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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/scg-chemicals-pcl" target="_blank" data-smartkarma-citation="entities:39791:1" rel="noopener">SCG Chemicals (SCGC TB)</a> (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.</li>
<li>SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
In this note, we talk about the not-so-positive aspects of the deal.


SCG Chemicals Pre-IPO -The Negatives - Recent Performance Has Been Weak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/scg-chemicals-pcl" target="_blank" data-smartkarma-citation="entities:39791:1" rel="noopener">SCG Chemicals (SCGC TB)</a> (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.</li>
<li>SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO.
SCG Chemicals, a part of the SCC group, is an integrated chemicals player in ASEAN, involved primarily in manufacturing, marketing and selling a diversified range of petrochemical products.
In this note, we talk about the positive aspects of the deal.


SCG Chemicals Pre-IPO -The Positives - A Strong Regional Player

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.

Pertamina Geothermal Energy PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy (PGEO IJ)</a> priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:95096" rel="noopener">Pertamina Geothermal IPO: Valuation Insights</a>. </li>
<li>Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.</li>
</ul>



Pertamina Geothermal Energy (PGEO IJ) priced its IPO at IDR875 per share to raise gross proceeds of IDR9.1 trillion (US$600 million). The shares will start trading tomorrow.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case and Pertamina Geothermal IPO: Valuation Insights. 
Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price remains attractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal (0125738D IJ)</a>/PGE, a subsidiary of <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener">PT Pertamina (Persero) (PERT IJ)</a>, is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/pertamina-geothermal-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:95013" rel="noopener">Pertamina Geothermal IPO: The Investment Case</a>. </li>
<li>PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.</li>
</ul>



Pertamina Geothermal (0125738D IJ)/PGE, a subsidiary of PT Pertamina (Persero) (PERT IJ), is seeking to raise up to US$600 million at a narrowed price range of IDR875-880 per share.
We previously discussed the IPO in Pertamina Geothermal IPO: The Investment Case. 
PGE is attractively valued at the IPO price range. We would participate. Books will be closed on 10 February and the shares will start trading on 24 February.


Pertamina Geothermal IPO: Valuation Insights

External broker reports(aggregated public sources), TA Securities Holdings Berhad

TA Securities Holdings Bhd

External broker reports(aggregated public sources)

Equity Bottom-Up

<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Malaysia

Petronas Gas Berhad processes and separates natural gas into its components from the gas field offshore Terengganu. The Company stores, transports, and distributes these components as well as trades utilities to petrochemical plants.

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Petronas Gas (PTG MK)

SCG Chemicals Pre-IPO -The Negatives - Recent Performance Has Been Weak

SCG Chemicals (SCGC TB) (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note, we will talk about the not-so-positive...

Sumeet Singh

SCG Chemicals Pre-IPO -The Positives - A Strong Regional Player

SCG Chemicals (SCGC) is looking to raise around US$1bn in its upcoming Thailand IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Pertamina Geothermal IPO: Trading Debut

Peers have modestly re-rated and the IPO price continues to imply a discount to the median peer CY2023 EV/EBITDA multiple. Therefore, the IPO price...

Arun George

Pertamina Geothermal IPO: Valuation Insights

The price range has been narrowed from IDR820-945 to IDR875-880 per share. PGE is attractively valued at the IPO price range. We would participate.

Arun George

Dragged by Higher Opex in 2Q21

Buy Petronas Gas Berhad: Dragged by Higher Opex in 2Q21. - By: TA Securities Holdings Bhd

TA Securities Holdings Bhd

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