APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise up to US$868m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. </li>
<li>The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during May. Discounts to NAV: C.F.Alba, 50.1%; GBL, 40.5% (!); Heineken Holding, 16.0%; Industrivärden C, 5.2%; Investor B, 11.6%; Porsche Automobile Holding, 45.1%. 
The spread of Rio Tinto DLC widened to 17.2%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding/Heineken, Porsche SE/vs. listed assets and Rio DLC.


Selected European HoldCos and DLC: May’23 Report

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise around US$880m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.


Amman Mineral International IPO - Promising Assets with Decent Prospects

Groupe Bruxelles Lambert Sa / Event-Driven

<ul>
<li>Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. </li>
<li>The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.</li>
<li>Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have generally tightened during April. Discounts to NAV: C.F.Alba, 51.3%; GBL, 32.3%; Heineken Holding, 16.4%; Industrivärden C, 7.7%; Investor B, 9.5%; Porsche Automobile Holding, 49.7%. 
The spread of Rio Tinto DLC tightened to 16.8%. Rio Tinto is a candidate for an Australian top hat structure.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: April’23 Report

<ul>
<li>Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. </li>
<li>Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.</li>
<li>Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.</li>
</ul>


Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads widening until short after the UBS/CS deal, now tightening. 
Discounts to NAV: C.F.Alba, 51.2%; GBL, 35.8%; Heineken Holding, 14.6%; Industrivärden C, 11.1%; Investor B, 9.7%; Porsche Automobile Holding, 49.6%. The spread of Rio Tinto DLC widened to 18.9%.
Recommended trades: Heineken Holding, Investor AB (long Investor B/short main holdings) and Rio DLC.


Selected European HoldCos and DLC: March'23 Report

United Kingdom

Anglo American PLC is a global mining company. The Company's mining portfolio includes bulk commodities including iron ore, manganese and metallurgical coal, base metals including copper and nickel and precious metals and minerals including platinum and diamonds.  Anglo American PLC has mining operations in Africa, Europe, North and South America, Asia and Australia.

Antofagasta plc owns and operates copper mines in Chile and conducts exploration activities in Chile and Peru.  The Group also operates a rail network servicing the mining region of northern Chile, as well as operates a concession for the distribution of water in this region.

Centamin plc is a mid-tier gold producer with gold production from the Sukari gold mine in southern Egypt. The company owns exploration and development assets in Burkina Faso, Cote d'Ivoire and Ethiopia.

Hill & Smith Holdings PLC manufactures products for the infrastructure, galvanizing, building, and construction industries.  The Company produces traffic barriers, fencing, gantries, lighting columns, pipe supports, steel storage tanks, and variable message signs; plastic drainage pipe and pipe supports; powder coatings; and traffic counting data collection devices.

Hochschild Mining plc explores, mines, processes, and sells silver and gold.

Pan African Resources PLC engages in the exploration and mining of gold and platinum-group element (PGE) properties in South Africa. The company operates through five segments: Barberton Mines, Evander Mines, Phoenix Platinum, Corporate and Growth Projects, and Funding Company. Its PGE properties comprise platinum, palladium, rhodium, iridium, and ruthenium deposits. The company?s assets include Barberton Mines comprising three gold mines and the Barberton Tailings Retreatment Plant, as well as Evander Mines consisting of a gold mine and the Evander Tailings Treatment Plant in Mpumalanga; and Phoenix Platinum, a Chrome Tailing Retreatment Plant located in Rustenburg, South Africa. It also provides funding services. The company was incorporated in 2000 and is based in Johannesburg, South Africa.

Central Asia Metals plc, through its subsidiaries, processes and produces copper cathodes from secondary mining techniques. The company is also involved in the identification, acquisition, and development of base and precious metals deposits. It owns 75% interest in the Copper Bay tailings project located in Chile. The company was founded in 2005 and is headquartered in London, the United Kingdom.

Griffin Mining Limited is a Bermudian mining company, based in London. The Group has a number of interests in mining exploration and development projects throughout the world, the principal of which is a zinc-gold project in China.

Ecora Resources PLC is a royalty company focused on supporting the supply of commodities. Mining operations located in Australia, Canada, and South America.

Metals Exploration plc engages in the acquisition, exploration, and development of mining properties in the western Pacific Rim region. The company?s principal asset is its 100% owned Runruno Gold-Molybdenum project, which is located north of the Philippines. It also explores for zinc, copper, and nickel deposits. Metals Exploration plc was founded in 2004 and is based in London, the United Kingdom.

Rio Tinto Limited is an international mining company.  The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO LN.

Fortescue Metals Group Ltd. explores for and produces iron ore. The Company conducts business worldwide.

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.

POSCO Holdings Inc. manufactures and distributes steel products. The Company produces crude steel, hot rolled steel, cold rolled steel, stainless steel, steel plates, wire rods, galvanized steel, electrical steel, and other related products. POSCO Holdings markets its products worldwide.

JFE Holdings, Inc. is a holding company which was established through the merger of NKK Corp and Kawasaki Steel Corp.  The Company manages and conducts its subsidiaries' business, which is steel production and integrated engineering services.

Vedanta Limited mines, produces, and exports base metals. The Company mines and distributes metals such as zinc, iron ore, copper, silver, and aluminium, as well as operates power plants. Vedanta markets its products worldwide.

Newcrest Mining Limited is a gold mining, exploration and production company. The Company is geographically focused in Australia, the Pacific region and Asia. Newcrest Mining operates projects within six provinces in four countries, focusing on the Cadia East and Lihir MOPU expansion projects and the Wafi Golpu and Namosi greenfield projects.

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

Nippon Steel Corp is an integrated steel maker. The Company produces various types of steel products used for industrial machinery & equipment and exports them worldwide.  Nippon Steel provides plant construction and urban development and also develops new businesses such as chemicals, ceramics, electronic equipment and information & communication systems.

China Steel Corporation manufactures and markets a variety of steel products. The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars.

Rio Tinto plc is an international mining company. The Company has interests in mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin, uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon. Dually-listed company with RIO AU.

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Rio Tinto PLC (RIO LN)

Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. In this note, we undertake a quick peer...

Ethan Aw

Selected European HoldCos and DLC: May’23 Report

Discounts to NAV of covered holdcos have generally tightened during May. The discount to NAV of GBL has reached a very high level, in my view. That...

Jesus Rodriguez Aguilar

Amman Mineral International IPO - Promising Assets with Decent Prospects

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. The company operates an open pit copper and...

Ethan Aw

Selected European HoldCos and DLC: April’23 Report

Discounts to Net Asset Value of covered holdcos generally tightened during April, although some remained at the same levels. Rio DLC tightened.

Jesus Rodriguez Aguilar

Selected European HoldCos and DLC: March'23 Report

Discounts to NAV of covered holdcos have shown mixed performance during March, with spreads sharply widening until short after the UBS/CS deal, now...

Jesus Rodriguez Aguilar

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