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

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we talk about the updates from the company’s recent PHIP filings.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we talk about the updates from the company’s recent PHIP filings.


CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

Event-Driven

<ul>
<li>PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.</li>
<li>The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.
The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.
In this note, we will talk about the lock-up dynamics and updates since our last note.


PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

Senior Equity Derivatives Trader

Simon Harris

Equity Derivatives

<ul>
<li>Derivative trade ideas to maintain upside/protect downside in Tencent. Stock is cheap but risks remain </li>
<li>Take advantage of a retracement in implied vols and depressed skew levels to improve payoffs and protect against broader market risk</li>
<li>We look at 3 alternative trades depending on your position and outlook</li>
</ul>


Derivative trade ideas to maintain upside/protect downside in Tencent. Stock is cheap but risks remain 
Take advantage of a retracement in implied vols and depressed skew levels to improve payoffs and protect against broader market risk
We look at 3 alternative trades depending on your position and outlook


EQD | Tencent (700 HK): A Long but Use Options to Mitigate Any Broader Market Risks

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>Tencent invested more in Ubisoft Entertainment, a French game developer.</li>
<li>The monthly active users of local life recovered in China in June and July.</li>
<li>NetEase will close Music Street, the social networking-oriented karaoke app.</li>
</ul>


Tencent invested more in Ubisoft Entertainment, a French game developer.
The monthly active users of local life recovered in China in June and July.
NetEase will close Music Street, the social networking-oriented karaoke app.


China Internet Weekly (12Aug2022): Tencent, JD.com, Meituan, NetEase, Inkeverse

<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 IPO front, a few large Hong Kong IPOs are lining up to launch soon.</li>
<li>Placements picked up this week in Japan and India with most being secondary deals.</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 IPO front, a few large Hong Kong IPOs are lining up to launch soon.
Placements picked up this week in Japan and India with most being secondary deals.


ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

CALB Pre-IPO - PHIP Updates - Growth Picking up Further, Margins Turnaround

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk abou the updates from the company's recent PHIP filings.

Sumeet Singh

PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

PropertyGuru mergered with Bridgetown 2 SPAC in Mar 2022. Its 180-days lockup will end soon freeing its two large PE shareholders.

Sumeet Singh

EQD | Tencent (700 HK): A Long but Use Options to Mitigate Any Broader Market Risks

Use derivatives to own Tencent delta through potential market turbulence. Take advatantage of cheap volatility to improve risk reward profile.

Simon Harris

China Internet Weekly (12Aug2022): Tencent, JD.com, Meituan, NetEase, Inkeverse

Tencent invested more in Ubisoft Entertainment. The monthly active users of local life recovered in China in June and July. NetEase will close...

Ming Lu

ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)