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

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> is looking to raise about US$650m in its Indonesian IPO.</li>
<li>PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.</li>
<li>In this note, we will look at our earnings assumptions, and share our thoughts on valuation.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
In this note, we will look at our earnings assumptions, and share our thoughts on valuation.


Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

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/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>, an Indonesian nickel play, has launched an IDX IPO to raise US$1 billion. Book building ends on 24 March.</li>
<li>In <em><strong><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></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The key elements of the bear case rest on weakening market sentiment, high single customer dependence, gross margin pressure, high cash burn, rising cash collection cycle and deteriorating cash conversion.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ), an Indonesian nickel play, has launched an IDX IPO to raise US$1 billion. Book building ends on 24 March.
In Harita Nickel IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The key elements of the bear case rest on weakening market sentiment, high single customer dependence, gross margin pressure, high cash burn, rising cash collection cycle and deteriorating cash conversion.


<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>, an Indonesian nickel play, has launched an IDX IPO to raise US$650 million. Book building ends on 21 March.</li>
<li>Harita is expected to become Indonesia's largest pure nickel producer based on volume expectations of Harita's nickel mining production in 2022.</li>
<li>The key elements of the bull case rest on good underlying revenue growth, near-term capacity expansion, high profitability, capex nearing the peak and manageable leverage.</li>
</ul>



PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ), an Indonesian nickel play, has launched an IDX IPO to raise US$650 million. Book building ends on 21 March.
Harita is expected to become Indonesia's largest pure nickel producer based on volume expectations of Harita's nickel mining production in 2022.
The key elements of the bull case rest on good underlying revenue growth, near-term capacity expansion, high profitability, capex nearing the peak and manageable leverage.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Some creative float increases for <a href="https://www.smartkarma.com/entities/ac-energy-corp" target="_blank" data-smartkarma-citation="entities:23188:1" rel="noopener">AC Energy Corp (ACEN)</a>, <a href="https://www.smartkarma.com/entities/san-miguel-corporation" target="_blank" data-smartkarma-citation="entities:22728:1" rel="noopener">San Miguel (SMC PM)</a> and <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> should result in the stocks remaining in the index and getting passive inflows.</li>
<li>
<a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a> should replace <a href="https://www.smartkarma.com/entities/megaworld-corp" target="_blank" data-smartkarma-citation="entities:8746:1" rel="noopener">Megaworld Corp (MEG PM)</a>, while <a href="https://www.smartkarma.com/entities/unionbank-of-the-philippines" target="_blank" data-smartkarma-citation="entities:23192:1" rel="noopener">UnionBank of the Philippines (UBP PM)</a>'s inclusion should result in <a href="https://www.smartkarma.com/entities/robinsons-land-corp" target="_blank" data-smartkarma-citation="entities:8831:1" rel="noopener">Robinsons Land Co (RLC PM)</a>'s deletion from the index. </li>
<li>There will be a big impact on the additions, deletions and stocks with float changes. The stocks have already started to move ahead of the passive flows.</li>
</ul>


Some creative float increases for AC Energy Corp (ACEN), San Miguel (SMC PM) and Emperador (EMP PM) should result in the stocks remaining in the index and getting passive inflows.

DMCI Holdings (DMC PM) should replace Megaworld Corp (MEG PM), while UnionBank of the Philippines (UBP PM)'s inclusion should result in Robinsons Land Co (RLC PM)'s deletion from the index. 
There will be a big impact on the additions, deletions and stocks with float changes. The stocks have already started to move ahead of the passive flows.


