APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>ANZ Funds is looking to raise around US$149m from selling its remaining stake in <a href="https://www.smartkarma.com/entities/ammb-holdings-bhd" target="_blank" data-smartkarma-citation="entities:137:1" rel="noopener">AMMB Holdings (AMM MK)</a>.</li>
<li>ANZ has sold the majority of its stake in AMMB earlier in Mar 2024. Coming to markets again to sell its remaining stake, the deal here should be well flagged.</li>
<li>In this note, we run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>


ANZ Funds is looking to raise around US$149m from selling its remaining stake in AMMB Holdings (AMM MK).
ANZ has sold the majority of its stake in AMMB earlier in Mar 2024. Coming to markets again to sell its remaining stake, the deal here should be well flagged.
In this note, we run the deal through our ECM framework and comment on deal dynamics.


AMMB Holdings Placement - Last Selldown Did Well, This One Will Remove the Overhang

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023</li>
<li>Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.</li>
<li>Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.</li>
</ul>


Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023
Longer-Term ownership declines in Malaysian Financials and Industrials are starting to reverse.
Only 3 companies are owned by more than 10% of funds, with CIMB Group Holdings (CIMB MK)  the clear leader.


Malaysia: Sentiment Change Drives Positioning Off the Lows

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>RHB Bank is our Malaysian bank top pick, with its real turnaround potential for returns; CIMB remains a buy but is less compelling than RHB given its marked re-rating year-to-date</li>
<li>Our new buy RHB Bank is stand-out value versus its Malaysian peers and it is improving returns from low levels; its main delinquency challenges are concentrated in small overseas portfolios</li>
<li>We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations</li>
</ul>


RHB Bank is our Malaysian bank top pick, with its real turnaround potential for returns; CIMB remains a buy but is less compelling than RHB given its marked re-rating year-to-date
Our new buy RHB Bank is stand-out value versus its Malaysian peers and it is improving returns from low levels; its main delinquency challenges are concentrated in small overseas portfolios
We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations


Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

<ul>
<li>We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations </li>
<li>We downgrade Maybank to a neutral from buy, largely on the back of valuations and its middle-of-the-peer-group pre- and post-provision return trends, with its efficiency ratio requiring attention </li>
<li>We believe that AM Bank is a name to watch for its low valuations as well as its improving cost of risk trends and profitability returns</li>
</ul>


We reiterate our buy on CIMB; management continues to drive credit quality with cost of risk improvements, and we see potential for operating efficiency gains, combined with its attractive valuations 
We downgrade Maybank to a neutral from buy, largely on the back of valuations and its middle-of-the-peer-group pre- and post-provision return trends, with its efficiency ratio requiring attention 
We believe that AM Bank is a name to watch for its low valuations as well as its improving cost of risk trends and profitability returns


Malaysian Banks Screener; CIMB Improves Credit Quality Driving Post Provision Returns

<ul>
<li>Of the six Malaysian banks screened, we keep value play CIMB, whose share price has positive momentum, and quality play Maybank on the buy list</li>
<li>Value pick CIMB has undemanding valuations whilst second from top in post-provision profitability; it has strong capital adequacy and its cost of risk is now more in line with peers</li>
<li>Quality pick Maybank also has relatively undemanding PE multiples and PBV ratio, as well as strong balance sheet credentials and improving returns</li>
</ul>


Of the six Malaysian banks screened, we keep value play CIMB, whose share price has positive momentum, and quality play Maybank on the buy list
Value pick CIMB has undemanding valuations whilst second from top in post-provision profitability; it has strong capital adequacy and its cost of risk is now more in line with peers
Quality pick Maybank also has relatively undemanding PE multiples and PBV ratio, as well as strong balance sheet credentials and improving returns


Malaysian Banks Screener; Stick with Value Pick CIMB and Maybank as the Quality Pick

Malaysia

AMMB Holdings Berhad is an investment holding company.  The Company, through its subsidiaries, provides merchant and commercial banking, retail financing, stock and futures broking, and investment advisory. AMMB also underwrites general insurance, provides asset and unit trust management, and nominees services.

Price Gauge
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AMMB Holdings (AMM MK)

AMMB Holdings Placement - Last Selldown Did Well, This One Will Remove the Overhang

ANZ Funds is looking to raise around US$149m from selling its remaining stake in AMMB Holdings (AMM MK). In this note, we run the deal through our...

Clarence Chu

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...

Victor Galliano

Malaysian Banks Screener; CIMB Improves Credit Quality Driving Post Provision Returns

CIMB remains a buy for credit quality and potential efficiency gains, we downgrade Maybank to neutral on valuations and efficiency concerns; AM...

Victor Galliano

Malaysian Banks Screener; Stick with Value Pick CIMB and Maybank as the Quality Pick

Value play CIMB and quality play Maybank are top picks among Malaysian banks, both with strong financials and positive momentum in share price....

Victor Galliano

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMMB Holdings Placement - Last Selldown Did Well, This One Will Remove the Overhang

ANZ Funds is looking to raise around US$149m from selling its remaining stake in AMMB Holdings (AMM MK). In this note, we run the deal through our...

Clarence Chu

Malaysia: Sentiment Change Drives Positioning Off the Lows

Among active Emerging Market funds, Malaysian ownership continues its upward trend after a 10-year bear market in positioning from 2014 to 2023.

Steven Holden

Malaysian Banks Screen; RHB Bank Upgraded to a Buy, Alongside Existing Buy on CIMB

​RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...

Victor Galliano

Malaysian Banks Screener; CIMB Improves Credit Quality Driving Post Provision Returns

CIMB remains a buy for credit quality and potential efficiency gains, we downgrade Maybank to neutral on valuations and efficiency concerns; AM...

Victor Galliano

Malaysian Banks Screener; Stick with Value Pick CIMB and Maybank as the Quality Pick

​Value play CIMB and quality play Maybank are top picks among Malaysian banks, both with strong financials and positive momentum in share price....

Victor Galliano

RHB Bank is our top pick in Malaysian banks for its value attributes with strong turnaround potential, while CIMB remains the quality buy even...

Value play CIMB and quality play Maybank are top picks among Malaysian banks, both with strong financials and positive momentum in share price....