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>In the IPO space, <a href="https://www.smartkarma.com/entities/sino-synergy-hydrogen-energy-technology" target="_blank" data-smartkarma-citation="entities:40364:1" rel="noopener">Sino-Synergy Hydrogen Energy Technology (9663 HK)</a> and <a href="https://www.smartkarma.com/entities/dekon-food-and-agriculture-group" target="_blank" data-smartkarma-citation="entities:36756:1" rel="noopener">Dekon Food</a> didn't do much even as other are lining up to try their luck.</li>
<li>On the placements front, Japan and India flows continue like there is no tomorrow.</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.
In the IPO space, Sino-Synergy Hydrogen Energy Technology (9663 HK) and Dekon Food didn't do much even as other are lining up to try their luck.
On the placements front, Japan and India flows continue like there is no tomorrow.


ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

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

<ul>
<li>There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.</li>
<li>There are a lot of implementations this week, with <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> on Thursday and then others across a bunch of countries on Friday.</li>
<li>There were big inflows to <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.</li>
</ul>


There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.
There are a lot of implementations this week, with KOSPI 200 and KOSDAQ 150 on Thursday and then others across a bunch of countries on Friday.
There were big inflows to Tracker Fund of Hong Kong (2800 HK) during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.


Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/boss-energy" target="_blank" data-smartkarma-citation="entities:4823:1" rel="noopener">Boss Energy (BOE AU)</a> is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. </li>
<li>The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and replenish working capital. 
The deal will be a large one to digest, at 19.7 days of three month ADV and 14% dilution.
In this note, we will talk about the placement and run the deal through our ECM framework.


Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

<ul>
<li>There are 3 changes 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> that will be implemented at the close on 15 December. One name is a relative surprise.</li>
<li>There will be 8-15 days of ADV to buy on the inclusions and there will be 12-18 days of ADV to sell on the deletions.</li>
<li>Cumulative excess volume and changes in short interest indicate there will be positioning in most stocks. But it may not yet be enough to cover the passive trade.</li>
</ul>


There are 3 changes for the S&amp;P/ASX 200 (AS51 INDEX) that will be implemented at the close on 15 December. One name is a relative surprise.
There will be 8-15 days of ADV to buy on the inclusions and there will be 12-18 days of ADV to sell on the deletions.
Cumulative excess volume and changes in short interest indicate there will be positioning in most stocks. But it may not yet be enough to cover the passive trade.


S&P/​​​​ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

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>The December 2023 review results for ASX indices were announced after the close on Friday 1st December 2023.</li>
<li>There will be three ADDs and thee DELs for the ASX 200 index. There are no changes for ASX 20, 50, and 100.</li>
<li>In this insight, we take a look at our index flow expectations, trends in short interest, and the recent trading performance of the names involved in the ASX 200 changes.</li>
</ul>


The December 2023 review results for ASX indices were announced after the close on Friday 1st December 2023.
There will be three ADDs and thee DELs for the ASX 200 index. There are no changes for ASX 20, 50, and 100.
In this insight, we take a look at our index flow expectations, trends in short interest, and the recent trading performance of the names involved in the ASX 200 changes.


Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

Australia

Boss Resources Limited operates as a mineral exploration company. The Company explores and develops uranium and base metal projects. Boss Resources serves customers in Namibia.

Price Gauge
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Boss Energy (BOE AU)

ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

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

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and...

Ethan Aw

S&P/ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

As expected, 3 changes for the ASX200 in Dec. But one add is a relative 'surprise'. There is a lot to trade from passives. But there is positioning...

Brian Freitas

Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

The DELs have seen their short interests rise steeply in the last few months. This could imply that there is some pre-positioning. However, the...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (10th Dec 2023) - Toyota, Denso, Rakuten, Evolution, IRCON, REPT, UBTech, Entero

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

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

Boss Energy Placement - Heavy Dilution and Doesn’t Appear Well Flagged

Boss Energy (BOE AU) is looking to raise up to A$205m (US$135m) through its primary placement. The proceeds will be used to fund an acquisition and...

Ethan Aw

S&P/​​​​ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough

As expected, 3 changes for the ASX200 in Dec. But one add is a relative 'surprise'. There is a lot to trade from passives. But there is positioning...

Brian Freitas

Quiddity ASX Dec 23 Index Rebal: Beware of Pre-Positioning

The DELs have seen their short interests rise steeply in the last few months. This could imply that there is some pre-positioning. However, the...

Janaghan Jeyakumar, CFA

S&P/ASX 200 Index Rebalance (Dec 2023): There Is Positioning but Probably Not Enough