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

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> lived up to its hype, while <a href="https://www.smartkarma.com/entities/jsw-infrastructure" target="_blank" data-smartkarma-citation="entities:35408:1" rel="noopener">JSW Infrastructure</a> continued India's strong run.</li>
<li>In the placement space, <a href="https://www.smartkarma.com/entities/idfc-first-bank-limited" target="_blank" data-smartkarma-citation="entities:26934:1" rel="noopener">IDFC First Bank Limited (IDFCBK IN)</a> launched its well flagged QIP, while <a href="https://www.smartkarma.com/entities/calb-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35985:1" rel="noopener">CALB Group (3931 HK)</a>'s shareholders were released from their IPO lockup.</li>
</ul>


Aequitas Reserach puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Doosan Robotics (454910 KS) lived up to its hype, while JSW Infrastructure continued India's strong run.
In the placement space, IDFC First Bank Limited (IDFCBK IN) launched its well flagged QIP, while CALB Group (3931 HK)'s shareholders were released from their IPO lockup.


ECM Weekly (8th Oct 2023) - Kokusai, J&T Global, Doosan, Cainiao, Ecopro, UBox, JSW Infra, Seibu

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Despite the rough market for ESG-related indexed funds recently, <a href="https://www.smartkarma.com/entities/msci-inc" target="_blank" data-smartkarma-citation="entities:17865:1" rel="noopener">MSCI (MSCI US)</a> continues to increase its market share and solidify its already dominant position as the top indexer.</li>
<li>MSCI ESG-related indexes currently have a 67% (and still growing) market share of the overall ESG indexing ecosystem with nearly US$250 billion in index-linked ETF assets globally.</li>
<li>MSCI's dominant market position is even stronger in important ESG niches/verticals, and two in particular: 1) climate change-focused indexes, and 2) Asia-Pacific ESG markets.</li>
</ul>


Despite the rough market for ESG-related indexed funds recently, MSCI (MSCI US) continues to increase its market share and solidify its already dominant position as the top indexer.
MSCI ESG-related indexes currently have a 67% (and still growing) market share of the overall ESG indexing ecosystem with nearly US$250 billion in index-linked ETF assets globally.
MSCI's dominant market position is even stronger in important ESG niches/verticals, and two in particular: 1) climate change-focused indexes, and 2) Asia-Pacific ESG markets.


MSCI ESG Indexes Gaining in Market Share Despite ESG's Recent "Bear Market"

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>This is our first report on global financial data and analytics behemoth, MSCI Inc.</li><li>Despite facing challenging external circumstances, MSCI reported strong Q1 results reflected in the quarter's key figures, which included over 5% growth in adjusted EPS, 12% organic subscription run rate growth, and over 95% retention rate.</li><li>Notably, the company recorded its 37th consecutive quarter of double-digit run rate growth in index recurring subscriptions.</li></ul>

This is our first report on global financial data and analytics behemoth, MSCI Inc.Despite facing challenging external circumstances, MSCI reported strong Q1 results reflected in the quarter's key figures, which included over 5% growth in adjusted EPS, 12% organic subscription run rate growth, and over 95% retention rate.Notably, the company recorded its 37th consecutive quarter of double-digit run rate growth in index recurring subscriptions.

MSCI Inc: Initiation of Coverage – Recent Collaborations & Other Drivers

<ul>
<li>Whatever one calls it – a boom-going-bust, a bubble bursting, a market correcting – the ESG party that has raged for years appears to be winding down for certain investors.</li>
<li>Some partygoers have over-indulged in the ESG Kool-Aid, and regulators have the perfect elixir to sober them up – new and often confusing "anti-greenwashing" investing regulations.</li>
<li>Particularly consequential for indexed ESG funds.  Index providers and asset managers struggle to comply, evidenced by recent methodology changes, reconstitutions, and fund closings.</li>
</ul>


Whatever one calls it – a boom-going-bust, a bubble bursting, a market correcting – the ESG party that has raged for years appears to be winding down for certain investors.
Some partygoers have over-indulged in the ESG Kool-Aid, and regulators have the perfect elixir to sober them up – new and often confusing "anti-greenwashing" investing regulations.
Particularly consequential for indexed ESG funds.  Index providers and asset managers struggle to comply, evidenced by recent methodology changes, reconstitutions, and fund closings.


Boom, Bust, Reboot, Rebalance: ESG Index Funds And "Greenwashing" Regulations

Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Cross Asset Strategy

<ul>
<li>
 Global Liquidity Index (GLI) moves higher to 17.5 (normal range 0-100). Most national liquidity indexes bottomed around October 2022 
</li>
<li>
Global Liquidity will reverse its recent fall and rebound to US$174 trillion. Rising Central Bank Liquidity is a common theme. Financial dominance driving a return to Central Bank QE.</li>
<li>More liquidity is consistent with future stabilisation and moderate gains in World asset markets. Rebound investment phase. Emerging Markets and Cyclicals favoured. Gold, commodities and crypto also could be winners</li>
</ul>



 Global Liquidity Index (GLI) moves higher to 17.5 (normal range 0-100). Most national liquidity indexes bottomed around October 2022 


Global Liquidity will reverse its recent fall and rebound to US$174 trillion. Rising Central Bank Liquidity is a common theme. Financial dominance driving a return to Central Bank QE.
More liquidity is consistent with future stabilisation and moderate gains in World asset markets. Rebound investment phase. Emerging Markets and Cyclicals favoured. Gold, commodities and crypto also could be winners


United States

MSCI Inc. provides investment decision support tools to investment institutions worldwide. The Company produces indices and risk and return portfolio analytics for use in managing investment portfolios.

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MSCI Inc (MSCI US)

ECM Weekly (8th Oct 2023) - Kokusai, J&T Global, Doosan, Cainiao, Ecopro, UBox, JSW Infra, Seibu

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

Sumeet Singh

MSCI Inc: Initiation of Coverage – Recent Collaborations & Other Drivers

This is our first report on global financial data and analytics behemoth, MSCI Inc. Despite facing challenging external circumstances, MSCI...

Baptista Research

Boom, Bust, Reboot, Rebalance: ESG Index Funds And "Greenwashing" Regulations

The ESG fund lanscape is undergoing a "reboot" of sorts, in the form of evolving anti-greenwashing regulations such as Europe's SFDR.

Kyle Rudden

Global Liquidity Has Bottomed …

Spurred by rising Global Liquidity, expect strong gains in several asset markets. But major World equities and bonds may be largely range-bound for...

Michael J. Howell

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

ECM Weekly (8th Oct 2023) - Kokusai, J&T Global, Doosan, Cainiao, Ecopro, UBox, JSW Infra, Seibu

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

Sumeet Singh

MSCI ESG Indexes Gaining in Market Share Despite ESG's Recent "Bear Market"

It's been rough for ESG index funds and the ESG indexers that index them. Not for MSCI, though. MSCI continues to gain market share and solidify...

Kyle Rudden

MSCI Inc: Initiation of Coverage – Recent Collaborations & Other Drivers

This is our first report on global financial data and analytics behemoth, MSCI Inc. Despite facing challenging external circumstances, MSCI...

Baptista Research

Boom, Bust, Reboot, Rebalance: ESG Index Funds And "Greenwashing" Regulations

The ESG fund lanscape is undergoing a "reboot" of sorts, in the form of evolving anti-greenwashing regulations such as Europe's SFDR.

Kyle Rudden

Global Liquidity Has Bottomed …

Spurred by rising Global Liquidity, expect strong gains in several asset markets. But major World equities and bonds may be largely range-bound for...

Michael J. Howell