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

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

<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>A few IPOs are lined up in Thailand and South Korea, in addition a number of deals are gearing up for launch.</li>
<li>There were no major placements last week. Although there are a few large lockup releases soon.</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.
A few IPOs are lined up in Thailand and South Korea, in addition a number of deals are gearing up for launch.
There were no major placements last week. Although there are a few large lockup releases soon.


ECM Weekly (26th June 2022) - Tianqi, Thai Life, Thai Bev, ClouDr, ACommerce, SenseTime, SonaComstar

<ul>
<li>Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note, we will talk about valuations and undertake a peer comparison versus its international peers.</li>
</ul>


Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note, we will talk about valuations and undertake a peer comparison versus its international peers.


Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Event-Driven

<ul>
<li>Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. Singtel has officially dismissed the reports as media speculation.</li>
<li>There have been subsequent reports in the Indian media about the founder, Sunil Mittal, looking to raise around US$2bn in debt, to finance an increase in his stake in Airtel.</li>
<li>In this note, we talk about the possible deal and its implications.</li>
</ul>


Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. Singtel has officially dismissed the reports as media speculation.
There have been subsequent reports in the Indian media about the founder, Sunil Mittal, looking to raise around US$2bn in debt, to finance an increase in his stake in Airtel.
In this note, we talk about the possible deal and its implications.


Bharti Singtel Possible Selldown/Holdco Trade - Singtel Appears to Be Ready for Cashing in US$1-2bn

<ul>
<li>On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.</li>
<li>We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.</li>
<li>In this note we undertake a peer comparison and talk about valuations</li>
</ul>


On 5th May 2022, Thai Beverage announced that BeerCo will resume its Proposed Spin-off Listing. This time the company is aiming to raise less than US$1bn, as per media reports.
We have looked at various aspects of the deal earlier, as the company had tried to spin-off BeerCo in 2021 as well before finally calling it off in April 2021.
In this note we undertake a peer comparison and talk about valuations


ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

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)

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

ECM Weekly (26th June 2022) - Tianqi, Thai Life, Thai Bev, ClouDr, ACommerce, SenseTime, SonaComstar

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

Thai Life Insurance Pre-IPO - Thoughts on Valuation and International Peer Comparison

Thai Life Insurance is looking to raise up to US$1bn in its upcoming Thailand IPO. In this note, we talk about valuations.

Sumeet Singh

Bharti Singtel Possible Selldown/Holdco Trade - Singtel Appears to Be Ready for Cashing in US$1-2bn

Various recent media reports have indicated that Singtel aims to sell 2-4% of its stake in Bharti Airtel. In this note, we talk about the possible...

Sumeet Singh

ThaiBev BeerCo 2022 Pre-IPO - Peer Comp and Thoughts on Valuation

Thai Beverage recently announced that BeerCo will resume its Proposed Spin-off Listing. In this note, we talk about peer comparison and look at...

Sumeet Singh

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