Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

On the 6 January 2010, the SGX issued a <a href="https://api2.sgx.com/sites/default/files/2018-09/Consultation%2BPaper%2Bon%2BProposed%2BRevisions%2Bto%2BMainboard%2BAdmission%2BCriteria%2Band%2Bthe%2BIntroduction%2Bof%2BSPAC.pdf" target="_blank" rel="noopener">consultation paper</a> on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC".  Following the feedback at that time, SGX determined that it was not an opportune time to introduce SPACs.
In <a href="https://skr.ma/5UGLq" target="_blank" rel="noopener">Virtual IPOs/Direct Listings: Uninhibited Price Discovery</a> on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year.
In January, the Business Times <a href="https://www.businesstimes.com.sg/companies-markets/sgx-looking-into-listing-of-special-purpose-acquisition-companies" target="_blank" rel="noopener">reported</a> that a consultation could be launched by the SGX as early as this quarter - see <a href="https://skr.ma/u7S36" target="_blank" rel="noopener">Singapore Exchange: Asia's Future SPAC Hub</a>. The SGX did sound out the Listings Advisory Committee (“LAC”) for advice on SPACs in January, and after consideration, the LAC advised that it was in favour of SPAC listings, subject to the appropriate safeguards.
The Singapore Exchange <a href="https://api2.sgx.com/sites/default/files/2021-03/Consultation%20Paper%20on%20Proposed%20Listing%20Framework%20for%20Special%20Purpose%20Acquisition%20Companies.pdf" target="_blank" rel="noopener">announced</a> last week a regulatory framework for SPACs to list on the SGX and asked the market for feedback.
Subsequent to the feedback phase ending on the 28 April, the framework may be finalised in the middle of this year. 
The SGX makes it clear SPACs are susceptible to execution risks where the SPAC is unable to identify a suitable target company or successfully consummate the business combination within the pre-determined period. But given the clear demand for such instruments, the SGX evidently sees the benefits outweigh the risks.

On the 6 January 2010, the SGX issued a consultation paper on the "Proposed Revisions to Mainboard Admission Criteria and the Introduction of SPAC".  Following the feedback at that time, SGX determined that it was not an opportune time to introduce SPACs.
In Virtual IPOs/Direct Listings: Uninhibited Price Discovery on the 29 November last year, I mentioned a white paper on special purpose acquisition company (SPAC) may be issued by the SGX in the first half of the following year.
In January, the Business Times reported that a consultation could be launched by the SGX as early as this quarter - see Singapore Exchange: Asia's Future SPAC Hub. The SGX did sound out the Listings Advisory Committee (“LAC”) for advice on SPACs in January, and after consideration, the LAC advised that it was in favour of SPAC listings, subject to the appropriate safeguards.
The Singapore Exchange announced last week a regulatory framework for SPACs to list on the SGX and asked the market for feedback.
Subsequent to the feedback phase ending on the 28 April, the framework may be finalised in the middle of this year. 
The SGX makes it clear SPACs are susceptible to execution risks where the SPAC is unable to identify a suitable target company or successfully consummate the business combination within the pre-determined period. But given the clear demand for such instruments, the SGX evidently sees the benefits outweigh the risks.

Singaporean SPACs: Democratizing Access To High Growth

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Exchange publishes share repurchases by listed companies on a daily basis. In our weekly note, we will provide statistics on top repurchases over one week, one month, one quarter and one year periods ended on Apr 02.In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi Corp (1810 HK) (HKD 498.9 million worth of buybacks), Hengan International Group Company Limited (1044 HK) (HKD 78.5 million worth of buybacks), Razer (1337 HK) (HKD 38.1 million worth of buybacks).

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

eSports offer intriguing investment possibilities to investors given very large projected TAMs, high growth rates and links to a variety of other fast growing industries including games, streaming, animation, tech hardware and social media. This makes eSports important to understand and below we examine key themes that investors should be aware of, before delving into a full primer on the space, companies with exposure to eSports, Asian eSports franchises and key eSports games to be aware of.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November.

Abko is getting ready to complete its IPO in November in the Korean stock market. Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for the PC gaming market.The company has been able to expand its consumer electronics (small home appliances) market capitalizing on its strength on the global gaming gear brand recognition. This small home appliance market is a newly growing market both at home and abroad to keep pace with the changes in the social environment such as an increase in single-person households and non-face-to-face activities.The IPO price range is from 21,400 won to 24,300 won. The IPO base deal size ranges from $48 million to $54 million. The expected market cap range after the IPO is from 217 billion won to 247 billion won, according to the bankers' valuation. The book-building for the institutional investors starts on 17 November. 

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

Global Gaming and Casinos Industry Specialist, Casino Business Review LLC

Howard J Klein

Global Gaming and Casinos Industry Specialist

Equity Bottom-Up

<ul>
<li>This gaming peripheral/software and fintech company has lost momentum since its IPO in 2017 despite recently improved performance.</li>
<li>With a multi-billions in outstanding shares, some holders worry that management could turn to a reverse split that would send a negative signal. Not likely.</li>
<li>The risk/reward ratios of tech unicorns tend to raise investor expectations at the outset regardless of continuing losses. But their stocks rise. Not the case with Razer.</li>
</ul>


This gaming peripheral/software and fintech company has lost momentum since its IPO in 2017 despite recently improved performance.
With a multi-billions in outstanding shares, some holders worry that management could turn to a reverse split that would send a negative signal. Not likely.
The risk/reward ratios of tech unicorns tend to raise investor expectations at the outset regardless of continuing losses. But their stocks rise. Not the case with Razer.


Razer: Huge Outstanding, Low Trading Range, Improving Results Not Reflected in Positive Sentiment

United States

Razer Inc. is a global lifestyle brand for gamers. The Company offers an integrated gamer-focused ecosystem of hardware, software and services. Razer's hardware ranges from gaming peripherals to gaming laptops and mobile devices. Razer's software platform includes Razer Synapse, Razer Chroma, and Razer Cortex. Razer also offers Razer Gold, a virtual credit services for gamers.

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Razer Inc (1337 HK)

Singaporean SPACs: Democratizing Access To High Growth

This move/initiative from Singapore was simply inevitable given the demand for an alternative to the old method of going public.

David Blennerhassett

Hong Kong Buybacks: Xiaomi Bought Back HK$500m in a Day

Xiaomi's share buyback took place on April 1st with an average price of HKD 26.2/share, two days after Xiaomi announced its US 10bn EV plan on...

Ke Yan, CFA, FRM

ESports – Entering the Third Innings

In this Smartkarma Original we examine the state of eSports in Asia, examining differences with traditional sports and the games, teams and...

Mio Kato

Abko IPO Preview (#1 Gaming Gear Maker in Korea)

Apko is the number one player in the Korean gaming gear market. The company makes gaming gear products such as keyboards, headsets, and mouse for...

Douglas Kim

Razer: Huge Outstanding, Low Trading Range, Improving Results Not Reflected in Positive Sentiment

This

Howard J Klein

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