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

Woodside Petroleum / 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>Delhivery surprised with a strong debut, closing 10% above IPO price by the end of its first day.</li>
<li>There were a couple of blocks that hit markets this week, and we discussed the lockup expiries on both Grab and Cloud Village.</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.
Delhivery surprised with a strong debut, closing 10% above IPO price by the end of its first day.
There were a couple of blocks that hit markets this week, and we discussed the lockup expiries on both Grab and Cloud Village.


ECM Weekly (29th May 2022) -Woodside, Cloud Village, Delhivery, Nufarm, Converge, Oyo, Sayona Mining

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yanzhou-coal-mining-company-limited-h" target="_blank" data-smartkarma-citation="entities:384:1" rel="noopener">Yanzhou Coal Mining Company Limited H (1171 HK)</a>/Yankuang, a 62.26% shareholder, aims to offer H Share convertible bonds for US$3.60 (HK$28.26 or A$5.07) per <a href="https://www.smartkarma.com/entities/yancoal-australia-ltd" target="_blank" data-smartkarma-citation="entities:4145:1" rel="noopener">Yancoal Australia (YAL AU)</a> share.</li>
<li>Yankuang’s implied offer price is -16.6% and -14.5% below the last close price on the ASX and HKEx, respectively. At first glance, the offer seems to be a non-starter.  </li>
<li>Yankuang’s end game is likely to provide large shareholders with a liquidity event to hit the 90% compulsory acquisition threshold. This ploy could work subject to FIRB approval. </li>
</ul>



Yanzhou Coal Mining Company Limited H (1171 HK)/Yankuang, a 62.26% shareholder, aims to offer H Share convertible bonds for US$3.60 (HK$28.26 or A$5.07) per Yancoal Australia (YAL AU) share.
Yankuang’s implied offer price is -16.6% and -14.5% below the last close price on the ASX and HKEx, respectively. At first glance, the offer seems to be a non-starter.  
Yankuang’s end game is likely to provide large shareholders with a liquidity event to hit the 90% compulsory acquisition threshold. This ploy could work subject to FIRB approval. 


Yancoal’s Unusual Low Bid from Yankuang Energy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>BHP goes ex-WPL at the open of 25 May 2022. The ex-WPL price is A$5.24 lower than Tuesday's close and there is another A$2.20 of franking credits on top.</li>
<li>Historically, the BHP/RIO ratio has traded within a <em>relatively</em> defined range. It moves, then after a while it tends to revert. I present a trading model.</li>
<li>And grids. I present spinoff grids with live tracking of the BHP ex-WPL/RIO Ratio within its last 6- and 12-month (div-adjusted) ratios.</li>
</ul>


BHP goes ex-WPL at the open of 25 May 2022. The ex-WPL price is A$5.24 lower than Tuesday's close and there is another A$2.20 of franking credits on top.
Historically, the BHP/RIO ratio has traded within a relatively defined range. It moves, then after a while it tends to revert. I present a trading model.
And grids. I present spinoff grids with live tracking of the BHP ex-WPL/RIO Ratio within its last 6- and 12-month (div-adjusted) ratios.


Marking Post-WPL-Spin BHP to Market and Model

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.</li>
<li>As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. </li>
<li>In this note, we will look at the possible deal dynamics and the overall background of the deal.</li>
</ul>


BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn, could be sold in early June.
As a part of the distribution, some shares belonging to ineligible and other small shareholders will have to be sold by the sales agent, JPM. 
In this note, we will look at the possible deal dynamics and the overall background of the deal.


BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

<ul>
<li>The EGM of <a href="https://www.smartkarma.com/entities/woodside-petroleum-ltd" target="_blank" data-smartkarma-citation="entities:177:1" rel="noopener">Woodside Petroleum (WPL AU)</a> today approved the BHP Petroleum merger in overwhelming fashion. 98.66% FOR. </li>
<li>They did not approve of the Climate Report the board submitted to vetting by shareholders for the first time. That got 51% "support."</li>
<li>But now that's done, people will talk about flows. So far the trade has worked but now time to think about how far to stretch it.</li>
</ul>


The EGM of Woodside Petroleum (WPL AU) today approved the BHP Petroleum merger in overwhelming fashion. 98.66% FOR. 
They did not approve of the Climate Report the board submitted to vetting by shareholders for the first time. That got 51% "support."
But now that's done, people will talk about flows. So far the trade has worked but now time to think about how far to stretch it.


Woodside Shareholders Approve Deal but Not WPL's Green Credentials; Now People Talk About Flows

Australia

BHP Group Ltd operates as an international resources company. The Company offers mineral exploration and production, including coal, iron ore, gold, titanium, ferroalloys, nickel, and copper concentrate, as well as petroleum exploration, production, and refining. BHP Group serves customers worldwide.

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BHP Group Ltd (BHP AU)

ECM Weekly (29th May 2022) -Woodside, Cloud Village, Delhivery, Nufarm, Converge, Oyo, Sayona Mining

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

Clarence Chu

Yancoal’s Unusual Low Bid from Yankuang Energy

Yankuang’s implied offer price is materially below the last close price on both the ASX and HKEx. The strategy is likely to secure large...

Arun George

Marking Post-WPL-Spin BHP to Market and Model

BHP vs RIO changes shape on 25 May 2022 as the WPL spin-off goes live. This is a look at the new BHP/RIO pair, with BHP ex-WPL history, and a...

Travis Lundy

BHP Woodside Distribution - Could Be a Large Block (~US$1bn) In Early June

BHP shareholders will receive US$18bn worth of Woodside petroleum shares on 1st Jun 2022, post the completion of the merger. Block, worth US$1.5bn,...

Sumeet Singh

Woodside Shareholders Approve Deal but Not WPL's Green Credentials; Now People Talk About Flows

Woodside shareholders approve the merger with BHP Petroleum creating a top 10 global independent. Articles will now talk about sell flow/overhang,...

Travis Lundy

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