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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.</li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we’ll talk about the trading dynamics of the deal.</li>
</ul>


GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close to the midpoint.
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we’ll talk about the trading dynamics of the deal.


GoTo IPO Trading - A Test for the Domestic Market

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange (SGX SP)</a> and <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a> recently launched a new sustainability/ESG index – the <a href="https://www.smartkarma.com/entities/iedge-ocbc-singapore-low-carbon-select-50-capped-index" target="_blank" data-smartkarma-citation="entities:35795:1" rel="noopener">IEdge-OCBC Singapore Low Carbon Select 50 Capped Index (SGLC50CN INDEX)</a>.</li>
<li>Whilst country-Specific carbon indices are often too narrow for index-linked products, they are invaluable as carbon performance <em>benchmarks</em> for climate change mitigation and planning.</li>
<li>The iEdge-OCBC index, along with the broad-based <a href="https://www.smartkarma.com/entities/iedge-singapore-low-carbon-index" target="_blank" data-smartkarma-citation="entities:35793:1" rel="noopener">iEdge Singapore Low Carbon Index (SGLCN INDEX)</a>, consistently outperformed (backcast) comparable indices, often with lower volatility.</li>
</ul>



Singapore Exchange (SGX SP) and OCBC (OCBC SP) recently launched a new sustainability/ESG index – the IEdge-OCBC Singapore Low Carbon Select 50 Capped Index (SGLC50CN INDEX).
Whilst country-Specific carbon indices are often too narrow for index-linked products, they are invaluable as carbon performance benchmarks for climate change mitigation and planning.
The iEdge-OCBC index, along with the broad-based iEdge Singapore Low Carbon Index (SGLCN INDEX), consistently outperformed (backcast) comparable indices, often with lower volatility.


SGX's New Low Carbon Index Outperformed Comparable Indices and With Less Volatility

Bukalapak.com PT Tbk / Equity Capital Markets

<ul>
<li>Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.</li>
<li>Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.</li>
<li>The pre-IPO shareholders will be released from the lockup on 6th April 2022.</li>
</ul>


Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range.
Buka is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace. It also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to MSMEs.
The pre-IPO shareholders will be released from the lockup on 6th April 2022.


Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

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.

Thematic (Sector/Industry)

<ul>
<li>Singapore is far less dependent on consumption than others in region</li>
<li>People can far better afford higher retail prices in Singapore vs Asean</li>
<li>Banks in Singapore can benefit from higher oil prices unlike others</li>
</ul>


Singapore is far less dependent on consumption than others in region
People can far better afford higher retail prices in Singapore vs Asean
Banks in Singapore can benefit from higher oil prices unlike others


<ul>
<li>GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. </li>
<li>GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.</li>
<li>In this note, we will talk about the company's valuation.</li>
</ul>


GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. 
GoTo, is an Indonesian holding company, was formed in May 2021 as a result of a merger between Gojek, leading player in ride hailing, and Tokopedia, leading e-commerce player.
In this note, we will talk about the company's valuation.


GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

GoTo IPO Trading - A Test for the Domestic Market

GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close...

Sumeet Singh

SGX's New Low Carbon Index Outperformed Comparable Indices and With Less Volatility

SGX's new iEdge-OCBC Low Carbon index outperforms comparable indices, and with lower volatility – a testament to Singapore issuers' carbon...

Kyle Rudden

Singapore Shines With Asean Inflation

Singapore is far less dependent on private consumption for its economic growth than other countries in ASEAN. As such, Singapore's economy can be...

Daniel Tabbush

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GoTo IPO Trading - A Test for the Domestic Market

GoTo was initially aiming to raise around US$1.25bn from a local listing. It managed to raise US$960m after downsizing its deal and pricing close...

Sumeet Singh

SGX's New Low Carbon Index Outperformed Comparable Indices and With Less Volatility

SGX's new iEdge-OCBC Low Carbon index outperforms comparable indices, and with lower volatility – a testament to Singapore issuers' carbon...

Kyle Rudden

Bukalapak IPO Lock-Up - Scattered Shareholding Could Put Some Pressure on the Share Price

Bukalapak (Buka) raised US$1.5bn in Aug 2021 when it priced its IPO at the top end of its pricing range. The pre-IPO shareholders will be released...

Sumeet Singh

Singapore Shines With Asean Inflation

Singapore is far less dependent on private consumption for its economic growth than other countries in ASEAN. As such, Singapore's economy can be...

Daniel Tabbush

GoTo IPO - Valuation - Missed the Tide, Boat Won’t Rise

GoTo aims to raise around US$1.25bn from a local listing, which will mainly be targeted at domestic investors. In this note, we talk about its...

Sumeet Singh