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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/thai-credit-bank-pcl" target="_blank" data-smartkarma-citation="entities:40192:1" rel="noopener">Thai Credit Bank</a> finally ended Thailand's long dry spell, although it wasn't a happy ending.</li>
<li>For placements, REITs appear to be coming back to life with rates now having peaked.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Thai Credit Bank finally ended Thailand's long dry spell, although it wasn't a happy ending.
For placements, REITs appear to be coming back to life with rates now having peaked.


ECM Weekly (12th Feb 2024) - Nissan/Renault, Metcash, Digital Core, SBFC, Thai Credit, Park Hotel

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul><li>China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to strong demand for new-energy vehicles (NEVs), increased deliveries to Russia and escalating domestic competition that forced automakers to accelerate their overseas expansion.</li><li>China’s auto exports surged 57.9% year-on-year to 4.91 million cars, as reported by the China Association of Automobile Manufacturers (CAAM) last month.</li><li>By comparison, Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, according to data from the Japa</li></ul>

China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to strong demand for new-energy vehicles (NEVs), increased deliveries to Russia and escalating domestic competition that forced automakers to accelerate their overseas expansion.China’s auto exports surged 57.9% year-on-year to 4.91 million cars, as reported by the China Association of Automobile Manufacturers (CAAM) last month.By comparison, Japan exported 4.42 million vehicles in 2023, up 16% from a year earlier, according to data from the Japa

China Was World’s Largest Auto Exporter in 2023 After NEVs Drove Up Shipments 

Event-Driven

<ul>
<li>One year ago we looked at the arrangement between <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault (RNO FP)</a> regarding their relationship, which left Renault with a 28% Nissan stake to be sold.</li>
<li>Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.</li>
<li>In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.</li>
</ul>


One year ago we looked at the arrangement between Nissan (7201 JP) and Renault (RNO FP) regarding their relationship, which left Renault with a 28% Nissan stake to be sold.
Since then, Renault has undertaken one selldown but its recent announcement of Ampere’s listing cancellation once again raises the possibility of a further selldown of Nissan’s stake by Renault.
In this note, we talk about the updates since our previous note and the impact of the Ampere listing delay.


Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>We summarize the Jan 2024 price discounts at dealers for major automakers in this report.</li><li>Note that such discounts for each automaker are calculated based on the weighted average of Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.</li><li>The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Jan 2024 price discounts at dealers for major automakers in this report.Note that such discounts for each automaker are calculated based on the weighted average of Dec 2023 retail sales volume for each model, as Jan 2024 retail sales volume data have not been released yet.The blended average discounts for foreign brands slightly narrowed MoM in Jan 2024, based on our calculations, while those for Chinese brands widened by 0.6ppt MoM on average, as Chinese automakers are probably more aggressive in pushing sales before the Chinese New Year (CNY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

<ul><li>We summarize the Jan 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.</li><li>Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.</li><li>The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We summarize the Jan 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li Auto, Xpeng, BYD and Aion.Note that such data are based on a sample size of 96 stores (15-18 stores for each brand) in 15 cities in China.The following data reflect same-store metrics, and the metrics on a company level could be better than these figures, as most players are still expanding their sales network.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

ECM Weekly (12th Feb 2024) - Nissan/Renault, Metcash, Digital Core, SBFC, Thai Credit, Park Hotel

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China Was World’s Largest Auto Exporter in 2023 After NEVs Drove Up Shipments

China was the world’s top auto exporter last year, cementing its position after overtaking Japan as No. 1 earlier in 2023, thanks largely to...

Caixin Global

Nissan’s Renault Led Selldown Updates - Lack of Ampere Listing Brings Back the US$4bn Overhang

A year ago we looked at the arrangement between Nissan and Renault regarding their relationship, which left Renault with a 28% Nissan stake to be...

Sumeet Singh

Auto - Chinese Brands’ Discounts Continued to Widen in Jan

Discounts at dealers usually narrow after the CNY amid more new model launches, which did not occur in 2022 and 2023, as price war outweighed new...

CMB International

Auto - Moderate Leading Indicators May Result in Mild Recovery After CNY

We summarize the Jan 2024 leading indicators as below, including the number of leads, customer flows and new orders generated, for Tesla, NIO, Li...

CMB International

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