PCOMP Index Rebalance Preview Feb 23: Float Increases to Drive Changes & Flow

<ul>
<li>From December 2022, the minimum free float requirement to be a part of the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">Philippines Stock Exchange PSEi Index (PCOMP INDEX)</a> increases from 15% to 20%.</li>
<li>We see a high probability of <a href="https://www.smartkarma.com/entities/dmci-holdings-inc" target="_blank" data-smartkarma-citation="entities:8026:1" rel="noopener">DMCI Holdings (DMC PM)</a> replacing <a href="https://www.smartkarma.com/entities/emperador-inc" target="_blank" data-smartkarma-citation="entities:3485:1" rel="noopener">Emperador (EMP PM)</a> in the index at the upcoming rebalance.</li>
<li>There are a few other potential changes to the index and the passive flow on the stocks will be material.</li>
</ul>


From December 2022, the minimum free float requirement to be a part of the Philippines Stock Exchange PSEi Index (PCOMP INDEX) increases from 15% to 20%.
We see a high probability of DMCI Holdings (DMC PM) replacing Emperador (EMP PM) in the index at the upcoming rebalance.
There are a few other potential changes to the index and the passive flow on the stocks will be material.


PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes

Philippines

Apex Mining Co., Inc. engages in the exploration, development, production, and sale of gold, silver, copper, lead, zinc brass, iron, steel, and other metals and minerals in the Philippines. It operates the Maco mines located in Maco, Compostela Valley. The company is also involved in the oil exploration and development activities. The company was founded in 1970 and is headquartered in Pasig City, the Philippines.

Philex Mining Corporation produces copper concentrates, containing copper, gold, and silver. The Company was incorporated in 1955.

Atlas Consolidated Mining & Development Corporation is a Philippine company engaged in metallic mineral mining and exploration. The Company currently produces copper concentrate (with gold and silver), magnetite iron ore concentrate and laterite nickel.

Atlas Consolidated Mining & Development (AT PM)

Atok-Big Wedge Co., Inc., through its subsidiaries, operates as a gas and oil exploration and production company with a portfolio of projects in the Philippines. The company has an interest in the Service Contract 72, an oil and gas project situated offshore West of Palawan Island. It also provides stock transfer agency services. The company was formerly known as Atok-Big Wedge Mining Co., Inc. and changed its name to Atok-Big Wedge Co., Inc. in 1996. Atok-Big Wedge Co., Inc. was incorporated in 1931 and is based in Makati, the Philippines. Atok-Big Wedge Co., Inc. is a subsidiary of Boerstar Corporation.

Phinma Corporation operates property and shelter, education, energy and financial services businesses.  The Company produces galvanized and painted steel coils and sheets; builds affordable housing; holds the Philippine master franchise for a motel company; operates universities; explores for oil; generates electricity; and offers securities brokerage and transfer services.

Lepanto Consolidated Mining Company engages in the exploration and mining of mineral properties primarily in the Philippines. The company operates through three segments: Mining Activities, Service, and Others. It explores for gold, silver, copper, lead, and zinc, as well as various kinds of ores, metals, minerals, oil, gas, coal, and related by-products. The company holds interests in the Victoria and Teresa gold projects, and the Enargite copper project located in Mankayan, Benguet. It is also involved in drilling, hauling, and sawmilling activities; apartments/guesthouses and warehouses leasing activities; and insurance and real estate brokerage businesses. In addition, the company offers diamond drilling services primarily to mining companies; and manufactures, distributes, and sells industrial diamond tools, including diamond core and non-core bits, reamer shells, casing bits, diamond circular segmental and diamond gang saws, and tubular and other products for mining exploration, marble cutting, and the construction industry. Lepanto Consolidated Mining Company was founded in 1936 and is based in Makati, the Philippines.

Marcventures Holdings, Inc., through its subsidiary, Marcventures Mining and Development Corporation, primarily explores for, develops, and mines nickel ores in the Philippines. It has a mineral production sharing agreement that covers an area of approximately 4,799 hectares located in Cantilan, Surigao Del Sur. The company was incorporated in 1957 and is based in Makati City, the Philippines. Marcventures Holdings, Inc. is a subsidiary of PCD Nominee Corporation.

D&L Industries Inc is a Philippine company that customizes raw materials for the food, plastics, chemicals, and aerosol industries. The Company's major end-market is food and beverage, including snacks and QSRs. D&L Industries also manufactures and sells materials to the automotive, oil and gas, as well as personal care and home care industries.

