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>On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.</li>
<li>At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.</li>
<li>In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.</li>
</ul>


On 16th Nov 22, post-market close, along with its 3Q22 results Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan.
At the time of declaration, the dividend amounted to US$20bn or 15.5% of Meituan’s outstanding shares. Its value has since declined to US$17bn.
In this note, we talk about the implications of the deal and what one can glean from looking at the previous dividend payout for JD.com.


Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> plans to sell around US$9bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>We have looked at the deal in our past note, <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-deal-structure-past-deals-index-buyback" target="_blank" data-smartkarma-citation="insights:96666" rel="noopener">Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback</a>.</li>
<li>In this note, we talk about the updates since our last note and have a look at some of the past deals.</li>
</ul>



Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our past note, Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback.
In this note, we talk about the updates since our last note and have a look at some of the past deals.


Japan Post Bank Placement - Misbehaving - Still Has Time to Correct - A Look at past Deals

Equity Capital Markets

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> (SSNB) is now looking to raise around US$380m in its second listing attempt.</li>
<li>SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.</li>
<li>In this note, we talk about our updated earnigns forecast and thoughts on valuations</li>
</ul>



SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt.
SBI Sumishin Net Bank is a Japanese digital bank set up as a 50-50 joint venture between Sumitomo Mitsui Trust Bank, Japan’s largest trust bank, and SBI Group.
In this note, we talk about our updated earnigns forecast and thoughts on valuations


SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

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/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a>, an online bank in Japan, has revived its listing plans to raise up to US$440 million (vs the 2022 target of US$1 billion).</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/sbi-sumishin-net-bank-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:96979" rel="noopener">SBI Sumishin Net Bank IPO: The Investment Case</a>. The shares will be listed on 29 March.</li>
<li>In this note, we discuss valuation. Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the IPO reference price of JPY1,260. We would participate in the IPO.</li>
</ul>



SBI Sumishin Net Bank (7163 JP), an online bank in Japan, has revived its listing plans to raise up to US$440 million (vs the 2022 target of US$1 billion).
We previously discussed the IPO in SBI Sumishin Net Bank IPO: The Investment Case. The shares will be listed on 29 March.
In this note, we discuss valuation. Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the IPO reference price of JPY1,260. We would participate in the IPO.


SBI Sumishin Net Bank IPO: Valuation Insights

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>'s large offering of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> shares, <a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to raise up to US$440 million. </li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>, <a href="https://www.smartkarma.com/entities/gk-goh-holdings-ltd" target="_blank" data-smartkarma-citation="entities:8482:1" rel="noopener">GK Goh Holdings (GKG SP)</a>, <a href="https://www.smartkarma.com/entities/united-fiber-system-ltd" target="_blank" data-smartkarma-citation="entities:20826:1" rel="noopener">Golden Energy &amp; Resources (GER SP)</a>, <a href="https://www.smartkarma.com/entities/pushpay-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13737:1" rel="noopener">Pushpay Holdings (PPH NZ)</a>, OZ Minerals. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Japan Post Holdings (6178 JP)'s large offering of Japan Post Bank (7182 JP) shares, SBI Sumishin Net Bank (7163 JP) aims to raise up to US$440 million. 
Event-Driven developments - HKBN Ltd (1310 HK), Yashili International Holdings (1230 HK), GK Goh Holdings (GKG SP), Golden Energy &amp; Resources (GER SP), Pushpay Holdings (PPH NZ), OZ Minerals. 


Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Japan

Japan Post Bank Co. Ltd. provides general banking services. The Company offers deposits, savings, loans, currency exchange transactions, investment trusts, national bonds, and other related banking services to individuals and businesses. Japan Post Bank also provides other financial services such as insurance agency and financing service.

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Japan Post Bank (7182 JP)

Tencent Meituan Dividend - The US$17bn Overhang Is Almost Here - Lesson from JD.com

On 16th Nov 22, Tencent declared an interim dividend by way of distribution in specie of Class B Ordinary shares of Meituan. The US$17bn overhang...

Sumeet Singh

Japan Post Bank Placement - Misbehaving - Still Has Time to Correct - A Look at past Deals

Japan Post Holdings (6178 JP) plans to sell US$9bn of Japan Post Bank (7182 JP). The stock price hasn't been behaving particularly well in terms of...

Sumeet Singh

SBI Sumishin Net Bank Pre-IPO - Revised Forecast and Valuations - RoA or RoE?

SBI Sumishin Net Bank (7163 JP) (SSNB) is now looking to raise around US$380m in its second listing attempt. In this note we talk about our revised...

Sumeet Singh

SBI Sumishin Net Bank IPO: Valuation Insights

In this note, we discuss valuation. Our analysis suggests that SBI Sumishin Net Bank is fairly valued at the IPO reference price of JPY1,260. We...

Arun George

Weekly Deals Digest (05 Mar) - Japan Post Bank, SBI Sumishin, HKBN, Yashili, GK Goh, Golden Energy

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, OZ, Pushpay, HKBN, Yashili, GK Goh, Golden Energy, SHL-Japan) and ECM...

Arun George

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