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.

Event-Driven

<ul>
<li>Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.</li>
<li>Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.</li>
<li>In this note, we will talk about the deal dynamic and run the deal through our ECM framework.</li>
</ul>


Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in Chicago Skyway.
Over the past few months, ALX has garnered interest from IFM which has increased its stake to 19.99%. IFM had publicly opposed this acquisition.
In this note, we will talk about the deal dynamic and run the deal through our ECM framework.


Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Equity Capital Markets

Dalrymple Bay Infrastructure / Equity Capital Markets

Dalrymple Bay Infrastructure (DBI from hereon) aims to raise around US$500m in its Australian listing. It is owned by <a href="https://www.smartkarma.com/entities/brookfield-asset-manage-cl-a-0483cfb5-71a5-4931-af80-901e5f30aace" target="_blank" data-smartkarma-citation="entities:23741:1" rel="noopener">Brookfield Asset Management (BAM US)</a>. It holds a 99-lease for Dalrymple Bay Terminal (DBT), a coal export terminal. DBT was commissioned in 1983 and is located close to Bowen Basin, the world’s largest met coal export region, in Queensland.  The terminal is a common-user facility providing services to a large number of mining customers. Approximately 80% of the coal shipped through DBT in 2019 was metallurgical (met) coal. It is the largest met coal terminal, handling 15% of global met coal in 2019 and 30% of Queensland coal exports. While the current revenue for DBI is regulated and hence, fairly stable, it has been trying to change that so that it can set its own tariffs directly with clients. However, even if it manages to do that the upside might be limited.As per my calculations, if it doesn’t manage to succeed in doing so, its revenue could drop by an amount far exceeding the projected upside. This doesn’t make DBI appear particularly attractive.

Dalrymple Bay Infrastructure (DBI from hereon) aims to raise around US$500m in its Australian listing. It is owned by Brookfield Asset Management (BAM US). It holds a 99-lease for Dalrymple Bay Terminal (DBT), a coal export terminal. DBT was commissioned in 1983 and is located close to Bowen Basin, the world’s largest met coal export region, in Queensland.  The terminal is a common-user facility providing services to a large number of mining customers. Approximately 80% of the coal shipped through DBT in 2019 was metallurgical (met) coal. It is the largest met coal terminal, handling 15% of global met coal in 2019 and 30% of Queensland coal exports. While the current revenue for DBI is regulated and hence, fairly stable, it has been trying to change that so that it can set its own tariffs directly with clients. However, even if it manages to do that the upside might be limited.As per my calculations, if it doesn’t manage to succeed in doing so, its revenue could drop by an amount far exceeding the projected upside. This doesn’t make DBI appear particularly attractive.

Dalrymple Bay Infrastructure - Highly Curious Timing

<a href="https://www.smartkarma.com/entities/napier-port-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28222:1" rel="noopener">Napier Port (NPH NZ)</a> raised around US$160m in its IPO.In my previous insights I've covered the company background and compared it to its main listed peers:<ul>
<li><a href="https://www.smartkarma.com/insights/napier-port-ipo-valuations-can-t-say-no-at-the-low-end" target="_blank" rel="noopener">Napier Port IPO - Valuations, Can’t Say No at the Low-End</a></li>
<li><a href="https://www.smartkarma.com/insights/napier-port-holdings-ipo-steady-operations-with-growth-driven-by-forestry-linked-products" target="_blank" rel="noopener">Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products</a></li>
</ul>In this insight, I will re-visit some of the deal dynamics and provide a table with implied valuations.

Napier Port (NPH NZ) raised around US$160m in its IPO.In my previous insights I've covered the company background and compared it to its main listed peers:
Napier Port IPO - Valuations, Can’t Say No at the Low-End
Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products
In this insight, I will re-visit some of the deal dynamics and provide a table with implied valuations.

Napier Port IPO Trading Update - There Might Be Some Upside Left

<a href="https://www.smartkarma.com/entities/napier-port-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28222:1" rel="noopener">Napier Port (NPH NZ)</a> (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. 
In my previous insight, <a href="https://www.smartkarma.com/insights/napier-port-holdings-ipo-steady-operations-with-growth-driven-by-forestry-linked-products" target="_blank" rel="noopener">Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products</a>, I had looked at the company's operations and its forecast earnings.
In this insight, I'll run the deal through our IPO framework, do a quick peer comparison and talk about valuations.

Napier Port (NPH NZ) (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. 
In my previous insight, Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products, I had looked at the company's operations and its forecast earnings.
In this insight, I'll run the deal through our IPO framework, do a quick peer comparison and talk about valuations.

Napier Port IPO - Valuations, Can't Say No at the Low-End

<a href="https://www.smartkarma.com/entities/napier-port-holdings-ltd" target="_blank" data-smartkarma-citation="entities:28222:1" rel="noopener">Napier Port (NPH NZ)</a> (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. 
NPH has been reporting mid-single digit throughput and high-single digit revenue growth over the past few years. Of late bulk of growth has been driven by an increase in export of forestry linked products on the back of increased availability.
As per the company's own forecast, forestry volumes might begin to flatline soon which would lead to slower growth in the near term and any decline over the longer term would have an adverse impact on the company.

Napier Port (NPH NZ) (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. 
NPH has been reporting mid-single digit throughput and high-single digit revenue growth over the past few years. Of late bulk of growth has been driven by an increase in export of forestry linked products on the back of increased availability.
As per the company's own forecast, forestry volumes might begin to flatline soon which would lead to slower growth in the near term and any decline over the longer term would have an adverse impact on the company.

Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products

New Zealand

Port of Tauranga Limited activities include the provision of wharf facilities, back up land for the storage and transit of import and export cargo, berthage, cranes, tug and pilotage services for exporters, importers and shipping companies and the leasing of land and buildings.  The Group also operates a container terminal and has bulk cargo marshalling operations.

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Port of Tauranga (POT NZ)

Atlas Arteria Placement - How to Lose Friends and Alienate Your Largest Shareholder

Atlas Arteria (ALX) aims to raise around US$2bn (A$3bn) via a non-renounceable entitlement offer to fund the purchase of its majority interest in...

Sumeet Singh

Dalrymple Bay Infrastructure - Highly Curious Timing

Dalrymple Bay Infrastructure aims to raise around US$500m in its Australian IPO. DBI is owned by Brookfield Asset Management.

Sumeet Singh

Napier Port IPO Trading Update - There Might Be Some Upside Left

Napier Port (NPH NZ) raised around US$160m in its IPO.In my previous insights I've covered the company background and compared it to its main...

Sumeet Singh

Napier Port IPO - Valuations, Can't Say No at the Low-End

Napier Port (NPH NZ) (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. In my...

Sumeet Singh

Napier Port Holdings IPO - Steady Operations with Growth Driven by Forestry Linked Products

Napier Port (NPH NZ) (NPH) plans to raise up to US$160m in its New Zealand IPO. The company operates the fourth largest port in New Zealand. NPH...

Sumeet Singh

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