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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have looked at the company’s past performance. In this note, we will talk about the trading dynamics.</li>
</ul>


PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have looked at the company’s past performance. In this note, we will talk about the trading dynamics.


BliBli IPO Trading - Upsized, Priced near Top-End but Should Be Trading at Least 50% Lower

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.</li>
<li>There were no notable placements this week, which wasn't surprising after Monday's market turmoil.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Blibli managed to upsize its IPO, while a few companies will launch their Indian IPOs in the coming week.
There were no notable placements this week, which wasn't surprising after Monday's market turmoil.


ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

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

Thematic (Sector/Industry)

<ul>
<li>Google, Temasek, and Bain&amp;Co just released their much-anticipated eConomy SEA 2022 report outlining recent trends and future expectations for South-East Asia's digital economy. </li>
<li>No doubt post-pandemic growth has been tapering but the long-term growth story remains intact. The key focus has switched to the path to profitability versus headline growth.</li>
<li>Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted EBITDA margins rather than headline growth.</li>
</ul>


Google, Temasek, and Bain&amp;Co just released their much-anticipated eConomy SEA 2022 report outlining recent trends and future expectations for South-East Asia's digital economy. 
No doubt post-pandemic growth has been tapering but the long-term growth story remains intact. The key focus has switched to the path to profitability versus headline growth.
Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted EBITDA margins rather than headline growth.


SEA EConomy - A Squall in 2022 with Rough Seas Ahead

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.

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>GoTo on Monday confirmed that it's currently working with pre-IPO shareholders to explore a coordinated secondary offering of shares held by these shareholders when their lock-up expires on 30 November.</li>
<li>Following IPO, most shareholders agreed to hold onto their shares for a period of 8-months, and the lock-up period for around 90% of outstanding shares will expire next month.</li>
<li>As we continue to highlight in our previous insights, growth in top line does not necessarily mean profits for GoTo, and the company continues to burn cash to fuel growth.</li>
</ul>


GoTo on Monday confirmed that it's currently working with pre-IPO shareholders to explore a coordinated secondary offering of shares held by these shareholders when their lock-up expires on 30 November.
Following IPO, most shareholders agreed to hold onto their shares for a period of 8-months, and the lock-up period for around 90% of outstanding shares will expire next month.
As we continue to highlight in our previous insights, growth in top line does not necessarily mean profits for GoTo, and the company continues to burn cash to fuel growth.


GoTo: Lock-Up Expiry and a Coordinated Secondary Offering – Further Downside to Share Price Likely

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/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> confirmed that it is exploring a coordinated secondary offering of shares held by pre-IPO shareholders. The Series A shareholders’ lock-up expires on 30 November 2022. </li>
<li>The lock-up of 89.63% of the outstanding shares expires on 30 November. Within these shares, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> and <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> stakes are worth a combined US$2.6bn.</li>
<li>GoTo continues to grow but with material losses and cash burn. The shares are fairly valued but the sizeable secondary offering (US$1 billion based on reports) will pressure the price. </li>
</ul>



GoTo (GOTO IJ) confirmed that it is exploring a coordinated secondary offering of shares held by pre-IPO shareholders. The Series A shareholders’ lock-up expires on 30 November 2022. 
The lock-up of 89.63% of the outstanding shares expires on 30 November. Within these shares, Alibaba (ADR) (BABA US) and Softbank Group (9984 JP) stakes are worth a combined US$2.6bn.
GoTo continues to grow but with material losses and cash burn. The shares are fairly valued but the sizeable secondary offering (US$1 billion based on reports) will pressure the price. 


GoTo Lock-Up: A Sizeable Secondary Offering Incoming

Singapore

Grab Holdings Limited operates as a holding company. The Company, through its subsidiaries, develops delivery management, mobility, financial services, and enterprise software solutions. Grab Holdings serves customers worldwide.

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Grab Holdings (GRAB US)

BliBli IPO Trading - Upsized, Priced near Top-End but Should Be Trading at Least 50% Lower

PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end....

Sumeet Singh

ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SEA EConomy - A Squall in 2022 with Rough Seas Ahead

Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted...

Angus Mackintosh

GoTo Lock-Up: A Sizeable Secondary Offering Incoming

The lock-up of 89.63% of shares expires on 30 November. The shares are fairly valued at the last close, but the sizeable secondary offering (US$1bn...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BliBli IPO Trading - Upsized, Priced near Top-End but Should Be Trading at Least 50% Lower

PT Global Digital (BliBli) raised around US$517m in its Indonesian IPO, after using the upsize option and pricing its deal just below the top-end....

Sumeet Singh

ECM Weekly (30th Oct 2022) - Giant Biogene, Sunshine, I-Tail, Global Health, Lygend, Fusion, Blibli

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SEA EConomy - A Squall in 2022 with Rough Seas Ahead

Major digital players in South-East Asia will release 3Q results next month with all eyes focused on take rates, contribution margins, and Adjusted...

Angus Mackintosh

GoTo: Lock-Up Expiry and a Coordinated Secondary Offering – Further Downside to Share Price Likely

Despite a secondary offering to prevent a crash in share price following lock-up expiry, given the size of the secondary offering (about US$1bn),...

Shifara Samsudeen, ACMA, CGMA

GoTo Lock-Up: A Sizeable Secondary Offering Incoming

The lock-up of 89.63% of shares expires on 30 November. The shares are fairly valued at the last close, but the sizeable secondary offering (US$1bn...

Arun George