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>
<a href="https://www.smartkarma.com/entities/ntt-dc-reit" target="_blank" data-smartkarma-citation="entities:45414:1" rel="noopener">Ntt Dc Reit (NTTDCR SP)</a> (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.</li>
<li>The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.</li>
<li>In this note, we look at the company's portfolio and its performance.</li>
</ul>



Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO.
The IPO portfolio comprises six mainly freehold data centres in the U.S., Austria and Singapore with an aggregate appraised valuation of US$1.6bn.
In this note, we look at the company's portfolio and its performance.


NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Insurance & Central Asia-focused Analyst, KT Capital Group

Alec Tseung

Insurance & Central Asia-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

United Overseas Insurance / Equity Bottom-Up

<ul>
<li>UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.</li>
<li>Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.</li>
<li>UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.</li>
</ul>


UOI received much media attention when a minority shareholder group attempted to push the company to distribute its Haw Par shares and appoint a financial advisor to unlock shareholder value.
Although the Board dismissed the request due to the failure to meet statutory requirements, the ownership structure between UOI, UOB, Haw Par, and Wee family remains a valid concern.
UOI has underperformed the broader market over the past 5 years; the key to management is how it can grow from a mid-sized local insurer to a leading regional one.


United Overseas Insurance: The Samsung Family of Singapore?

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>  announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.</li>
<li>Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.</li>
<li>Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.</li>
</ul>



Haw Par Corp (HPAR SP)  announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.


Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Research and consultancy, Tabbush Report

Daniel Tabbush

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.

<ul>
<li>In the most recent quarters HSBC saw its NIM decline from around 1.7% to 1.5%</li>
<li>As the bank de-risks its CRE lending it is left with a greater proportion of bad CRE loans</li>
<li>There can be more significant impairment charges on BoCom, the USD3bn done was small</li>
</ul>


In the most recent quarters HSBC saw its NIM decline from around 1.7% to 1.5%
As the bank de-risks its CRE lending it is left with a greater proportion of bad CRE loans
There can be more significant impairment charges on BoCom, the USD3bn done was small


HSBC - The Narrative Seems to Be Missing Many Points of the Reality

<ul>
<li>HK &amp; China CRE credit impaired loans are rising sharply and high in 3Q23. We believe there is risk that the bank has to take much higher credit costs. </li>
<li>Not only Mainland China CRE where there are risks. HSBC shows its ECL coverage ratio for HK CRE rising 45% over the past nine months, from 4Q22 to 3Q23. </li>
<li>LT credit costs shows HSBC's provisioning is like during a benign environment, at ~1/3 of its LT average. Its +34% QoQ credit costs in 4Q22 is worth keeping in mind. </li>
</ul>


HK &amp; China CRE credit impaired loans are rising sharply and high in 3Q23. We believe there is risk that the bank has to take much higher credit costs. 
Not only Mainland China CRE where there are risks. HSBC shows its ECL coverage ratio for HK CRE rising 45% over the past nine months, from 4Q22 to 3Q23. 
LT credit costs shows HSBC's provisioning is like during a benign environment, at ~1/3 of its LT average. Its +34% QoQ credit costs in 4Q22 is worth keeping in mind. 


HSBC - HK & China CRE Credit Impaired Loans Now 25.8% from 20.2% | ECL Coverage for HK CRE up 45%

Singapore

United Overseas Bank is a leading Asian bank offering a comprehensive range of financial services across its Group Retail, Group Wholesale Banking, and Global Markets segments. Its offerings include personal, private, commercial, and corporate banking, investment banking, asset management, and insurance services. The bank is headquartered in Singapore and was founded in 1935.

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United Overseas Bank (UOB SP)

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we look at its portfolio and...

Sumeet Singh

United Overseas Insurance: The Samsung Family of Singapore?

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Haw Par’s stock could potentially double if the company raises its regular dividend to S$1.00 per share—a target achievable using solely its...

Devi Subhakesan

HSBC - The Narrative Seems to Be Missing Many Points of the Reality

The HSBC narrative seems to be missing much of the reality: the sharp drop in NIM in 4Q23, the worsening proportion of bad CRE loans to total, and...

Daniel Tabbush

HSBC - HK & China CRE Credit Impaired Loans Now 25.8% from 20.2% | ECL Coverage for HK CRE up 45%

NYCB, Aozora, now Pfandbriefbank in Germany, CRE risks are clear. HSBC is not only exposed in places like Hong Kong and China, but also material...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTT DC REIT IPO - Decent Yield, Strong Local Backing, a Few Issues

Ntt Dc Reit (NTTDCR SP) (NDC), a data center REIT, aims to raise up to US$810m in its Singapore IPO. In this note, we look at its portfolio and...

Sumeet Singh

United Overseas Insurance: The Samsung Family of Singapore?

​Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...

Alec Tseung

Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let's Make It Regular!

Haw Par’s stock could potentially double if the company raises its regular dividend to S$1.00 per share—a target achievable using solely its...

Devi Subhakesan

HSBC - The Narrative Seems to Be Missing Many Points of the Reality

The HSBC narrative seems to be missing much of the reality: the sharp drop in NIM in 4Q23, the worsening proportion of bad CRE loans to total, and...

Daniel Tabbush

HSBC - HK & China CRE Credit Impaired Loans Now 25.8% from 20.2% | ECL Coverage for HK CRE up 45%

NYCB, Aozora, now Pfandbriefbank in Germany, CRE risks are clear. HSBC is not only exposed in places like Hong Kong and China, but also material...

Daniel Tabbush

Recent media attention on UOI due to minority shareholders' activism attempt; concerns over ownership structure, which resembles that of Samsung...