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

Digital Core REIT / Equity Capital Markets

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about the deal background</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about the deal background


Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Research from EqualOcean, EqualOcean

EqualOcean

Research from EqualOcean

EqualOcean is an investment research firm and information service provider focusing on China's Technology, Automotive and Consumer Internet sectors. With unique research and due diligence methodology, we provide tailored insights into a wide range of industries and companies, empowering our clients' value-added decisions.

Founded in 2014, EqualOcean is headquartered in Beijing and has offices in Shanghai, Shenzhen and New York.

Equity Bottom-Up

<ul><li>Huize starts to show its forte – but loses steam</li><li>SelectQuote, an American 'twin' - Both operating online 'B2B2C' insurance intermediary businesses, Huize and SelectQuote (SLQT:NYSE) share several similarities. </li><li>Bottom line - Currently, the P/S ratio for Huize is at the trough – only 0.36 as of the press time – far below its peers as well as the industry average. </li></ul>

Huize starts to show its forte – but loses steamSelectQuote, an American 'twin' - Both operating online 'B2B2C' insurance intermediary businesses, Huize and SelectQuote (SLQT:NYSE) share several similarities. Bottom line - Currently, the P/S ratio for Huize is at the trough – only 0.36 as of the press time – far below its peers as well as the industry average. 

Without Backing from the Tech Giants, Huize Bucks the Trend

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.</li>
<li>Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. </li>
<li>Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>. </li>
</ul>



Sea Ltd (SE US) released yet another knockout set of results in 3Q2021, representing the ninth quarter of triple-digit growth in GAAP sales plus management upgraded FY2021 guidance.
Key positives include e-commerce loss per order declining further in 3Q2021, take-rates improving further, marketplace revenues growing +151% YoY in 3Q2021 and good progress made in new markets. 
Gaming adjusted EBITDA continues to cover losses from e-commerce despite slower growth from digital entertainment. We see the post-results correction as an opportunity to accumulate Sea Ltd (SE US). 


<ul>
<li>Cloud Village Inc. (CVI), also known as NetEase Music, now plans to raise around US$500m in its Hong Kong IPO. </li>
<li>The company has also obtained investments from Baidu and Alibaba, along with other investors.</li>
<li>In this note, we will talk about the updates from the revised PHIP filing and relook at valuations.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, now plans to raise around US$500m in its Hong Kong IPO. 
The company has also obtained investments from Baidu and Alibaba, along with other investors.
In this note, we will talk about the updates from the revised PHIP filing and relook at valuations.


Cloud Village (NetEase Music) Pre-IPO - Revised PHIP Updates, Along with Revised Valuation

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>
An NDR About Nothing: A competitor held a non-deal roadshow for Tencent Holdings (700.HK) [Tencent]. Management only addressed matters discussed at its challenged 3Q21 results; </li>
<li>
Elephant In The Room:Management continues to avoid any serious discussion of  mainland China’s broad restrictions on FinTech – which represents a growing 30.4% of revenue; and </li>
<li>
Stop The Spin Doctoring:No matter Tencent’s spin, a financial holding company represents significant downside risks as earnings will compress and capital requirements increase.</li>
</ul>



An NDR About Nothing: A competitor held a non-deal roadshow for Tencent Holdings (700.HK) [Tencent]. Management only addressed matters discussed at its challenged 3Q21 results; 

Elephant In The Room:Management continues to avoid any serious discussion of  mainland China’s broad restrictions on FinTech – which represents a growing 30.4% of revenue; and 

Stop The Spin Doctoring:No matter Tencent’s spin, a financial holding company represents significant downside risks as earnings will compress and capital requirements increase.


Tencent Holdings – Seinfeld-Ian Roadshow

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we will talk about the positive and...

Sumeet Singh

Without Backing from the Tech Giants, Huize Bucks the Trend

We've all heard terms like traditional insurance companies and third-party insurance agents – but there may be less awareness about insurance...

EqualOcean

Sea Ltd (SE US) - The Sails Are Set

Sea Ltd (SE US) released knockout results in 3Q2021, representing the 9th quarter of triple-digit growth in GAAP sales plus management upgraded...

Angus Mackintosh

Cloud Village (NetEase Music) Pre-IPO - Revised PHIP Updates, Along with Revised Valuation

Cloud Village Inc. (CVI), also known as NetEase Music, now plans to raise around US$500m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Tencent Holdings – Seinfeld-Ian Roadshow

TENCENT: Tencent addressed matters it had already discussed at its challenged 3Q21 results. Unfortunately there was no serious discussion of...

Thomas J. Monaco

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