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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the not-so-positive aspects of the deal.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the not-so-positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Active EM managers outperform by 1.13% in Q3, with 59.3% of funds outperforming the MSCI EM Index</li>
<li>All Style groups outperformed the benchmark.  Value underperformed Growth. Significant outperformance at the Small/Midcap end of the spectrum.</li>
<li>Key drivers:  Underweights in China/Overweights in Brazil, Argentina and Mexico. Cash holdings, overweights in MercadoLibre and underweights in Tencent</li>
</ul>


Active EM managers outperform by 1.13% in Q3, with 59.3% of funds outperforming the MSCI EM Index
All Style groups outperformed the benchmark.  Value underperformed Growth. Significant outperformance at the Small/Midcap end of the spectrum.
Key drivers:  Underweights in China/Overweights in Brazil, Argentina and Mexico. Cash holdings, overweights in MercadoLibre and underweights in Tencent


GEM Fund Q3 Performance.  Active Managers Claw It Back After Blockbuster September.

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. </li>
<li>The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.</li>
</ul>



Sea Ltd results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. 
The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. 

Sea Ltd suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.


Sea Ltd (SE US) - Turning Tides Present a Different Wave

<ul>
<li>There has been a recent press commentary about <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> laying off staff, which although unpleasant reflects management's decisive and pragmatic decision-making style which is no bad thing.</li>
<li>It is unclear how many staff are being laid off and where but it seems that Indonesia is not impacted in a big way and core markets continue to perform.</li>
<li>We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is batting above its peers.</li>
</ul>


There has been a recent press commentary about Sea Ltd laying off staff, which although unpleasant reflects management's decisive and pragmatic decision-making style which is no bad thing.
It is unclear how many staff are being laid off and where but it seems that Indonesia is not impacted in a big way and core markets continue to perform.
We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and Sea Ltd (SE US) is batting above its peers.


Sea Ltd (SE US) - Navigating Challenging Waters With Sails Set

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  </li>
<li>1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.</li>
</ul>



GoTo announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  
1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.


GoTo (GOTO IJ) - Ploughing a Path to Profitability

Brazil

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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MercadoLibre (MELI US)

PT Global Digital Trade (BliBli) Pre-IPO - The Negatives - Online, Offline or Travelling to Nowhere?

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about the not so positive aspects of the...

Sumeet Singh

GEM Fund Q3 Performance. Active Managers Claw It Back After Blockbuster September.

Active EM managers outperformed in Q3, with 59.3% of funds outperforming the MSCI EM Index. Underweights in China/Overweights in Brazil, Argentina...

Steven Holden

Sea Ltd (SE US) - Turning Tides Present a Different Wave

Sea Ltd's 2Q2022 results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core...

Angus Mackintosh

Sea Ltd (SE US) - Navigating Challenging Waters With Sails Set

We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and Sea Ltd (SE US) is...

Angus Mackintosh

GoTo (GOTO IJ) - Ploughing a Path to Profitability

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to...

Angus Mackintosh

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