APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Lu Daopei Medical Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lu-daopei-medical-group" target="_blank" data-smartkarma-citation="entities:36716:1" rel="noopener">Lu Daopei Medical Group (1816743D CH)</a><a href="https://www.smartkarma.com/entities/lu-daopei-medical-group-holding-limited" target="_blank" data-smartkarma-citation="entities:36709:1" rel="noopener"> </a>is looking to raise around US$400m in its upcoming Hong Kong IPO. </li>
<li>Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services. As per F&amp;S, it was the largest hematology healthcare services provider in China by 2021 revenue.</li>
<li>LDPM has supported its growth through its flagship hospital. However, it is unclear whether the firm will be able to sustainably maintain profitability in the long term. </li>
</ul>



Lu Daopei Medical Group (1816743D CH) is looking to raise around US$400m in its upcoming Hong Kong IPO. 
Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services. As per F&amp;S, it was the largest hematology healthcare services provider in China by 2021 revenue.
LDPM has supported its growth through its flagship hospital. However, it is unclear whether the firm will be able to sustainably maintain profitability in the long term. 


Lu DaoPei Medical Group Pre-IPO - Ramp up in Progress but Looks Promising

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Amvis Holdings Inc / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/amvis-holdings-inc" target="_blank" data-smartkarma-citation="entities:31511:1" rel="noopener">Amvis Holdings Inc (7071 JP)</a> (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.</li>
<li>The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering.
The deal will increase the free-float of the stock and will lead to the stock being transferred to the Prime segment.
In this note, we will talk about the placement and run the deal through our ECM framework.


Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

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<li>
<a href="https://www.smartkarma.com/entities/esr-reit" target="_blank" data-smartkarma-citation="entities:10934:1" rel="noopener">ESR-LOGOS REIT (EREIT SP)</a> is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. </li>
<li>Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).</li>
<li>The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.</li>
</ul>



ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and finance the redevelopment of its properties. 
Post offering, there will also be a US$114m (S$150m) non-renounceable preferential offering, which will bring the total gross proceeds of the equity fund raising to US$228m (S$300m).
The deal is a relatively large one to digest at 46 days of ADV and 6.4% of current mcap. We'll talk about the deal dynamics.


ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

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>Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest rate environment and declining global growth.</li><li>Despite headwinds over the past year, S-Reits reported solid and resilient fundamentals alongside the continued reopening of economies and the return of global travel.</li></ul>

Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest rate environment and declining global growth.Despite headwinds over the past year, S-Reits reported solid and resilient fundamentals alongside the continued reopening of economies and the return of global travel.

REIT Watch - Solid fundamentals in S-Reits despite challenging 2022

<ul><li>Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.</li><li>First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.</li></ul>

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit (22.8 per cent of its assets under management) have significant exposure to Japan nursing homes and healthcare-related properties through recent acquisitions.First Reit now has 14 out of its 32 Asian healthcare assets in Japan nursing homes which are operated by five independent and experienced nursing home operators.

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

Singapore

Parkway Life Real Estate Investment Trust (Parkway Life REIT) invests primarily in income producing real estate and real estate related assets in the Asia Pacific region. The trust's real estate is used primarily for healthcare and healthcare-related purposes.

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Parkway Life REIT (PREIT SP)

Lu DaoPei Medical Group Pre-IPO - Ramp up in Progress but Looks Promising

Lu Daopei Medical Group (1816743D CH) is looking to raise around US$400m in its upcoming Hong Kong IPO. LDPM has supported its growth through its...

Ethan Aw

Amvis Holdings Placement - Has Done Exceptionally Well, Now It's Prime Time

Amvis Holdings Inc (7071 JP) (AH)’s founder aims to raise around US$250m via a secondary follow-on offering. In this note, we will run the deal...

Sumeet Singh

ESR-Logos REIT Placement - Implied Yield Attractive Enough to Take the Deal

ESR-LOGOS REIT (EREIT SP) is looking to raise US$114m (S$150m) in a private placement. The proceeds will be used to fund potential acquisitions and...

Ethan Aw

REIT Watch - Solid fundamentals in S-Reits despite challenging 2022

Solid fundamentals in S-Reits despite challenging 2022 The year 2022 was a challenging one for the global Reits sector, with a rising interest...

Singapore Exchange Ltd (SGX)

REIT Watch - Healthcare S-Reits capture Japan opportunities with expanding footprint

Healthcare S-REITs capture Japan opportunities with expanding footprint Both ParkwayLife Reit (37.1 per cent of its asset value) and First Reit...

Singapore Exchange Ltd (SGX)

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