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

<a href="https://www.smartkarma.com/entities/propertyguru-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGU AH)</a> plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in Australia. 
In my earlier insight:
<ul>
<li>I had looked at the company's past performance and some of the other aspects of the deal: <a href="https://www.smartkarma.com/insights/propertyguru-ipo-powered-by-singapore-recharged-by-vietnam-but-dragged-down-by-others" target="_blank" rel="noopener">PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others</a>
</li>
<li>I ran the deal through our IPO framework and commented on valuations: <a href="https://www.smartkarma.com/insights/propertyguru-ipo-sotp-leaves-one-well-short-of-the-low-end" target="_blank" rel="noopener">PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End</a>
</li>
</ul>
In this insight, I'll talk about the industry dynamics in Singapore and the feedback that we obtained from talking to a few agents.

PropertyGuru (PGU AH) plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in Australia. 
In my earlier insight:

I had looked at the company's past performance and some of the other aspects of the deal: PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others

I ran the deal through our IPO framework and commented on valuations: PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End


In this insight, I'll talk about the industry dynamics in Singapore and the feedback that we obtained from talking to a few agents.

PropertyGuru IPO - Agents Q&A Shows Its Stranglehold in S'pore; Throws up Some Interesting Nuggets

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<a href="https://www.smartkarma.com/entities/propertyguru-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGU AH)</a> is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.<div class="content-highlight">In <a href="https://www.smartkarma.com/insights/propertyguru-ipo-initiation-rose-tinted-glasses-required" target="_blank" rel="noopener">our initiation note</a>, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.</div>

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.In our initiation note, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.

PropertyGuru IPO Valuation: Guru at Frothy Valuations

<a href="https://www.smartkarma.com/entities/propertyguru-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGU AH)</a> plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in Australia. 
In my earlier insight, <a href="https://www.smartkarma.com/insights/propertyguru-ipo-powered-by-singapore-recharged-by-vietnam-but-dragged-down-by-others" target="_blank" rel="noopener">PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others, </a>I had looked at the company's past performance and some of the other aspects of the deal. 
In this insight, I'll run the deal through our IPO framework and comment on valuations.

PropertyGuru (PGU AH) plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in Australia. 
In my earlier insight, PropertyGuru IPO - Powered by Singapore, Recharged by Vietnam but Dragged Down by Others, I had looked at the company's past performance and some of the other aspects of the deal. 
In this insight, I'll run the deal through our IPO framework and comment on valuations.

PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End

<a href="https://www.smartkarma.com/entities/propertyguru-pte-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru Pte Ltd (0543185D SP)</a> is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru launched an ASX IPO on Monday with an indicative price range of A$3.70-4.50 per CDI.<div class="content-highlight">PropertyGuru aims to mesmerise investors with the pitch of a high-growth story that requires only a fraction of its addressable market to meet its forecasts. Predictably, the high-growth tag comes with a suitably high multiple. While PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks.</div>

PropertyGuru Pte Ltd (0543185D SP) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru launched an ASX IPO on Monday with an indicative price range of A$3.70-4.50 per CDI.PropertyGuru aims to mesmerise investors with the pitch of a high-growth story that requires only a fraction of its addressable market to meet its forecasts. Predictably, the high-growth tag comes with a suitably high multiple. While PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks.

PropertyGuru IPO Initiation: Rose-Tinted Glasses Required

Equity analyst UK & Europe, UK Long Short

Peter Toeman

Equity analyst UK & Europe

Accelerating Tomorrow’s Independent Research

Boost Research

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Thematic (Sector/Industry)

The UK's principal share index FTSE 100 closed 2018 marginally lower than its level at the start of the Millenium
 In contrast with the lackluster performance of the stockmarket, nominal GDP of the UK economy almost doubled over the period
Relative to the domestic economy FTSE 100 looks marginally undervalued which may explain the rebound seen in the first month of this year
On the other hand, courtesy of the political decision to leave the European Union, the outlook has never been more uncertain
Major structural change involving tearing up a 40 year arrangement with the UK's largest trading partner is bound to have significant and unpredictable consequences 
We offer a long/short portfolio of UK stocks designed to exploit emerging themes

The UK's principal share index FTSE 100 closed 2018 marginally lower than its level at the start of the Millenium
 In contrast with the lackluster performance of the stockmarket, nominal GDP of the UK economy almost doubled over the period
Relative to the domestic economy FTSE 100 looks marginally undervalued which may explain the rebound seen in the first month of this year
On the other hand, courtesy of the political decision to leave the European Union, the outlook has never been more uncertain
Major structural change involving tearing up a 40 year arrangement with the UK's largest trading partner is bound to have significant and unpredictable consequences 
We offer a long/short portfolio of UK stocks designed to exploit emerging themes 

FTSE 100: Twenty Years of Going Nowhere (Almost)

United Kingdom

Rightmove PLC operates a website that lists properties across Britain. The Company also publishes the House Price Index, which shows changes in house prices both annually and monthly and provides a view on the current state of the property market in England and Wales.

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Rightmove PLC (RMV LN)

PropertyGuru IPO - Agents Q&A Shows Its Stranglehold in S'pore; Throws up Some Interesting Nuggets

PropertyGuru (PGU AH) plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in...

Sumeet Singh

PropertyGuru IPO Valuation: Guru at Frothy Valuations

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam,...

Arun George

PropertyGuru IPO - SOTP Leaves One Well Short of the Low-End

PropertyGuru (PGU AH) plans to raise up to around US$260m via selling a mix of primary and secondary CHESS Depository Interests (CDIs) in...

Sumeet Singh

PropertyGuru IPO Initiation: Rose-Tinted Glasses Required

PropertyGuru Pte Ltd (0543185D SP) is an online property classifieds marketplace with presence in five countries across South East Asia –...

Arun George

FTSE 100: Twenty Years of Going Nowhere (Almost)

The UK's principal share index FTSE 100 closed 2018 marginally lower than its level at the start of the Millenium In contrast with the lackluster...

Boost Research

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