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

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five-Star Business Finance (0958461D IN)</a> is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Five-Star Business Finance (0958461D IN) is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the positive aspects of the deal.


Five-Star Business Pre-IPO - The Positives - Fast Growth, Juicy Margins and Strong Backers

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

<ul><li>Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.</li><li>On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.</li></ul>

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions ending Oct 6, with more than S$110 million of net inflows, following the S$200 million of net inflows for the preceding five sessions.On Sep 28, Yanlord Land Group Independent Non-Executive Director Hong Pian Tee acquired 100,000 shares at 97.0 cents per share.

Increasing Number of Real Estate Plays Among Director Acquisitions 

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

<ul><li>The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the quarter.</li><li>During the quarter, the trio saw S$969 million of combined net fund inflows with the net fund inflows to DBS and OCBC more than offsetting the net fund outflows booked by UOB.</li><li>Focusing on Singapore’s 200 most traded stocks for the first nine months of 2022, that are currently listed for trading, the Sectors that saw the next highest net fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals.</li></ul>

The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the quarter.During the quarter, the trio saw S$969 million of combined net fund inflows with the net fund inflows to DBS and OCBC more than offsetting the net fund outflows booked by UOB.Focusing on Singapore’s 200 most traded stocks for the first nine months of 2022, that are currently listed for trading, the Sectors that saw the next highest net fund inflows in 3Q22 were Telecommunications and Consumer Cyclicals.

Singapore Net Fund Inflows in 3Q22 Led by Banks

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International,</a><a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia</a>, <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication</a>, and <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a>. </li>
<li>We also look at the recent decision in Indonesia to raise interest rates, which we see as a sensible pre-emptive move, which should be positive for the Indonesian banks </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Astra International,Ace Hardware Indonesia, Total Access Communication, and Genting Bhd (GENT MK). 
We also look at the recent decision in Indonesia to raise interest rates, which we see as a sensible pre-emptive move, which should be positive for the Indonesian banks 


The Week That Was in ASEAN@Smartkarma - Astra International, Ace Hardware, and DTAC's Merger

Singapore

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of financial services.  The Company's services include deposit-taking, corporate, enterprise and personal lending, international trade financing, investment banking, private banking, treasury, stockbroking, insurance, credit cards, cash management, asset management and other financial and related services.

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OCBC (OCBC SP)

Five-Star Business Pre-IPO - The Positives - Fast Growth, Juicy Margins and Strong Backers

Five-Star Business Finance is looking to raise around US$300m in its upcoming India IPO. The company has been growing fast and has maintained...

Sumeet Singh

Increasing Number of Real Estate Plays Among Director Acquisitions

Increasing number of real estate plays among director acquisitions Overall, institutions were net buyers of Singapore stocks for the five sessions...

Singapore Exchange Ltd (SGX)

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Singapore Net Fund Inflows in 3Q22 Led by Banks

The STI’s 2.4% total return in 3Q22 was mainly driven by the trio of DBS, OCBC and UOB, which averaged a 7.3% total return over the...

Singapore Exchange Ltd (SGX)

The Week That Was in ASEAN@Smartkarma - Astra International, Ace Hardware, and DTAC's Merger

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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52-week Range

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