Asiabest Group International, Inc., through its subsidiaries, engages in mining and real estate businesses. It has a management agreement with an option to buy with Geogen Corporation, a mining company that holds mining claims in the Dinapigue nickel project located in Dinapigue, Isabela. The company was formerly known as AGP Industrial Corporation and changed its name to Asiabest Group International, Inc. in March 2012. Asiabest Group International, Inc. is based in Makati City, the Philippines.

Oriental Peninsula Resources Group Inc., through its subsidiary, Citinickel Mines and Development Corporation, prospects, locates, acquires, holds, explores, develops, exploits, operates and leases mineral properties in the Philippines. The company explores for nickel, chromite, copper, manganese, magnesite, silver, gold, and other precious and non-precious minerals. It holds interests in a total contract area of 2,176 hectares comprising the Pulot mine covering 1,408 hectares located in the municipality of Sofronio Espa�ola, Palawan; and the Toronto mine covering 768 hectares located in the municipality of Narra, Palawan. The company was founded in 2006 and is based in Makati City, the Philippines.

Resolute Mining Limited explores for, produces and develops gold in Mali and Queensland, Australia. The Company's gold exploration projects include Syama and Ravenswood.

Gallantt Metal Ltd. manufactures steel.  The Company produces sponge iron, billets, and thermo mechanically treated bars.

Liuzhou Iron & Steel Co., Ltd. mainly engages in the selling of sintered products, iron and steel making and their by-products. The Company also sells rolled steel, coke and their by-products, engages in related technology export, raw materials, equipment and parts import.

Jiangsu Wuzhong Industrial Co., Ltd. develops, produces and sells medicines while engages in real estate development. The company also produces specialty chemicals.

Jiangsu Wuzhong Industrial Co., (600200 CH)

Wanguo International Mining Group Limited is  mining company. The Company is focused on the business of mining , ore processing, and the sale of concentrates in the Peoples Republic of China.

Imdex Ltd operates as a mining equipment, technology, and services company. The Company provides drilling fluids and down hole instrumentation to mining, oil and gas, water well, and civil engineering industries worldwide.

Henan Yuguang Gold&Lead Co., Ltd. smelts electrolytic lead, silver, gold, and other non-ferrous metals.  The Company also imports and exports non-ferrous metals.

Henan Yuguang Gold & Lead Co., (600531 CH)

Silver Lake Resources Limited is a mineral exploration company. The Company is focused on gold exploration in Western Australia.

SunCoke Energy, Inc. supplies high-quality coke used in the blast furnace production of steel, under long-term, take-or-pay contracts that pass through commodity and certain operating costs to customers. We utilize an innovative heat-recovery technology that captures excess heat for steam or electrical power generation. Our cokemaking facilities are located in US and Brazil.

Western Metal Materials Co., Ltd. manufactures and sells sheet, strip, foil, wire, bar and tube of rare and precious metal materials.

Nickel Asia Corporation explores for and produces nickel in the Philippines.

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Nickel Asia (NIKL PM)

Harita Nickel IPO Valuation - Capacity Ramp Ups Will Pay Dividends in the Long Run

PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO. In this note, we look at...

Clarence Chu

Harita Nickel IPO: The Bear Case

The key elements of the bear case rest on weakening market sentiment, high single-customer dependence, gross margin pressure, high cash burn and...

Arun George

Harita Nickel IPO: The Bull Case

The key elements of the bull case rest on good underlying revenue growth, near-term capacity expansion, high profitability, capex nearing the peak...

Arun George

PCOMP Index Rebalance Preview Feb 23: Float Increases to Drive Changes & Flow

There could be 1 or 2 changes in Feb with high impact of passive trading. Creative increases in float will result in high impact passive buying....

Brian Freitas

PCOMP Index Rebalance Preview Feb 23: Higher Free Float Means Fewer Changes

We see DMCI replacing Emperador at the Feb rebalance. There could be other changes due to the minimum free float threshold change. Passive trackers...

Brian Freitas

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