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

ACME Solar Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> raised around US$345m in its India IPO.</li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ACME Solar Holdings raised around US$345m in its India IPO.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


ACME Solar Holdings IPO Trading - No Sunshine

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> is looking to raise up to US$345m in its India IPO. </li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations</li>
</ul>



ACME Solar Holdings is looking to raise up to US$345m in its India IPO. 
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about the RHP updates and IPO valuations


ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>The majority of its revenue comes from selling float glass, which is used in buildings and construction. </li>
<li>The Chinese government has started home ownership relaxation that will reinvigorate the real estate market. </li>
<li>It is still trading at 67% lower to 3 years ago. </li>
</ul>


The majority of its revenue comes from selling float glass, which is used in buildings and construction. 
The Chinese government has started home ownership relaxation that will reinvigorate the real estate market. 
It is still trading at 67% lower to 3 years ago. 


Xinyi Glass (868): Beneficiary of Chinese RE Rejuvenation

Analyst

Steve

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xinyi-glass-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11940:1" rel="noopener">Xinyi Glass Holdings (868 HK)</a> reported FY23 results, with net profit up 5% yoy and sales up 4% yoy. </li>
<li>The company announced a final dividend of HKD0.37 per share, resulting in a full year dividend of HKD0.63 per share, which is a yield of 8%. </li>
<li>Overall the results look resilient, with auto glass segment a bit weaker than expected and float glass segment stronger than expected. </li>
</ul>



Xinyi Glass Holdings (868 HK) reported FY23 results, with net profit up 5% yoy and sales up 4% yoy. 
The company announced a final dividend of HKD0.37 per share, resulting in a full year dividend of HKD0.63 per share, which is a yield of 8%. 
Overall the results look resilient, with auto glass segment a bit weaker than expected and float glass segment stronger than expected. 


Xinyi Glass (868 HK):  Resilient FY23 Results; A Nice Dividend Play

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xinyi-glass-holdings-ltd" target="_blank" data-smartkarma-citation="entities:11940:1" rel="noopener">Xinyi Glass Holdings (868 HK)</a>'s stable auto glass business is often overlooked, making up 39% of the company's gross profit in 1H23.</li>
<li>Given the current valuation of 7x 2023E PE and 1.3x 2023E PB, the risk reward is skewed to the upside, and downside is protected with the stable auto glass business. </li>
<li>The company's management has been aggressively increasing stake in the company in the last 2 months, gobbling up 11 million shares.</li>
</ul>



Xinyi Glass Holdings (868 HK)'s stable auto glass business is often overlooked, making up 39% of the company's gross profit in 1H23.
Given the current valuation of 7x 2023E PE and 1.3x 2023E PB, the risk reward is skewed to the upside, and downside is protected with the stable auto glass business. 
The company's management has been aggressively increasing stake in the company in the last 2 months, gobbling up 11 million shares.


Xinyi Glass (868 HK):  More Resilient Than Perceived

Hong Kong

Xinyi Glass is a leading integrated glass manufacturer specializing in high-quality float glass, automobile glass, and energy-saving architectural glass. The company also produces automobile rubber and plastic components. It was founded in 1988 and is headquartered in Hong Kong, China.

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Xinyi Glass (868 HK)

ACME Solar Holdings IPO Trading - No Sunshine

ACME Solar Holdings raised around US$345m in its India IPO. In this note, we talk about the demand and trading dynamics.

Sumeet Singh

ACME Solar Holdings IPO - Needs Lots of Sunscreen and an Umbrella as Well

ACME Solar Holdings is looking to raise up to US$345m in its India IPO. We have looked at the company's past performance in our earlier note. In...

Sumeet Singh

Xinyi Glass (868): Beneficiary of Chinese RE Rejuvenation

Xinyi Glass, makers of float glass in China, will benefit from home ownership relaxation policies in China. Currently trades at 7x PER with 6% yield.

Henry Soediarko