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/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway (SWB MK)</a> posted a 1Q26 profit of RM9.4bn; inclusive of a RM9.1bn fair value gain from <a href="https://www.smartkarma.com/entities/sunway-healthcare-holdings-berhad" target="_blank" data-smartkarma-citation="entities:45839:1" rel="noopener">Sunway Healthcare (SUNMED MK)</a>'s listing.  Sunway and its listed holdings are trading rich.</li>
<li>Preceding my comments on Sunway are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



Sunway (SWB MK) posted a 1Q26 profit of RM9.4bn; inclusive of a RM9.1bn fair value gain from Sunway Healthcare (SUNMED MK)'s listing.  Sunway and its listed holdings are trading rich.
Preceding my comments on Sunway are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


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

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a wave of smallish HK IPOs was launched late in the week.</li>
<li>On the placement front, deals have started to flow in across the region after a somewhat quiet war and earnings driven rest.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a wave of smallish HK IPOs was launched late in the week.
On the placement front, deals have started to flow in across the region after a somewhat quiet war and earnings driven rest.


Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS

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>The <a href="https://www.smartkarma.com/entities/ijm-corp-bhd" target="_blank" data-smartkarma-citation="entities:16784:1" rel="noopener">Ijm Corp Bhd (IJM MK)</a> Board unanimously recommends that the shareholders REJECT <a href="https://www.smartkarma.com/entities/sunway-bhd" target="_blank" data-smartkarma-citation="entities:11025:1" rel="noopener">Sunway Bhd (SWB MK)</a>’s cash/scrip conditional voluntary offer. </li>
<li>Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. </li>
<li>The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.</li>
</ul>


The Ijm Corp Bhd (IJM MK) Board unanimously recommends that the shareholders REJECT Sunway Bhd (SWB MK)’s cash/scrip conditional voluntary offer. 
Sunway has justification to take issue with the independent adviser’s valuation of RM5.84 and RM6.48 per share. However, Sunway has few credible options to respond. 
The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back-end valuation play with limited downside at the last close.


IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals are set to list in the coming week.</li>
<li>On the placement front, Nintendo's placement appears to be shaping up fine.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals are set to list in the coming week.
On the placement front, Nintendo's placement appears to be shaping up fine.


Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, a number of deals were launched at the end of the week.</li>
<li>On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP).</a>
</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, a number of deals were launched at the end of the week.
On the placement front, there was a flurry of deals across the region, along with news of a possible large cross-shareholding unwind in Toyota Motor (7203 JP).



Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

Malaysia

Sunway Healthcare Holdings Berhad operates as a holding company. The Company, through its subsidiaries, operates medical and TCM centers, as well as offers diagnosis, observation, and treatment services. Sunway Healthcare Holdings serves patients in Malaysia.

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Sunway Healthcare Holdings (SUNMED MK)

StubWorld: Sunway's Stable Is Overpriced

Compared to listed conglomerate peers, Sunway is trading rich. SUNMED, SUNCON, and SREIT are also trading rich to peers.

David Blennerhassett

Aequitas ECM Weekly (23 March 2026)-Samsung, Kingboard, JRE, Chery, Zijin, Butong, Delton, NSing, FS

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

IJM Corp (IJM MK): Sunway Running Out of Options as Focus Shifts to the Back-End Valuation

Sunway has few credible options to respond. The most likely outcome is that Sunway’s RM3.15 offer lapses on 6 April. IJM is now primarily a back...

Arun George

Aequitas ECM Weekly (9 March 2026)- Nintendo, Mixue, PayPay, UI Boustead, Sunway, Zhaowei, Estun

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Aequitas ECM Weekly (2 March 2026)- Toyota Motors, Nintendo, IBIDEN, Estun, PayPay, CleanMax

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

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