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

Plus Alpha Consulting / Equity Capital Markets

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/plus-alpha-consulting-co-ltd" target="_blank" data-smartkarma-citation="entities:33441:1" rel="noopener">Plus Alpha Consulting (4071 JP)</a> (PAC) aim to raise around US$230m via selling over 26% of the company.</li>
<li>PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework</li>
</ul>


Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.
PAC was listed in 2021 and after a somewhat tepid initial performance it has been doing well over the past year.
In this note, we talk about the deal dynamics and run the deal through our ECM framework


Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. US out for Independence Day - not a lot to report; European Stocks gain, and volumes 1/3 of normal;  META to Launch "Thread", to compete with Twitter </li>
<li>JAPAN. NKY Futs -0.8% vs Cash; USDJPY 144.5; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery costs by 50%; Rakuten to list Securities biz</li>
<li>NUGGET.  Lawson - if management can execute on their MTP, the stock is super cheap. Potential growth, Yield, Take out play ?</li>
</ul>


OVERSEAS. US out for Independence Day - not a lot to report; European Stocks gain, and volumes 1/3 of normal;  META to Launch "Thread", to compete with Twitter 
JAPAN. NKY Futs -0.8% vs Cash; USDJPY 144.5; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery costs by 50%; Rakuten to list Securities biz
NUGGET.  Lawson - if management can execute on their MTP, the stock is super cheap. Potential growth, Yield, Take out play ?


Ohayo Japan| US Out - Quiet;  "Thread" To Face off Vs "Twitter"; NUGGET: Lawson - Gunning for Growth

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>New HDFC Bank appears to have far better returns and credit metrics that large Asian peers</li>
<li>Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap </li>
<li>Comparably large banks in Asia are concentrated in China, where credit metrics are opaque</li>
</ul>


New HDFC Bank appears to have far better returns and credit metrics that large Asian peers
Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap 
Comparably large banks in Asia are concentrated in China, where credit metrics are opaque


HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> / <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. </li>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener">Swire Pacific (19 HK)</a> was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops</li>
<li>A residual <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. </li>
</ul>


The Naspers (NPN SJ) / Prosus (PRX NA) circularity was too complex. Lots of people hated it. It was actually easier than most thought, but optically was difficult to reconcile. 

Swire Pacific (19 HK) was a clear buy: there is no justification for assigning a similar discount for cash from the US Coke ops as you would to unlisted ops
A residual NTT (9432 JP) individual small-holder shareholding tenure reward does not get split 25:1 when the stock gets split 25:1. It doesn't mean much, but it's an interesting artefact. 


Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

<ul>
<li>MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance</li>
<li>MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance</li>
<li>There is nothing wrong with expansion outside Japan, but perspective is key</li>
</ul>


MUFG has assets of USD2,909,711m compared with USD471m at Mandala Multifinance
MUFG's profit is USD8,880m compared with USD44m at Mandala Multifinance
There is nothing wrong with expansion outside Japan, but perspective is key


MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) ADR (MUFG US)

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Mitsubishi UFJ Financial (MUFG) ADR (MUFG US)

Plus Alpha Consulting Placement - Pulling Out All Stops for Deal Success as Insiders Are Selling

Three shareholders of Plus Alpha Consulting (4071 JP) (PAC) aim to raise around US$230m via selling over 26% of the company.

Sumeet Singh

Ohayo Japan| US Out - Quiet; "Thread" To Face off Vs "Twitter"; NUGGET: Lawson - Gunning for Growth

US out for 4th of July - Global markets quiet; NKY Futs -0.8% vs Cash; NKY -1% as JP succumbs to profit taking; Toyota to cut Solid State battery...

Mark Chadwick

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

Last Week in Event SPACE: Naspers/Prosus, Swire Pacific, NTT, Aussie Tax-Loss Selling

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

MUFG & PT Mandala Multifinance - Too Small To Matter, LT Perspective ROA Is Key

MUFG's purchase of Mandala in Indonesia may sound enticing, but the reality is that this is too small to matter, while perspective shows no major...

Daniel Tabbush

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