IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener">AllHome (AHM PM)</a> claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404 million in the Philippines’ largest IPO this year. AllHome intends to sell as many as 1.29 billion shares (750 million primary shares) at a maximum price of 16 pesos a share.</p><div class="content-highlight"><p>With enviable exposure to a fast-growing segment of the retail sector in the Philippines, AllHome seems to have a long runway to maintain its high growth, improving margin equity story. However, our enthusiasm is tempered by the significant cash burn. Overall, we believe that AllHome’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation.</p></div>

AllHome (AHM PM) claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404 million in the Philippines’ largest IPO this year. AllHome intends to sell as many as 1.29 billion shares (750 million primary shares) at a maximum price of 16 pesos a share.With enviable exposure to a fast-growing segment of the retail sector in the Philippines, AllHome seems to have a long runway to maintain its high growth, improving margin equity story. However, our enthusiasm is tempered by the significant cash burn. Overall, we believe that AllHome’s fundamentals offers more positives than negatives and could prove to be attractive at the right valuation.

AllHome IPO Initiation: Cash-Guzzling Growth

APAC IPOs & Placements

Zhen Zhou, Toh

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.

<p><a href="https://www.smartkarma.com/entities/allhome-corp" target="_blank" data-smartkarma-citation="entities:28227:1" rel="noopener">AllHome (AHM PM)</a> is looking to raise about US$400m in its upcoming IPO in the Philippines.</p>
<p>AHM is a fast-growing home improvement retailer in the Philippines. Revenue grew 2x between FY2016 to FY2018. Margins expanded owing to operating leverage.</p>
<p>The company has an aggressive expansion plan. It is planning to open 19 stores in 2H 2019 on top of the 2 stores already opened in the first half, and another 19 in 2020.</p>

AllHome (AHM PM) is looking to raise about US$400m in its upcoming IPO in the Philippines.
AHM is a fast-growing home improvement retailer in the Philippines. Revenue grew 2x between FY2016 to FY2018. Margins expanded owing to operating leverage.
The company has an aggressive expansion plan. It is planning to open 19 stores in 2H 2019 on top of the 2 stores already opened in the first half, and another 19 in 2020.

AllHome IPO Early Thoughts - About to Grow Even Faster

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Dm Wenceslao And Associates / Equity Capital Markets

<div class="content-highlight"><h2>Summary from previous <a href="https://www.smartkarma.com/insights/dm-wenceslao-pre-ipo-review-a-bet-on-aseana-city" target="_blank">Insight</a>
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<a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">Dm Wenceslao And Associates (DMW PM)</a> 's large land bank in Aseana City at a low cost gives the company an advantage over other larger property developers in such as Ayala Land and SM Prime.</li>
<li>The company has been able to diversify its revenue stream away from rental income by selling its non-core land holdings and converting the remaining into investment properties for residential and commercial purposes.</li>
<li>Visibility in future growth can be seen clearly from its…</li>
</ul>

Summary from previous Insight


Dm Wenceslao And Associates (DMW PM) 's large land bank in Aseana City at a low cost gives the company an advantage over other larger property developers in such as Ayala Land and SM Prime.
The company has been able to diversify its revenue stream away from rental income by selling its non-core land holdings and converting the remaining into investment properties for residential and commercial purposes.
Visibility in future growth can be seen clearly from its…


DM Wenceslao IPO Review - Priced To Reflect Concentration Risk

<p><a href="https://www.smartkarma.com/entities/26806" target="_blank" data-smartkarma-citation="entities:26806:1">Dm Wenceslao And Associates (DMW PM)</a> is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the development of its pipeline projects, obtain land assets through potential share acquisitions.</p><p>In this insight, we will look at the company's financial and operational performance in the past three years, its different business segments, and compare it against other Philippines-listed property developers. </p>

Dm Wenceslao And Associates (DMW PM) is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the development of its pipeline projects, obtain land assets through potential share acquisitions.In this insight, we will look at the company's financial and operational performance in the past three years, its different business segments, and compare it against other Philippines-listed property developers. 

DM Wenceslao Pre-IPO Review - A Bet on Aseana City

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<p>§  <strong>Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.</strong></p><p>§  <strong>The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. </strong></p><p>§  <strong>The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. </strong></p>

§  Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT in the YTD with an 11.9% total return.§  The capitalisation of Singapore’s REIT Sector has almost doubled over the past five years. Singapore’s REIT Sector also maintains a competitive edge with higher average yields and lower average gearing ratios than the combined REIT Sector of Japan, Australia and Hong Kong. §  The NikkoAM - StraitsTrading Asia ex Japan REIT ETF  which is expected to include up to 70% weightage in Singapore REITs is scheduled to list on SGX on 29 March 2017. Ascendas REIT and CapitaLand Mall Trust are expected to maintain relatively large weightings in the ETF. 

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

Philippines

Vista Land & Lifescapes, Inc. is an investment holding company. The Company, through its subsidiaries develops and sells residential subdivisions and housing units. Vista Land operates in the Philippines.

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Vista Land & Lifescapes (VLL PM)

AllHome IPO Initiation: Cash-Guzzling Growth

AllHome (AHM PM) claims to have pioneered the “one-stop-shop” home improvement retailer in the Philippines. AllHome plans to raise up to $404...

Arun George

AllHome IPO Early Thoughts - About to Grow Even Faster

AllHome (AHM PM) is looking to raise about US$400m in its upcoming IPO in the Philippines. AHM is a fast-growing home improvement retailer in the...

Zhen Zhou, Toh

DM Wenceslao IPO Review - Priced To Reflect Concentration Risk

Summary from previous Insight Dm Wenceslao And Associates (DMW PM) 's large land bank in Aseana City at a low cost gives the company an advantage...

Zhen Zhou, Toh

DM Wenceslao Pre-IPO Review - A Bet on Aseana City

Dm Wenceslao And Associates (DMW PM) is looking to raise approximately US$300m in its upcoming IPO. Proceeds raised will be mainly used to fund the...

Zhen Zhou, Toh

Ascendas REIT Is Now Singapore's Largest Capitalised REIT

§ Ascendas REIT has recently replaced CapitaLand Mall Trust as Singapore's largest capitalised REIT – and has been the second-best performing REIT...

Singapore Exchange Ltd (SGX)

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