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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shenzhen-longsys-electronics-co-ltd-9ad6ee79-c403-4819-a5df-de95777ae2a7" target="_blank" data-smartkarma-citation="entities:55525:1" rel="noopener">Shenzhen Longsys Electronics (9976 HK)</a> didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.</li>
<li>On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Shenzhen Longsys Electronics (9976 HK) didn't do much at listing and had one of the lowest institutional coverage ratios yet for large A/H listings.
On the placement front, the week wasn't as busy but we did look at a few deals and upcoming lockups.


Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a>. I have updated my view and forecasts for the 2Q results.</li>
<li>My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. </li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. Pricing is on 1 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case. I have updated my view and forecasts for the 2Q results.
My view is incrementally bearish due to escalating regulatory risk, declining sequential quarterly growth/margin, ongoing pressure in payment solutions, and stretched valuation. 


Mynt (GCash) IPO: 2Q and Valuation Update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive. The pricing date is 28 September.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion.
I previously discussed the IPO in Mynt (GCash) IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is unattractive. The pricing date is 28 September.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> announced a ToSTNeT-3 buyback scheduled for Monday morning for ¥400bn, worth 8+% of shares outstanding. </li>
<li>That's big. But the seller is likely to be SMBC Nikko. And they will then spend much of the next year buying back ¥400bn of shares on-market. </li>
<li>Separately, 7&amp;i announced an alliance with Softbank Corp, PayPay, and Sumitomo Mitsui Card. They will buy ¥100bn each. Net, this means a 2% buyback IF successful. More if not.</li>
</ul>


On Friday after the close, Seven &amp; I Holdings (3382 JP) announced a ToSTNeT-3 buyback scheduled for Monday morning for ¥400bn, worth 8+% of shares outstanding. 
That's big. But the seller is likely to be SMBC Nikko. And they will then spend much of the next year buying back ¥400bn of shares on-market. 
Separately, 7&amp;i announced an alliance with Softbank Corp, PayPay, and Sumitomo Mitsui Card. They will buy ¥100bn each. Net, this means a 2% buyback IF successful. More if not.


[Japan Buyback, But Not] 7&I (3382) To Buy Back ¥400bn from Market, Sell ¥300bn to Crossholders

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>In the current volatile investment climate, we rein in our buy ratings retaining just one name despite the continuing attractive valuation metrics</li>
<li>We remove attractively valued PagBank and recent IPO PayPay from our payments buy list, due to a more volatile, potentially “risk-off”, investment climate</li>
<li>We keep only Klarna on the buy list, due management’s solid execution and attractive valuations, but we advise reducing positions</li>
</ul>


In the current volatile investment climate, we rein in our buy ratings retaining just one name despite the continuing attractive valuation metrics
We remove attractively valued PagBank and recent IPO PayPay from our payments buy list, due to a more volatile, potentially “risk-off”, investment climate
We keep only Klarna on the buy list, due management’s solid execution and attractive valuations, but we advise reducing positions


Payment Companies Update: Reining in Positive Recommendations

Japan

PayPay Corporation offers financial services. The Company provides mobile payment and other electronic payment services. PayPay conducts its businesses in Japan.

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PayPay (PAYP US)

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Mynt (GCash) IPO: 2Q and Valuation Update

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. In this note, I update...

Arun George

Mynt (GCash) IPO: Valuation Insights

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion. In this note, I present my forecasts and...

Arun George

[Japan Buyback, But Not] 7&I (3382) To Buy Back ¥400bn from Market, Sell ¥300bn to Crossholders

7&i has announced a ¥400bn buyback offset by a ¥300bn sale of shares to new crossholders. Not a great look. The buyback looks like 25+% of Max Real...

Travis Lundy

Payment Companies Update: Reining in Positive Recommendations

In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas ECM Weekly (14 September 2026)-Longsys, GCash, NSE, Ligent, Kingwong, Elice, Hosin, Z.AI

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Mynt (GCash) IPO: 2Q and Valuation Update

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion at PHP10.00 per share. In this note, I update...

Arun George

Mynt (GCash) IPO: Valuation Insights

GCash (Mynt) is the No.1 finance super app in the Philippines. It is seeking to raise US$1.3 billion. In this note, I present my forecasts and...

Arun George

[Japan Buyback, But Not] 7&I (3382) To Buy Back ¥400bn from Market, Sell ¥300bn to Crossholders

7&i has announced a ¥400bn buyback offset by a ¥300bn sale of shares to new crossholders. Not a great look. The buyback looks like 25+% of Max Real...

Travis Lundy

Payment Companies Update: Reining in Positive Recommendations

​In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...

Victor Galliano

In the present volatile investment climate, only Klarna remains on our buy list due to solid execution and attractive valuations; our caution...