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

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>ANZ aims to raise around US$2.4bn (A$3.5bn) via a renounceable entitlement offer to part fund the purchase of Suncorp Bank.</li>
<li>In our view, neither the fundraising nor the acquisition appear to be particularly well flagged. ANZ’s withdrawal from MYOB talks might be the most positive thing about the announcement.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


ANZ aims to raise around US$2.4bn (A$3.5bn) via a renounceable entitlement offer to part fund the purchase of Suncorp Bank.
In our view, neither the fundraising nor the acquisition appear to be particularly well flagged. ANZ’s withdrawal from MYOB talks might be the most positive thing about the announcement.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


ANZ Renounceable Entitlement Offer - Dilute Now, Accrete Later. Still Appears Better than MYOB

<ul>
<li>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.</li>
<li>ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.</li>
<li>All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.</li>
</ul>


Combating climate change is a global imperative, and is particularly urgent for Southeast Asia which faces a disproportionate share of the adverse physical, social, and economic impacts.
ASEAN nations have demonstrated a strong commitment to climate action and have made real progress in certain areas, but require substantial climate financing to achieve their targets.
All regional ASEAN banks will play a critical role in climate finance, but those at the forefront of sustainable/green finance are poised to benefit from the region's climate transition.


Green Banking in ASEAN: An Assessment of ASEAN Banks' Sustainable Finance Policies

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

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 <img src='https://api2.sgx.com/sites/default/files/2022-07/share%20buybacks.PNG' alt='Share Buybacks' />
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 <div class='content-caption'>Share Buybacks</div>
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FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times,<a href="https://www.businesstimes.com.sg/companies-markets/uhreit-director-adds-to-stake-ocbc-wilmar-lead-buybacks"> read </a>the original version.
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    Share Buybacks


FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China A50 Index gaining 4.0 per cent, the Hang Seng Index rising 2.7 per cent and the FTSE Bursa Malaysia KLCI adding 0.9 per cent.

Overall, institutions were net sellers of Singapore stocks over the 5 sessions with S$194 million of net outflow, following S$116 million of net inflow for the preceding 5 sessions. DBS, UOB, OCBC, Singtel and SATS led the net institutional outflows for the 5 sessions through to Jun 30.

For the first 6 months of 2022, Singapore stocks booked S$154 million of net institutional outflows, with DBS, UOB, Yangzijiang Financial Holding, Mapletree Commercial Trust and Keppel DC Reit recording the most net outflows, while Singtel, City Developments, Keppel Corporation, Mapletree North Asia Commercial Trust and CapitaLand Integrated Commercial Trus booked the most net inflows.

 

Share buybacks

There were 22 primary-listed stocks conducting share buybacks over the 5 sessions ended Jun 30, with a total consideration of S$27.3 million, less than half the previous week’s consideration tally. OCBC and Wilmar International led the consideration tally, buying back shares at average prices of S$11.44, and S$4.03 respectively. There were as many as 35 primary-listed stocks that conducted buybacks for the month of June with a total consideration of S$284 million, down from the S$328 million consideration in May.

 Director and substantial shareholder transactions

The 5 trading sessions saw 70 changes to director interests and substantial shareholdings filed for close to 40 primary-listed stocks. This included 19 company director acquisitions with 1 disposal filed, while substantial shareholders filed 8 acquisitions and 5 disposals.

 United Hampshire US Reit

On Jun 28, United Hampshire US Reit Management non-independent non-executive director David Goss acquired 250,000 units of United Hampshire US Reit (UHReit) at an average price of 60.9 US cents per unit. With a consideration of US$152,125, this increased his direct interest from 0.09 per cent per cent to 0.13 per cent. This closely followed his acquisition of 500,000 units, also at 60.9 US cents per unit, between Jun 20 and 22. With a career spanning 50 years, Goss has been the managing director of UOB Global Capital since 1998. 

Recently, United Hampshire US Reit Management CEO Robert Schmitt, and CFO Gerard Yuen, provided Singapore investors with a comprehensive overview of the UHReit portfolio as part of the ongoing SIAS-SGX Corporate Connect Webinar series. UHReit is the first US grocery-anchored shopping centre and self-storage Reit to list in Singapore with a total property value of US$688.5 million as at Dec 31. This includes 20 grocery and necessity properties and four self-storage properties, located across 8 states, across the US east coast. UHReit maintains a conservative gearing ratio of 38.9 per cent, with 79.6 per cent of its borrowings on a fixed rate with no refinancing requirements until 2023. For the industry outlook, Schmitt cited a Green Street Strip Center Sector Update that found brick-and-mortar retail sales growth was 17 per cent higher in 2021 compared to pre-pandemic levels in 2019, as retailer interest for space remains strong. He also added that Q1 2022 was a record breaking first quarter for the self-storage industry and that self-storage occupancy remains at all-time highs driven by subdued vacates and sticky incremental demand in a Covid situation.

 

Yangzijiang Financial Holding

On Jun 24, Yangzijiang Financial Holding lead independent director Chew Sutat acquired 200,000 shares of the company for a consideration of S$86,000 at 43.0 cents per share. His preceding acquisitions were between Apr 29 and May 5, with 312,000 shares acquired at 52.8 cents per share. Chew previously served as senior managing director and a member of Singapore Exchange’s executive management team for 14 years.

