APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Merdeka Battery Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> raised around US$591m in its Indonesian IPO.</li>
<li>It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. 
In this note, we will talk about the trading dynamics and valuation.


Merdeka Battery Materials IPO Trading - Earnings Might Be Long Drawn Out but Should Perform Fine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a>  is looking to raise around US$580m in its Indonesian IPO.</li>
<li>It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie</li>
<li>In this note, we undertake a quick peer comparison, talk about our earnings assumptions, and share our thoughts on valuation.</li>
</ul>



Merdeka Battery Materials (2012725D IJ)  is looking to raise around US$580m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie
In this note, we undertake a quick peer comparison, talk about our earnings assumptions, and share our thoughts on valuation.


Merdeka Battery Materials IPO Peer Comparison & Valuation - Might Be Worth a Shot

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> is looking to raise around US$580m in its Indonesian IPO.</li>
<li>It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. </li>
<li>MBM aims to become a vertically integrated battery materials player. Through a series of acquisitions, it owns one of the world’s largest nickel mines. </li>
</ul>



Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. 
MBM aims to become a vertically integrated battery materials player. Through a series of acquisitions, it owns one of the world’s largest nickel mines. 


Merdeka Battery Materials IPO - Commercializing One of the World’s Largest Nickel Mines

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.</li><li>Expect nickel prices and producers’ margin to stabilize in 2H23.</li><li>Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply from Indonesia. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Amid our expectation of stabilizing price and margin in 2H23, we see the sectors’ performance in 2H23 to be driven by volumes and thus, prefer producers with volume growth improvements namely MBMA, NCKL.Expect nickel prices and producers’ margin to stabilize in 2H23.Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply from Indonesia. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> raised around US$714m in its Indonesian IPO.</li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In this note, we will talk about the trading dynamics and valuation.


Amman Mineral International IPO Trading - Looks Attractive with Ample Upside

Indonesia

PT Merdeka Battery Materials Tbk. is an integrated strategic minerals and EV battery materials company. The Company focuses on discovering nickel resources and producing advanced products to continuously improve clean energy supply. Merdeka Battery Materials serves customers in Indonesia.

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Merdeka Battery Materials (MBMA IJ)

Merdeka Battery Materials IPO Trading - Earnings Might Be Long Drawn Out but Should Perform Fine

Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO. In this note, we will talk about the trading dynamics and...

Ethan Aw

Merdeka Battery Materials IPO Peer Comparison & Valuation - Might Be Worth a Shot

Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO. We undertake a quick peer comparison, and share...

Ethan Aw

Merdeka Battery Materials IPO - Commercializing One of the World’s Largest Nickel Mines

Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO. MBM aims to become a vertically integrated...

Ethan Aw

Metal Mining - Expect nickel price and margins to stabilize, but volume will be key drivers in 2H23

Using China NPI price as a proxy, we noted that price have bottomed in USD13,182/ton in July 2023, following weakness since 2Q23 due to oversupply...

BRI Danareksa Research

Amman Mineral International IPO Trading - Looks Attractive with Ample Upside

Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO. In this note, we will talk about the trading dynamics and...

Ethan Aw

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Market Cap (USDm)

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