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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at broker performance for HK IPOs from 2019-2022. </li>
<li>The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>173 deals.  </strong>
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at broker performance for HK IPOs from 2019-2022. 
The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.  

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

Energy Transition | AI | Shifting World Order, Mint Finance

Suhas Reddy

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.</li>
<li>Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.</li>
<li>Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.</li>
</ul>


US crude oil inventory declined by 12.2 million barrels as of the week ending on 28/Jun, the biggest drawdown since July 2023.
Henry Hub prices continued to decline from last week due to increased production and cooler weather forecasts.
Saudi Aramco awarded over USD 25 billion in contracts for gas expansion. Goldman Sachs lowered its target price on Saudi Aramco but maintained its “Neutral” rating.


[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>Taiwan is utilizing AI supercomputers for medical and life science innovations, showcasing a commitment to technological advancement in those fields.</li><li>Wistron is making a significant investment of $24.5M for a new factory in Vietnam, indicating a desire to expand production capabilities in the region for potential economic growth.</li><li>Samsung is poised to overtake Apple in Taiwan's mobile market by June, highlighting the company's competitive edge and potential dominance in the industry.</li></ul>

Taiwan is utilizing AI supercomputers for medical and life science innovations, showcasing a commitment to technological advancement in those fields.Wistron is making a significant investment of $24.5M for a new factory in Vietnam, indicating a desire to expand production capabilities in the region for potential economic growth.Samsung is poised to overtake Apple in Taiwan's mobile market by June, highlighting the company's competitive edge and potential dominance in the industry.

Tech Supply Chain Tracker (26-Jun-2024): Taiwan uses AI for medical advancements.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks</li>
<li>The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses</li>
<li>The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles </li>
</ul>


Credit costs, net charge-offs, are rising rapidly for US credit card companies and also for many banks
The 'buy now, pay later' industry is fairly new, Apple's new announcement to exit this business suddenly, may be testimony to stresses
The proportion of US credit card delinquencies/total US delinquencies is now higher than past credit cycles 


<ul>
<li>New HFD shows CRE loan decline in the most recent week sizeable, a greater decline than in any week so far this year</li>
<li>Risk aversion and demand will be drivers, and still CRE loan growth now at -2.4% YoY can see this rate of contraction far lower</li>
<li>Credit costs are the key concern for banks (risk weightings can too be an issue), where smaller banks are infinitely more exposed than the largest US banks</li>
</ul>


New HFD shows CRE loan decline in the most recent week sizeable, a greater decline than in any week so far this year
Risk aversion and demand will be drivers, and still CRE loan growth now at -2.4% YoY can see this rate of contraction far lower
Credit costs are the key concern for banks (risk weightings can too be an issue), where smaller banks are infinitely more exposed than the largest US banks


US Bank HFD - CRE Loans Down A Lot, CRE Loan Growth Can Worsen Much More, Smaller Banks Exposed

United States

Citigroup Inc. is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers. The Company services include investment banking, retail brokerage, corporate banking, and cash management products and services. Citigroup serves customers globally.

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Citigroup Inc (C US)

[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

US crude oil inventory sees the biggest drawdown since July 2023. TotalEnergies exits South Africa to focus on Namibia. Jefferies cuts Chevron's...

Mint Finance

Tech Supply Chain Tracker (26-Jun-2024): Taiwan uses AI for medical advancements.

Taiwan advances in AI for medical, Wistron invests in Vietnam, Samsung to lead mobile market, India enforces common charging ports, Dongfeng Nissan...

Tech Supply Chain Tracker

US Banks - Buy Now, Default Later?

Credit card defaults can be major risk for US card companies and banks. Credit cards and net charge-offs are surging. Macro data on credit card...

Daniel Tabbush

US Bank HFD - CRE Loans Down A Lot, CRE Loan Growth Can Worsen Much More, Smaller Banks Exposed

US banks are seeing weekly CRE loan growth at the sharpest weekly decline all year in the most recent data. Smaller banks are more exposed to...

Daniel Tabbush

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Aequitas HK IPOs Sponsor + GC Performance (2019-2022)

In this note, we will take a look at broker performance for HK IPOs from 2019-2022. The following dataset includes all HK IPOs above US$100m for...

Ethan Aw

[ETP 27/2024] Oil Prices Surge While Natural Gas Slides; Energy Majors' Gains Slowdown

US crude oil inventory sees the biggest drawdown since July 2023. TotalEnergies exits South Africa to focus on Namibia. Jefferies cuts Chevron's...

Mint Finance

Tech Supply Chain Tracker (26-Jun-2024): Taiwan uses AI for medical advancements.

Taiwan advances in AI for medical, Wistron invests in Vietnam, Samsung to lead mobile market, India enforces common charging ports, Dongfeng Nissan...

Tech Supply Chain Tracker

US Banks - Buy Now, Default Later?

Credit card defaults can be major risk for US card companies and banks. Credit cards and net charge-offs are surging. Macro data on credit card...

Daniel Tabbush

US Bank HFD - CRE Loans Down A Lot, CRE Loan Growth Can Worsen Much More, Smaller Banks Exposed

US banks are seeing weekly CRE loan growth at the sharpest weekly decline all year in the most recent data. Smaller banks are more exposed to...

Daniel Tabbush