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

Sunac China Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/sunac-china-holdings-ltd" target="_blank" data-smartkarma-citation="entities:240:1" rel="noopener">Sunac China Holdings (1918 HK)</a> aims to raise up to US$922m via selling 3.7% of the company. We covered two of prior deals in the name:<ul>
<li>US$500m raise in July 2017: <a href="https://www.smartkarma.com/insights/sunac-china-holdings-placement-highly-leveraged-and-positive-sentiment-likely-priced-it" target="_blank" rel="noopener">Sunac China Holdings Placement - Highly Leveraged and Positive Sentiment Likely Priced It</a>, and</li>
<li>US$900m raise in Dec 2017: <a href="https://www.smartkarma.com/insights/sunac-placement-large-equity-raise-and-strong-fcf-help-relief-pressure-on-high-debt-levels" target="_blank" rel="noopener">Sunac Placement - Large Equity Raise and Strong FCF Help Relief Pressure on High Debt Levels</a>
</li>
</ul>Both of the deals did just about ok. The shares are now trading close to their life-time highs, which also means that this deal, despite its near US$1bn tag, will only cause small diultion of 3.6% and hence, shouldn't be too difficult to digest.

Sunac China Holdings (1918 HK) aims to raise up to US$922m via selling 3.7% of the company. We covered two of prior deals in the name:
US$500m raise in July 2017: Sunac China Holdings Placement - Highly Leveraged and Positive Sentiment Likely Priced It, and
US$900m raise in Dec 2017: Sunac Placement - Large Equity Raise and Strong FCF Help Relief Pressure on High Debt Levels

Both of the deals did just about ok. The shares are now trading close to their life-time highs, which also means that this deal, despite its near US$1bn tag, will only cause small diultion of 3.6% and hence, shouldn't be too difficult to digest.

Sunac China Placement - Small Deal Unlikely to Move the Debt Needle by Much

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks, and discussing specific areas of interest in the "In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-5225'>Country Garden Holdings Co</a></li><li><a href='#lucror-entity-9757'>Fantasia Holdings Group Co</a></li><li><a href='#lucror-entity-25901'>Garuda Maintenance Facility</a></li><li><a href='#lucror-entity-12601'>Kwg Property Holding</a></li><li><a href='#lucror-entity-7381'>Logan Property Holdings</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-20934'>Tata Steel Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China SCECIFI HoldingsCountry Garden Holdings CoFantasia Holdings Group CoGaruda Maintenance FacilityKwg Property HoldingLogan Property HoldingsSunac China HoldingsTata Steel Ltd

Morning Views Asia: China SCE, CIFI Holdings, Country Garden Holdings Co, Fantasia Holdings Group Co

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also provide relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-6159'>China SCE</a></li><li><a href='#lucror-entity-8205'>China South City</a></li><li><a href='#lucror-entity-18387'>CIFI Holdings</a></li><li><a href='#lucror-entity-25901'>Garuda Maintenance Facility</a></li><li><a href='#lucror-entity-240'>Sunac China Holdings</a></li><li><a href='#lucror-entity-12463'>China Times Publishing Co</a></li><li><a href='#lucror-entity-17690'>Tunas Baru Lampung</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China SCEChina South CityCIFI HoldingsGaruda Maintenance FacilitySunac China HoldingsChina Times Publishing CoTunas Baru Lampung

Morning Views Asia: China SCE, China South City, CIFI Holdings, Garuda Maintenance Facility

China

Sunac China Holdings Limited is a real estate development company.

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Sunac China Holdings (1918 HK)

Sunac China Placement - Small Deal Unlikely to Move the Debt Needle by Much

Sunac China Holdings (1918 HK) aims to raise up to US$922m via selling 3.7% of the company. We covered two of prior deals in the name: US$500m...

Sumeet Singh

Asia HY Monthly - 2019 In Review And 2020 Outlook - Lucror Analytics

This month, we look at the developments of 2019, and in the “In-Focus” section, we discuss the outlook for Asian HY in 2020. The Asia Monthly...

Lucror Analytics

Morning Views Asia: China SCE, CIFI Holdings, Country Garden Holdings Co, Fantasia Holdings Group Co

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Trade Recommendations - December 2019 - Lucror Analytics

The Asia HY Trade Recommendations report for December includes a summary of our recommendations, as well as our high-conviction ideas. We also...

Lucror Analytics

Morning Views Asia: China SCE, China South City, CIFI Holdings, Garuda Maintenance Facility

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)