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>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.</li>
<li>The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.</li>
<li>The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.</li>
</ul>


The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results.
The company underperforming its major peers, including asset impairments, lower volumes, sales and margins will likely overshadow this year's results, according to the company.
The past few years have been particularly hard for beer brewers. Pandemic lockdowns had a devastating impact on on-trade channels and now cost-push inflation is squeezing margins.


Anheuser Busch Inbev Sa/Nv / Equity Bottom-Up

<ul>
<li>AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock.</li>
<li>Lingering capital allocation mistakes still overshadow the company's industry-leading gross margin, which is now in a downtrend.</li>
<li>The overall debt risk has declined, however, AB InBev returns are now more sensitive to macroeconomic factors.</li>
</ul>


AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock.
Lingering capital allocation mistakes still overshadow the company's industry-leading gross margin, which is now in a downtrend.
The overall debt risk has declined, however, AB InBev returns are now more sensitive to macroeconomic factors.


Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Stable result in Q2 2021 despite the increasing COVID-19 cases in Thailand from nightclubs and concerts prompting the Thai government to extend the ban for nightlife entertainment. The interesting part is that contrary to <a href="https://www.smartkarma.com/entities/berli-jucker-public-co-ltd" target="_blank" data-smartkarma-citation="entities:3685:1" rel="noopener">Berli Jucker (BJC TB)'s </a>observation that the Thais are quite happy to drink and socialize at home versus Vietnamese, who tend to consume outside the home, Sabeco (Saigon Bev Company)'s sales volume actually went up during this period and lifted <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> results, further reiterating that the Thai may be happy to drink at home but the difficult period has dampened their home drinking appetite. Thai Beverage is still trading at a lower valuation to its peak, the current valuation at 17x PER is still higher than 14x forward PER.  The recent Q2 2021 result brought some optimism especially when the management displayed cost savings ability but the spirits and beer outlook remain soft as long as the pandemic is still there.

Stable result in Q2 2021 despite the increasing COVID-19 cases in Thailand from nightclubs and concerts prompting the Thai government to extend the ban for nightlife entertainment. The interesting part is that contrary to Berli Jucker (BJC TB)'s observation that the Thais are quite happy to drink and socialize at home versus Vietnamese, who tend to consume outside the home, Sabeco (Saigon Bev Company)'s sales volume actually went up during this period and lifted Thai Beverage (THBEV SP) results, further reiterating that the Thai may be happy to drink at home but the difficult period has dampened their home drinking appetite. Thai Beverage is still trading at a lower valuation to its peak, the current valuation at 17x PER is still higher than 14x forward PER.  The recent Q2 2021 result brought some optimism especially when the management displayed cost savings ability but the spirits and beer outlook remain soft as long as the pandemic is still there. 

Thai Beverage (THBEV): Weak Quarter Ahead

Alpha-Centric ESG Research

Kyle Rudden

February has seen several very large ESG-linked and sustainability bond issuances, some in double-digits billions of dollars and setting records. Issuers include <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-nv" target="_blank" data-smartkarma-citation="entities:865:1" rel="noopener">Anheuser Busch Inbev (ABI BB)</a>, and <a href="https://www.smartkarma.com/entities/hennes-mauritz-ab" target="_blank" data-smartkarma-citation="entities:22380:1" rel="noopener">Hennes &amp; Mauritz Ab (HMB SS)</a>.Unlike green bonds, the proceeds from which usually finance one specific project, these deals allow issuers to invest proceeds in multiple areas of sustainability/ESG like renewable energy, recycling, and various Social-pillar initiatives. This has the potential to create a virtuous cycle, as it were.Importantly, a common characteristic of the deals discussed herein is that interest rates are tied to sustainability or ESG performance; if issuers fall short of targets the cost of servicing the debt goes up. Demand has been strong; H&amp;M's was seven times over, and it was able to price at lower rates.More than US$15 billion, just one month into the year.

February has seen several very large ESG-linked and sustainability bond issuances, some in double-digits billions of dollars and setting records. Issuers include LG Chem (051910 KS), Anheuser Busch Inbev (ABI BB), and Hennes &amp; Mauritz Ab (HMB SS).Unlike green bonds, the proceeds from which usually finance one specific project, these deals allow issuers to invest proceeds in multiple areas of sustainability/ESG like renewable energy, recycling, and various Social-pillar initiatives. This has the potential to create a virtuous cycle, as it were.Importantly, a common characteristic of the deals discussed herein is that interest rates are tied to sustainability or ESG performance; if issuers fall short of targets the cost of servicing the debt goes up. Demand has been strong; H&amp;M's was seven times over, and it was able to price at lower rates.More than US$15 billion, just one month into the year.

Recent ESG-Linked and Sustainable Bond Issues Are Breaking Records in Size and Demand

United States

Anheuser-Busch InBev NV brews beer.  The Company manufactures ale, lager, stout, and bitter beer.  Anheuser-Busch InBev owns brands that are both nationally and internationally prominent.  The Company has production plants in Europe, the Americas, and Asia.

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Anheuser-Busch InBev (BUD US)

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

Carlsberg: A Challenging Year Ahead

The recent decline in Carlsberg's share price do not seem to fully reflect the upcoming decline in Return on Capital's results. The company...

Vladimir Dimitrov, CFA

Anheuser-Busch InBev: Something Is Amiss

AB InBev has one of the strongest fundamentals in the sector, but share price performance is still akin to a high-risk cyclical stock. Lingering...

Vladimir Dimitrov, CFA

Thai Beverage (THBEV): Weak Quarter Ahead

Q2 2021 result brought some optimism especially when the management displayed cost savings ability but the spirits and beer outlook remain soft as...

Henry Soediarko

Recent ESG-Linked and Sustainable Bond Issues Are Breaking Records in Size and Demand

Recently, three record-setting ESG-linked and sustainability-linked bond issues totaling US$15 billion. Three deals, two months into the year, and...

Kyle Rudden

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