APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$235m in its Japan IPO.</li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO.
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.


Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

AviChina Industry & Technology H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology H (2357 HK)</a> offers unique exposure to China's aerospace and defense sector and it will ride on China's ambition to solidify its military strengths. </li>
<li>We think the key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation of helicopters and potential for corporate restructuring.</li>
<li>The stock is undervalued with its holdings in four listed A-shares amounted to Rmb70.6bn, against its own market cap of HK$25bn. Also, earnings multiples are cheap relative to global peers.</li>
</ul>



AviChina Industry &amp; Technology H (2357 HK) offers unique exposure to China's aerospace and defense sector and it will ride on China's ambition to solidify its military strengths. 
We think the key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation of helicopters and potential for corporate restructuring.
The stock is undervalued with its holdings in four listed A-shares amounted to Rmb70.6bn, against its own market cap of HK$25bn. Also, earnings multiples are cheap relative to global peers.


2023 High Conviction: AviChina Industry (2357 HK) - The Sky Is the Limit

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$218m in its upcoming Japan IPO.  </li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In this note, we talk about the company's past performance.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.  
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In this note, we talk about the company's past performance.


Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul><li>SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.</li><li>Despite the market downturn our cumulative redemptions are a mere basis points of the fund.</li><li>We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.</li><li>With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.</li><li>We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.</li></ul>

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process is continuously evolving.Despite the market downturn our cumulative redemptions are a mere basis points of the fund.We are more concerned with the ‘two birds in the bush’ so to speak; and then extending the adage further: what is the price implying to catch these plump birds.With a more concentrated portfolio of businesses, portfolio volatility can be higher, but volatility can be compensated with higher returns.We have no conviction about the direction of the market - we don’t believe one can consistently predict this with high accuracy.

SaltLight Capital Management Q3 2022 Co-Investor Letter

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Boeing delivered yet another highly disappointing set of results as it failed to meet the market expectations with respect to revenues as well as earnings.</li><li>Despite the challenge created by the supply chain market problems, Boeing’s management believes that their performance was not too bad.</li><li>The revenue increased by 4% in the third quarter, and besides that, the company delivered 9 airplanes in the quarter and has 115 airplanes in inventory.</li></ul>

Boeing delivered yet another highly disappointing set of results as it failed to meet the market expectations with respect to revenues as well as earnings.Despite the challenge created by the supply chain market problems, Boeing’s management believes that their performance was not too bad.The revenue increased by 4% in the third quarter, and besides that, the company delivered 9 airplanes in the quarter and has 115 airplanes in inventory.

United States

The Boeing Company, together with its subsidiaries, develops, produces, and markets commercial jet aircraft, as well as provides related support services to the commercial airline industry worldwide.  The Company also researches, develops, produces, modifies, and supports information, space, and defense systems, including military aircraft, helicopters and space and missile systems.

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Boeing Co (BA US)

Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO. In this note, we talk about peer comparison and valuations.

Ethan Aw

2023 High Conviction: AviChina Industry (2357 HK) - The Sky Is the Limit

AviChina is cheap against global peers and key drivers are increase in civil and defense demand, commercialisation of C919 aircraft, localisation...

Osbert Tang, CFA

Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO. In this note, we talk about the company's past...

Ethan Aw

SaltLight Capital Management Q3 2022 Co-Investor Letter

SaltLight Capital Management started in 2015 and has grown tremendously, with assets under management doubling each year. Our investment process...

Fund Newsletters

Boeing Co: Major Drivers

Boeing delivered yet another highly disappointing set of results as it failed to meet the market expectations with respect to revenues as well as...

Baptista Research

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