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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.


Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

<ul>
<li>Nusantara Sejahtera Raya (Cinema XXI) aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


Nusantara Sejahtera Raya (Cinema XXI) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
In this note, we talk about the positive aspects of the deal.


Nusantara Sejahtera Raya (Cinema XXI) IPO - The Positive - High Market Share, Steady Recovery

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.

Equity Bottom-Up

<ul><li>In 1H23, the STI generated a marginal 1.2% total return, with Singapore stocks booking net retail inflow of S$1.49 billion, compared to S$951 million in 1H22.</li><li>A similar number of Singapore stocks booked net retail inflow in 1H23 and 1H22, however the 1H23 combined net retail inflow of these ~300 stocks was down 10% from 1H22.</li><li>Potentially indicating rotational trading, Singtel, City Dev, CapitaLand Int Comm Trust, Suntec REIT averaged 7% declines in total return in 1H23 while booking net retail inflow, vs 13% total returns in 1H22 while booking net retail outflow.</li></ul>

In 1H23, the STI generated a marginal 1.2% total return, with Singapore stocks booking net retail inflow of S$1.49 billion, compared to S$951 million in 1H22.A similar number of Singapore stocks booked net retail inflow in 1H23 and 1H22, however the 1H23 combined net retail inflow of these ~300 stocks was down 10% from 1H22.Potentially indicating rotational trading, Singtel, City Dev, CapitaLand Int Comm Trust, Suntec REIT averaged 7% declines in total return in 1H23 while booking net retail inflow, vs 13% total returns in 1H22 while booking net retail outflow.

20 Singapore Stocks that Booked the Most Net Retail Inflow in 1H23

<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>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> announced a somewhat reasonable pricing range, while <a href="https://www.smartkarma.com/entities/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> looks to open up the Korean market for larger IPOs again.</li>
<li>On the placement front,  <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> found itself in the eye of a storm after its stupendous 6x increase since listing.</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.
In the IPO space, Tryt Inc (9164 JP) announced a somewhat reasonable pricing range, while Fadu (440110 KS) looks to open up the Korean market for larger IPOs again.
On the placement front,  Socionext (6526 JP) found itself in the eye of a storm after its stupendous 6x increase since listing.


ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

Singapore Airlines / 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>In the IPO space, <a href="https://www.smartkarma.com/entities/tryt-inc" target="_blank" data-smartkarma-citation="entities:39870:1" rel="noopener">Tryt Inc (9164 JP)</a> will announce its price range in the coming week, while <a href="https://www.smartkarma.com/entities/kelun-biotech" target="_blank" data-smartkarma-citation="entities:36801:1" rel="noopener">Kelun Biotech</a> tries to break the US$100m+ deal silence in HK. </li>
<li>On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.</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.
In the IPO space, Tryt Inc (9164 JP) will announce its price range in the coming week, while Kelun Biotech tries to break the US$100m+ deal silence in HK. 
On the placement front, even Singapore joined in the placement action this week, with only HK deal remaining absent over the past month.


ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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)

Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. We have looked at the past performance in our earlier notes, in this note...

Sumeet Singh

20 Singapore Stocks that Booked the Most Net Retail Inflow in 1H23

In 1H23, the STI generated a marginal 1.2% total return, with Singapore stocks booking net retail inflow of S$1.49 billion, compared to S$951...

Singapore Exchange Ltd (SGX)

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

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

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. We have looked at the past performance in our earlier notes, in this note...

Sumeet Singh

Nusantara Sejahtera Raya (Cinema XXI) IPO - The Positive - High Market Share, Steady Recovery

Nusantara Sejahtera Raya (Cinema XXI) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

20 Singapore Stocks that Booked the Most Net Retail Inflow in 1H23

In 1H23, the STI generated a marginal 1.2% total return, with Singapore stocks booking net retail inflow of S$1.49 billion, compared to S$951...

Singapore Exchange Ltd (SGX)

ECM Weekly (9th July 2023) - Socionext, Yongtai, Tryt, Redox, S.F. Holding, Lalatech, Fadu, Amman

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

ECM Weekly (2nd July 2023) - Tryt, J&T Express, Redox, Kelun, 4Paradigm, SIA, M&A Research, Walsin

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