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

Dalrymple Bay Infrastructure L / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brookfield-asset-management-lt" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management Lt (BAM US)</a> aims to raise around US$278m via selling 23.3% of <a href="https://www.smartkarma.com/entities/dalrymple-bay-infrastructure-l" target="_blank" data-smartkarma-citation="entities:41235:1" rel="noopener">Dalrymple Bay Infrastructure L (DBI AU).</a>
</li>
<li>The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.</li>
<li>In this note we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

The shares have performed well over the last year or so, with the company having delivered consistent DPU growth.
In this note we talk about the deal dynamics and run the deal through our ECM framework.


Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Napier Port (NPH) reported a strong 1H25 result and is on track to deliver its 2021 investor-day profit objective in FY25, despite material setbacks over the past few years.</li><li>Pricing has been the most important driver, with further impressive gains evident in 1H25 across all trades, although trade volumes are mixed.</li><li>With scope for sustained earnings growth over the medium term, Forsyth Barr retains an OUTPERFORM rating on Napier Port.</li></ul>

Napier Port (NPH) reported a strong 1H25 result and is on track to deliver its 2021 investor-day profit objective in FY25, despite material setbacks over the past few years.Pricing has been the most important driver, with further impressive gains evident in 1H25 across all trades, although trade volumes are mixed.With scope for sustained earnings growth over the medium term, Forsyth Barr retains an OUTPERFORM rating on Napier Port.

Napier Port 1H25—Pricing Power at the Fore

<ul><li>Napier Port (NPH) said it is tracking towards the top end of its FY25 EBITDA guidance range at its 2025 investor day.</li><li>It also reiterated its return on capital goal (WACC type level over the medium to long term).</li><li>Management has outlined a well thought through port productivity initiative (Napier Port Transformation) which should yield benefits from FY28, after an upfront investment, enhancing longer-term returns. </li></ul>

Napier Port (NPH) said it is tracking towards the top end of its FY25 EBITDA guidance range at its 2025 investor day.It also reiterated its return on capital goal (WACC type level over the medium to long term).Management has outlined a well thought through port productivity initiative (Napier Port Transformation) which should yield benefits from FY28, after an upfront investment, enhancing longer-term returns. 

Napier Port - Steering a Transformative Voyage

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be one constituent change each for the NZX10 Index and the NZX50 Index/ NZX50 Portfolio Index in March.</li>
<li>The flows are limited but the impacts are huge, and the stocks could move ahead of the announcement of the changes.</li>
<li>
<a href="https://www.smartkarma.com/entities/a2-milk-co-ltd" target="_blank" data-smartkarma-citation="entities:17656:1" rel="noopener">A2 Milk Co Ltd (ATM NZ)</a> is a potential inclusion to the NZX10 Index, but the inflows will be completely overshadowed by the potential deletion from a global index.</li>
</ul>


There could be one constituent change each for the NZX10 Index and the NZX50 Index/ NZX50 Portfolio Index in March.
The flows are limited but the impacts are huge, and the stocks could move ahead of the announcement of the changes.

A2 Milk Co Ltd (ATM NZ) is a potential inclusion to the NZX10 Index, but the inflows will be completely overshadowed by the potential deletion from a global index.


S&P/NZX Index Rebalance Preview: Couple of Changes in March

<ul><li>Napier Port (NPH) reported a strong FY24 result, boosted by the post-Cyclone Gabrielle volume recovery and pricing initiatives.</li><li>Management appears confident that earnings growth can continue in FY25, despite the closure of key customer WPI and resultant loss of significant container volume.</li><li>Pan Pac’s recovery, a solid apple harvest, robust log exports, and further pricing initiatives should be supportive. </li></ul>

Napier Port (NPH) reported a strong FY24 result, boosted by the post-Cyclone Gabrielle volume recovery and pricing initiatives.Management appears confident that earnings growth can continue in FY25, despite the closure of key customer WPI and resultant loss of significant container volume.Pan Pac’s recovery, a solid apple harvest, robust log exports, and further pricing initiatives should be supportive. 

New Zealand

Napier Port Holdings Limited provides shipping services. The Company offers transportation for cargo and passenger. Napier Port Holdings serves customers in New Zealand.

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Napier Port (NPH NZ)

Dalrymple Bay Infra Placement - Good Track Record but Might Be Too Chunky

Brookfield Asset Management Lt (BAM US) aims to raise around US$278m via selling 23.3% of Dalrymple Bay Infrastructure L (DBI AU).

Sumeet Singh

Napier Port 1H25—Pricing Power at the Fore

Napier Port (NPH) reported a strong 1H25 result and is on track to deliver its 2021 investor-day profit objective in FY25, despite material...

Forsyth Barr

Napier Port - Steering a Transformative Voyage

Napier Port (NPH) said it is tracking towards the top end of its FY25 EBITDA guidance range at its 2025 investor day. It also reiterated its return...

Forsyth Barr

S&P/NZX Index Rebalance Preview: Couple of Changes in March

There could be one change each for the NZX10 and NZX50 indices in March. Flows in the stocks are limited but impact is huge. A2Milk could have huge...

Brian Freitas

Napier Port - FY24 — Dividends Ahoy!

Napier Port (NPH) reported a strong FY24 result, boosted by the post-Cyclone Gabrielle volume recovery and pricing initiatives. Management appears...

Forsyth Barr

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