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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we continued our coverage of <a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> and looked at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue Group</a> Hong Kong filings.</li>
<li>Placements continued to trickle in throught the week, across the region, apart from Hong Kong.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, we continued our coverage of Amer Sports (AS US) and looked at Mixue Group Hong Kong filings.
Placements continued to trickle in throught the week, across the region, apart from Hong Kong.


ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

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>US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction. </li>
<li>With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks' data, loans declined USD58bn.</li>
<li>Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters. </li>
</ul>


US banks show flat lining loan growth, and continued very high growth in Jumbo time deposits, borrowings. Total deposits though, remain in contraction. 
With the liability shift away from checking accounts, loan growth at near zero YoY will not help net interest income growth. Most recent two weeks' data, loans declined USD58bn.
Our sample of 36 US banks shows net interest income has just turned negative in 4Q23, and its pace of decline should worsen considerably, in coming quarters. 


US Banks - Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

Equity Bottom-Up

<ul>
<li>Total impairment costs are soaring now at Citigroup up to USD3.5bn in 4Q23 compared with an average charge of USD1.8-1.9bn in the recent preceding quarters. </li>
<li>Net interest income appears to be topping out now, as there is generally a lagged impact on funding in a rising rate environment. </li>
<li>The implications of the Citi results, steeped in geopolitical risk, are not positive for large global banks, major US banks in particular and <a href="https://www.smartkarma.com/entities/hsbc-holdings-plc" target="_blank" data-smartkarma-citation="entities:516:1" rel="noopener">HSBC Holdings (5 HK)</a> specifically. </li>
</ul>


Total impairment costs are soaring now at Citigroup up to USD3.5bn in 4Q23 compared with an average charge of USD1.8-1.9bn in the recent preceding quarters. 
Net interest income appears to be topping out now, as there is generally a lagged impact on funding in a rising rate environment. 
The implications of the Citi results, steeped in geopolitical risk, are not positive for large global banks, major US banks in particular and HSBC Holdings (5 HK) specifically. 


Citigroup - Impairment Costs Far Higher than Any Recent Quarter & Net Interest Income near Halting

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.</li><li>Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.</li></ul>

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an average price of S$3.00 per share on Jan 10.Between Jan 4 and 9, Accrelist executive chairman and managing director Terence Tea acquired 2,365,900 shares at S$0.039 per share.

Accrelist chairman Terence Tea increases stake in firm

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. </li>
<li>The following dataset includes all ASEAN IPOs and placements above US$100m, <strong>which amounted to a total of 18 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023. 
The following dataset includes all ASEAN IPOs and placements above US$100m, which amounted to a total of 18 deals. 

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


Aequitas ASEAN IPOs + Placements Broker Performance 2023

Singapore

DBS Group Holdings Limited and its subsidiaries provide a variety of financial services.  The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .  DBS Group also acts as the primary dealer in Singapore government securities.

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DBS (DBS SP)

ECM Weekly (21st Jan 2024) - Mixue, Amer, Medi Assist, IPO Pipeline, Yamae, Alchip, NHPC, ASMedia

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

US Banks - Flat Line Loans, High Growth Higher Cost Funding, Net Interest Income Growth Is Negative

Weekly balance sheet data for large US banks shows liabilities shift toward higher cost funding continues, with loan growth remaining week, losing...

Daniel Tabbush

Citigroup - Impairment Costs Far Higher than Any Recent Quarter & Net Interest Income near Halting

Citigroup is now seeing its impairment costs far higher than any recent quarter, and much of this is from unfunded commitments. Its net interest...

Daniel Tabbush

Accrelist chairman Terence Tea increases stake in firm

Accrelist chairman Terence Tea increases stake in firm CapitaLand Investment led the consideration tally, buying back 1,072,100 shares at an...

Singapore Exchange Ltd (SGX)

Aequitas ASEAN IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for ASEAN IPOs and placements in 2023, which amounted to a total of 18 deals.

Ethan Aw

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52-week Range

Market Cap (USDm)

P/E

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