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

OceanaGold Philippines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oceanagold-philippines" target="_blank" data-smartkarma-citation="entities:40897:1" rel="noopener">OceanaGold Philippines (OGCP000D PM)</a> is looking to raise up to US$140m in its Philippines IPO.</li>
<li>OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.</li>
<li>In this note, we talk about the company’s historical performance and share our quick thoughts on valuation.</li>
</ul>



OceanaGold Philippines (OGCP000D PM) is looking to raise up to US$140m in its Philippines IPO.
OceanaGold Philippines (OGPI) is a producer of gold and copper in the Philippines, and a subsidiary of OceanaGold Corporation, a Toronto Stock Exchange (TSX) listed gold mining and exploration company.
In this note, we talk about the company’s historical performance and share our quick thoughts on valuation.


OceanaGold Philippines IPO - Small yet Asking for a Lot

Merdeka Battery Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials-tbk" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (MBMA IJ)</a> was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will expire on 11th Dec 2023.</li>
<li>MBMA owns one of the world’s largest nickel mines in terms of contained nickel at the Konawe Nickel Mine. </li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Merdeka Battery Materials (MBMA IJ) was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will expire on 11th Dec 2023.
MBMA owns one of the world’s largest nickel mines in terms of contained nickel at the Konawe Nickel Mine. 
In this note, we will talk about the lock-up dynamics and updates since our last note.


Merdeka Battery Materials Lockup Expiry - US$1.5bn Lockup Expiry, Some Have Sold Beforehand

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> raised around US$714m in its Indonesian IPO.</li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO.
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In this note, we will talk about the trading dynamics and valuation.


Amman Mineral International IPO Trading - Looks Attractive with Ample Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise up to US$868m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul><li>There is no denying the slowing GDP growth in Indonesia.</li><li>The currency has become more acutely weak.</li><li>Bad loans are rising for all the major banks in 1Q15.</li><li>Without being flippant about the immediate risk to earnings from credit quality and the cycle, we believe that some perspective is worthwhile.</li></ul>

There is no denying the slowing GDP growth in Indonesia.The currency has become more acutely weak.Bad loans are rising for all the major banks in 1Q15.Without being flippant about the immediate risk to earnings from credit quality and the cycle, we believe that some perspective is worthwhile.

Indonesia

PT Trimegah Securities Tbk operates in the brokerage, underwriting, and investment management businesses.  The Company has operational offices in other major cities in Indonesia.

Trimegah Securities (TRIM IJ)

OceanaGold Philippines IPO - Small yet Asking for a Lot

OceanaGold Philippines (OGCP000D PM) is looking to raise up to US$140m in its Philippines IPO. In this note, we talk about the company’s historical...

Ethan Aw

Merdeka Battery Materials Lockup Expiry - US$1.5bn Lockup Expiry, Some Have Sold Beforehand

Merdeka Battery Materials (MBMA IJ) was listed on 18th Apr 2023, when it raised around US$591m in its Indonesian IPO. Its eight-month lockup will...

Ethan Aw

Amman Mineral International IPO Trading - Looks Attractive with Ample Upside

Amman Mineral Internasional (1416286D IJ) raised around US$714m in its Indonesian IPO. In this note, we will talk about the trading dynamics and...

Ethan Aw

Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. In this note, we undertake a quick peer...

Ethan Aw

Indonesia Concerns in Focus

There is no denying the slowing GDP growth in Indonesia. The currency has become more acutely weak. Bad loans are rising for all the major banks...

Daniel Tabbush