APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Merdeka Battery Materials / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> raised around US$591m in its Indonesian IPO.</li>
<li>It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>



Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO.
It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie. 
In this note, we will talk about the trading dynamics and valuation.


Merdeka Battery Materials IPO Trading - Earnings Might Be Long Drawn Out but Should Perform Fine

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.

Event-Driven

<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/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, <a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a> and <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/lian-beng-group-ltd" target="_blank" data-smartkarma-citation="entities:17636:1" rel="noopener">Lian Beng (LBG SP)</a>, <a href="https://www.smartkarma.com/entities/arcland-service-co-ltd" target="_blank" data-smartkarma-citation="entities:2392:1" rel="noopener">Arcland Service (3085 JP)</a>, <a href="https://www.smartkarma.com/entities/essential-metals-ltd" target="_blank" data-smartkarma-citation="entities:9645:1" rel="noopener">Essential Metals (ESS AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a>, <a href="https://www.smartkarma.com/entities/newcrest-mining-ltd" target="_blank" data-smartkarma-citation="entities:691:1" rel="noopener">Newcrest Mining (NCM AU)</a>. </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 - Rakuten Bank (5838 JP), ZJLD Group (ZJLD HK), Mankind Pharma (6596876Z IN) and Merdeka Battery Materials (2012725D IJ) IPOs.
Event-Driven developments - Lian Beng (LBG SP), Arcland Service (3085 JP), Essential Metals (ESS AU), Genesis Minerals (GMD AU), Healius (HLS AU), Newcrest Mining (NCM AU). 


Weekly Deals Digest (16 Apr) - Lian Beng, Arcland, Essential, Genesis, Newcrest, Rakuten Bank, ZJLD

Trimegah Bangun Persada Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:97906" rel="noopener">Harita Nickel IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:98452" rel="noopener">Harita Nickel IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/harita-nickel-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:98558" rel="noopener">Harita Nickel IPO: Valuation Insights</a>.  </li>
<li>Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) priced its IPO at IDR1,250 per share to raise gross proceeds of US$660 million. The shares will start trading tomorrow.
We previously discussed the IPO in Harita Nickel IPO: The Bull Case, Harita Nickel IPO: The Bear Case and Harita Nickel IPO: Valuation Insights.  
Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains attractive.


Clarence Chu

<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>While sentiment took a hit as <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>'s pulled its IPO, <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP) </a>cutting its price range leaves more upside on the table for investors.</li>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> concluded its US$586m IPO bookbuild in Indonesia, with decent upside waiting for the longer-term investor. </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.
While sentiment took a hit as Trial Holdings (5882 JP)'s pulled its IPO, Rakuten Bank (5838 JP) cutting its price range leaves more upside on the table for investors.

Merdeka Battery Materials (2012725D IJ) concluded its US$586m IPO bookbuild in Indonesia, with decent upside waiting for the longer-term investor. 


ECM Weekly (10th Apr 2023) - Rakuten Bank, Merdeka Battery, ZJLD, Socionext, Trial Holdings

<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/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, <a href="https://www.smartkarma.com/entities/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a>, <a href="https://www.smartkarma.com/entities/pt-trimegah-bangun-persada-tbk-harita-nickel" target="_blank" data-smartkarma-citation="entities:36826:1" rel="noopener">PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ)</a> and <a href="https://www.smartkarma.com/entities/merdeka-battery-materials" target="_blank" data-smartkarma-citation="entities:36864:1" rel="noopener">Merdeka Battery Materials (2012725D IJ)</a> IPOs.</li>
<li>Event-Driven developments - <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/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a>, <a href="https://www.smartkarma.com/entities/estia-health-ltd" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health (EHE AU)</a>, <a href="https://www.smartkarma.com/entities/genesis-minerals-ltd" target="_blank" data-smartkarma-citation="entities:4650:1" rel="noopener">Genesis Minerals (GMD AU)</a>, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</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>. </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 - Rakuten Bank (5838 JP), ZJLD Group (ZJLD HK), PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) and Merdeka Battery Materials (2012725D IJ) IPOs.
Event-Driven developments - Golden Energy &amp; Resources (GER SP), Toyo Construction (1890 JP), Estia Health (EHE AU), Genesis Minerals (GMD AU), Mincor Resources NL (MCR AU), Pushpay Holdings (PPH NZ). 


Weekly Deals Digest (09 Apr) - Rakuten Bank, ZJLD, Harita, HKBN, Toyo, Estia, Mincor, Pushpay

Indonesia

PT Merdeka Copper Gold Tbk is a mineral and mining company.  The Company mines for gold and copper.

Aneka Tambang Persero Tbk PT is a diversified mining and metals company. The Company produces ferronickel, nickel ore, gold, silver, bauxite and coal. Aneka Tambang is currently building a chemical grade alumina smelter and is looking to build  a smelter grade alumina smelter as well as a nickel pig iron smelter.

PT Vale Indonesia Tbk produces nickel in matte, an intermediate product, from lateritic ores at its integrated mining and processing facilities near Soroako, Sulawesi

Bumi Resources Minerals Tbk PT is an exploration and exploitation mining company.

