APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.</li>
<li>Japan may be the most surprising with relatively high growth and relative to last year. </li>
<li>Indonesia moves from strength to strength, where India loan growth is high, but less so.</li>
</ul>


Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
Japan may be the most surprising with relatively high growth and relative to last year. 
Indonesia moves from strength to strength, where India loan growth is high, but less so.


Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 IPO front, we looked at <a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (0817833D AU),</a> <a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> and <a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> this week.</li>
<li>On the placement front, there were a few deals across Hong Kong, Australia and Japan.</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, we looked at Guzman Y Gomez (0817833D AU), QuantumPharm (QUP HK) and Webtoon Entertainment (WBTN US) this week.
On the placement front, there were a few deals across Hong Kong, Australia and Japan.


ECM Weekly (10th June 2024) - Webtoon, Shift Up, QuantumPharm, Guzman, Kakaopay, Telix, Yankuang

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul><li>We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian bank pick, UBI benefits from improving return trends</li></ul>

We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian bank pick, UBI benefits from improving return trends

Indian Banks Screener FYE24, Part 2: Bandhan and UBI added to the buy list

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance-l" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> raised around US$315m in its India IPO.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Go Digit General Insurance raised around US$315m in its India IPO.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
We have looked at the company’s performance in our past note. In this note, we talk about the trading dynamics.


Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

ECM Weekly (10th June 2024) - Webtoon, Shift Up, QuantumPharm, Guzman, Kakaopay, Telix, Yankuang

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

Indian Banks Screener FYE24, Part 2: Bandhan and UBI added to the buy list

We add value plays Bandhan and UBI to the buy list alongside HDFC Bank and Baroda, turning neutral from negative on SBI. Bandhan is our core Indian...

Victor Galliano

Go Digit IPO Trading - Low Subscription Rate, Not All Shares Are Locked Up

Go Digit General Insurance raised around US$315m in its India IPO. In this note, we talk about the subscription rate and other trading dynamics.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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