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>
<a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> aims to raise around US$456m (NZ$750m) via an institutional placement.</li>
<li>Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement.
Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.
In this note, we will talk about the placement and run the deal through our ECM framework.


Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.</li>
<li>We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).</li>
<li>If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.</li>
</ul>


The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.
We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).
If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.


MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

<ul>
<li>Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.</li>
<li>The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.
The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The independent expert (IE) considers the offer to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is the scheme approval by shareholders. The scheme meeting is scheduled for 11 am on 3 February 2022 and the implementation date is 9 March 2022. </li>
<li>We continue to think that offer is attractive. At last close prices, the gross spread is 2.1% and the annualised spread to the implementation date is 9.9%. </li>
</ul>


The independent expert (IE) considers the offer to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is the scheme approval by shareholders. The scheme meeting is scheduled for 11 am on 3 February 2022 and the implementation date is 9 March 2022. 
We continue to think that offer is attractive. At last close prices, the gross spread is 2.1% and the annualised spread to the implementation date is 9.9%. 


Sydney Airport Scheme Meeting on 3 Feb 2022, IE Opinion

<p><a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> is Australia’s largest airport and the only listed airport on ASX. Sydney Airport has received a binding proposal and entered a scheme implementation deed (SID) with the Sydney Aviation Alliance consortium.</p><p>The offer price is A$8.75 per share is a 52% premium to the unaffected price of A$5.75 (1 July). The offer is also a marginal 3.6% bump to the first revised offer of A$8.45 per share received from the consortium on 16 August.</p><p>UniSuper will reinvest its 15.01% equity interest for an equivalent equity interest in the consortium’s holding vehicle. The scheme is conditional on shareholder approval, ACCC approval, FIRB approval and EU merger clearance. The scheme meeting is scheduled for 24 January 2022 with an implementation date of 21 February 2022.  </p><div class="content-highlight"><p>The offer will prove attractive to shareholders who are looking for valuation certainty in an environment where the pace of the recovery in international air travel remains unclear. At the last close price of A$8.46, the gross spread is 3.4% and the annualised spread to the implementation date is 12.3%.</p></div>

Sydney Airport (SYD AU) is Australia’s largest airport and the only listed airport on ASX. Sydney Airport has received a binding proposal and entered a scheme implementation deed (SID) with the Sydney Aviation Alliance consortium.The offer price is A$8.75 per share is a 52% premium to the unaffected price of A$5.75 (1 July). The offer is also a marginal 3.6% bump to the first revised offer of A$8.45 per share received from the consortium on 16 August.UniSuper will reinvest its 15.01% equity interest for an equivalent equity interest in the consortium’s holding vehicle. The scheme is conditional on shareholder approval, ACCC approval, FIRB approval and EU merger clearance. The scheme meeting is scheduled for 24 January 2022 with an implementation date of 21 February 2022.  The offer will prove attractive to shareholders who are looking for valuation certainty in an environment where the pace of the recovery in international air travel remains unclear. At the last close price of A$8.46, the gross spread is 3.4% and the annualised spread to the implementation date is 12.3%.

Sydney Airport Enters a Scheme Implementation Deed

New Zealand

Auckland International Airport Limited owns and operates the Auckland International Airport.  The Airport includes a single runway, an international terminal and two domestic terminals.  The Airport also has commercial facilities which includes airfreight operations, car rental services, commercial banking center and office buildings.

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Auckland Intl Airport (AIA NZ)

Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement. In this note, we talk about the placement and run the...

Sumeet Singh

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

Air New Zealand Rights and Possible Shortfall - Delayed Boarding but Its Priced to Fly

Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue. In this note, we will run the deal through our...

Sumeet Singh

Sydney Airport Scheme Meeting on 3 Feb 2022, IE Opinion

We continue to think that offer is attractive. At last close prices, the gross spread is 2.1% and the annualised spread to the implementation date...

Arun George

Sydney Airport Enters a Scheme Implementation Deed

Sydney Airport has entered a SID with the Sydney Aviation Alliance at A$8.75 per share. At the last close, the gross spread is 3.4% and the...

Arun George

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