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>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> (RB),  the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a>, raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Rakuten Bank (5838 JP) (RB),  the online banking arm of Rakuten Group (4755 JP), raised around US$630m in its Japan IPO. Its IPO linked lockup will expire soon.
RB is the largest internet bank in Japan, by number of accounts. As of Jun 23, it had 14.0m deposit accounts with a total deposit base of JPY9.4tn.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> 's 3Q2023 revenues beat estimates while OP for the quarter was well below consensus estimates.</li>
<li>There were clear signs of slowdown in earnings growth due to macroeconomic challenges and weaker demand. 4Q earnings are expected to decline further.</li>
<li>Meituan’s share price went down by about 11% following its earnings announcement as slowdown in core local commerce and weakening earnings have concerned investors.</li>
</ul>



Meituan (3690 HK) 's 3Q2023 revenues beat estimates while OP for the quarter was well below consensus estimates.
There were clear signs of slowdown in earnings growth due to macroeconomic challenges and weaker demand. 4Q earnings are expected to decline further.
Meituan’s share price went down by about 11% following its earnings announcement as slowdown in core local commerce and weakening earnings have concerned investors.


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

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> post its pivotal results, <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>, <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>, <a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a>, <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS (DBS SP)</a> and <a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1776:1" rel="noopener">Indika Energy (INDY IJ)</a>.</li>
<li>The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy PT (PGEO IJ)</a>.</li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.</li>
</ul>


The past week saw insights on GoTo post its pivotal results, Astra International (ASII IJ), Bukalapak (BUKA IJ), Mayora Indah (MYOR IJ), DBS (DBS SP) and Indika Energy (INDY IJ).
The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on Lippo Karawaci (LPKR IJ) and Pertamina Geothermal Energy PT (PGEO IJ).
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo's Pivot, Astra's Sustainability Push, and Mayora Indah

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

GoTo Gojek Tokopedia Tbk PT / Equity Bottom-Up

<ul><li>Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.</li><li>We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.</li><li>3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following the delivery of GTV recovery in 3Q23, we view positively GOTO’s strategic pivot away from a stringent EBITDA breakeven by YE-2023 and a shift in focus towards GTV growth &amp; profitability of its e-commerce operations.We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.3Q23 takeaways: GTV growth recovery. The new Gojek &amp; Gopay initiatives (i.e. Hemat, Logistics, BNPL, loans, Gopay app) successfully spurred transactions growth in 3Q23 (+5% qoq) through increasing users’ buying frequency. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GoTo (GOTO.IJ IDR 62 BUY.TP IDR 98) Strategic pivot reinforces positive outlook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International's</a> results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.</li>
<li>Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.</li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.</li>
</ul>



Astra International's results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.

Astra International (ASII IJ) remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.


Astra International (ASII IJ) - Driving Towards Future Sustainability

Indonesia

PT GoTo Gojek Tokopedia Tbk operates as an e-commerce platform. The Company offers mobility, food delivery, logistics, e-commerce, and financial technology solutions. GoTo Gojek Tokopedia serves customers in Indonesia.

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GoTo Gojek Tokopedia Tbk PT (GOTO IJ)

Rakuten Bank IPO Lock-Up - Parent and Company Will Come Out of Lockup

Rakuten has just announced that it will selldown some of its stake in Rakuten Bank in order to fund redemption of some of its bonds.

Sumeet Singh

Meituan: Earnings to Weaken Further

As we expected, there were clear signs of a slowdown in Meituan's earnings due to macroeconomic challenges, weaker demand and intensifying...

Shifara Samsudeen, ACMA, CGMA

The Week That Was in ASEAN@Smartkarma - GoTo's Pivot, Astra's Sustainability Push, and Mayora Indah

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

GoTo (GOTO.IJ IDR 62 BUY.TP IDR 98) Strategic pivot reinforces positive outlook

We reaffirm our BUY rating but with a lower TP of Rp98 (from Rp150 previously), incorporating a lower premium on valuation.

BRI Danareksa Research

Astra International (ASII IJ) - Driving Towards Future Sustainability

Astra International's results are a testament to the company's resilience in the face of declining commodity prices, with autos. motorcycles and...

Angus Mackintosh

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