APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Leader Energy Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leader-energy-holdings" target="_blank" data-smartkarma-citation="entities:39938:1" rel="noopener">Leader Energy Holdings (1814173D MK)</a> is looking to raise up to US$215m in its upcoming Malaysia IPO. </li>
<li>Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.</li>
<li>LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. </li>
</ul>



Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. 
Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.
LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. 


Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> is looking to raise around US$228m in its Indonesian IPO. </li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. </li>
<li>Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.</li>
</ul>



Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. 
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. 
Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.


Barito Renewables IPO - Power Producer with Stable Cash Flows

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Power Mech Projects Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>Strong ordering pipeline, margins to improve going forward: The company has received two orders worth Rs2.97bn in 1QFY23.</li></ul><div><div><div><div><ul><li>Working capital position: Working capital days at the end of 4QFY22 saw an improvement to 145 days vs 194 days at the end of 4QFY21 and 180 days at the end of 3QFY22.</li></ul><div><div><div><div><ul><li>Outlook: We expect revenue/earnings CAGR of 29.3%/42.4% over FY22-FY24E. Current valuation is inexpensive considering the company’s healthy order book, low D/E and decent RoCE (18% in FY20).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong ordering pipeline, margins to improve going forward: The company has received two orders worth Rs2.97bn in 1QFY23.Working capital position: Working capital days at the end of 4QFY22 saw an improvement to 145 days vs 194 days at the end of 4QFY21 and 180 days at the end of 3QFY22.Outlook: We expect revenue/earnings CAGR of 29.3%/42.4% over FY22-FY24E. Current valuation is inexpensive considering the company’s healthy order book, low D/E and decent RoCE (18% in FY20).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Mech Projects - Result Above Expectations; Rs36bn Revenue Guidance Given

<p>Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to Rs7.5bn, 24% above our estimate. While the lockdown had adversely impacted execution in 3QFY21, it completely normalized in 4QFY21. Management highlighted that execution has picked up across large projects. While ETC segment sales fell by 12% YoY to Rs1.6bn, O&amp;M;/Civil sales grew by 29%/75% YoY to Rs2.2bn/Rs3.2bn. EBITDA increased by 14.5% YoY to Rs745mn, but EBITDA margin declined by 100bps YoY to 9.9%, which was below our estimate of 11.1%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to Rs7.5bn, 24% above our estimate. While the lockdown had adversely impacted execution in 3QFY21, it completely normalized in 4QFY21. Management highlighted that execution has picked up across large projects. While ETC segment sales fell by 12% YoY to Rs1.6bn, O&amp;M;/Civil sales grew by 29%/75% YoY to Rs2.2bn/Rs3.2bn. EBITDA increased by 14.5% YoY to Rs745mn, but EBITDA margin declined by 100bps YoY to 9.9%, which was below our estimate of 11.1%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Mech Projects- 4QFY21 Result Update- Diversification into Civil provides strong visibility...

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Thematic (Sector/Industry)

<p>The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. </p><p>Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.</p>

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. There are few hits and misses, we have witnessed in the last year. Going forward, we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research, however, we will also look into few companies where books of accounts are relatively clean and there are possibilities of turnaround.

India

Power Mech Projects Limited operates as an integrated power infrastructure services company. The Company provides comprehensive erection, testing and commissioning of boilers, turbines and generators, civil works and operation, and maintenance services. Power Mech Projects serves customers  worldwide.

Power Mech Projects Ltd (POWM IN)

Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. LE’s revenue has grown on the back of higher...

Ethan Aw

Barito Renewables IPO - Power Producer with Stable Cash Flows

Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. It is Indonesia’s largest geothermal power producer, and...

Ethan Aw

Power Mech Projects - Result Above Expectations; Rs36bn Revenue Guidance Given

Power Mech Projects (PMP) reported its highest ever consolidated quarterly revenue at Rs9.02bn for 4QFY22, up by 19.5% YoY.

Nirmal Bang

Power Mech Projects- 4QFY21 Result Update- Diversification into Civil provides strong visibility...

Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to...

Nirmal Bang

Review Of The Year 2019

The year 2019 has witnessed a roller-coaster ride for the Indian stock market, specially lot of companies were questioned on corporate governance,...

Nitin Mangal