PT Cita Mineral Investindo Tbk is a mineral exploration company. The Company mines for and produces bauxite.

PT Archi Indonesia Tbk operates as a mining company. The Company explores and develops silver and gold projects. Archi Indonesia serves customers worldwide.

PT Timah (Persero) Tbk operates tin mines on Indonesian islands such as Bangka and Karimun, and coastal areas of Sumatra. The Company, through its subsidiaries, also provides consultancy, shipping dockyard and workshop, transportation, exploration, and research and development services.

PT J Resources Asia Pasifik Tbk explores for and produces gold.  The Company operates in the Australasian region.

PT Krakatau Steel Persero Tbk is the iron and steel producer in Indonesia. The Company is a  state-owned enterprise and located in Cilegon, Indonesia. Krakatau Steel consists of production plants that produce hot rolled coils, plates and sheets.

PT Steel Pipe Industry Of Indonesia Tbk manufactures steel pipes. The Company produces ERW pipes, spiral welded pipes, stainless steel welded pipes, electric poles, lighting poles, scaffolding and other related products.

Steel Pipe Industry of Indonesia (ISSP IJ)

Kobe Steel, Ltd. is a steelmaker, as well as a supplier of aluminum and copper products.  The products include steel plates and steel rods.  The Company also operates other businesses such as welding consumables, urban infrastructure, plant engineering, and industrial & construction machinery.  Kobe Steel has operating offices in the US, Europe, and Asia.

IGO Limited operates as an exploration company. The Company explores and mines copper, ore, nickel, gold, and other mineral resources. IGO serves customers worldwide.

Alumina Limited is an Australian resource company that produces alumina.  The Company owns about 40% of Alcoa World Alumina and Chemicals through a joint venture with Alcoa.

National Aluminium Co. Ltd. is an integrated aluminum manufacturer. The Company mines for bauxite, refines bauxite into aluminum and manufactures and sells aluminum and aluminum products. National Aluminium Company's products include bauxite, aluminum hydrate, calcined aluminum, aluminum ingots and aluminum wire rods, as well as electricity which is generated for captive consumption.

Yunnan Chihong Zinc & Germanium Co., Ltd. mines and produces a variety of non-ferrous metals including zinc, lead, and germanium. The Company also produces silver and sulfuric acid.

Yunnan Chihong Zinc&Germanium Co, Ltd. (600497 CH)

China Minmetals Rare Earth Co Ltd engages in south ionic rare earth separation and processing. The Company mainly focuses on the production and distribution of rare earth oxide, rare earth metal, and highly processed products of rare earth, as well as the research and consult service of rare earth techniques.

Jinduicheng Molybdenum Co.,Ltd. is involved in molybdenum mining, dressing, smelting, processing, research and trade in Asia.

Jinduicheng Molybdenum Co, Ltd. (601958 CH)

Yunnan Tin Co., Ltd. produces and markets tin, tin alloy products, and tin chemicals.  The Company sells its tin products under the YT trade mark.

Nanjing Iron & Steel Co., Ltd. produces a variety of iron and steel products. The Company's products include steel plates, steel belts, structure steel, concrete iron, steel billets, cast iron, and related by-products.

Hindustan Copper Limited is a vertically integrated multi-unit copper producer in India engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and manufacturing of copper cathodes, continuous cast wire rods and wire bars. The Company was the first Indian Copper producer to get ISO-9002 certificate for its Continuous Cast Wire Rod Plant.

PT Merdeka Battery Materials Tbk. is an integrated strategic minerals and EV battery materials company. The Company focuses on discovering nickel resources and producing advanced products to continuously improve clean energy supply. Merdeka Battery Materials serves customers in Indonesia.

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Merdeka Battery Materials (MBMA IJ)

Merdeka Battery Materials IPO Trading - Earnings Might Be Long Drawn Out but Should Perform Fine

Merdeka Battery Materials (2012725D IJ) raised around US$591m in its Indonesian IPO. In this note, we will talk about the trading dynamics and...

Ethan Aw

Weekly Deals Digest (16 Apr) - Lian Beng, Arcland, Essential, Genesis, Newcrest, Rakuten Bank, ZJLD

Last week, notable developments occurred in Event-Driven (Essential, Genesis, Healius, Newcrest, Arcland, Toyo, Lian Beng) and ECM (Rakuten Bank,...

Arun George

Harita Nickel IPO: Trading Debut

Peers have re-rated and the IPO price continues to imply a discount to the median peer CY2023 P/E multiple. Therefore, the IPO price remains...

Arun George

ECM Weekly (10th Apr 2023) - Rakuten Bank, Merdeka Battery, ZJLD, Socionext, Trial Holdings

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

Clarence Chu

Weekly Deals Digest (09 Apr) - Rakuten Bank, ZJLD, Harita, HKBN, Toyo, Estia, Mincor, Pushpay

Last week, notable developments occurred in Event-Driven (Estia, Genesis, Mincor, Pushpay, HKBN, Toyo, Golden Energy) and ECM (Rakuten Bank, ZJLD,...

Arun George

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