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

Kokusai Electric  / 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>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> provided some relief in the ECM space, even as <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> didn't do much.</li>
<li>Given the earnings seasons, there weren't any placement during the week. We did look at <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a>'s upcoming placement lockup expiry. </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.
In the IPO space, Kokusai Electric (6525 JP) provided some relief in the ECM space, even as J&amp;T Global Express (1519 HK) didn't do much.
Given the earnings seasons, there weren't any placement during the week. We did look at Singapore Airlines (SIA SP)'s upcoming placement lockup expiry. 


ECM Weekly (29th Oct 2023) - Kokusai, J&T, Midea, Wuxi XDC, Cirrus, Cello World, Honasa, SIA

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Seoul Guarantee Insurance / Equity Capital Markets

<ul>
<li>Seoul Guarantee Insurance (031210 KS) stated today that it will cancel its IPO mainly due to low demand.</li>
<li>Despite the company's emphasis on high dividends and high ROA of 5.8% in 2022 (5x average ROA of the domestic non-life insurance companies), many institutional investors emphasized on the negatives.</li>
<li>The major negatives include high interest rates, lack of growth potential, concerns about additional shares sale overhang, and unattractive valuations. </li>
</ul>


Seoul Guarantee Insurance (031210 KS) stated today that it will cancel its IPO mainly due to low demand.
Despite the company's emphasis on high dividends and high ROA of 5.8% in 2022 (5x average ROA of the domestic non-life insurance companies), many institutional investors emphasized on the negatives.
The major negatives include high interest rates, lack of growth potential, concerns about additional shares sale overhang, and unattractive valuations. 


Seoul Guarantee Insurance Corp IPO - Cancelled

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<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/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1519 HK)</a> launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.</li>
<li>It was a busy week for placements as well, with <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. </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.

J&amp;T Global Express (1519 HK) launched its US$500m HK IPO earlier in the week, with more than half of the Offer Shares going to its pre-IPO shareholders.
It was a busy week for placements as well, with Liontown Resources (LTR AU)'s stealing the spotlight with its equity/debt raising, after Albemarle withdrew its acquisition bid. 


ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

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.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>, <a href="https://www.smartkarma.com/entities/ecopro-materials" target="_blank" data-smartkarma-citation="entities:36806:1" rel="noopener">EcoPro Materials (ECO123 KS)</a>, <a href="https://www.smartkarma.com/entities/seoul-guarantee-insurance-co" target="_blank" data-smartkarma-citation="entities:40123:1" rel="noopener">Seoul Guarantee Insurance (031210 KS)</a>, <a href="https://www.smartkarma.com/entities/cainiao-smart-logistics-network-ltd" target="_blank" data-smartkarma-citation="entities:36859:1" rel="noopener">Cainiao Smart Logistics (1437124D HK)</a>, <a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">Eoflow (294090 KS)</a>, <a href="https://www.smartkarma.com/entities/nws-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3350:1" rel="noopener">Nws Holdings (659 HK)</a>, <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>, <a href="https://www.smartkarma.com/entities/liontown-resources-ltd" target="_blank" data-smartkarma-citation="entities:20488:1" rel="noopener">Liontown Resources (LTR AU)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:692:1" rel="noopener">Pact Group Holdings (PGH AU)</a>.       </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Kokusai Electric (6525 JP), EcoPro Materials (ECO123 KS), Seoul Guarantee Insurance (031210 KS), Cainiao Smart Logistics (1437124D HK), J&amp;T Global Express (1936374D CH) IPOs.
Event-Driven developments - Eoflow (294090 KS), Nws Holdings (659 HK), Origin Energy (ORG AU), Liontown Resources (LTR AU), Estia Health (EHE AU), Pact Group Holdings (PGH AU).       


Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

<ul>
<li>Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> managed to get strong support, even though we remain somewhat unconvinved. </li>
<li>In the placement space,  we looked at the upcoming lockups for <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> and <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>, along with the <a href="https://www.smartkarma.com/entities/ingenia-communities-group" target="_blank" data-smartkarma-citation="entities:5495:1" rel="noopener">Ingenia Communities (INA AU)</a> placement.</li>
</ul>


Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) managed to get strong support, even though we remain somewhat unconvinved. 
In the placement space,  we looked at the upcoming lockups for Rakuten Bank (5838 JP) and Zomato (ZOMATO IN), along with the Ingenia Communities (INA AU) placement.


ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

South Korea

Seoul Guarantee Insurance Company provide insurance services. The Company offers claims adjusting, insurance plans, credit guarantee, loss prevention services, insurance exchanges, claims processing, self insurance funds, and other services. Seoul Guarantee Insurance conducts businesses in South Korea.

Price Gauge
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Seoul Guarantee Insurance (031210 KS)

ECM Weekly (29th Oct 2023) - Kokusai, J&T, Midea, Wuxi XDC, Cirrus, Cello World, Honasa, SIA

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

Seoul Guarantee Insurance Corp IPO - Cancelled

Seoul Guarantee Insurance cancelled IPO due to low demand as institutional investors highlighted negatives including interest rates, lack of...

Douglas Kim

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

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

Clarence Chu

Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

Last week, notable developments occurred in Event-Driven (Eoflow, NWS, Liontown, Origin, Estia, Pact, Healius, Newcrest) and ECM (Kokusai, J&T,...

Arun George

ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

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

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (29th Oct 2023) - Kokusai, J&T, Midea, Wuxi XDC, Cirrus, Cello World, Honasa, SIA

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

Seoul Guarantee Insurance Corp IPO - Cancelled

​Seoul Guarantee Insurance cancelled IPO due to low demand as institutional investors highlighted negatives including interest rates, lack of...

Douglas Kim

ECM Weekly (22nd Oct 2023) - J&T, Cuscal, Liontown, Cainiao, ZJLD, Taiwan Cement, Zomato, Hana Micro

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

Clarence Chu

Weekly Deals Digest (15 Oct) - Kokusai, EcoPro, Seoul Guarantee, J&T, Eoflow, NWS, Origin, Liontown

Last week, notable developments occurred in Event-Driven (Eoflow, NWS, Liontown, Origin, Estia, Pact, Healius, Newcrest) and ECM (Kokusai, J&T,...

Arun George

ECM Weekly (15th Oct 2023) - Kokusai, J&T, Ecopro, Thai Credit, Lalatech, Barito, Rakuten, Zomato

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

Sumeet Singh

Seoul Guarantee Insurance cancelled IPO due to low demand as institutional investors highlighted negatives including interest rates, lack of...