Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Strong Q2 results out Tuesday morning beat consensus Revenue and core EPS estimates</li>
<li>But concerns remain about expense control and longevity of ongoing demand recovery</li>
<li>Great Q2 results, yes, but we think investors want more clarity about H2 demand</li>
</ul>


Strong Q2 results out Tuesday morning beat consensus Revenue and core EPS estimates
But concerns remain about expense control and longevity of ongoing demand recovery
Great Q2 results, yes, but we think investors want more clarity about H2 demand


Trip.com Q223 Quick Take: Revenue, EPS > Consensus | Guidance? Not Much | Still No Upside Surprises

<ul>
<li>Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs </li>
<li>Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand</li>
<li>We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)</li>
</ul>


Compared to depressed traffic from last year, outbound travel in July was up dramatically; strong M/M growth versus June suggests the outbound recovery still has legs 
Does China's relaxation of group travel to Japan and Korea matter? We offer context and conclude the change is helpful, but not a "game-changer" for overall travel demand
We also review July domestic traffic and preview Trip.com's Q2 results (out Sept 4th)


Monthly Chinese Tourism Tracker | July Outbound Firm | Group Tour Impact | Trip.com Q2 (August 2023)

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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares (4% of TSO).
He had earlier stated his intention to pare down his stake after a long drawn battle with his co-founder Rahul Bhatia. He last sold in Sep 2022 and Feb 2023.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/interglobe-aviation-ltd" target="_blank" data-smartkarma-citation="entities:24877:1" rel="noopener">InterGlobe Aviation Ltd (INDIGO IN)</a>’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. </li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. 
In this note, we will talk about the lockup dynamics and possible placement.


Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The JIP TOB for <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a> is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. </li>
<li>
<a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex (1605 JP)</a> reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.</li>
</ul>


The JIP TOB for Toshiba (6502 JP) is here. Finally. It's still too low. Since the announcement, when it was too low, peers are up a lot, and memory looks healthier.

Hongkong Land (HKL SP) selling Three Exchange Square sounds purely speculative. At best. But it would have a bigly impact on Hong Kong Office sentiment if true. 

Inpex (1605 JP) reported 1H results, a change in forecasts, and a bigly buyback. The mechanics are the same. The impact is a bit different, but it's worth looking at.


Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

Hong Kong

Cathay Pacific Airways Limited operates scheduled airline services. The Company also provides related services, including airline catering, aircraft handling, and engineering.

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Cathay Pacific Airways (293 HK)

Trip.com Q223 Quick Take: Revenue, EPS > Consensus | Guidance? Not Much | Still No Upside Surprises

Trip.com reported solid Q223 results on Tuesday morning. We have concerns about expense control, and we also sense that investors want clear...

Tracking Traffic

Monthly Chinese Tourism Tracker | July Outbound Firm | Group Tour Impact | Trip.com Q2 (August 2023)

The recovery in outbound Chinese tourism remained strong in July. In this insight we also look at relaxation of Chinese group travel to Japan and...

Tracking Traffic

Interglobe Aviation (Indigo) Placement - Selldowns Are Becoming Increasingly Regular

InterGlobe Aviation Ltd (INDIGO IN)’s co-founder, Rakesh Gangwal and his wife, aim to raise around US$450m through the bulk sale of 15.6m shares...

Ethan Aw

Interglobe Aviation (Indigo) Lockup - Time for Another Selldown, This Time Could Touch US$900m

A deal worth US$450m has just been launched. Its very well flagged, as one can tell from our prior note, although the deal size is somewhat smaller...

Sumeet Singh

Last Week in Event SPACE: Toshiba, Hongkong Land, Inpex, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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