APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

BA Airport Leasehold Real Estate Investment Trust / Equity Capital Markets

BA Airport Leasehold Real Estate Investment Trust (BAREIT TB)

BA Airport Leasehold Real Estate Investment Trust

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ba-airport-leasehold-reit" target="_blank" data-smartkarma-citation="entities:36255:1" rel="noopener">BA Airport Leasehold REIT (BAREIT TB)</a> (BAREIT) is looking to raise about US$290m in its Thailand IPO. </li>
<li>BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.</li>
<li>It aims to utilise the IPO proceeds, combined with a debt issuance to lease a number of properties located in Samui Airport. </li>
</ul>



BA Airport Leasehold REIT (BAREIT TB) (BAREIT) is looking to raise about US$290m in its Thailand IPO. 
BA Airport Leasehold REIT (BAREIT), sponsored by Bangkok Airways, is Thailand’s first airport REIT.
It aims to utilise the IPO proceeds, combined with a debt issuance to lease a number of properties located in Samui Airport. 


BA Airport Leasehold REIT Pre-IPO - First Airport-REIT, Expect Stable Income

<ul>
<li>
<a href="https://www.smartkarma.com/entities/betagro-group" target="_blank" data-smartkarma-citation="entities:36222:1" rel="noopener">Betagro Group (1737144D TB)</a> is looking to raise about US$600m in its upcoming Thailand IPO. </li>
<li>Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.</li>
<li>Margins have fluctuated and operating/net margins are razor thin. Over a longer term period, track record hasn't been the greatest as well.</li>
</ul>



Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO. 
Betagro is an integrated agro-industrial and food business in Thailand. The firm’s products cover all stages of the food value chain including upstream, midstream and downstream.
Margins have fluctuated and operating/net margins are razor thin. Over a longer term period, track record hasn't been the greatest as well.


Betagro Pre-IPO - The Negatives - Muted Long Term Track Record and Operating on Razor Thin Margins

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> raised over US$1bn in its IPO and has started trading on the SET today.</li>
<li>At the last trade price of THB 16/share, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> is a borderline Fast Entry add to the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a>.</li>
<li>If <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> is added to the index, <a href="https://www.smartkarma.com/entities/bangkok-life-assurance-pcl" target="_blank" data-smartkarma-citation="entities:16237:1" rel="noopener">Bangkok Life Assurance (BLA TB)</a> is the most likely deletion.</li>
</ul>



Thai Life Insurance (TLI TB) raised over US$1bn in its IPO and has started trading on the SET today.
At the last trade price of THB 16/share, Thai Life Insurance (TLI TB) is a borderline Fast Entry add to the Stock Exchange of Thailand SET 50 Index (SET50 INDEX).
If Thai Life Insurance (TLI TB) is added to the index, Bangkok Life Assurance (BLA TB) is the most likely deletion.


Thai Life Insurance (TLI): Borderline SET50 Fast Entry

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.

Thai Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:71653" rel="noopener">Thai Life Insurance IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:71693" rel="noopener">Thai Life Insurance IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/thai-life-insurance-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:71995" rel="noopener">Thai Life Insurance IPO: Valuation Insights</a>. </li>
<li>The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. </li>
</ul>



Thai Life Insurance (TLI TB) will start trading on 25 July. Thai Life raised US$975 million at the IPO price of THB16.00 per share.
We previously discussed the IPO in Thai Life Insurance IPO: The Bull Case, Thai Life Insurance IPO: The Bear Case and Thai Life Insurance IPO: Valuation Insights. 
The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair. 


<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>On the ECM front, <a href="https://www.smartkarma.com/entities/thai-life-insurance" target="_blank" data-smartkarma-citation="entities:34915:1" rel="noopener">Thai Life Insurance (TLI TB)</a> will start trading on 25 July, <a href="https://www.smartkarma.com/entities/bharat-fih" target="_blank" data-smartkarma-citation="entities:36101:1" rel="noopener">Bharat FIH (BFIH IN)</a> aims to launch an August IPO to raise US$625 million.</li>
<li>Event-Driven developments at DTAC/True, <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>, <a href="https://www.smartkarma.com/entities/pendal-group-ltd" target="_blank" data-smartkarma-citation="entities:15795:1" rel="noopener">Pendal Group (PDL AU)</a>, <a href="https://www.smartkarma.com/entities/tassal-group-ltd" target="_blank" data-smartkarma-citation="entities:16234:1" rel="noopener">Tassal (TGR AU)</a>, <a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a>, <a href="https://www.smartkarma.com/entities/hwa-hong-corp-ltd" target="_blank" data-smartkarma-citation="entities:6648:1" rel="noopener">Hwa Hong Corp (HWAH SP)</a>, <a href="https://www.smartkarma.com/entities/excelpoint-technology-ltd" target="_blank" data-smartkarma-citation="entities:1774:1" rel="noopener">Excelpoint Technology (EXLP SP)</a>, Cocoaland.   </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
On the ECM front, Thai Life Insurance (TLI TB) will start trading on 25 July, Bharat FIH (BFIH IN) aims to launch an August IPO to raise US$625 million.
Event-Driven developments at DTAC/True, Link Administration (LNK AU), Pendal Group (PDL AU), Tassal (TGR AU), Suncorp (SUN AU), Hwa Hong Corp (HWAH SP), Excelpoint Technology (EXLP SP), Cocoaland.   


Weekly Deals Digest (24 Jul): Thai Life, Bharat FIH, Link, DTAC/True, Pendal, Tassal, Ramsay, AOF

Thailand

Thai Life Insurance Public Company Limited provides a comprehensive range of life insurance products in Thailand, including whole life, endowment, annuity, term life, investment-linked, group life, and personal accident insurance. They also offer health and retirement plans, serving customers through agent and multi-channel partnerships such as commercial banks and digital platforms. The company was founded in 1942 and is headquartered in Bangkok, Thailand.

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Thai Life Insurance (TLI TB)

BA Airport Leasehold REIT Pre-IPO - First Airport-REIT, Expect Stable Income

BA Airport Leasehold REIT (BAREIT TB) (BAREIT) is looking to raise about US$290m in its Thailand IPO. BAREIT, sponsored by Bangkok Airways, is...

Clarence Chu

Betagro Pre-IPO - The Negatives - Muted Long Term Track Record and Operating on Razor Thin Margins

Betagro Group (1737144D TB) is looking to raise about US$600m in its upcoming Thailand IPO. Betagro is an integrated agro-industrial and food...

Clarence Chu

Thai Life Insurance (TLI): Borderline SET50 Fast Entry

Thai Life Insurance (TLI) started trading today and is a close Fast Entry add to the SET50 Index. If TLI is added to the index, Bangkok Life (BLA)...

Brian Freitas

Thai Life Insurance IPO: Trading Debut

The average of our DDM and relative valuation methodology suggests a price of THB15.43 per share. Remain on the sidelines as the IPO price is fair.

Arun George

Weekly Deals Digest (24 Jul): Thai Life, Bharat FIH, Link, DTAC/True, Pendal, Tassal, Ramsay, AOF

Last week, notable developments occurred in Event-Driven (Link Admin, Suncorp, Pendal, Tassal, AOF, DTAC/True, Excelpoint, Hwa Hong, Cocoaland) and...

Arun George

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