APAC IPOs & Placements

Zhen Zhou, Toh

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

The largest shareholder of <a href="https://www.smartkarma.com/entities/ebos-group-ltd" target="_blank" data-smartkarma-citation="entities:18336:1" rel="noopener">Ebos Group Ltd (EBO NZ)</a>, Sybos Holdings, is looking to sell 15m shares at NZ$22.50 per share. Post sale, Sybos will still hold about 28% of EBOS' shares.Overall, the deal scores well on our framework owing to good track record and share price momentum but was weighed down by the sheer size of the deal, representing 223 days of three-month ADV.The overhang does not look pretty either. It represents about 678 days of three-month ADV. While there are not mention whether Sybos has the intention to return to the market, the overhang could be enough to limit any upside in the near-term.

The largest shareholder of Ebos Group Ltd (EBO NZ), Sybos Holdings, is looking to sell 15m shares at NZ$22.50 per share. Post sale, Sybos will still hold about 28% of EBOS' shares.Overall, the deal scores well on our framework owing to good track record and share price momentum but was weighed down by the sheer size of the deal, representing 223 days of three-month ADV.The overhang does not look pretty either. It represents about 678 days of three-month ADV. While there are not mention whether Sybos has the intention to return to the market, the overhang could be enough to limit any upside in the near-term.

EBOS Holdings Placement - Selldown by Largest Shareholder - Overhang Is the Concern

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown.  Along with a recap of important technical levels across major markets, we flip through several attractive Groups and stocks within Advertising, retail, restaurants, and travel, which offer attractive pullback opportunities.

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no breakdowns - on the broad global indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) remains the most likely scenario. At the same time, new cracks are beginning to show and as a result we believe global equities are vulnerable to a breakdown.  Along with a recap of important technical levels across major markets, we flip through several attractive Groups and stocks within Advertising, retail, restaurants, and travel, which offer attractive pullback opportunities.

Global Equity Strategy: Another Test of Support

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with themes that are working -- we highlight actionable ideas in the following areas: Australian Banks, European/UK Banks and Autos &amp; Parts, Global Health Care stocks, and Japanese Manufacturing stocks.

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical resistance... see charts below and page 2. With global equity markets generally moving sideways, we want to stick with themes that are working -- we highlight actionable ideas in the following areas: Australian Banks, European/UK Banks and Autos &amp; Parts, Global Health Care stocks, and Japanese Manufacturing stocks.

Global Equities Nearing Potential Resistance

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.

Event-Driven

Today, <a href="https://www.smartkarma.com/entities/15966" target="_blank" data-smartkarma-citation="entities:15966:1">Sigma Healthcare (SIG AU)</a> announced the results of its four-month-long strategic review. As a reminder, on 14 December, <a href="https://www.smartkarma.com/entities/19399" target="_blank" data-smartkarma-citation="entities:19399:1">Australian Pharma Industries (API AU)</a> lobbed an indicative cash-scrip proposal for Sigma. Under the proposal, Sigma’s shareholders would receive 0.31 API shares and A$0.23 cash for each Sigma share.<div class="content-highlight">Sigma said that reciprocal due diligence with API has commenced but the merger “needs to be assessed in the context of what is in the best interests of Sigma shareholders.” We believe that should API continue to pursue the merger; the strategic review strengthens Sigma’s hand to improve the terms of API’s bid.</div>

Today, Sigma Healthcare (SIG AU) announced the results of its four-month-long strategic review. As a reminder, on 14 December, Australian Pharma Industries (API AU) lobbed an indicative cash-scrip proposal for Sigma. Under the proposal, Sigma’s shareholders would receive 0.31 API shares and A$0.23 cash for each Sigma share.Sigma said that reciprocal due diligence with API has commenced but the merger “needs to be assessed in the context of what is in the best interests of Sigma shareholders.” We believe that should API continue to pursue the merger; the strategic review strengthens Sigma’s hand to improve the terms of API’s bid.

API/Sigma Merger: Sigma’s Hand Strengthens to Improve the Terms of API’s Bid

Australian Pharmaceutical Industries / Event-Driven

<a href="https://www.smartkarma.com/entities/19399" target="_blank" data-smartkarma-citation="entities:19399:1">Australian Pharma Indus (API AU)</a>, a pharmaceutical wholesaler, has lobbed an indicative cash-scrip proposal for its competitor, <a href="https://www.smartkarma.com/entities/15966" target="_blank" data-smartkarma-citation="entities:15966:1">Sigma Healthcare (SIG AU)</a>. Under the proposal, Sigma shareholders would receive 0.31 API shares and A$0.23 cash for each Sigma share, implying $0.686 per Sigma share. If the proposal is successful, API/Sigma shareholders would own 63%/37% of the merged API-Sigma.<div class="content-highlight">Unsurprisingly, API believes its proposal delivers fair value to both API and Sigma shareholders. However, our analysis suggests that Sigma shareholders need a bump for the bid to cross the finish line.</div>

Australian Pharma Indus (API AU), a pharmaceutical wholesaler, has lobbed an indicative cash-scrip proposal for its competitor, Sigma Healthcare (SIG AU). Under the proposal, Sigma shareholders would receive 0.31 API shares and A$0.23 cash for each Sigma share, implying $0.686 per Sigma share. If the proposal is successful, API/Sigma shareholders would own 63%/37% of the merged API-Sigma.Unsurprisingly, API believes its proposal delivers fair value to both API and Sigma shareholders. However, our analysis suggests that Sigma shareholders need a bump for the bid to cross the finish line.

API/Sigma Merger: Sigma Shareholders Need a Better Offer

New Zealand

EBOS Group Limited supplies and distributes medical consumable products and equipment to the hospital and primary care sectors of the New Zealand and Australian healthcare markets. The Company's products include diagnostic instruments, surgical instruments and prosthesis, feminine protection, anesthetic equipment, and other consumer products.

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Ebos Group Ltd (EBO NZ)

EBOS Holdings Placement - Selldown by Largest Shareholder - Overhang Is the Concern

The largest shareholder of Ebos Group Ltd (EBO NZ), Sybos Holdings, is looking to sell 15m shares at NZ$22.50 per share. Post sale, Sybos will...

Zhen Zhou, Toh

Global Equity Strategy: Another Test of Support

Heightened trade tensions have caused global equities to move from resistance to support in a matter of days. Additional consolidation - i.e., no...

Vermilion Research

Global Equities Nearing Potential Resistance

we believe global equities remain in a state of purgatory and consolidation is likely to continue as several major indexes approach logical...

Vermilion Research

API/Sigma Merger: Sigma’s Hand Strengthens to Improve the Terms of API’s Bid

Today, Sigma Healthcare (SIG AU) announced the results of its four-month-long strategic review. As a reminder, on 14 December, Australian Pharma...

Arun George

API/Sigma Merger: Sigma Shareholders Need a Better Offer

Australian Pharma Indus (API AU), a pharmaceutical wholesaler, has lobbed an indicative cash-scrip proposal for its competitor, Sigma Healthcare...

Arun George

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