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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> is looking to raise US$135m from selling its remaining stake in <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>.</li>
<li>Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.</li>
<li>Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.</li>
</ul>



Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN).
Since receiving shares from Zomato’s acquisition of 91% of Blinkit’s outstanding shares, Softbank has been busy trimming its stake in Zomato. The stake sale now will be a cleanup one.
Representing just 1.2 days of Zomato’s three month ADV, the deal here would be easily digested by the firm.


Zomato Placement - SVF's Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Now the time decay to expected approvals and tender offer start for <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> are getting steep. Time to Fight The FUD.</li>
<li>The accretion trade is going to plan as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> sells <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>; and Prosus and Tencent both back their own shares.</li>
<li>
<a href="https://www.smartkarma.com/entities/hollysys-automation-technologies" target="_blank" data-smartkarma-citation="entities:26078:1" rel="noopener">Hollysys Automation Technologies (HOLI US)</a>'s board capacity to sabotage calling an SGM has finally run out of puff.</li>
</ul>


Now the time decay to expected approvals and tender offer start for JSR Corp (4185 JP) are getting steep. Time to Fight The FUD.
The accretion trade is going to plan as Prosus NV (PRX NA) sells Tencent (700 HK); and Prosus and Tencent both back their own shares.

Hollysys Automation Technologies (HOLI US)'s board capacity to sabotage calling an SGM has finally run out of puff.


Last Week in Event SPACE: JSR, Prosus/Tencent, Hollysys, Tata Consultancy, Geely, EOFlow

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

<ul><li>We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.</li><li>HAR is expected to enter the RESI and AMS is expected to fall out.</li><li>After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.</li></ul>

We do not expect any constituent changes for the following indices: Top 40, Top 40 SWIX, FINI, FINDI or INDI.HAR is expected to enter the RESI and AMS is expected to fall out.After much anticipation, ANG’s indicative free float came in at 75%, 21.9 percentage points lower than the current SWIX float of 96.8%.

DMA ONE: JSE December ‘23 Rebalance Rankings

<ul>
<li>The accretion trade is going to plan as <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> sells <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>; and Prosus and Tencent both back their own shares.</li>
<li>Preceding my comments on Prosus/Tencent One are the current setup/unwind tables for Asia-Pacific Holdcos</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


The accretion trade is going to plan as Prosus NV (PRX NA) sells Tencent (700 HK); and Prosus and Tencent both back their own shares.
Preceding my comments on Prosus/Tencent One are the current setup/unwind tables for Asia-Pacific Holdcos
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Prosus Trading "Rich". And So It Should Be

Quantitative Analysis

<ul>
<li>The week ahead is packed with economic, index and earnings releases.</li>
<li>MSC announce index changes tomorrow evening for the November rebalance (30 Nov). We highlight potential deletions from MSC SA below (ANG, GRT, ARI, NPH).</li>
<li>Tencent is due to release earnings on Wednesday after the Hong Kong close. The market is expecting a robust set of results.</li>
</ul>


The week ahead is packed with economic, index and earnings releases.
MSC announce index changes tomorrow evening for the November rebalance (30 Nov). We highlight potential deletions from MSC SA below (ANG, GRT, ARI, NPH).
Tencent is due to release earnings on Wednesday after the Hong Kong close. The market is expecting a robust set of results.


The Week Ahead: No Shortage of Potential Catalysts; Tencent (700) Reports, MSC Index Changes, US CPI

South Africa

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

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Naspers (NPN SJ)

Zomato Placement - SVF's Overhang Will Be Lifted Post-Deal, Momentum on the Stock Remains Strong

Softbank Group (9984 JP) is looking to raise US$135m from selling its remaining stake in Zomato (ZOMATO IN). The stake sale now will be a cleanup one.

Clarence Chu

Last Week in Event SPACE: JSR, Prosus/Tencent, Hollysys, Tata Consultancy, Geely, EOFlow

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

DMA ONE: JSE December ‘23 Rebalance Rankings

The Week Ahead, NPN x PRX discount update post Tencent results, trading statements released after close yesterday. We do not expect any constituent...

DMA

StubWorld: Prosus Trading "Rich". And So It Should Be

For long-onlies, the trade is still to replace your Tencent with Prosus. For rel-value players, ~80% of the NAV portfolio is easily hedge-able.

David Blennerhassett

The Week Ahead: No Shortage of Potential Catalysts; Tencent (700) Reports, MSC Index Changes, US CPI

The earnings, index and economic events calendar is packed for the week ahead. Tencent reports on Wednesday & MSC announce index changes for the...

DMA

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