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

Centurion Accommodation REIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/centurion-accomodation-reit" target="_blank" data-smartkarma-citation="entities:45779:1" rel="noopener">Centurion Accomodation REIT (CAREIT SP)</a> (CAREIT) raised around US$600m in its Singapore IPO.</li>
<li>CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).</li>
<li>We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.</li>
</ul>



Centurion Accomodation REIT (CAREIT SP) (CAREIT) raised around US$600m in its Singapore IPO.
CAREIT plans to invest directly or indirectly, in a portfolio of purpose-built worker accommodation (PBWA), purpose-built student accommodation (PBSA) or other accommodation, located globally (excluding Malaysia).
We have looked at the company’s past performance and valuations in our previous note. In this note, we will talk about the trading dynamics.


Centurion Accomodation REIT IPO Trading - Strong Institutional and Retail Demand

Mid-market focused investment bank within SE Asia, Evolve Capital Advisory Pte Ltd

Evolve Capital Research

Mid-market focused investment bank within SE Asia

Evolve Capital Advisory Pte Ltd

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dezign-format-group-limited" target="_blank" data-smartkarma-citation="entities:45666:1" rel="noopener">Dezign Format Group (DFG SP)</a> is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.</li>
<li>It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.</li>
<li>We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.</li>
</ul>



Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on the MICE industry.
It has worked with a variety of global luxury brands and integrated resorts, with many of its projects being directly sourced rather than through open tender.
We initiate rated coverage on DF with a DCF-based TP of S$0.40, implying a 14.4x FY25E P/E, representing an upside of approximately 33.3%.


Dezign Format Initiation - Scaling Within a Niche Space

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul><li>In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.</li><li>UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.</li><li>Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.</li></ul>

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024.UOB, DBS, and OCBC led buybacks with a combined S$1.28 billion, driven by capital management initiatives and dividends.Secondary-listed Hongkong Land repurchased US$176 million shares, while City Developments completed an off-market buyback of preference shares.

Buyback Consideration Surges 80% in 2025 to S$1.65B

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.</li>
<li>OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.</li>
<li>Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.</li>
</ul>


UOBKH raises Pan-United target price to $1.33 due to Terminal 5 contract and demand.
OCBC raises Nanofilm's fair value to 79 cents, but outlook is uncertain.
Maybank and DBS boost Sea Limited's target prices due to Shopee and gaming growth.


Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

<ul>
<li>OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.</li>
<li>Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.</li>
<li>Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.</li>
</ul>


OCBC's Lim raises Nanofilm's fair value to 79 cents, citing uncertain outlook.
Brokers’ Digest: Suntec REIT, BRC Asia, YZJ Financial, CNMC Goldmine, Prime US REIT.
Maybank and DBS lift Sea Limited target prices due to higher Shopee take-rates.


Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Centurion Accomodation REIT IPO Trading - Strong Institutional and Retail Demand

Centurion Accomodation REIT (CAREIT SP) (CAREIT) raised around US$600m in its Singapore IPO. In this note, we talk about the trading updates.

Sumeet Singh

Dezign Format Initiation - Scaling Within a Niche Space

Dezign Format Group (DFG SP) is a design-and-build specialist offering experiential marketing and events management solutions, with a key focus on...

Evolve Capital Advisory Pte Ltd

Buyback Consideration Surges 80% in 2025 to S$1.65B

In 2025, 76 primary-listed companies in Singapore executed share buybacks totaling S$1.65 billion, an 80% increase from 2024. UOB, DBS, and OCBC...

Singapore Exchange Ltd (SGX)

Singapore Market Roundup (12-Sep-2025): UOBKH lifts Pan-United target to $1.33 on Terminal 5 deal.

UOBKH raises Pan-United's target price to $1.33, while OCBC increases Nanofilm's fair value to 79 cents amid an uncertain outlook.

Singapore Market Roundup

Singapore Market Roundup (11-Sep-2025): OCBC's Lim Ups Nanofilm's Fair Value to 79 Cents

OCBC's Lim raises Nanofilm's fair value to 79 cents amid uncertainty. Maybank and DBS increase Sea Limited target prices due to higher Shopee take...

Singapore Market Roundup

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