Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>AMTD Digital is the biggest bubble of 2022, which is ready to pop. AMTD Digital provides digital solutions platform in Asia.</li>
<li>AMTD Digital currently has a market cap of US$371 billion (US$2,002 per ADS share) (as of 1:40PM NYC time). The company's market cap is more than JPMorgan Chase &amp; Co.</li>
<li>No doubt, AMTD Digital is the biggest bubble in 2022 and the bursting of this huge bubble will also devastate (mostly) retail investors in the US. </li>
</ul>


AMTD Digital is the biggest bubble of 2022, which is ready to pop. AMTD Digital provides digital solutions platform in Asia.
AMTD Digital currently has a market cap of US$371 billion (US$2,002 per ADS share) (as of 1:40PM NYC time). The company's market cap is more than JPMorgan Chase &amp; Co.
No doubt, AMTD Digital is the biggest bubble in 2022 and the bursting of this huge bubble will also devastate (mostly) retail investors in the US. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Australia & New Zealand Bankin / Event-Driven

<ul>
<li>ANZ got about half its equity raise done, with the shortfall bookbuild only being 5% of the institutional total and clearing above TERP. Now the retail rights.</li>
<li>Risk management mechanisms suggest rights trade expensive to stock near-term, then cheapen, as ANZ shares experience some selling pressure from arbs.</li>
<li>But ANZ is cheap. Relative weakness on FY2-FY3 EPS forecasts has contributed to 25% underperformance vs Peers since January but <em>Relative Multiple Deterioration</em> has contributed more.</li>
</ul>


ANZ got about half its equity raise done, with the shortfall bookbuild only being 5% of the institutional total and clearing above TERP. Now the retail rights.
Risk management mechanisms suggest rights trade expensive to stock near-term, then cheapen, as ANZ shares experience some selling pressure from arbs.
But ANZ is cheap. Relative weakness on FY2-FY3 EPS forecasts has contributed to 25% underperformance vs Peers since January but Relative Multiple Deterioration has contributed more.


ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

<ul>
<li>In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.</li>
<li>I expect there to be 7 ADDs and 7 DELs for the ASX 200 Index and 23 ADDs and 18 DELs for the ASX 300 Index.</li>
<li>Based on recent price performance, I believe the Potential ADDs could outperform the Potential DELs over the next few weeks.</li>
</ul>


In this insight, we take a look at the potential index changes for S&amp;P ASX 300, 200, 100, 50, and 20 in the September 2022 Rebalance.
I expect there to be 7 ADDs and 7 DELs for the ASX 200 Index and 23 ADDs and 18 DELs for the ASX 300 Index.
Based on recent price performance, I believe the Potential ADDs could outperform the Potential DELs over the next few weeks.


S&P/​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/suncorp-group-ltd" target="_blank" data-smartkarma-citation="entities:4218:1" rel="noopener">Suncorp (SUN AU)</a> agreed to sell its banking business (Suncorp Bank) to <a href="https://www.smartkarma.com/entities/australia-and-new-zealand-banking-group-anz" target="_blank" data-smartkarma-citation="entities:443:1" rel="noopener">Australia and New Zealand Banking Group (ANZ) (ANZ AU)</a> for A$4.9 billion in cash. Completion targeted for 2HCY2023.</li>
<li>Suncorp Bank’s sale price is attractive. We estimate that New Suncorp (ex-banking) is currently valued at a 24% discount to <a href="https://www.smartkarma.com/entities/insurance-australia-group-ltd" target="_blank" data-smartkarma-citation="entities:712:1" rel="noopener">Insurance Australia (IAG AU)</a> on an FY2023 P/E basis.</li>
<li>Post-Completion, New Suncorp will be a leaner and more efficient business which will be better positioned to close (or even exceed) the valuation gap to Insurance Australia Group.</li>
</ul>



Suncorp (SUN AU) agreed to sell its banking business (Suncorp Bank) to Australia and New Zealand Banking Group (ANZ) (ANZ AU) for A$4.9 billion in cash. Completion targeted for 2HCY2023.
Suncorp Bank’s sale price is attractive. We estimate that New Suncorp (ex-banking) is currently valued at a 24% discount to Insurance Australia (IAG AU) on an FY2023 P/E basis.
Post-Completion, New Suncorp will be a leaner and more efficient business which will be better positioned to close (or even exceed) the valuation gap to Insurance Australia Group.


