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

Pertamina Hulu Energi / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-hulu-energi-pt" target="_blank" data-smartkarma-citation="entities:39781:1" rel="noopener">Pertamina Hulu Energi</a>  is looking to raise around US$1bn in its upcoming Indonesia IPO.</li>
<li>PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.</li>
<li>In this note, we will talk about the not-so-positive aspects of the deal.</li>
</ul>



Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the not-so-positive aspects of the deal.


Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

PT Pertamina (Persero) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-hulu-energi-pt" target="_blank" data-smartkarma-citation="entities:39781:1" rel="noopener">Pertamina Hulu Energi</a>  is looking to raise around US$1bn in its upcoming Indonesia IPO.</li>
<li>PHE is a subsidiary of  <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener">Pertamina (Persero)</a>, which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Pertamina Hulu Energi  is looking to raise around US$1bn in its upcoming Indonesia IPO.
PHE is a subsidiary of  Pertamina (Persero), which operates an integrated end-to-end energy business, from upstream to downstream businesses. PHE manages the upstream oil and gas assets of its parent.
In this note, we will talk about the positive aspects of the deal.


Pertamina Hulu Energi Early Look - The Positives - High Domestic Market Share

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aag-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:501:1" rel="noopener">Aag Energy Holdings (2686 HK)</a>’s latest AGM results show a strong dissent from minorities. The number of NO votes per resolution varied from 590.9-652.5 million or 17.40%-19.22% of outstanding shares.</li>
<li>The AGM voting shows that <a href="https://www.smartkarma.com/entities/xinjiang-xintai-natural-gas-a" target="_blank" data-smartkarma-citation="entities:27036:1" rel="noopener">Xinjiang Xintai Natural Gas (603393 CH)</a> will struggle to pass the scheme even if the record date is changed and some NO votes are invalidated.</li>
<li>The risk-reward profile remains unfavourable as the downside to a scheme fail (12.1% to 17.0% downside) is greater than the upside to a scheme pass (+12.1% to HK$1.85 offer).</li>
</ul>



Aag Energy Holdings (2686 HK)’s latest AGM results show a strong dissent from minorities. The number of NO votes per resolution varied from 590.9-652.5 million or 17.40%-19.22% of outstanding shares.
The AGM voting shows that Xinjiang Xintai Natural Gas (603393 CH) will struggle to pass the scheme even if the record date is changed and some NO votes are invalidated.
The risk-reward profile remains unfavourable as the downside to a scheme fail (12.1% to 17.0% downside) is greater than the upside to a scheme pass (+12.1% to HK$1.85 offer).


AAG Energy (2686 HK): AGM Results Suggest a Scheme Fail Was Inevitable

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.


Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 28th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We estimate the inflows to be USD 201m and highlight flows for Meituan, China Construction Bank.


Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

China

PetroChina Company Limited operates as an oil and gas company. The Company offers crude oil and oil products exploration, development, production and marketing. PetroChina also markets petrochemical products and derivative chemicals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PetroChina (601857 CH)

Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note we talk about the not so positive aspects of...

Sumeet Singh

AAG Energy (2686 HK): AGM Results Suggest a Scheme Fail Was Inevitable

The AGM voting shows that Xinjiang Xintai will struggle to pass the scheme even if the record date is changed and some NO votes are invalidated....

Arun George

Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pertamina Hulu Energi Early Look - The Negatives - Past Growth Record Seems Lackluster

Pertamina Hulu Energi is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note we talk about the not so positive aspects of...

Sumeet Singh

Pertamina Hulu Energi Early Look - The Positives - High Domestic Market Share

Pertamina Hulu Energi (PHE) is looking to raise around US$1bn in its upcoming Indonesia IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

AAG Energy (2686 HK): AGM Results Suggest a Scheme Fail Was Inevitable

The AGM voting shows that Xinjiang Xintai will struggle to pass the scheme even if the record date is changed and some NO votes are invalidated....

Arun George

Hong Kong Connect Flows Monthly: China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent

We analyzed the Hong Kong Connect Scheme for April and highlight flows for China Mobile, SMIC, PetroChina, Sensetime, CNOOC, CCB, Tencent, HKEx.

Ke Yan, CFA, FRM

Hong Kong Connect Flows (Apr 28th): Meituan, China Construction Bank

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Meituan, China Construction Bank.

Ke Yan, CFA, FRM