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

FineToday Holdings / Equity Capital Markets

<ul>
<li>CVC Capital is aiming to raise over US$500m, via selling some of its stake in <a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> in Japan.</li>
<li>FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan.
FineToday (FT) is a beauty and personal care company in Asia offering a range of products, including hair care, skin care and body care products.
In this note, we talk about the positive aspects of the deal.


FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Just shy of three years ago, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> announced the unification of its dual-headed corporate structure to make BHP "simpler and more agile".</li>
<li>Collapsing DLCs/share-classes was all the rage back then. The prior year, <a href="https://www.smartkarma.com/entities/unilever-nv" target="_blank" data-smartkarma-citation="entities:21141:1" rel="noopener">Unilever (UNA NA)</a> collapsed its DLC; and <a href="https://www.smartkarma.com/entities/royal-dutch-shell-plc-adr" target="_blank" data-smartkarma-citation="entities:792:1" rel="noopener">Royal Dutch Shell </a> unified its A and B lines in 2021. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio (RIO AU/LN)</a> is one of only a handful of remaining DLCs. Renewed investor calls to unwind the DLC and the recent UK's listing regime reform necessitate a rethink.</li>
</ul>


Just shy of three years ago, BHP (BHP AU) announced the unification of its dual-headed corporate structure to make BHP "simpler and more agile".
Collapsing DLCs/share-classes was all the rage back then. The prior year, Unilever (UNA NA) collapsed its DLC; and Royal Dutch Shell  unified its A and B lines in 2021. 

Rio (RIO AU/LN) is one of only a handful of remaining DLCs. Renewed investor calls to unwind the DLC and the recent UK's listing regime reform necessitate a rethink.


Rio Tinto (RIO AU/LN): Thinking About The "Unification"

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We initiate our coverage on WHART with an Outperform rating.</li><li>The trust is attractive for its valuation, trading at a P/NAV of just 0.8x, while the dividend yield spread relative to the risk-free 10Y bond yield remains high at 5.7%.</li><li>The trust's long-term earnings are likely to show steady growth.</li></ul>

We initiate our coverage on WHART with an Outperform rating.The trust is attractive for its valuation, trading at a P/NAV of just 0.8x, while the dividend yield spread relative to the risk-free 10Y bond yield remains high at 5.7%.The trust's long-term earnings are likely to show steady growth.

WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART)

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, as the index yesterday was unable to form a higher high and higher low pattern for the first time in five trading days.</li><li>Most Asian stock markets are closed for the Chinese New Year holiday.</li><li>We recommend stocks with positive factors: MINT, BA and MC.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points, as the index yesterday was unable to form a higher high and higher low pattern for the first time in five trading days.Most Asian stock markets are closed for the Chinese New Year holiday.We recommend stocks with positive factors: MINT, BA and MC.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer</a> is looking to raise about US$200m in its upcoming India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Honasa Consumer is looking to raise about US$200m in its upcoming India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.


Honasa Consumer IPO - Thoughts on Valuations

Netherlands

Unilever N.V. manufactures branded and packaged consumer goods, including food, detergents, fragrances, home, and personal care products. Dually-listed company with ULVR LN.

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Unilever NV (UNIA NA)

FineToday Pre-IPO - The Positives - Established Brands Across Multiple Regions

CVC Capital is aiming to raise over US$500m, via selling some of its stake in FineToday Holdings Co Ltd (289A JP) in Japan. In this note, we talk...

Sumeet Singh

Rio Tinto (RIO AU/LN): Thinking About The "Unification"

At a time when the LSE has opted to dumb down the checks and balances for listed companies on its bourse, now may be just the right time to...

David Blennerhassett

WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART)

We initiate our coverage on WHART with an Outperform rating. The trust is attractive for its valuation, trading at a P/NAV of just 0.8x, while the...

Krungthai XSpring

Chinese New Year to Boost Tourism

Technically, the SET Index is expected to move sideways down, with the support at 1,386 points (25-day EMA)/1,379 points and the resistance at...

Krungthai XSpring

Honasa Consumer IPO - Thoughts on Valuations

Honasa Consumer, a beauty and personal care company, is looking to raise about US$200m in its upcoming India IPO. In this note we talk about...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

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