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.

Event-Driven

<ul>
<li>Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.</li>
<li>Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Zomato (Zomato IN) raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India.
Zomato is one of two leading food delivery app operators in India. It recently acquired Blinkit marking its foray into the instant grocery segment.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)'s</a> announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.</li>
<li>Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.</li>
<li>Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.</li>
</ul>



Prosus (PRX NA)'s announced open-ended share repurchase programme, funded by on-market sale of its Tencent shares, is a significant positive catalyst to reduce its discount to NAV.
Continued operating losses will likely require funding through capital events, in the form of either asset sales or debt issuance.
Cash flow requirements and continued concerns around capital allocation should limit the reduction in the discount to NAV.


Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The index changes for DAX, MDAX, SDAX, and TecDAX were announced yesterday.</li>
<li>
<a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> will move from MDAX to DAX while <a href="https://www.smartkarma.com/entities/delivery-hero-se" target="_blank" data-smartkarma-citation="entities:24416:1" rel="noopener">Delivery Hero SE (DHER GR)</a> will move from DAX to MDAX.</li>
<li>Below is a closer look at the excess volume expectations and historical price and volume performance of the names involved in this Rebalance Event.</li>
</ul>


The index changes for DAX, MDAX, SDAX, and TecDAX were announced yesterday.

Beiersdorf AG (BEI GR) will move from MDAX to DAX while Delivery Hero SE (DHER GR) will move from DAX to MDAX.
Below is a closer look at the excess volume expectations and historical price and volume performance of the names involved in this Rebalance Event.


DAX, MDAX, SDAX, TecDAX June 2022 Rebalance: Encavis & Hensoldt Top Positives; Hypoport Top Negative

<ul>
<li>DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. </li>
<li>The DAX Index is reviewed on a quarterly basis in March, June, September, and December. </li>
<li>In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to <a href="https://www.smartkarma.com/insights/dax-index-quiddity-leaderboard-for-june-2022" target="_blank" data-smartkarma-citation="insights:68078" rel="noopener">DAX Index: Quiddity Leaderboard for June 2022</a> </li>
</ul>


DAX is a German blue-chip index that tracks the 40 largest companies listed on the Regulated Market of the Frankfurt Stock Exchange. 
The DAX Index is reviewed on a quarterly basis in March, June, September, and December. 
In this insight, we take a look at the potential constituency changes for the June 2022 review. This is a follow-up insight to DAX Index: Quiddity Leaderboard for June 2022 


DAX Index: Quiddity Leaderboard for June 2022 (2.0): Rheinmetall Looks Interesting

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/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


Germany

Delivery Hero SE offers e-commerce services. The Company provides online food ordering services. Delivery Hero serves customers Germany.

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Delivery Hero SE (DHER GR)

Zomato IPO Lock-Up - A US$3.4bn Lockup Release Test Case for India

Zomato raised US$1.3bn in its India IPO in Jul 2021. At that time, it was the largest technology sector listing in India. The lock-up on its pre...

Sumeet Singh

Prosus: Finally, a Catalyst; Cash Flows, Capital Allocation, Should Limit Drop in Discount to NAV

In this insight, we analyse Prosus’ operational performance, capital allocation decisions, cash flows, what that implies for the holding company...

Wium Malan, CFA

DAX, MDAX, SDAX, TecDAX June 2022 Rebalance: Encavis & Hensoldt Top Positives; Hypoport Top Negative

A discussion on June 2022 index changes for DAX, MDAX, SDAX, and TecDAX. Enclavis and Hensoldt are names with highest positive impacts and Hypoport...

Janaghan Jeyakumar, CFA

DAX Index: Quiddity Leaderboard for June 2022 (2.0): Rheinmetall Looks Interesting

A discussion on the Potential Adds and Deletes to the DAX Index in the upcoming index review in June 2022. Military technology company Rheinmetall...

Janaghan Jeyakumar, CFA

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

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