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

<a href="https://www.smartkarma.com/entities/27794" target="_blank" data-smartkarma-citation="entities:27794:1">Heathley Healthcare REIT (HHR AU)</a> plans to raise US$165m in its IPO on the Australian Stock Exchange.
The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. 
While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.
There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange.
The REIT primarily consists of healthcare assets with a bigger focus on daycare facilities rather than secondary or tertiary hospital assets. The entire portfolio is being sourced from the sponsor who has been running a healthcare fund for more than 5 years. 
While the tailwinds for the industry remain highly supportive, not all the assets being injected in the REIT are truly healthcare assets. Some of the medical centres are essentially just retail properties, the medical offices are regular offices while the smaller aged care facilities look and sound like they are big homes/residential assets. Thus, it's not truly a 100% healthcare portfolio, i.e. not one where the underlying exposure is just to hospitals,  daycare or otherwise.
There are also other issues with respect to some conflict of interest with the sponsor's other funds, which could hamper near-term inorganic growth for HHR.

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<a href="https://www.smartkarma.com/entities/726" target="_blank" data-smartkarma-citation="entities:726:1">Healthscope Ltd (HSO AU)</a>  <a href="https://www.asx.com.au/asxpdf/20180514/pdf/43v00dyj7kmghl.pdf" target="_blank">announced</a> it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price of $2.50, compared to the $2.36/share indicative <a href="https://www.asx.com.au/asxpdf/20180426/pdf/43tgzmm9g4y38m.pdf" target="_blank">offer</a> from the BGH-AustralianSuper consortium.Brookfield's offer comes with a raft of conditions, however, the one of most interest is the "satisfaction of a level playing field" condition.<blockquote>The "level playing field condition" requires that Healthscope not grant any potential acquirer of the Healthscope…</blockquote>

Healthscope Ltd (HSO AU)  announced it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price of $2.50, compared to the $2.36/share indicative offer from the BGH-AustralianSuper consortium.Brookfield's offer comes with a raft of conditions, however, the one of most interest is the "satisfaction of a level playing field" condition.The "level playing field condition" requires that Healthscope not grant any potential acquirer of the Healthscope…

Healthscope: Brookfield's Counter and Level Playing Field Condition

This report revisits specific Smartkarma insights involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.This week was also notable for the appearance of at least four sea monsters courtesy of <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a>.More below the fold...

This report revisits specific Smartkarma insights involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past week.This week was also notable for the appearance of at least four sea monsters courtesy of Travis Lundy.More below the fold...

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower than expected returns on equity we reduce earnings forecasts, fair value estimates and rebase medium- to longer-term dividend payout ratios lower to more sustainable long-term levels for three of the four wide moat-rated Australian banks: Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation. We cut Australia and New Zealand Banking Group's earnings forecasts and fair value estimate in March 2016 and now rebase its longer-term dividend payout ratio lower. Our preferred banks are the big retail-focused, New South Wales-based, banks Westpac and Commonwealth Bank due to their lower risk profiles, higher ROEs, higher NIMs, lower cost/income ratios, consistently lower-loan-loss rates, less volatility in earnings, and larger exposures to the strongly performing New South Wales economy.Analyst: David Ellis

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower than expected returns on equity we reduce earnings forecasts, fair value estimates and rebase medium- to longer-term dividend payout ratios lower to more sustainable long-term levels for three of the four wide moat-rated Australian banks: Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corporation. We cut Australia and New Zealand Banking Group's earnings forecasts and fair value estimate in March 2016 and now rebase its longer-term dividend payout ratio lower. Our preferred banks are the big retail-focused, New South Wales-based, banks Westpac and Commonwealth Bank due to their lower risk profiles, higher ROEs, higher NIMs, lower cost/income ratios, consistently lower-loan-loss rates, less volatility in earnings, and larger exposures to the strongly performing New South Wales economy.Analyst: David Ellis

Challenges Mount for the Wide Moat-Rated Australian Banks

FX Strategist

Greg Gibbs

Fundamental analysis of topical themes in FX

Amplifying Global FX Capital

Amplifying Global FX Capital was founded in 2015 and is fully owned by Greg Gibbs. It is a registered company both in Australia and Colorado, USA and is a licensed in Australia to provide financial services.

We are producing a regular trading view orientated macroeconomic analysis of topical themes in global financial markets, with a particular focus on foreign exchange. We invite you to view an “executive summary” of these reports in “AmpGFX Reports” under our “Research” menu.

These reports are drawn from the analysis of Greg Gibbs and inform the capital management he undertakes on behalf of the company. The trading performance is posted periodically on our website. We aim to build our company into both a research and capital management business. We are currently in the planning phase for managing capital for wholesale customers.

Greg Gibbs has spent his working life of more than 26 years in financial markets, beginning in 1989 at the Reserve Bank of Australia, after completing a Bachelor of Economics Degree (Honours) at the Australian National University. He has been a CFA Charterholder since 2005. He has worked in Sydney, Singapore, New York and London for major global banks and presented on foreign exchange markets to major financial institutions and companies around the world, and maintained a high profile in the financial media.

Before Amplifying Global FX Capital, Greg was the Head of Asia Pacific Market Strategy at the Royal Bank of Scotland based Singapore. He now resides in Breckenridge Colorado.

Macroeconomics

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome.  The much lower core inflation reading, evidence of tightening bank credit conditions, some softening recently in credit growth, cooler job vacancies, a stronger AUD, some renewed doubts on China and timing of the 2 July election suggest the RBA needs to be decisive and get ahead of expectations.  Consequently we see further weakness in the AUD and continue to favour gold as we discussed last week outlining risks in China that may spill over to global asset markets and the rebounding JPY that may push the BoJ toward more easing.

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome.  The much lower core inflation reading, evidence of tightening bank credit conditions, some softening recently in credit growth, cooler job vacancies, a stronger AUD, some renewed doubts on China and timing of the 2 July election suggest the RBA needs to be decisive and get ahead of expectations.  Consequently we see further weakness in the AUD and continue to favour gold as we discussed last week outlining risks in China that may spill over to global asset markets and the rebounding JPY that may push the BoJ toward more easing.

Australia

Generation Healthcare REIT is a real estate investment trust that invests exclusively in healthcare property. The portfolio of properties includes hospitals, medical centers, laboratories and other purpose-built healthcare facilities.

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Generation Healthcare Reit (GHC AU)

Heathley Healthcare REIT IPO - Not Really 100% Healthcare

Heathley Healthcare REIT (HHR AU) plans to raise US$165m in its IPO on the Australian Stock Exchange. The REIT primarily consists of healthcare...

Sumeet Singh

Healthscope: Brookfield's Counter and Level Playing Field Condition

Healthscope Ltd (HSO AU) announced it has received an unsolicited, non-binding proposal from Brookfield Asset Management, with an indicative price...

David Blennerhassett

Previously, in Event SPACE

This report revisits specific Smartkarma insights involving Stubs, Pairs, Arbitrage, share Classification and Events – or SPACE - in the past...

David Blennerhassett

Challenges Mount for the Wide Moat-Rated Australian Banks

As a consequence of increasing global risks, tougher regulatory demands, intensifying pressure on net interest margins, higher bad debts and lower...

Morningstar, Inc.

AmpGFX - RBA Cut the Obvious Decision

We think the case is clear for the RBA to cut rates tomorrow and are predicting this outcome. The much lower core inflation reading, evidence of...

Greg Gibbs

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