Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Thematic (Sector/Industry)

Demand for US dollar credit from the rest of the world has waned, as weaker global trade has combined with last year’s emerging market debt turmoil and a strong dollar to dampen demand among EM non-financial corporates. Even so, in absolute terms Asian external debt at both a country and corporate level continues to rise led by China. We are not worried. External debt dynamics remain healthy. We believe that persistent concerns about the global economy and the resulting flight to safety into US treasuries and the US dollar are likely to continue to damp demand for borrowing in foreign currency and that the risks of default in Asia are low.

Demand for US dollar credit from the rest of the world has waned, as weaker global trade has combined with last year’s emerging market debt turmoil and a strong dollar to dampen demand among EM non-financial corporates. Even so, in absolute terms Asian external debt at both a country and corporate level continues to rise led by China. We are not worried. External debt dynamics remain healthy. We believe that persistent concerns about the global economy and the resulting flight to safety into US treasuries and the US dollar are likely to continue to damp demand for borrowing in foreign currency and that the risks of default in Asia are low.

US Dollar Credit and Asia - Still Healthy

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

Aakash Education / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/28066" target="_blank" data-smartkarma-citation="entities:28066:1">Aakash Education (AAKASH IN)</a> plans to raise around US$150m in its Indian IPO.  As per Crisil, the company was the largest player in the coaching (after school education) industry in 2017. 
Growth has been strong, driven by the growth in the number of centers and increase in revenue per student. Given the nature of upfront payment in the industry, the company enjoys strong cash flows and remains net cash despite large dividend payout to the founders.
The company does face some related party risks with a questionable write-down on sale of assets to the founders and large number of leases signed with the founder.

Aakash Education (AAKASH IN) plans to raise around US$150m in its Indian IPO.  As per Crisil, the company was the largest player in the coaching (after school education) industry in 2017. 
Growth has been strong, driven by the growth in the number of centers and increase in revenue per student. Given the nature of upfront payment in the industry, the company enjoys strong cash flows and remains net cash despite large dividend payout to the founders.
The company does face some related party risks with a questionable write-down on sale of assets to the founders and large number of leases signed with the founder. 

Aakash Education Pre-IPO - Fast Growth in an Attractive Sector

India

Aakash Educational Services Limited was founded in 2007. The company's line of business includes Schools offering miscellaneous educational courses and services. 

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Aakash Education (AAKASHEDU IN)

US Dollar Credit and Asia - Still Healthy

Demand for US dollar credit from the rest of the world has waned, as weaker global trade has combined with last year’s emerging market debt turmoil...

Sharmila Whelan

Aakash Education Pre-IPO - Fast Growth in an Attractive Sector

Aakash Education (AAKASH IN) plans to raise around US$150m in its Indian IPO. As per Crisil, the company was the largest player in the coaching...

Sumeet Singh

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