APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Cuscal Limited provides payment solutions. The Company offers payment platform, cards, digital payments, automated teller machine (ATMs) solutions, and other related services. Cuscal serves customers in Australia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> raised around A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.</li>
</ul>



Cuscal (1229Z AU) raised around A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.


Cuscal IPO Trading - Valuation Appears Reasonable

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CAR Group Limited operates as a digital marketplace for vehicles. The Company provides a diversified portfolio of brands to sell and buy cars. CAR Group serves customers worldwide.

<ul>
<li>With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in December.</li>
<li>Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.</li>
<li>There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in <a href="https://www.smartkarma.com/entities/car-group-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">CAR Group (CAR AU)</a> recently.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the S&amp;P/ASX 200 (AS51 INDEX) in December.
Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.
There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in CAR Group (CAR AU) recently.


S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We do not see any index changes for ASX 20 and ASX 100.</li>
<li>We expect one change for ASX 50 and one change for ASX 200.</li>
</ul>


In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We do not see any index changes for ASX 20 and ASX 100.
We expect one change for ASX 50 and one change for ASX 200.


Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> is looking to raise A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we look at the updates since our last look-through and share our thoughts on valuation.</li>
</ul>



Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we look at the updates since our last look-through and share our thoughts on valuation.


Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Director, RaaS Research Group, Research as a Service (RaaS)

Research as a Service (RaaS)

Director, RaaS Research Group

Insightful Financial Models and Research Analysis

Connect to the right investors through smart and insightful financial models and research analysis.

Equity Bottom-Up

Pureprofile Ltd. operates as a online marketing and research company. The Company offers consumers with a web application, which enabled them to create and maintain their profile in order to be matched with relevant business marketing messages and survey questions.

<ul><li>RaaS Research Group has published an update report on data analytics company Pureprofile (ASX:PPL) following its Q1 result and AGM in which it provided new FY25 guidance for revenue of $55m to $57m and an EBITDA margin of 9% to 10%.The guidance is largely in line with our FY25 forecasts for revenue and EBITDA margin.</li><li>Q1 saw a 13% increase in both revenue and EBITDA to a record revenue of $13.9m and record EBITDA of $1.6m.</li><li>PPL highlighted new aspirational objectives for the group for FY26 and FY27, including doubling the UK revenue, tripling the US revenue and tripling platform revenue.</li></ul>

RaaS Research Group has published an update report on data analytics company Pureprofile (ASX:PPL) following its Q1 result and AGM in which it provided new FY25 guidance for revenue of $55m to $57m and an EBITDA margin of 9% to 10%.The guidance is largely in line with our FY25 forecasts for revenue and EBITDA margin.Q1 saw a 13% increase in both revenue and EBITDA to a record revenue of $13.9m and record EBITDA of $1.6m.PPL highlighted new aspirational objectives for the group for FY26 and FY27, including doubling the UK revenue, tripling the US revenue and tripling platform revenue.

Pureprofile Ltd - New guidance, new targets with significant potential upside

Australia TMT
Insight on Australia TMT companies

Cuscal IPO Trading - Valuation Appears Reasonable

Cuscal (1229Z AU) raised around A$337m (US$218m) in its Australia IPO. In this note, we talk about the trading dynamics.

Clarence Chu

S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions

CAR Group could replace Dexus in the ASX50, and Clarity Pharma could replace Spark NZ in the ASX200. Dexus and Spark NZ are also deletes from a...

Brian Freitas

Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

Spark New Zealand (SPK AU) could be replaced by Clarity Pharmaceuticals Ltd (CU6 AU) in ASX 200. Dexus Property (DXS AU) could be deleted and CAR...

Janaghan Jeyakumar, CFA

Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO. In this note, we look at the updates since our last look-through and...

Clarence Chu

Pureprofile Ltd - New guidance, new targets with significant potential upside

RaaS Research Group has published an update report on data analytics company Pureprofile (ASX:PPL) following its Q1 result and AGM in which it...

Research as a Service (RaaS)