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

LG Energy Solution / 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>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> started book building for its mega US$10bn+ IPO</li>
<li>Placements too got off to a large, if not strong, start with <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> and <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint Holdings (4612 JP)</a> US$1bn+ deals. </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.

LG Energy Solution (LGENERGY KS) started book building for its mega US$10bn+ IPO
Placements too got off to a large, if not strong, start with Sea Ltd (SE US) and Nippon Paint Holdings (4612 JP) US$1bn+ deals. 


ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

Equity Bottom-Up

<ul>
<li>In December, Tencent announced that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. </li>
<li>This seems to be in line with regulators’ aim of bringing down walled gardens; however, we think these steps are aimed more towards restructuring Tencent’s fintech business.</li>
<li>Tencent’s fintech arm has been benefitting from its partnerships with JD.com and Pinduoduo which has helped face competition from closest rival AliPay.</li>
</ul>


In December, Tencent announced that its board of directors has resolved to declare a special dividend by way of a distribution of its Class A ordinary shares of JD.com. 
This seems to be in line with regulators’ aim of bringing down walled gardens; however, we think these steps are aimed more towards restructuring Tencent’s fintech business.
Tencent’s fintech arm has been benefitting from its partnerships with JD.com and Pinduoduo which has helped face competition from closest rival AliPay.


Tencent: Is More Fintech Restructuring On Its Way?

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>
 Sea Sale: Tencent sold 14.5 mn shares in Sea, raising approximately USD 3 bn in cash – reducing Tencent’s position in Sea from 21.3% to 18.7%;   </li>
<li>
 Not A Surprise: Given mainland China’s crackdown on the country’s largest internet companies, Tencent’s disposal of Sea shares is not a surprise; and  </li>
<li>
 Other Stake Sales To Follow: Further divestitures of major stakes are likely if Tencent wishes to remain on the right side of mainland China’s Communist Party.    </li>
</ul>



 Sea Sale: Tencent sold 14.5 mn shares in Sea, raising approximately USD 3 bn in cash – reducing Tencent’s position in Sea from 21.3% to 18.7%;   

 Not A Surprise: Given mainland China’s crackdown on the country’s largest internet companies, Tencent’s disposal of Sea shares is not a surprise; and  

 Other Stake Sales To Follow: Further divestitures of major stakes are likely if Tencent wishes to remain on the right side of mainland China’s Communist Party.    


Tencent Holdings – From Sea To Shining Sea

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> has faced a perfect storm of headwinds since its IPO with Omicron, US tapering fears, and a general tech sell down all contributing to share price weakness</li>
<li>The company continues to invest in broadening its product offering and recently acquired Jaya Grocer in Malaysia and a stake in mutual fund platform Bareksa in Indonesia. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab (GRAB US)</a> looks to be on the cusp of a recovery in its mobility business with increasing scope and value-added in both online groceries and digital financial services. </li>
</ul>



Grab (GRAB US) has faced a perfect storm of headwinds since its IPO with Omicron, US tapering fears, and a general tech sell down all contributing to share price weakness
The company continues to invest in broadening its product offering and recently acquired Jaya Grocer in Malaysia and a stake in mutual fund platform Bareksa in Indonesia. 

Grab (GRAB US) looks to be on the cusp of a recovery in its mobility business with increasing scope and value-added in both online groceries and digital financial services. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.</li>
<li>The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ) </a>is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.</li>
</ul>



Bukalapak (BUKA IJ) has had a torrid market debut in Indonesia, falling more than 50% from its IPO price given limited lock ups and poor appreciation of its business model.
The company continues to broaden its product offering for its high-growth Mitra business, entering logistics, property finance, and more recently Buy Now Pay Later helping increase platform stickiness.

Bukalapak (BUKA IJ) is also developing a return-enhancing Shopify-like approach to its e-commerce business and valuations are starting to look appealing, with an FY22E EV/Gross profit of 14.3x.


Bukalapak (BUKA IJ) - Hitting Mitras with More Product

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Sea Ltd (SE US)

ECM Weekly (9th Jan 2022) - LG Energy, Hyundai Engineering, JL Mag, 2022 Pipeline, 2021 Performance

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

Tencent: Is More Fintech Restructuring On Its Way?

Partnerships with domestic leaders in other verticals have helped Tencent's Fintech biz take on competition from AliPay. We think there will be...

Shifara Samsudeen, FCMA, CGMA

Tencent Holdings – From Sea To Shining Sea

TENCENT: Tencent sold 14.5 mn shares in Sea, raising USD 3 bn and reducing its position from 21.3% to 18.7%, Other stake sales will follow.

Thomas J. Monaco

Grab (GRAB US) - After the Storm

Grab (GRAB US) looks to be on the cusp of a recovery in its mobility business with increasing scope and value-added in both online groceries and...

Angus Mackintosh

Bukalapak (BUKA IJ) - Hitting Mitras with More Product

Bukalapak continues to develop new products for both its Mitra and e-commerce business, which should help to improve take-rates with valuations now...

Angus Mackintosh

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