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.

Event-Driven

<ul>
<li>J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


J&amp;T Global Express, a global logistics provider, raised about US$500m in its Hong Kong IPO in Oct 2023. Its pre-IPO investors will be released from its IPO linked lockup soon.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 25.4% market share as per 2023 parcel volume.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>China's outbound tourism recovery started much later than others in the region</li>
<li>In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)</li>
<li>As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth</li>
</ul>


China's outbound tourism recovery started much later than others in the region
In particular, Taiwan &amp; Korea began ramping outbound travel earlier (in Q222)
As destinations, Thailand &amp; Vietnam recovered early, but now lag HK's growth


China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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>The past 1 month's share price appreciation combined with the uncertainty of the Straits of Hormuz reopening casts doubt. </li>
<li>The recent JV announcement between <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> and <a href="https://www.smartkarma.com/entities/air-china-limited-class-h" target="_blank" data-smartkarma-citation="entities:8239:1" rel="noopener">Air China (753 HK)</a> will improve SIA's margin structurally. </li>
<li>Air India's crisis is not over and drags SIA share price lower but most of it has been priced in while the Air China's JV has not been priced in. </li>
</ul>


The past 1 month's share price appreciation combined with the uncertainty of the Straits of Hormuz reopening casts doubt. 
The recent JV announcement between Singapore Airlines (SIA SP) and Air China (753 HK) will improve SIA's margin structurally. 
Air India's crisis is not over and drags SIA share price lower but most of it has been priced in while the Air China's JV has not been priced in. 


Singapore Air (SIA): Capturing China Rebound

Thematic (Sector/Industry)

<ul>
<li>Of the seven US metrics we track, six showed a weaker pace of Y/Y change vs July data</li>
<li>Five of the seven border crossing metrics showed Y/Y declines in August (vs only two in July)</li>
<li>As a proxy for US leisure and travel activity, the August numbers paint a bleak picture</li>
</ul>


Of the seven US metrics we track, six showed a weaker pace of Y/Y change vs July data
Five of the seven border crossing metrics showed Y/Y declines in August (vs only two in July)
As a proxy for US leisure and travel activity, the August numbers paint a bleak picture


August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>UOBKH starts 'buy' rating for EGP Energy at 92 cents.</li><li>UOBKH's Chen downgrades SIA to 'sell' due to rising fuel costs; keeps Air India 'neutral'.</li><li>Evolve Capital keeps ‘buy’ rating with lowered target of 38 cents for ASL Marine.</li></ul>

UOBKH starts 'buy' rating for EGP Energy at 92 cents.UOBKH's Chen downgrades SIA to 'sell' due to rising fuel costs; keeps Air India 'neutral'.Evolve Capital keeps ‘buy’ rating with lowered target of 38 cents for ASL Marine.

Singapore Market Roundup (17-Sep-2026): UOBKH rates EGP Energy as 'buy' at 92 cents.

Singapore

Singapore Airlines is the flag carrier of Singapore, offering full-service international passenger and cargo air transportation. It operates a dual-brand strategy with its premium services and the low-cost carrier Scoot, serving numerous destinations globally. The company is headquartered in Airline House, Changi, Singapore, and was incorporated in 1972.

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Singapore Airlines (SIA SP)

J&T Global Express IPO Lock-Up Expiry - Tiny Float with 87%+ Stake Lockup Release Worth >US$8.8bn

J&T Global Express' IPO linked lockup expired over the weeked. The stock has been correcting over the past few weeks, especially with the CCASS...

Sumeet Singh

China's Tourism Recovery Versus Other Major Tourist Sources in Asia: Delayed, Not Slower

In this insight we compare China's progress toward restoring outbound tourism activity to the progress shown by other major tourist sources in the...

Tracking Traffic

Singapore Air (SIA): Capturing China Rebound

Singapore Airlines' JV with Air China is expected to boost margins structurally, despite Air India's ongoing crisis impacting SIA's stock price.

Henry Soediarko

August US Customs & Border Protection Data Confirm Softening Travel Trend in Most Segments, Regions

By almost every measure, August's US border crossing data look even weaker than the mediocre numbers from July. Clearly, US travel and leisure...

Tracking Traffic

Singapore Market Roundup (17-Sep-2026): UOBKH rates EGP Energy as 'buy' at 92 cents.

UOBKH initiates 'buy' on EGP Energy at 92 cents, downgrades SIA to 'sell' amid rising fuel costs, and Evolve Capital maintains 'buy' on ASL Marine...

Singapore Market Roundup

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