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

FWD Group Holdings / Equity Capital Markets

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In this note, we will talk about the positive aspects of the deal.

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. FWD is a pan-Asia life insurer operating in ten markets including Hong Kong (and Macau), Thailand (and Cambodia), Japan, the Philippines, Indonesia, Singapore, Vietnam and Malaysia. Southeast Asia markets contributed over 40% of its Value of New Business (VNB) in 2020. It had served over 9.9m customers as of Jun 21.In this note, we will talk about the positive aspects of the deal.

FWD Pre-IPO - The Positives - Growing Fast

Prudential aims to raise around US$2.8bn via an international and public offering in Hong Kong. The deal has been in the pipeline for a while and hence, is very well flagged.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Prudential aims to raise around US$2.8bn via an international and public offering in Hong Kong. The deal has been in the pipeline for a while and hence, is very well flagged.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Prudential Hong Kong Offering - Well Flagged Pivot to Asia, Mind the Liquidity Gap

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered the company background in our earlier note, <a href="https://www.smartkarma.com/insights/tdcx-inc-pre-ipo-tearsheet" target="_blank" rel="noopener">TDCX Inc. Pre-IPO Tearsheet.</a>In this note we will talk about the positives and negatives about the deal.

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.TDCX provides outsourcing services to clients in new economy sectors and traditional blue-chip clients undergoing digital transformation. As of Jun 21, it served 43 global clients and with 114 active campaigns. The firm has offices located in 10 geographies across Asia, Europe and Latin America, namely, Singapore, the Philippines, Malaysia, Thailand, China, Japan, Spain, India, Columbia and Romania.TDCX has recorded very strong growth with revenue, EBITDA and PAT having increased by 2.5x over FY18-20. In addition, Facebook and Airbnb, combined, contributed 60.4% and 62.3% of TDCX’s total revenue for FY20 and 1H21. We have covered the company background in our earlier note, TDCX Inc. Pre-IPO Tearsheet.In this note we will talk about the positives and negatives about the deal.

TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout

CIMB Group Holdings / Equity Capital Markets

Khazanah aims to raise around US$119m via selling 1% of CIMB Group. This is not the first selldown by Khaznah and most of the past deals have managed to hold above deal price. We covered one of the past selldown by MUFJ in our earlier note <a href="https://www.smartkarma.com/insights/cimb-group-placement-end-of-strategic-ties-with-mufg" target="_blank" rel="noopener">CIMB Group Placement - End of Strategic Ties with MUFG?</a>.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Khazanah aims to raise around US$119m via selling 1% of CIMB Group. This is not the first selldown by Khaznah and most of the past deals have managed to hold above deal price. We covered one of the past selldown by MUFJ in our earlier note CIMB Group Placement - End of Strategic Ties with MUFG?.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

CIMB Group Placement - Has Sold Before, past Deals Did Just About Ok

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> released a solid set of 1H2021 results, which underlined its resilience in the face of COVID-19 but a real stand out from the numbers were the ongoing successes from its digital strategies both in terms of promoting products through online expos, as well as the continuing growth in both of transactional and digital banking franchises. 
<a href="https://www.bloomberg.com/quote/BBCA:IJ" target="_blank" rel="noopener">PT Bank Central Asia</a> recently announced that it will invest US$200m into its digital arm to fend off competition from new entrants to digital banking.
The bank will use the fresh funds to help Blu to increase market share ahead of an IPO within the next two years. <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> plans to increase Blu’s capital to IDR4tn (US$278m), from around IDR1tn currently.
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> will focus on winning more merchants, partners, and customers for Blu and intends to maintain a majority stake in the entity after listing.
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> is already well ahead of its peers and any digital player on mobile banking and is Indonesia's leading bank in terms of transactional banking.
The bank saw 54% of all transactions by value and 86% of transactions by volume going through mobile or internet banking in 1H2021. This gives it access to high levels of CASA, providing the bank with a very low cost of funds.
Our view is that new digital players are more likely to take market share from smaller banks rather than <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> and see the bank maintaining its lead in transactional banking in Indonesia. Blu also has the advantage of being backed by a well-known and trusted lender, which will help to attract new customers. 
<a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA IJ)</a> trades on 4x FY21E PBV and is forecast to generate an ROE of 15.5% for FY21E and 17.0% in FY22E. It is one of the best-managed banks in Indonesia with a very strong risk management culture combined with a dynamic and innovative management culture, which coupled with its lead in transactional banking, allows the bank to command a significant premium over its peers.

Bank Central Asia (BBCA IJ) released a solid set of 1H2021 results, which underlined its resilience in the face of COVID-19 but a real stand out from the numbers were the ongoing successes from its digital strategies both in terms of promoting products through online expos, as well as the continuing growth in both of transactional and digital banking franchises. 
PT Bank Central Asia recently announced that it will invest US$200m into its digital arm to fend off competition from new entrants to digital banking.
The bank will use the fresh funds to help Blu to increase market share ahead of an IPO within the next two years. Bank Central Asia (BBCA IJ) plans to increase Blu’s capital to IDR4tn (US$278m), from around IDR1tn currently.
Bank Central Asia (BBCA IJ) will focus on winning more merchants, partners, and customers for Blu and intends to maintain a majority stake in the entity after listing.
Bank Central Asia (BBCA IJ) is already well ahead of its peers and any digital player on mobile banking and is Indonesia's leading bank in terms of transactional banking.
The bank saw 54% of all transactions by value and 86% of transactions by volume going through mobile or internet banking in 1H2021. This gives it access to high levels of CASA, providing the bank with a very low cost of funds.
Our view is that new digital players are more likely to take market share from smaller banks rather than Bank Central Asia (BBCA IJ) and see the bank maintaining its lead in transactional banking in Indonesia. Blu also has the advantage of being backed by a well-known and trusted lender, which will help to attract new customers. 
Bank Central Asia (BBCA IJ) trades on 4x FY21E PBV and is forecast to generate an ROE of 15.5% for FY21E and 17.0% in FY22E. It is one of the best-managed banks in Indonesia with a very strong risk management culture combined with a dynamic and innovative management culture, which coupled with its lead in transactional banking, allows the bank to command a significant premium over its peers. 

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

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)

FWD Pre-IPO - The Positives - Growing Fast

FWD, a pan-Asian life insurer founded by Richard Li, aims to raise up to US$3bn in its US IPO. In this note, we will talk about the positive...

Sumeet Singh

Prudential Hong Kong Offering - Well Flagged Pivot to Asia, Mind the Liquidity Gap

Prudential aims to raise around US$2.8bn via an international and public offering in Hong Kong. The deal has been in the pipeline for a while.

Sumeet Singh

TDCX Inc. Pre-IPO - Past Growth Looks Good, the Rest Is Iffy, Including the Founders S$325m Payout

TDCX Inc, a Singapore-headquartered digital customer experience (CX) provider, is looking to raise up to US$400m in its upcoming US IPO.

Sumeet Singh

CIMB Group Placement - Has Sold Before, past Deals Did Just About Ok

Khazanah aims to raise around US$119m via selling 1% of CIMB Group. This is not the first selldown by Khaznah and most of the past deals have...

Sumeet Singh

PT Bank Central Asia (BBCA IJ) - The Future Is Blu

Bank Centra Asia will inject more funds into its standalone digital bank BCA Digital or Blu to help fend off competition from new digital players...

Angus Mackintosh

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