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/redox-limited" target="_blank" data-smartkarma-citation="entities:39847:1" rel="noopener">Redox (RDX AU)</a>, a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. </li>
<li>In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.</li>
<li>In this note, we will look at the company's past performance.</li>
</ul>



Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. 
In 2022 it was ranked as the largest chemicals and ingredients distributor in Australia, as well as the 13th largest in the Asia Pacific region and the 35th largest worldwide.
In this note, we will look at the company's past performance.


Redox IPO - Family Owned with a Long Track Record

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> has made an indicative, non-binding and conditional proposal to acquire <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>. The exchange ratio is 0.38 Newmont shares for each Newcrest share.</li>
<li>At <a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a>'s last close, this values <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a> at A$27.4/share and at an equity value of A$17.3bn, a 22% premium to the last close.</li>
<li>
<a href="https://www.smartkarma.com/entities/newmont-mining-corp" target="_blank" data-smartkarma-citation="entities:14503:1" rel="noopener">Newmont Mining (NEM US)</a> intends to list CDIs on the ASX following the acquisition and that will have implications for changes in the S&amp;P/ASX family of indices.</li>
</ul>



Newmont Mining (NEM US) has made an indicative, non-binding and conditional proposal to acquire Newcrest Mining (NCM AU). The exchange ratio is 0.38 Newmont shares for each Newcrest share.
At Newmont Mining (NEM US)'s last close, this values Newcrest Mining (NCM AU) at A$27.4/share and at an equity value of A$17.3bn, a 22% premium to the last close.

Newmont Mining (NEM US) intends to list CDIs on the ASX following the acquisition and that will have implications for changes in the S&amp;P/ASX family of indices.


Newmont's Indicative Offer for Newcrest Mining (NCM AU)

<ul>
<li>The <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.</li>
<li>Passive Hang Seng trackers need to sell <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> at the close on 4 January following <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> in-specie distribution.</li>
<li>We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.</li>
</ul>


The Stock Exchange of Thailand SET 50 Index (SET50 INDEX) rebalance was implemented at the close on Friday and there were a bunch of review cutoffs on the same day.
Passive Hang Seng trackers need to sell Meituan (3690 HK) at the close on 4 January following Tencent (700 HK) in-specie distribution.
We take a look at flows to Asian focused ETFs over the course of 2022. A lot of winners in terms of AUM, but a few losers too.


Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

Temple & Webster Group Ltd / Event-Driven

<ul>
<li>Global Industry Classification Standard (GICS) structure updates will lead to changes to the S&amp;P/ASX All Technology Index at the March rebalance.</li>
<li>To better reflect the GICS changes and reduce constituent turnover, S&amp;P DJI has proposed changes to the index universe for constituent selection.</li>
<li>We expect there will be 4 deletions from the index in March, but that could increase to 10 if the changes are not adopted.</li>
</ul>


Global Industry Classification Standard (GICS) structure updates will lead to changes to the S&amp;P/ASX All Technology Index at the March rebalance.
To better reflect the GICS changes and reduce constituent turnover, S&amp;P DJI has proposed changes to the index universe for constituent selection.
We expect there will be 4 deletions from the index in March, but that could increase to 10 if the changes are not adopted.


S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

<ul>
<li>There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. </li>
<li>Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.</li>
<li>
<a href="https://www.smartkarma.com/entities/core-lithium-ltd" target="_blank" data-smartkarma-citation="entities:14712:1" rel="noopener">Core Lithium Ltd (CXO AU)</a> is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.</li>
</ul>


There is one set of changes to the S&amp;P/ASX 50, one deletion for the S&amp;P/ASX 100, and four adds/ five deletes for the S&amp;P/ASX 200 (AS51 INDEX). 
Passive trackers will need to trade between 2-6 days of ADV on nearly all stocks. Short interest spikes in a few names indicate pre-positioning for the passive flow.

Core Lithium Ltd (CXO AU) is a potential inclusion to the MVIS Global Rare Earth/Strategic Metals Index in June and that could add to the passive inflows on the stock.


S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

United States

Block Inc provides mobile payment solutions. The Company develops point-of-sale software that helps in digital receipts, inventory, and sales reports, as well as offers analytics and feedback. Block also provides financial and marketing services.

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Block (SQ2 AU)

Redox IPO - Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note, we will look at the...

Sumeet Singh

Newmont's Indicative Offer for Newcrest Mining (NCM AU)

Newmont is looking to acquire Newcrest Mining at an exchange ratio of 0.38 NEM shares per NCM share. That is a 22% premium for NCM. NEM intends to...

Brian Freitas

Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A changes). We also highlight large...

Brian Freitas

S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

Changes to the GICS structure will result in deletions from the S&P/ASX All Tech Index in March. There could be 4 deletions if the index universe...

Brian Freitas

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Redox IPO - Family Owned with a Long Track Record

Redox (RDX AU), a chemical and ingredients distributor, is looking to raise around US$270m in its Australia IPO. In this note, we will look at the...

Sumeet Singh

Newmont's Indicative Offer for Newcrest Mining (NCM AU)

Newmont is looking to acquire Newcrest Mining at an exchange ratio of 0.38 NEM shares per NCM share. That is a 22% premium for NCM. NEM intends to...

Brian Freitas

Index Rebalance & ETF Flow Recap: Meituan, S&P/ASX All Tech, 2022 ETF Flows

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A changes). We also highlight large...

Brian Freitas

S&P/ASX All Technology Index: GICS Changes, Market Consultation & Potential Index Changes

Changes to the GICS structure will result in deletions from the S&P/ASX All Tech Index in March. There could be 4 deletions if the index universe...

Brian Freitas

S&P/​​ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes

Most changes to the indices were expected, there are some surprises & short interest has spiked on some names. CXO could be added to the REMX....

Brian Freitas

S&P/ASX Index Rebalance (June 2022): Mostly Expected, Some Surprises & Short Interest Spikes