🌏 Asian Private Markets Research and Insights 💡, pvtIQ

Ben Lim

🌏 Asian Private Markets Research and Insights 💡

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

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Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.</li>
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Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.</li>
<li>
Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.</li>
</ul>



Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by embedding its financial services directly into the Shopee ecosystem.

Rapid Market Traction: Since its soft-launch in March 2023, the bank has demonstrated exponential growth, scaling its deposit base from S$2 million (2022) to S$1.5 billion (2024), adapting to market needs and adhering to regulatory progression requirements.

Product Differentiation via Simplicity: In contrast to peers like GXS Bank that utilize loyalty programmes and Trust Bank that gamifies rewards, MariBank Singapore (“MariBank”) captures market share through radical transparency, simplicity and speed.


MariBank Singapore: Leveraging Integration and Growth (Initiation)

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

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<a href="https://www.smartkarma.com/entities/avepoint-inc" target="_blank" data-smartkarma-citation="entities:37131:1" rel="noopener">AvePoint (AVPT US)</a> , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.</li>
<li>As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.
As of FY24, AP had over 25,000 customers who rely on its Confidence Platform to prepare, secure, and optimize their critical data across environments.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

Make an Impact

Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>Dividend is a key component of overall returns.</li><li>The strategy seeks to invest in high dividend stocks globally.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li></ul>

Dividend is a key component of overall returns.The strategy seeks to invest in high dividend stocks globally.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.

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.

Equity Bottom-Up

<ul><li>Singapore's economy in 2H26 is bolstered by AI demand, infrastructure investment, and resilient services amid global cost pressures. </li><li>Financial services led July's top performers, with Great Eastern Holdings, Pan-United, and OCBC showing significant total returns. </li><li>Institutional net outflows in July were S$464 million, while retail investors net bought S$545 million, indicating differing market strategies. </li></ul>

Singapore's economy in 2H26 is bolstered by AI demand, infrastructure investment, and resilient services amid global cost pressures.  Financial services led July's top performers, with Great Eastern Holdings, Pan-United, and OCBC showing significant total returns.  Institutional net outflows in July were S$464 million, while retail investors net bought S$545 million, indicating differing market strategies.  

STI Chalks Up Strongest Monthly Gains since Nov 2020 with 8.8% Rally  

Equity Long-Short

Mo Aziz

<ul>
<li>OCBC built credit costs 6bp above its trailing run-rate in 1Q26. We read it as front-loading inside guidance. One 2Q26 data point confirms or changes that view.</li>
<li>OCBC discloses less about its overlay than DBS: neither the quarterly amount nor the cumulative stock is separately quantified. A reserve with no disclosed size has no auditable direction.</li>
<li>At S$28.69 OCBC trades at a 45% premium to GGM-justified book on a 13% ROE. DBS's 43% premium runs on 17%. Same multiple. 400bp less ROE.</li>
</ul>


OCBC built credit costs 6bp above its trailing run-rate in 1Q26. We read it as front-loading inside guidance. One 2Q26 data point confirms or changes that view.
OCBC discloses less about its overlay than DBS: neither the quarterly amount nor the cumulative stock is separately quantified. A reserve with no disclosed size has no auditable direction.
At S$28.69 OCBC trades at a 45% premium to GGM-justified book on a 13% ROE. DBS's 43% premium runs on 17%. Same multiple. 400bp less ROE.


OCBC SP: Accounting Forensics Affirms High Quality Earnings, but Overlay Transparency Is Below DBS

Singapore

OCBC Bank is a Singaporean multinational banking and financial services corporation. It offers a comprehensive suite of services including consumer, corporate, investment, and private banking, alongside insurance, asset management, and stockbroking. The company is headquartered in Singapore and was founded on October 31, 1932.

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OCBC Bank (OCBC SP)

MariBank Singapore: Leveraging Integration and Growth (Initiation)

Ecosystem-Driven Strategy: As the digital banking subsidiary of Sea Limited, MariBank leverages a high-efficiency customer acquisition model by...

pvtIQ

AvePoint SGX Secondary Listing - Strong Growth and Large Client Base but Unclear Metrics

AvePoint (AVPT US) , a global provider of data security, governance, and resilience, aims to raise around US$300m in its Singapore secondary listing.

Sumeet Singh

Global Income Portfolio (14-Sep-2026)

Dividend is a key component of overall returns. The strategy seeks to invest in high dividend stocks globally. By adopting a portfolio of stocks...

Crea8

STI Chalks Up Strongest Monthly Gains since Nov 2020 with 8.8% Rally

Singapore's economy in 2H26 is bolstered by AI demand, infrastructure investment, and resilient services amid global cost pressures. Financial...

Singapore Exchange Ltd (SGX)

OCBC SP: Accounting Forensics Affirms High Quality Earnings, but Overlay Transparency Is Below DBS

Conservative quarter, opaque overlay. OCBC discloses less about its reserve than DBS. At S$28.69: 45% premium to justified book on 13% ROE — same...

Mo Aziz

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