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>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
In this note, we talk about the not-so-positive aspects of the deal.


Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

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

Cross Asset Strategy

<ul>
<li>This week we look at Shopee and Lazada as they are investigated for anti-competitive behaviour around logistics, Grab's OpenAI collaboration, and <a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt-cinema-xxi" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CNMA IJ)</a> as GIC looks to exit. </li>
<li>We also look at the increasing focus by governments around Southeast Asia on cheap imports from China, as Thailand joins the through imposing VAT on low-value products previously exempt.</li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at Shopee and Lazada as they are investigated for anti-competitive behaviour around logistics, Grab's OpenAI collaboration, and Cinema XXI (CNMA IJ) as GIC looks to exit. 
We also look at the increasing focus by governments around Southeast Asia on cheap imports from China, as Thailand joins the through imposing VAT on low-value products previously exempt.
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Shopee Express in the CrossHairs, Grab & OpenAI, Cinema XXI, Thai Tariffs

Equity Bottom-Up

Ramayana Lestari Sentosa / Equity Bottom-Up

<ul>
<li>Iconic Indonesian mass-market department store retailer <a href="https://www.smartkarma.com/entities/ramayana-lestari-sentosa-tbk-pt" target="_blank" data-smartkarma-citation="entities:12266:1" rel="noopener">Ramayana Lestari Sentosa (RALS IJ)</a> has struggled with sluggish growth this year, especially over Lebaran but management remains confident in some recovery in 2H2023.</li>
<li>The company embarked on transformation pre-pandemic but COVID put a brake on this change and forced a number of stores to close and resurrection has begun again but slowly.</li>
<li>
<a href="https://www.smartkarma.com/entities/ramayana-lestari-sentosa-tbk-pt" target="_blank" data-smartkarma-citation="entities:12266:1" rel="noopener">Ramayana</a> is taking a conservative approach this year, opting not to expand its store network as anticipates weakened purchasing power but pre-election spending could provide a boost. Valuations are attractive.</li>
</ul>


Iconic Indonesian mass-market department store retailer Ramayana Lestari Sentosa (RALS IJ) has struggled with sluggish growth this year, especially over Lebaran but management remains confident in some recovery in 2H2023.
The company embarked on transformation pre-pandemic but COVID put a brake on this change and forced a number of stores to close and resurrection has begun again but slowly.

Ramayana is taking a conservative approach this year, opting not to expand its store network as anticipates weakened purchasing power but pre-election spending could provide a boost. Valuations are attractive.


Ramayana Lestari Sentosa (RALS IJ) -A Challenging Transformation Process

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> and  <a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (1547353D IN)</a> opened their respective IPO bookbuilds this week.</li>
<li>On the Placements front, India began picking up steam post-earnings seasons.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Concord Biotech Ltd (658823Z IN) and  SBFC Finance Limited (1547353D IN) opened their respective IPO bookbuilds this week.
On the Placements front, India began picking up steam post-earnings seasons.


ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI</a> raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Cinema XXI raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Indonesia

PT Nusantara Sejahtera Raya Tbk owns and operates movie theatres. The Company shows movies, promotions, documentaries, and trailers, as well as conducts event. Nusantara Sejahtera Raya serves customers in Indonesia.

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Cinema XXI (CNMA IJ)

Nusantara Sejahtera Raya (Cinema XXI) IPO - The Negatives - Private Placement, Not a Primary Raising

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

CrossASEAN Ground Zero - Shopee Express in the CrossHairs, Grab & OpenAI, Cinema XXI, Thai Tariffs

This week we look at Shopee and Lazada as they are investigated for anti-competitive behaviour around logistics, Grab's OpenAI collaboration, and...

Angus Mackintosh

Ramayana Lestari Sentosa (RALS IJ) -A Challenging Transformation Process

Ramayana is taking a conservative approach this year, opting not to expand its store network due to weakened purchasing power. Pre-election...

Angus Mackintosh

ECM Weekly (6th August 2023) - Concord Biotech, SBFC Fin, Fadu, Mitsui Fudosan, Capitaland Ascott

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Nusantara Sejahtera (Cinema XXI) raised around US$150m in its Indonesia IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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