APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

Merdeka Gold Resources / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/merdeka-gold-resources-tbk-pt" target="_blank" data-smartkarma-citation="entities:45816:1" rel="noopener">Merdeka Gold Resources (EMAS IJ)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>It is an IDX-listed gold mining company, positioned among the top pure-play gold producers in Asia, anchored by its flagship Pani Gold Mine located in Indonesia. </li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Merdeka Gold Resources (EMAS IJ) is looking to raise around US$500m in its upcoming Hong Kong IPO.
It is an IDX-listed gold mining company, positioned among the top pure-play gold producers in Asia, anchored by its flagship Pani Gold Mine located in Indonesia. 
In this note, we look at the firm's past performance.


Aequitas: Merdeka Gold Pre-IPO - One of the Largest Asian Gold Producers; Achieved First Gold Sale

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Equity Bottom-Up

Merdeka Gold Resources / Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/merdeka-gold-resources-tbk-pt">Merdeka Gold Resources</a> (EMAS) represents a pure-play investment in a significant, long-life gold asset, following its successful IPO in September 2025, which was the largest in Indonesia for the year.</li>
 <li>The company's primary asset, the Pani Gold Project in Sulawesi, is a large-scale, low-cost mine with 1.9 million ounces of reserves and 7 million ounces of resources, poised to become one of Indonesia's largest primary gold mines.</li>
 <li>While the project offers substantial long-term production growth, scaling to ~500,000 ounces per year by 2032, investors face near-term execution risks related to the project ramp-up and future funding requirements for the second phase expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Merdeka Gold Resources (EMAS) represents a pure-play investment in a significant, long-life gold asset, following its successful IPO in September 2025, which was the largest in Indonesia for the year.
  The company's primary asset, the Pani Gold Project in Sulawesi, is a large-scale, low-cost mine with 1.9 million ounces of reserves and 7 million ounces of resources, poised to become one of Indonesia's largest primary gold mines.
  While the project offers substantial long-term production growth, scaling to ~500,000 ounces per year by 2032, investors face near-term execution risks related to the project ramp-up and future funding requirements for the second phase expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Merdeka Gold Resources (EMAS IJ) - Nov 2025

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.</li><li>While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).</li><li>Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.</li></ul>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.

JCI posted a 3.5% rebound, bringing YTD performance to -5% while during the week EM has sustained outperformance (led by South Korea’s KOSPI Index +8%, Taiwan’s TWSE Index +6%, Thailand’s SET Index +6%) compared to US market’s -1%.While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%, BUMI +29.2%), while fundamentals stocks were among the laggards (BBCA -6.2%, ASII -0.7%).Government reaffirms stronger growth outlook. In Economic Outlook update, President Prabowo reaffirms FY26 GDP growth target of 5.4% (base case), while MOF sees upside to 6% (per Pak Purbaya) and 5.5– 6.0% in 1Q26.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.

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

<ul><li>Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.</li><li>Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.</li><li>MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.</li></ul>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.

Delayed Fed cuts keep yields elevated, constrain BI easing, with risk now shift focus toward near-term liquidity conditions.Market impact on Moody’s downgrade looks contained; past precedents show reversals if policy response is credible and timely.MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.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.

Macro Strategy: Off the Lows, Still Exposed to Headwinds

Macroeconomics

<ul><li>JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.</li><li>Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.</li><li>On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. </li></ul>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.

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market liquidity continued to contract ahead of the holiday season.Large-cap banks (BMRI, BBNI, BBCA) were also among the laggards, giving back gains from earlier in the week.On the other hand, metal-related names (e.g., INCO, ANTM, EMAS) outperformed on the back of strong momentum in metals, alongside large-cap non-bank stocks such as TLKM and ASII. 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.

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

Indonesia

PT Merdeka Gold Resources Tbk is an Indonesian gold mining company that explores for gold and silver. It develops mines and produces gold-bearing output, which can be sold as doré, concentrate, or other mined products. The company's flagship project is the Pani Gold Mine in Gorontalo Province, Sulawesi Island. Headquartered in Jakarta Selatan, Indonesia, the company was incorporated in 2015.

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Merdeka Gold Resources (EMAS IJ)

Aequitas: Merdeka Gold Pre-IPO - One of the Largest Asian Gold Producers; Achieved First Gold Sale

Merdeka Gold is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we look at the firm's past performance.

Nicholas Tan

Primer: Merdeka Gold Resources (EMAS IJ) - Nov 2025

Merdeka Gold Resources (EMAS) represents a pure-play investment in a significant, long-life gold asset, following its successful IPO in...

αSK Primers

BRIDS Market Pulse : Chart of the week – Retailers Sector P/E Band

While JCI’s last week performance was in-line with EM, the gains were mainly led by the rebound in conglo group stocks (DSSA +10.5%, BRMS +14.3%,...

BRI Danareksa Research

Macro Strategy: Off the Lows, Still Exposed to Headwinds

MSCI scrutiny accelerated structural transparency upgrades; frontier reclassification risk fades, but re-inclusion hinges on implementation.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Metals Sector Vs. Gold Price

JCI recorded a -0.8% correction amid a shortened trading week, mainly driven by declines in conglo names (e.g., DSSA, BRPT, BRMS), as market...

BRI Danareksa Research

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