APAC IPOs & Placements, Aequitas Research

Nicholas Tan

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tuas-ltd" target="_blank" data-smartkarma-citation="entities:30985:1" rel="noopener">Tuas Ltd (TUA AU)</a>  is looking to raise around US$239m in its fully underwritten Australian placement.</li>
<li>The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1. </li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Tuas Ltd (TUA AU)  is looking to raise around US$239m in its fully underwritten Australian placement.
The company will use the proceeds to partially fund the acquisition of Singaporean digital network operator M1. 
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Aussie/Singapore telco play <a href="https://www.smartkarma.com/entities/tuas-ltd" target="_blank" data-smartkarma-citation="entities:30985:1" rel="noopener">Tuas (TUA AU)</a> is down 55% (63% at one point) after Singapore's telco regulator Infocomm Media Development Authority (IMDA) said Tuas may have been using unapproved spectrum. </li>
<li>Concurrently, IMDA halted its assessment of the proposed consolidation between <a href="https://www.smartkarma.com/entities/keppel-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel (KEP SP)</a>'s M1 and Tuas' Simba Telecom until further notice. That consolidation was announced last August. </li>
<li>Tuas was trading at A$5.51/share prior to the August announcement, and is now at $2.75, or a A$1.5bn market cap hit. That's excessive. </li>
</ul>


Aussie/Singapore telco play Tuas (TUA AU) is down 55% (63% at one point) after Singapore's telco regulator Infocomm Media Development Authority (IMDA) said Tuas may have been using unapproved spectrum. 
Concurrently, IMDA halted its assessment of the proposed consolidation between Keppel (KEP SP)'s M1 and Tuas' Simba Telecom until further notice. That consolidation was announced last August. 
Tuas was trading at A$5.51/share prior to the August announcement, and is now at $2.75, or a A$1.5bn market cap hit. That's excessive. 


Tuas (TUA AU): Even IF In Breach, This Is A Buy

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

<ul>
<li>ASX 200 rebalance will be effective on 21 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.</li>
<li>Four of the five ADDs gained over the bridge window, led by Sunrise Energy Metals at +28.1%. Tuas was the only DELETE to gain.</li>
<li>Historically, ADDs with a positive bridge were evenly split between first-week gains and losses. DELETEs mostly fell in the first implementation week after either bridge direction.</li>
</ul>


ASX 200 rebalance will be effective on 21 Sep 2026 before market open, with 5 ADDs and 5 DELETEs.
Four of the five ADDs gained over the bridge window, led by Sunrise Energy Metals at +28.1%. Tuas was the only DELETE to gain.
Historically, ADDs with a positive bridge were evenly split between first-week gains and losses. DELETEs mostly fell in the first implementation week after either bridge direction.


ASX 200 Sep 2026 Index Rebalance: Pre-Implementation Update

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

<ul>
<li>There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.</li>
<li>Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.</li>
<li>The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.</li>
</ul>


There could be 2 changes for the ASX50, 1 for the ASX100, 6 for the S&amp;P/ASX 200 and 16 adds/11 deletes for the ASX300 in September.
Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the ASX200 and ASX300 indices.
The forecast adds have outperformed the forecast deletes over the last few months, but outperformance has reduced for the ASX50/ASX200 indices and has increased for the ASX100/ASX300 indices.


S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2026 index rebal event.</li>
<li>We expect two changes for ASX 50, one change for ASX 100, and five changes for ASX 200. Separately, we see 13 ADDs and 10 DELs for ASX 300.</li>
<li>The Vault minerals deal could trigger index changes after the September 2026 index review.</li>
</ul>


In this insight, we present our final expectations for ASX 300, 200, 100, 50, and 20 for the September 2026 index rebal event.
We expect two changes for ASX 50, one change for ASX 100, and five changes for ASX 200. Separately, we see 13 ADDs and 10 DELs for ASX 300.
The Vault minerals deal could trigger index changes after the September 2026 index review.


Quiddity Leaderboard ASX Sep26: Final Expectations; Many High-Impact Names

Australia

Tuas Limited operates as a telecom company. The Company offers wireless telecommunication solutions for mobile business. Tuas serves customers in Australia and Singapore.

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Tuas Ltd (TUA AU)

Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency

Tuas Ltd (TUA) is looking to raise around US$239m in its fully underwritten Australian placement. In this note, we will talk about the deal...

Nicholas Tan

Tuas (TUA AU): Even IF In Breach, This Is A Buy

Despite an uncertain backdrop, Tuas' share price appears unduly beaten up here. Yes - absent the M1 merger, it remains Singapore's budget operator....

David Blennerhassett

ASX 200 Sep 2026 Index Rebalance: Pre-Implementation Update

S&P/ASX 200 enters implementation on 21 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

Quiddity Leaderboard ASX Sep26: Final Expectations; Many High-Impact Names

The ADDs/DELs for the September 2026 index rebalance will be confirmed after market close on 4th September 2026 and the Inclusion/Exclusion events...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

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Tuas Ltd Placement: Cheap Acquisition Funded by Expensive Currency

Tuas Ltd (TUA) is looking to raise around US$239m in its fully underwritten Australian placement. In this note, we will talk about the deal...

Nicholas Tan

Tuas (TUA AU): Even IF In Breach, This Is A Buy

Despite an uncertain backdrop, Tuas' share price appears unduly beaten up here. Yes - absent the M1 merger, it remains Singapore's budget operator....

David Blennerhassett

ASX 200 Sep 2026 Index Rebalance: Pre-Implementation Update

S&P/ASX 200 enters implementation on 21 Sep 2026. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

S&P/​​​​​​​​​ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact

There could be 45 changes across the ASX family of indices in Sept. Passive trackers need to trade a lot of stock in many names. Short interest is...

Brian Freitas

Quiddity Leaderboard ASX Sep26: Final Expectations; Many High-Impact Names

The ADDs/DELs for the September 2026 index rebalance will be confirmed after market close on 4th September 2026 and the Inclusion/Exclusion events...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview (Sep 26): Plenty of Change with Big Flow & Impact