Suncorp’s Banking Sale to ANZ Will Unlock Value

Equity Capital Markets

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/australia-and-new-zealand-banking-group-anz" target="_blank" data-smartkarma-citation="entities:443:1" rel="noopener">Australia and New Zealand Banking Group (ANZ) (ANZ AU)</a> this morning made a flurry of announcements. First and foremost, ANZ <a href="https://www.asx.com.au/asxpdf/20220718/pdf/45bxs7w823ntzt.pdf" target="_blank" rel="noopener">withdrew from discussions on MYOB</a>.</li>
<li>
<a href="https://www.asx.com.au/asxpdf/20220718/pdf/45bxsfxcgwbpyz.pdf" target="_blank" rel="noopener">Q3 earnings</a> ended 30 June saw revenue +5%, lending up 3%yoy, markets revenue +7%, NIM up 3bp (rising rates helps). Basel3 APRA Level2/Level1 CET1 Ratios were 11.1%/10.4%. </li>
<li>But the big news: ANZ is buying SunCorp Bank from SunCorp (SUN AU) for A$4.9bn (1.3x NTA), and will raise A$3.5bn through a 1 for 15 renounceable rights offering.</li>
</ul>



Australia and New Zealand Banking Group (ANZ) (ANZ AU) this morning made a flurry of announcements. First and foremost, ANZ withdrew from discussions on MYOB.

Q3 earnings ended 30 June saw revenue +5%, lending up 3%yoy, markets revenue +7%, NIM up 3bp (rising rates helps). Basel3 APRA Level2/Level1 CET1 Ratios were 11.1%/10.4%. 
But the big news: ANZ is buying SunCorp Bank from SunCorp (SUN AU) for A$4.9bn (1.3x NTA), and will raise A$3.5bn through a 1 for 15 renounceable rights offering.


ANZ Bank (ANZ AU) Nixes MYOB, Yeas SunCorp Bank, To Raise A$3.5bn of Equity

Australia

Commonwealth Bank of Australia provides banking, life insurance, and related services for individuals, small businesses and medium sized commercial enterprises. The Bank provides corporate and general banking, international financing, institutional banking and stock broking and funds management such as superannuation product.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Commonwealth Bank of Australia (CBA AU)

AMTD Digital: The Biggest Bubble in 2022

AMTD Digital is the biggest bubble of 2022, which is ready to pop. AMTD Digital provides digital solutions platform in Asia.

Douglas Kim

ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

ANZ has done half its equity raise. Now the retail rights, which trade in the market. Expect them to trade rich first, then cheap as selling...

Travis Lundy

S&P/ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

Piedmont Lithium and GQG partners could be ADDs for both ASX 200 and ASX 300 and both names could have around +35 days of volume to buy.

Janaghan Jeyakumar, CFA

Suncorp’s Banking Sale to ANZ Will Unlock Value

We estimate that New Suncorp (ex-banking) is currently valued at a 24% discount to key peer, IAG, on an FY2023 P/E basis. The valuation gap can...

Arun George

ANZ Bank (ANZ AU) Nixes MYOB, Yeas SunCorp Bank, To Raise A$3.5bn of Equity

ANZ will issue A$3.5bn of equity - an insto block and a tradable rights offer to retail - to buy #7 bank SunCorp Bank. It adds heft, but the ACCC...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

AMTD Digital: The Biggest Bubble in 2022

AMTD Digital is the biggest bubble of 2022, which is ready to pop. AMTD Digital provides digital solutions platform in Asia.

Douglas Kim

ANZ's Equity Raise Successful, Trading at TERP, and STILL Cheap To Peers

ANZ has done half its equity raise. Now the retail rights, which trade in the market. Expect them to trade rich first, then cheap as selling...

Travis Lundy

S&P/​​​​​​ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs

Piedmont Lithium and GQG partners could be ADDs for both ASX 200 and ASX 300 and both names could have around +35 days of volume to buy.

Janaghan Jeyakumar, CFA

Suncorp’s Banking Sale to ANZ Will Unlock Value

We estimate that New Suncorp (ex-banking) is currently valued at a 24% discount to key peer, IAG, on an FY2023 P/E basis. The valuation gap can...

Arun George

ANZ Bank (ANZ AU) Nixes MYOB, Yeas SunCorp Bank, To Raise A$3.5bn of Equity

ANZ will issue A$3.5bn of equity - an insto block and a tradable rights offer to retail - to buy #7 bank SunCorp Bank. It adds heft, but the ACCC...

Travis Lundy

S&P/ASX Quiddity Leaderboard Sep 2022: Potential ADDs Could Outperform Potential DELs