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

<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 IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.</li>
<li>There were no large placements, apart from a selldown in <a href="https://www.smartkarma.com/entities/areit-ayalaland-reit" target="_blank" data-smartkarma-citation="entities:28856:1" rel="noopener">Areit (AyalaLand REIT) (AREIT PM)</a> and a friends and family round in <a href="https://www.smartkarma.com/entities/zhongyuan-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:24139:1" rel="noopener">Zhongyuan Bank (1216 HK)</a>.</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 IPOs front, Campus Activewear got great coverage, while Rainbow and Shieldus appear to be struggling.
There were no large placements, apart from a selldown in Areit (AyalaLand REIT) (AREIT PM) and a friends and family round in Zhongyuan Bank (1216 HK).


ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> 1Q2022 results were all about execution, with significant improvements in take-rates for its Mitra business, and even more so for its marketplace segment. </li>
<li>The launch of AlloFresh and <a href="https://www.smartkarma.com/entities/allo-bank-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:33551:1" rel="noopener">Allo Bank Indonesia</a> will add some further depth and breadth to the platform's product offering and help to accerlate the move towards profitabilty.</li>
<li>
<a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a> looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing take-rates at the same time. </li>
</ul>



Bukalapak (BUKA IJ) 1Q2022 results were all about execution, with significant improvements in take-rates for its Mitra business, and even more so for its marketplace segment. 
The launch of AlloFresh and Allo Bank Indonesia will add some further depth and breadth to the platform's product offering and help to accerlate the move towards profitabilty.

Bukalapak (BUKA IJ) looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing take-rates at the same time. 


Bukalapak (BUKA IJ) - Higher Take Rates and Better Quality Growth Ahead

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Thematic (Sector/Industry)

<ul>
<li>There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. </li>
<li>Companies covered are <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> , <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> , <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>, and retail REITs in Singapore. </li>
<li>There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. </li>
</ul>


There has been a lot of positive talk about Singapore's reopening but also an equal number of skeptics. 
Companies covered are SATS (SATS SP) , Singapore Airlines (SIA SP) , Comfortdelgro Corp (CD SP), and retail REITs in Singapore. 
There is some removal of regulations that support the reopening theme such as testing removal upon landing in SG, PET efficiency for the nightlife scene,  and reduction of safe-distancing ambassadors. 


LG Energy Solution / Equity Capital Markets

<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 IPOs front, Campus Activewear and Rainbow Hospitals will get India's IPO season going again, with LIC in the pipeline.</li>
<li>Placement flows remained slow over the holiday shortened week. With only Taiwan and India seeing deals.</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 IPOs front, Campus Activewear and Rainbow Hospitals will get India's IPO season going again, with LIC in the pipeline.
Placement flows remained slow over the holiday shortened week. With only Taiwan and India seeing deals.


ECM Weekly (24th Apr 22) - Sk Shieldus, One Store, LIC, Campus, Rainbow, Zhihu, LG Energy, Shin Kong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.</li>
<li>Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.</li>
<li>
<a href="https://www.smartkarma.com/entities/adi-sarana-armada-tbk-pt" target="_blank" data-smartkarma-citation="entities:16947:1" rel="noopener">Adi Sarana Armada (ASSA IJ)</a> is a proxy for mobility through car leasing, online and offline used car sales through <a href="https://www.smartkarma.com/entities/autopedia-sukses-lestari" target="_blank" data-smartkarma-citation="entities:35508:1" rel="noopener">Autopedia</a>, and last-mile deliveries through Anteraja.</li>
</ul>



Adi Sarana Armada (ASSA IJ) booked a strong set of FY2021 results with sales growing by +68% and net profit by +64%, driven by a strong performance from logistics business.
Anteraja now makes up 54% of sales and broke even in FY2021, delivering an average of 650,000 parcels per day in 2021, expected to rise to 1.5m by December 2022.

Adi Sarana Armada (ASSA IJ) is a proxy for mobility through car leasing, online and offline used car sales through Autopedia, and last-mile deliveries through Anteraja.


Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

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)

ECM Weekly (2nd May 22) - LIC, Shieldus, One Store, Campus, Rainbow, Kakao Pay, Uju, GoTo, Zhongyuan

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

Bukalapak (BUKA IJ) - Higher Take Rates and Better Quality Growth Ahead

Bukalapak (BUKA IJ) looks like an increasingly interesting way to play the Indonesian digital economy with an expanding ecosystem and increasing...

Angus Mackintosh

Singapore Travel: Back to Live!

The reopening in Singapore is real and nearer to the pre-COVID-19 condition or back to normalcy. Tourism-related names such as SATS, SIA,...

Henry Soediarko

ECM Weekly (24th Apr 22) - Sk Shieldus, One Store, LIC, Campus, Rainbow, Zhihu, LG Energy, Shin Kong

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

Adi Sarana Armada (ASSA IJ) - Mobility, Logistics, and the Digital Economy

Adi Sarana Armada (ASSA IJ) is a proxy for mobility through car leasing, online and offline used car sales through Autopedia, and last-mile...

Angus Mackintosh

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