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>Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.</li>
<li>At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.
At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Equity Capital Markets

<ul>
<li>Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.</li>
<li>Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.</li>
<li>We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. </li>
</ul>


Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank.
Delhivery is an online logistics service provider which covers express parcel delivery, heavy goods delivery, part truckload (PTL) freight, truckload (TL) freight, supply chain solutions, cross border solutions etc.
We have covered various aspects of the deal in our earlier notes. In this note, we talk about the demand and trading dynamics. 


Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Life Insurance  of India / 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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.</li>
<li>There were no major placements this week, with even Air New Zealand failing to hold its deal price.</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 IPOs front, LIC's lists tomorrow, while Delhivery's bookbuild wasn't great.
There were no major placements this week, with even Air New Zealand failing to hold its deal price.


ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>KDDI reported earnings today, offering a near meaningless March 2022 results presentation slide deck, and an only slightly more meaningful new Mid-Term Plan.</li>
<li>The only clarity provided is on the bit which makes up about a third of future OP as the two-thirds (mobile telephony ARPU-related revenues) will see considerable pain this year. </li>
<li>The buyback is nice, but KDDI is no longer cheap, and may have relative upside only against Softbank Corp. </li>
</ul>


KDDI reported earnings today, offering a near meaningless March 2022 results presentation slide deck, and an only slightly more meaningful new Mid-Term Plan.
The only clarity provided is on the bit which makes up about a third of future OP as the two-thirds (mobile telephony ARPU-related revenues) will see considerable pain this year. 
The buyback is nice, but KDDI is no longer cheap, and may have relative upside only against Softbank Corp. 


KDDI (9433) Results OK, Forecasts OK, Buyback Even Better, But No Longer Cheap

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>Guidance for modest growth in FY22 operating income is broadly in line with expectations and reassuring after a range of potential outcomes in reports from NTT and Softbank  </li>
<li>The company has issued a mid-term plan with a positive message on growth from new businesses and in-line guidance for capex/shareholder returns but a lack of FY24 finanical targets</li>
<li>On balance, the message is positive as a stable business and rising shareholder returns makes KDDI an attractive option in a frothy market</li>
</ul>


Guidance for modest growth in FY22 operating income is broadly in line with expectations and reassuring after a range of potential outcomes in reports from NTT and Softbank  
The company has issued a mid-term plan with a positive message on growth from new businesses and in-line guidance for capex/shareholder returns but a lack of FY24 finanical targets
On balance, the message is positive as a stable business and rising shareholder returns makes KDDI an attractive option in a frothy market


KDDI (Buy) Q4 21 Results Reaction: FY22 Profits Steady and Wide-Ranging Mid-Term Plan

Japan

Softbank Corporation provides mobile phone telecommunication and networking services. The Company offers mobile communication opening, short messaging function opening, video function opening, and other services. Softbank also provides mobile phones.

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Softbank Corp (9434 JP)

Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price. The lockup release...

Sumeet Singh

Delhivery IPO Trading - Anchor Book Was Good but Overall Demand Was Still Tepid

Delhivery raised around US$680m in its India IPO, the company is backed by a host of financial investors, the largest being Softbank. In this note,...

Sumeet Singh

ECM Weekly (15th May 22) - LIC, ThaiBev, Delhivery, One Store, Yunkang, VistaREIT, Ngern Tid Lor

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

KDDI (9433) Results OK, Forecasts OK, Buyback Even Better, But No Longer Cheap

KDDI (9433) earnings, when taken with NTT's, more than anything highlight how bad Softbank Corp (9434) earnings were. KDDI gets small growth next...

Travis Lundy

KDDI (Buy) Q4 21 Results Reaction: FY22 Profits Steady and Wide-Ranging Mid-Term Plan

KDDI appears to be weathering market challenges and guidance for modest growth in profitability in FY22 is positive. The company also issued mid...

Kirk Boodry

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