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

Japan Post Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy</a>'s listing kicked of what is shaping up to be  a busy 2023 for ASEAN IPOs</li>
<li>There were a few placements across the region but the biggest news was of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal Energy's listing kicked of what is shaping up to be  a busy 2023 for ASEAN IPOs
There were a few placements across the region but the biggest news was of Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) 


ECM Weekly (26th Feb 2023) - Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is no good reason to buy <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s dip until the offering. It's unlikely to earn the ROE to deserve the PBR it has versus peers.</li>
<li>Brookfield and EIG/MidOcean's revised NBIO will garner <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a> board support; however, the terms are weird and unfair to investors holding fewer than 100k shares. </li>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> rights offer is not actually a surprise. Not at all. Passive funds will exercise. </li>
</ul>


There is no good reason to buy Japan Post Bank (7182 JP)'s dip until the offering. It's unlikely to earn the ROE to deserve the PBR it has versus peers.
Brookfield and EIG/MidOcean's revised NBIO will garner Origin Energy (ORG AU) board support; however, the terms are weird and unfair to investors holding fewer than 100k shares. 

SATS (SATS SP) rights offer is not actually a surprise. Not at all. Passive funds will exercise. 


Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.</li>
<li>PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.</li>
</ul>


Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. PGE is an Indonesian state owned power producer which utilizes geothermal energy to produce electricity.
PGE currently manages 13 Geothermal Working Areas with a total capacity of 1,877 MW, of which 672 MW is owned by it, while 1,205 MW is via joint operations.
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the deal dynamics ahead of its listing.


Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Travis Lundy

<ul>
<li>Last September, rumours then an announcement <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> - a leading inflight catering and gateway service provider - would buy WFS - the world's largest cargo handler hit shares.</li>
<li>They expected to pay €1.187bn or S$1.639bn (9.7x EV/EBITDA), primarily through S$1.7bn of new equity, to close in March 2023. In January, it was S$800mm of rights and a loan.</li>
<li>Shareholder approval came 18 January. Regulatory approvals were received Monday. Closing comes no later than 3 April. Today the company announced a large rights offering.</li>
</ul>


Last September, rumours then an announcement SATS (SATS SP) - a leading inflight catering and gateway service provider - would buy WFS - the world's largest cargo handler hit shares.
They expected to pay €1.187bn or S$1.639bn (9.7x EV/EBITDA), primarily through S$1.7bn of new equity, to close in March 2023. In January, it was S$800mm of rights and a loan.
Shareholder approval came 18 January. Regulatory approvals were received Monday. Closing comes no later than 3 April. Today the company announced a large rights offering.


SATS - The Future Is Cargo so Shareholders Pay the Freight - S$800mm Rights Offer

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> has announced a 323:1000 underwritten rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition.</li>
<li>The rights issue price is a 20% discount to the last close and a 15.9% discount to the Theoretical Ex-Rights Price (TERP).</li>
<li>There has been a lot of short selling on the stock since the start of the year, peaking last week where 43% of total volume traded was from short selling.</li>
</ul>



SATS (SATS SP) has announced a 323:1000 underwritten rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition.
The rights issue price is a 20% discount to the last close and a 15.9% discount to the Theoretical Ex-Rights Price (TERP).
There has been a lot of short selling on the stock since the start of the year, peaking last week where 43% of total volume traded was from short selling.


SATS SP: S$800m Rights Issue to Fund WFS Acquisition

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

ECM Weekly (26th Feb 2023) - Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. In this note we talk about the trading dynamics.

Sumeet Singh

SATS - The Future Is Cargo so Shareholders Pay the Freight - S$800mm Rights Offer

The SATS S$800mm Rights Offer announced in early December is upon us. That means a supply/demand imbalance probably for the first couple of weeks...

Travis Lundy

SATS SP: S$800m Rights Issue to Fund WFS Acquisition

SATS has announced a 323:1000 rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition. Short selling was fierce last week...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (26th Feb 2023) - Japan Post Bank/Holding, Amvis, Pertamina, Zeekr, Honasa, Fangzhou, TVS

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Last Week in Event SPACE: Japan Post, Origin Energy, SATS, China Renaissance, Sembcorp Marine

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Pertamina Geothermal Energy IPO Trading - Should Be a Steady Listing

Pertamina Geothermal Energy (PGE) raised around US$600m in its Indonesia IPO. In this note we talk about the trading dynamics.

Sumeet Singh

SATS - The Future Is Cargo so Shareholders Pay the Freight - S$800mm Rights Offer

The SATS S$800mm Rights Offer announced in early December is upon us. That means a supply/demand imbalance *probably* for the first couple of weeks...

Travis Lundy

SATS SP: S$800m Rights Issue to Fund WFS Acquisition

SATS has announced a 323:1000 rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition. Short selling was fierce last week...

Brian Freitas

The SATS S$800mm Rights Offer announced in early December is upon us. That means a supply/demand imbalance probably for the first couple of weeks...