 

Challenger Technologies

On Jun 27, Digileap Capital acquired 104,400 shares of Challenger Technologies at 56.0 cents per share. With a consideration of S$58,464, this increased the deemed interest of non-executive non-independent director Keith Tan Keng Soon in Challenger Technologies from 15.05 per cent to 15.08 per cent. Appointed to the board on Nov 29, 2021, he also serves as the chairman of the Dymon Asia Private Equity Investment Committee and is a founding partner of Dymon Asia Capital. Prior to Dymon, he was a director at Abax Global Capital, a special situations hedge fund based in Hong Kong, where he originated, structured, and executed investment transactions across Asia.

As a retailer of IT products at its retail outlets and online marketplace, Challenger Technologies offers its customers more than 50,000 products sourced from IT product distributors and suppliers, original brand manufacturers and original equipment manufacturers.

 

Uni-Asia Group

Between Jun 24 and 30, Uni-Asia Group executive chair Michio Tanamoto acquired 50,000 shares of the company at an average price of S$1.05 per share. This took his direct interest from 3.50 per cent to 3.56 per cent. Tanamoto was appointed the executive chair of Uni-Asia Group in April 2020.

On Jun 28, Uni-Asia Group executive director and CEO Kenji Fukuyado also acquired 30,000 shares of the company for a consideration of S$31,264. At an average price of S$1.04 per share, this took his direct interest from 1.87 per cent to 1.91 per cent. His preceding acquisition was on Jun 1, with 70,000 shares acquired at S$1.07 per share. Fukuyado was also appointed Uni-Asia Group CEO in April 2020.

 

Centurion Corporation

On Jun 28, Centurion Corporation executive director and joint chair David Loh Kim Kang acquired 100,000 shares of the purpose-built accommodation developer and manager at 35.0 cents per share. This took his total interest in company from 55.43 per cent to 55.44 per cent. His preceding acquisitions were between Jun 17 and 23 with 200,000 shares also acquired at 35.0 cents per share, as were the 1,860,400 shares acquired between May 20 and 26.

As reported on May 10, Centurion Corporation’s group revenue rose to S$45.1 million for Q1 2022, from S$30.7 million for Q1 2021. This was attributed to enlarged portfolio capacity and new business streams in its purpose-built workers accommodation segment across Singapore and Malaysia, as well as a healthy recovery in financial occupancy of its purpose-built student accommodation assets in the UK and Australia. The group owns and manages a strong portfolio of 36 operational accommodation assets totalling approximately 64,389 beds as at Mar 31.

 

Enviro-Hub Holdings

On Jun 24, Enviro-Hub Holdings executive chairman Raymond Ng acquired 400,000 shares of the company at 5.0 cents per share. This took his total interest in the environmental management solutions group from 28.17 per cent to 28.19 per cent. His preceding acquisition of 922,300 shares at 7.1 cents per share was on Feb 25.

 

Jason Marine Group

Between Jun 24 and 28, Jason Marine Group non independent non-executive director Eugene Wong Hin Sun acquired 100,000 shares of the company at an average price of 17.4 cents per share. This increased his total interest in the leading marine electronics systems integrator and support services provider from 2.52 per cent to 2.62 per cent. Wong is the founder and managing director of Sirius Venture Capital. He is also the non-executive chairman of NTUC Learninghub and non-executive vice-chairman of Japan Foods Holding. In addition, he is also the lead independent director of Alliance Healthcare Group and independent director of APAC Realty, and non-executive director of Singapore Cruise Centre.

 

GSH Corporation

On Jun 28, GSH Corporation executive chair Sam Goi Seng Hui acquired 41,000 shares of the company at an average price of 16.2 cents per share, with a consideration of S$6,642. He maintains a 63.65 per cent total interest in the property developer, hotel and resort operator. He has gradually increased his total interest from 47.97 per cent in July 2015.

 

Inside Insights is a weekly column on The Business Times, read the original version.



UHReit director adds to stake; OCBC & Wilmar lead buybacks

Thai Life Insurance  / Equity Capital Markets

<ul>
<li>Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.</li>
<li>Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.</li>
<li>In this note we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around 54% of the deal.
Thai Life Insurance is one of the largest life insurance companies in Thailand, third by assets. As of Mar 2022, it had 64,000 insurance agents.
In this note we will talk about the deal dynamics and run the deal through our ECM framework.


Thai Life Insurance IPO - Can’t Pinpoint the Upside

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)

ANZ Renounceable Entitlement Offer - Dilute Now, Accrete Later. Still Appears Better than MYOB

ANZ aims to raise around US$2.4bn (A$3.5bn) via a renounceable entitlement offer to part fund the purchase of Suncorp Bank.

Sumeet Singh

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

Green Banking in ASEAN: An Assessment of ASEAN Banks' Sustainable Finance Policies

ASEAN needs billions (probably trillions) in climate finance, and ASEAN banks are poised to play a vital role. This is an assessment of sustainable...

Kyle Rudden

UHReit director adds to stake; OCBC & Wilmar lead buybacks

FOR the 5 trading sessions that spanned Jun 24 to 30, the Straits Times Index (STI) gained 0.3 per cent, with the FTSE China...

Singapore Exchange Ltd (SGX)

Thai Life Insurance IPO - Can’t Pinpoint the Upside

Thai Life Insurance (TLI) is looking to raise up to US$975m in its upcoming Thailand IPO. Cornerstone investors including GIC have taken up around...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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