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/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.


Cuscal IPO - Peer Comparison & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we will talk about the not so positive aspects of the deal.


Cuscal Pre-IPO - The Negatives - Margins Have Declined and Growth May Be Capped

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO. </li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. 
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. 
In this note, we will talk about the positive aspects of the deal.


Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

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.

Equity Bottom-Up

<ul><li>Mastercard managed to exceed analyst expectations in terms of revenue and earnings.</li><li>The broader labor market is still robust, with pay growth included, and credit and savings continue to support consumers.</li><li>They introduced Mastercard Receivables Manager with Billtrust on the supplier side and MasterCard Multi-Token Network in the blockchain.</li></ul>

Mastercard managed to exceed analyst expectations in terms of revenue and earnings.The broader labor market is still robust, with pay growth included, and credit and savings continue to support consumers.They introduced Mastercard Receivables Manager with Billtrust on the supplier side and MasterCard Multi-Token Network in the blockchain.

Mastercard Incorporated: A Groundbreaking Multi-Market Strategy & What It Means for Investors! – Key Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds.</li>
<li>The expectations for the upcoming quarter are high and the second half of the fiscal year is also likely to be more challenging.</li>
<li>This creates certain risks for the share price that are not necessarily priced in at the moment.</li>
</ul>


Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds.
The expectations for the upcoming quarter are high and the second half of the fiscal year is also likely to be more challenging.
This creates certain risks for the share price that are not necessarily priced in at the moment.


Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Cuscal IPO - Peer Comparison & Thoughts on Valuation

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note we will undertake a peer comparison and share our...

Clarence Chu

Cuscal Pre-IPO - The Negatives - Margins Have Declined and Growth May Be Capped

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the not so positive aspects...

Clarence Chu

Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

Mastercard Incorporated: A Groundbreaking Multi-Market Strategy & What It Means for Investors! – Key Drivers

Mastercard managed to exceed analyst expectations in terms of revenue and earnings. The broader labor market is still robust, with pay growth...

Baptista Research

Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering

Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds. The expectations for the upcoming...

Vladimir Dimitrov, CFA

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