ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> is the leading decorative paint and coatings player in Indonesia listing last December and trading 20% below its IPO price but with an institutional following.</li>
<li>1Q2022 results were weaker due to a high base last year but has seen a strong pick-up since. It has raised prices twice to offset higher raw material prices. </li>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian</a> is an interesting proxy for the recovery in the domestic economy together with the property market plus M&amp;A could be a further catalyst this year.</li>
</ul>



PT Avia Avian (AVIA IJ) is the leading decorative paint and coatings player in Indonesia listing last December and trading 20% below its IPO price but with an institutional following.
1Q2022 results were weaker due to a high base last year but has seen a strong pick-up since. It has raised prices twice to offset higher raw material prices. 

PT Avia Avian is an interesting proxy for the recovery in the domestic economy together with the property market plus M&amp;A could be a further catalyst this year.


PT Avia Avian (AVIA IJ) - Painting Indonesia From Top to Bottom

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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.</li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we’ll talk about the trading dynamics of the deal.</li>
</ul>


GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we’ll talk about the trading dynamics of the deal.


GoTo IPO Trading - A Test for the Domestic Market

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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<li>
<a href="https://www.smartkarma.com/entities/farm-fresh-berhad" target="_blank" data-smartkarma-citation="entities:34617:1" rel="noopener">Farm Fresh Berhad (FF MY)</a> is looking to raise US$240m in its upcoming Malaysia IPO.</li>
<li>Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. </li>
<li>Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.</li>
</ul>



Farm Fresh Berhad (FF MY) is looking to raise US$240m in its upcoming Malaysia IPO.
Farm Fresh Berhad is a dairy group that covers the entire value chain, from farming and manufacturing to distributing its various dairy products and plant-based products. 
Farm Fresh’s extensive distribution network and  stockist/dealer channel has led to growing sales volume, which had in turn led to explosive revenue growth over the track period.


Farm Fresh Pre-IPO - Distribution Model Has Led to Strong Growth

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-avia-avian" target="_blank" data-smartkarma-citation="entities:35034:1" rel="noopener">PT Avia Avian (AVIA IJ)</a> raised US$772m at IDR930 per share, the top-end of its IPO price range.</li>
<li>Avia Avian (AA) is a paint manufacturer and retailer in Indonesia. The company is the market leader in Indonesia’ decorative paint and coating industry.</li>
<li>Valuation is not cheap but we think that there is still upside.</li>
</ul>



PT Avia Avian (AVIA IJ) raised US$772m at IDR930 per share, the top-end of its IPO price range.
Avia Avian (AA) is a paint manufacturer and retailer in Indonesia. The company is the market leader in Indonesia’ decorative paint and coating industry.
Valuation is not cheap but we think that there is still upside.


Avia Avian IPO Trading - Not Cheap but Still Has Some Upside

Indonesia

PT Avia Avian operates as an integrated paint company. The Company offers cement additive, spray paint, wood and metal coating, water proofing, wall paints, thinner, and other paint products. Avia Avian serves customers in Indonesia.

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PT Avia Avian (AVIA IJ)