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>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Converge Information and Commu / Equity Capital Markets

<ul>
<li>Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.</li>
<li>Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a private transaction.
Warburg had earlier sold in the IPO and then in Nov 21, and this trade will be a cleanup.
In this note, we will run the deal through our ECM framework.


Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

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

Equity Bottom-Up

<ul>
<li>* BDO Unibank (BDO.PM) [BDO] reported 4Q21net income of PHP 11.0 bn, a PHP 1.0 bn (10.0%) linked quarter increase, driven by surprisingly positive operating jaws; </li>
<li>The level of net new NPLs declined PHP 319 mn or 1.7% on an annualized basis which is a wonderful turn of events for BDO; and</li>
<li>By our calculation, BDO’s reserves appear fine where they are provided credit quality doesn’t reverse course -suggesting earnings strength on the horizon.</li>
</ul>


* BDO Unibank (BDO.PM) [BDO] reported 4Q21net income of PHP 11.0 bn, a PHP 1.0 bn (10.0%) linked quarter increase, driven by surprisingly positive operating jaws; 
The level of net new NPLs declined PHP 319 mn or 1.7% on an annualized basis which is a wonderful turn of events for BDO; and
By our calculation, BDO’s reserves appear fine where they are provided credit quality doesn’t reverse course -suggesting earnings strength on the horizon.


<ul>
<li>
Another Fraud In The Philippines: Nearly 700 BDO Unibank customers have reported unauthorized account transactions of between PHP 25,000-PHP 50,000 with accounts at UnionBank of the Philippines (UBP PM);</li>
<li>
Small Risk:Assuming that the affected customers are capped at 700, losses from this incident would amount to USD 700,000 – well under 1% of consensus forecasts for 2022; and</li>
<li>
Weak Fundamentals: Net new NPLs increased an alarming PHP 17.8 bn or 115.8% annualized.  BDO’s reserves are light in the neighborhood of PHP 66 bn or six quarters of results.</li>
</ul>



Another Fraud In The Philippines: Nearly 700 BDO Unibank customers have reported unauthorized account transactions of between PHP 25,000-PHP 50,000 with accounts at UnionBank of the Philippines (UBP PM);

Small Risk:Assuming that the affected customers are capped at 700, losses from this incident would amount to USD 700,000 – well under 1% of consensus forecasts for 2022; and

Weak Fundamentals: Net new NPLs increased an alarming PHP 17.8 bn or 115.8% annualized.  BDO’s reserves are light in the neighborhood of PHP 66 bn or six quarters of results.


<ul>
<li>One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.</li>
<li>The deal comes close to the one year lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.
The deal comes close to the one year lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.
In this note, we will run the deal through our ECM framework.


Converge ICT Placement - Close to Lock-Up Expiry, Might Be Partly Priced In

Philippines

BDO Unibank Inc provides banking services. The Bank offers saving accounts, investment, loans, credit and debit cards, remittance, insurance, and trade financing services. BDO Unibank serves customers in Philippines.

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BDO Unibank Inc (BDO PM)

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

Converge ICT Placement - Clean-Up and Buyback, Just in Time for the Index Inclusion

Warburg Pincus, aims to raise around US$138m via selling its 3.6% in Converge ICT (CICT). The sale will be accompanied by a company buyback and a...

Sumeet Singh

BDO Unibank – Ready to Run

BDO: BDO reported a QOQ 4Q21net income increase of 10.0%, driven by surprisingly positive operating jaws. Net new NPLs were negative, and reserves...

Thomas J. Monaco

BDO Unibank – Small Hit, Big Problem

BDO UNIBANK: Nearly 700 BDO customers have reported unauthorized account transactions. Losses are small, but reputational risk is high. Add this...

Thomas J. Monaco

Converge ICT Placement - Close to Lock-Up Expiry, Might Be Partly Priced In

One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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