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

<div><p>Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.</p></div><div><p>It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.</p></div><div><p>MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. </p></div><div><p>In our previous notes, <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-positives-high-market-share" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Positives - High Market Share</a>, and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-the-negatives-high-debt-div-payments-floundering-ma" target="_blank" rel="noopener">Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA</a> we spoke about the company background and its past performance. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-food-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Food Business</a> and <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-peer-comparison-for-meat-alternative-business" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business</a> we compared the two business with their regional and global peers. In <a href="https://www.smartkarma.com/insights/monde-nissin-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Monde Nissin Pre-IPO - Thoughts on Valuation</a> we discussed our thoughts on valuation.</p></div><div><p>In this note, we’ll talk about implied valuation at its fixed price.</p></div>

Monde Nissin (MNC), a food manufacturer in the Philippines, aims to raise around US$1bn in its Philippines IPO.It has two main businesses: Asia-Pacific Branded Food and Beverage Business (BFB), which sells instant noodles, biscuits and other products, and meat alternative (MA) business which includes Quorn and Cauldron meat alternatives brands.MNC has a high market share in the Philippines in the instant noodles and biscuits segment along with a few other categories as well. Quorn as well has a strong lead over its next largest peers in the Chicken alternative meat segment in the grocery channel. In our previous notes, Monde Nissin Pre-IPO - The Positives - High Market Share, and Monde Nissin Pre-IPO - The Negatives - High Debt, Div Payments, Floundering MA we spoke about the company background and its past performance. In Monde Nissin Pre-IPO - Peer Comparison for Food Business and Monde Nissin Pre-IPO - Peer Comparison for Meat Alternative Business we compared the two business with their regional and global peers. In Monde Nissin Pre-IPO - Thoughts on Valuation we discussed our thoughts on valuation.In this note, we’ll talk about implied valuation at its fixed price.

Monde Nissin Pre-IPO - Not Cheap but Sensible

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Bank of the Philippine Islands / Equity Bottom-Up

<p><strong><em>*Weak Results:</em></strong> Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  </p><p><strong><em>*Credit Quality Challenges Set To Continue: </em></strong>BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.  </p>

*Weak Results: Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  *Credit Quality Challenges Set To Continue: BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.  

Bank of Philippine Islands – Lots Of Wood To Chop

Philippines

AyalaLand Logistics Holdings Corp operates in Philippines.

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Ayalaland Logistics Holdings (ALLHC PM)

Monde Nissin Pre-IPO - Not Cheap but Sensible

Monde Nissin aims to raise around US$1bn in its Philippines IPO. It has two main businesses: Branded Food and Beverage Business, which sells...

Sumeet Singh

Bank of Philippine Islands – Lots Of Wood To Chop

BANK OF THE PHILIPPINE ISLANDS: BPI reported a 23.1% linked quarter earnings decline in 4Q20. Results were difficult across the board for BPI,...

Thomas J. Monaco

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