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

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.</li>
<li>SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. </li>
<li>The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the not so positive aspects of the deal.</li>
</ul>


SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. 
The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the not so positive aspects of the deal.


SBI Sumishin Net Bank Pre-IPO - The Negatives - It’s Not Really a Digital Lender

<ul>
<li>SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.</li>
<li>SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. </li>
<li>The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the positive aspects of the deal.</li>
</ul>


SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO.
SSNB is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group, a financial services firm. 
The deal, if successful, would be Japan’s first online-only bank to go public. In this note we will talk about the positive aspects of the deal.


SBI Sumishin Net Bank Pre-IPO - The Positives - Past Growth Has Been Decent

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>China Banking and Insurance Regulatory Commission warned on Friday against fund-raising and investment products related to the metaverse concept given the speculative nature of these investments.</li>
<li>The Office of the United States Trade Representatives (USTR) announced on Thursday that e-commerce sites operated by Tencent have been placed on US government’s “notorious markets” list of entities.</li>
<li>Tencent’s shares have dropped 5.2% during today’s trade following speculation that fresh regulatory crackdowns are possible following the warning on metaverse.</li>
</ul>


China Banking and Insurance Regulatory Commission warned on Friday against fund-raising and investment products related to the metaverse concept given the speculative nature of these investments.
The Office of the United States Trade Representatives (USTR) announced on Thursday that e-commerce sites operated by Tencent have been placed on US government’s “notorious markets” list of entities.
Tencent’s shares have dropped 5.2% during today’s trade following speculation that fresh regulatory crackdowns are possible following the warning on metaverse.


Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li>The US Trade Representative (“USTR”) office added Tencent and Alibaba Group to the US government's latest "notorious markets" list; </li>
<li>Similar to being implicated in running afoul of regulators in mainland China, Tencent “strongly disagrees” with the USTR label; and</li>
<li>*We look forward to Tencent’s 4Q21 results announcement on March 23, 2021 where management will continue to refuse to discuss anything meaningful.</li>
</ul>


The US Trade Representative (“USTR”) office added Tencent and Alibaba Group to the US government's latest "notorious markets" list; 
Similar to being implicated in running afoul of regulators in mainland China, Tencent “strongly disagrees” with the USTR label; and
*We look forward to Tencent’s 4Q21 results announcement on March 23, 2021 where management will continue to refuse to discuss anything meaningful.


Tencent Holdings – Bad News On The Doorstep

Oshadhi Kumarasiri

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (9878 HK)</a> had a subdued stock market debut with shares opening marginally above the IPO price.</li>
<li>Its subdued first-day performance suggests that investors are no longer misled by artificially low valuation multiples of "1P" EC players.</li>
<li>Based on EV/ (GMV + Retail Revenue), there’s a 38% downside to Huitongda’s valuation. However, it may be best to wait for signs of weakness before arranging a short position.</li>
</ul>



Huitongda (9878 HK) had a subdued stock market debut with shares opening marginally above the IPO price.
Its subdued first-day performance suggests that investors are no longer misled by artificially low valuation multiples of "1P" EC players.
Based on EV/ (GMV + Retail Revenue), there’s a 38% downside to Huitongda’s valuation. However, it may be best to wait for signs of weakness before arranging a short position.


China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

SBI Sumishin Net Bank Pre-IPO - The Negatives - It’s Not Really a Digital Lender

SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO. In this note, we talk about the not so positive aspects...

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - The Positives - Past Growth Has Been Decent

SBI Sumishin Net Bank (SSNB) will be looking to raise around US$1.1bn in its upcoming IPO. It will be the first digital bank listing in Japan.

Sumeet Singh

Tencent: Meta Challenges Ahead

As metaverse begins to gain traction in China, the regulators have issued warnings which has led to speculation that there could be more regulatory...

Shifara Samsudeen, ACMA, CGMA

Tencent Holdings – Bad News On The Doorstep

TENCENT: The USTR office added Tencent and Alibaba Group to the US government's latest "notorious markets" list. Similar to running afoul of...

Thomas J. Monaco

Huitongda IPO – First Day Trading

The fact that Huitongda failed to generate a substantial first day gain could be an indication that investors are no longer misled by artificially...

Oshadhi Kumarasiri

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