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

Tata Consultancy Svcs / 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, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</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 IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

The unsatisfactory 1H 2020 operating numbers that stemmed from lower revenue growth and higher excise taxes reduce operating cash flow, prompting the company to increase the amount of debt in the balance sheet that will further reduce the net income margin by 1.7 to 4% if the next six months' operating numbers will not improve. With the shift in the consumers' taste that reduces Dji-Sam-Soe's (HMSP's flagship product) sales, HMSP is not in the best position to outperform the potential weak consumption trend in the second half of 2020. If HMSP were to cut or forego dividends next year, it will accelerate the switch from HMSP to GGRM. 
HMSP's operating numbers are also very volatile compared to the steady GGRM's, yet the former seems to trade at a higher valuation in the Indonesian equity market compared to the latter albeit losing market share. Maintain underweight HMSP and overweight GGRM.

The unsatisfactory 1H 2020 operating numbers that stemmed from lower revenue growth and higher excise taxes reduce operating cash flow, prompting the company to increase the amount of debt in the balance sheet that will further reduce the net income margin by 1.7 to 4% if the next six months' operating numbers will not improve. With the shift in the consumers' taste that reduces Dji-Sam-Soe's (HMSP's flagship product) sales, HMSP is not in the best position to outperform the potential weak consumption trend in the second half of 2020. If HMSP were to cut or forego dividends next year, it will accelerate the switch from HMSP to GGRM. 
HMSP's operating numbers are also very volatile compared to the steady GGRM's, yet the former seems to trade at a higher valuation in the Indonesian equity market compared to the latter albeit losing market share. Maintain underweight HMSP and overweight GGRM. 

Sampoerna (HMSP): Losing From Higher Excise Tax

United States

ITC Holdings Corporation is a holding company.  Through subsidiaries, the Company transmits electricity from electricity generating stations to local electricity distribution facilities.  ITC invests in electricity transmission infrastructure improvements as a means to improve electricity reliability and reduce congestion.

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Itc Holdings (ITC US)

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

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

Sampoerna (HMSP): Losing From Higher Excise Tax

The unsatisfactory 1H 2020 operating numbers that stemmed from lower revenue growth and higher excise taxes reduce operating cash flow, prompting...

Henry Soediarko

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