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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In this note, we provide a summary of its RHP updates and share our quick thoughts on valuation.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In this note, we provide a summary of its RHP updates and share our quick thoughts on valuation.


TBO Tek IPO - RHP Updates & Quick Thoughts on Valuation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024<em> Int'l Compass</em>
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 <em>Int'l Compass. </em>This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Super Hi International Holding / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/super-hi-international-holding-ltd" target="_blank" data-smartkarma-citation="entities:36125:1" rel="noopener">Super Hi International Holding (9658 HK)</a> aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.</li>
<li>Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. </li>
<li>In this note, we talk about the deal dynamics and the listing impact.</li>
</ul>



Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADR IPO. MS and Huatai are on the deal.
Super Hi International (SHI) is a Chinese cuisine restaurant brand, operating Haidilao hot pot restaurants in the international market. 
In this note, we talk about the deal dynamics and the listing impact.


Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tbo-tek" target="_blank" data-smartkarma-citation="entities:36284:1" rel="noopener">TBO Tek (0395045D IN)</a> is looking to raise approximately US$200m in its upcoming India IPO.</li>
<li>TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.</li>
</ul>



TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO.
TBO Tek is a global travel distribution platform. Its two-sided technology platform serves companies involved in the travel industry such as hotels, airlines, travel agencies and travel management companies.
In our previous note, we talked about the company’s historical performance. In this note, we talk about its refiling updates and undertake a peer comparison.


TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

Afcons Infrastructure Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/afcons-infrastructure-limited" target="_blank" data-smartkarma-citation="entities:41288:1" rel="noopener">Afcons Infrastructure Limited (6595396Z IN)</a> is looking to raise US$840m in its upcoming India IPO.</li>
<li>Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO.
Afcons Infrastructure Limited (Afcons) is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group.
In this note, we talk about the not-so-positive aspects of the deal.


Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

China

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

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Tencent Music (TME US)

TBO Tek IPO - RHP Updates & Quick Thoughts on Valuation

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we provide a summary of its RHP updates...

Ethan Aw

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

Super Hi International US ADS - Has Been Doing Well but Doesn’t Really Need the Cash

Super Hi International Holding (9658 HK) aims to raise around US$100m in its US ADS offering. MS and Huatai are on the deal.

Sumeet Singh

TBO Tek Pre-IPO - Refiling Updates & Peer Comparison

TBO Tek (0395045D IN) is looking to raise approximately US$200m in its upcoming India IPO. In this note, we talk about its refiling updates and...

Ethan Aw

Afcons Infrastructure Limited Pre-IPO - The Negatives - But Overdue Trade Receivables Increasing

Afcons Infrastructure Limited (6595396Z IN) is looking to raise US$840m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Ethan Aw

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