APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> is looking to raise up to US$200m in its upcoming HK IPO.</li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.</li>
</ul>



Cirrus Aircraft (0153126D US) is looking to raise up to US$200m in its upcoming HK IPO.
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
We had covered the company’s performance in our earlier notes. In this note, we talk about its PHIP updates.


Cirrus Aircraft Pre-IPO - PHIP Updates - Increased Customer Demand Continues to Drive Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cirrus-aircraft" target="_blank" data-smartkarma-citation="entities:39858:1" rel="noopener">Cirrus Aircraft (0153126D US)</a> is looking to raise up to US$300m in its upcoming HK IPO. </li>
<li>Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.</li>
<li>CA has managed to grow its profitability steadily over the track record period. However, the firm is subjected to heightened regulatory risks as US and China tensions rise.</li>
</ul>



Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO. 
Cirrus Aircraft designs, develops, manufactures, and sells premium aircrafts. Its two aircraft product lines, the SR2X Series and the Vision Jet, are currently certified and validated in over 60 countries.
CA has managed to grow its profitability steadily over the track record period. However, the firm is subjected to heightened regulatory risks as US and China tensions rise.


Cirrus Aircraft Pre-IPO - Has Grown Steadily but Faces Prominent Regulatory Risks

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> selling its <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a> shares was expected. The beginning of an open-ended share repurchase programme of Prosus and <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> shares was a welcome surprise.</li>
<li>Dye &amp; Durham has reduced its Offer price for <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> to $4.30/share, down from $5.50/share. It still may get board support.</li>
<li>A 40-45% discount is about the narrowest <a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> should get to. For that, there is probably 15-20% upside. But like all holdco trades, trade the range.</li>
</ul>



Prosus (PRX NA) selling its JD.com (9618 HK) shares was expected. The beginning of an open-ended share repurchase programme of Prosus and Naspers (NPN SJ) shares was a welcome surprise.
Dye &amp; Durham has reduced its Offer price for Link Administration (LNK AU) to $4.30/share, down from $5.50/share. It still may get board support.
A 40-45% discount is about the narrowest Bank of Kyoto (8369 JP) should get to. For that, there is probably 15-20% upside. But like all holdco trades, trade the range.


Last Week in Event SPACE: Prosus/Naspers, Link Admin, Bank of Kyoto, Tassel, Toshiba

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

<ul>
<li>Frontier Airlines (ULCC US)'s improved terms for <a href="https://www.smartkarma.com/entities/spirit-airlines-inc" target="_blank" data-smartkarma-citation="entities:3389:1" rel="noopener">Spirit Airlines (SAVE US)</a>  still falls well short of the <a href="https://www.smartkarma.com/entities/jetblue-airways-corp" target="_blank" data-smartkarma-citation="entities:1516:1" rel="noopener">Jetblue Airways (JBLU US)</a> offer</li>
<li>ULCC's enhanced downside protection matching JBLU's reverse termination fee and bettering its prepayment proposal is the key swing factor where the regulatory path to approval is challenging for either transaction</li>
<li>Given its vigorous pursuit of SAVE so far, we expect JBLU will quickly respond with another counter offer in order to regain the initiative which should keep arbs interested </li>
</ul>


Frontier Airlines (ULCC US)'s improved terms for Spirit Airlines (SAVE US)  still falls well short of the Jetblue Airways (JBLU US) offer
ULCC's enhanced downside protection matching JBLU's reverse termination fee and bettering its prepayment proposal is the key swing factor where the regulatory path to approval is challenging for either transaction
Given its vigorous pursuit of SAVE so far, we expect JBLU will quickly respond with another counter offer in order to regain the initiative which should keep arbs interested 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/jetblue-airways-corp" target="_blank" data-smartkarma-citation="entities:1516:1" rel="noopener">Jetblue Airways (JBLU US)</a> is going all out to acquire <a href="https://www.smartkarma.com/entities/spirit-airlines-inc" target="_blank" data-smartkarma-citation="entities:3389:1" rel="noopener">Spirit Airlines (SAVE US)</a> with an increased $33.5/share cash offer, 68% above Frontier Airlines (UCLL US) agreed bid worth $19.99</li>
<li>Antitrust risk is a substantial obstacle to both transactional options available to SAVE, but JBLU's stronger commitment to remedial solutions should be enough to make SAVE board reconsider its position</li>
<li>Deal momentum now seems to be moving in favor of JBLU's vigorous pursuit of SAVE which is starting to make the target's risk-reward profile look compelling </li>
</ul>



Jetblue Airways (JBLU US) is going all out to acquire Spirit Airlines (SAVE US) with an increased $33.5/share cash offer, 68% above Frontier Airlines (UCLL US) agreed bid worth $19.99
Antitrust risk is a substantial obstacle to both transactional options available to SAVE, but JBLU's stronger commitment to remedial solutions should be enough to make SAVE board reconsider its position
Deal momentum now seems to be moving in favor of JBLU's vigorous pursuit of SAVE which is starting to make the target's risk-reward profile look compelling 


MergerTalk: The Bidding War For Spirit Airlines

United States

Spirit Airlines Inc. is a low-fare airline based in Miramar, Florida. The Airline provides low-cost travel opportunities principally to and from South Florida, the Caribbean and Latin America. Spirit Airlines basic service combines with a range of optional services for additional fees, targets price sensitive leisure travelers and travelers visiting friends and relatives.

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Spirit Airlines (SAVE US)

Cirrus Aircraft Pre-IPO - PHIP Updates - Increased Customer Demand Continues to Drive Growth

Cirrus Aircraft (0153126D US) is looking to raise up to US$200m in its upcoming HK IPO. We had covered the company’s performance in our earlier...

Ethan Aw

Cirrus Aircraft Pre-IPO - Has Grown Steadily but Faces Prominent Regulatory Risks

Cirrus Aircraft (0153126D US) is looking to raise up to US$300m in its upcoming HK IPO. CA has grown its profitability steadily over the track...

Ethan Aw

Last Week in Event SPACE: Prosus/Naspers, Link Admin, Bank of Kyoto, Tassel, Toshiba

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

MergerTalk: Over To You, JetBlue!

Given its vigorous pursuit of Spirit Airlines so far, we expect Jetblue will quickly respond to Frontier's improved terms in an effort to regain...

Robert Sassoon

MergerTalk: The Bidding War For Spirit Airlines

Jetblue's vigorous pursuit of Spirit Airlines may pay off making the target's risk-reward look compelling to Spirit Shareholders and arbitrageurs

Robert Sassoon

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