the special resolution. Therefore, PNB gave its blessing.
Now it's a question of when the High Court will sanction the deal.


More below the fold.


MMC Corp (MMC MK): The Vote Gets Up. Now For Court Sanctioning

Malaysia

Malaysian Airline System Berhad provides air transportation services. The Company offers ground services, aircraft leasing, engineering, cargo, and talent development services. Malaysian Airline System serves customers worldwide.

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Malaysian Airline System (MAS MK)

Tenaga Nasional Placement - Has Sold Before but past Deals Haven’t Done Much

Khazanah is looking to raise up to US$300m via selling 1.5% of Tenaga Nasional (TNB MK). In this note, we talk about the deal dynamics.

Sumeet Singh

CX Daily: Zhongzhi Vice President Xie Among Those Probed Over Group’s Collapse

Zhongzhi / Exclusive: Zhongzhi vice president Xie among those probed over group’s collapse Some of the suspects under investigation over their...

Caixin Global

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

MyEG (MYEG): Why Not Own It?

My E.G. Services' share price is pummelled down from the reopening sentiment, although investors missed the point on this given the range of...

Henry Soediarko

MMC Corp (MMC MK): The Vote Gets Up. Now For Court Sanctioning

The SCR is done. Now we wait for High Court approval. Trading at a gross/annualised spread of 2.6%/10.7%, which is a similar spread for precedent...

David Blennerhassett

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