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

Manila Electric Company / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jg-summit-holdings-inc" target="_blank" data-smartkarma-citation="entities:15747:1" rel="noopener">JG Summit Holdings (JGS PM)</a> aims to raise around US$185m via selling 2.5% of <a href="https://www.smartkarma.com/entities/manila-electric-company" target="_blank" data-smartkarma-citation="entities:3527:1" rel="noopener">Manila Electric Company (MER PM)</a> (Meralco) via a block trade.</li>
<li>This appears to be the first selldown by JG Summit and doesn’t appear to have been very well flagged either.</li>
<li>In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.</li>
</ul>



JG Summit Holdings (JGS PM) aims to raise around US$185m via selling 2.5% of Manila Electric Company (MER PM) (Meralco) via a block trade.
This appears to be the first selldown by JG Summit and doesn’t appear to have been very well flagged either.
In this note, we will talk about the deal dynamics and  run the deal through our ECM framework.


Manila Electric Block - Selldown by One of the Largest Shareholders

Converge Information and Commu / Equity Capital Markets

<ul>
<li>One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.</li>
<li>The deal comes close to the one year lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.
The deal comes close to the one year lock-up expiry post listing and hence, there is a high likelihood that the selldown might have been expected.
In this note, we will run the deal through our ECM framework.


Converge ICT Placement - Close to Lock-Up Expiry, Might Be Partly Priced In

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

Bank of the Philippine Islands / Equity Bottom-Up

*Weak Results: Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  *Credit Quality Challenges Set To Continue: BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.

*Weak Results: Bank of the Philippine Islands (BPI.PM) [BPI] reported 4Q20 results of PHP 4.2 bn, declining PHP 1.3 bn (23.1%) linked quarter. Results were difficult across the board for BPI, but primarily driven by a justified PHP 885 mn (14.6%) increase in loss provisions – reversing the decline seen in 3Q20. BPI will be holding an analyst briefing on Friday 29 January 2021; and  *Credit Quality Challenges Set To Continue: BPI is still contending with higher than normal NCOs which have caused an accelerated level of net new NPLs at 4Q20 of 65.4%. Given the continued break in credit which shows no signs of abating, we find that BPI’s reserves are short by over PHP 19.0 bn – nearly five years of bottom-line performance.  

Bank of Philippine Islands – Lots Of Wood To Chop

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

<ul>
<li>Trump Should Play Winning Hand in South China Sea - Return Major Military Presence to Subic Bay</li>
<li>Returning a major US military presence to Subic Bay and Clark Air Force Base in the Philippines would be a strong signal to Beijing that the US takes their alliances and position in Asia strongly.</li>
<li>The Trump administration has been distracted by concerns over trade and has not maintained a sensible eye on other US interests around the world. </li>
<li>Playing this important ‘Trump card’ in SE Asia would be a powerful signal that the US considers China’s actions in the South China Sea to be illegitimate. This would also send a strong positive signal to US allies in SE and North East Asia (Japan and Korea) that the US is committed to open navigation in this important waterway.</li>
</ul>


Trump Should Play Winning Hand in South China Sea - Return Major Military Presence to Subic Bay
Returning a major US military presence to Subic Bay and Clark Air Force Base in the Philippines would be a strong signal to Beijing that the US takes their alliances and position in Asia strongly.
The Trump administration has been distracted by concerns over trade and has not maintained a sensible eye on other US interests around the world. 
Playing this important ‘Trump card’ in SE Asia would be a powerful signal that the US considers China’s actions in the South China Sea to be illegitimate. This would also send a strong positive signal to US allies in SE and North East Asia (Japan and Korea) that the US is committed to open navigation in this important waterway.


US Should Play Trump Card on South China Sea Disputes - Redeploy to Subic Bay

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Philippines

PLDT Inc. is a telecommunications and digital services provider. The company offers fixed line, wireless, and fiber optic communication technology services in The Philippines.

Philippine Long Distance Telephone (Adr) (PHI US)

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Philippine Long Distance Telephone (Adr) (PHI US)

Manila Electric Block - Selldown by One of the Largest Shareholders

JG Summit Holdings (JGS PM) aims to raise around US$185m via selling 2.5% of Manila Electric Company (MER PM) (Meralco) via a block trade.

Sumeet Singh

Converge ICT Placement - Close to Lock-Up Expiry, Might Be Partly Priced In

One of Converge ICT’s (CICT) shareholders, Warburg Pincus, aims to raise around US$219m via selling part of its shareholding.

Sumeet Singh

Bank of Philippine Islands – Lots Of Wood To Chop

BANK OF THE PHILIPPINE ISLANDS: BPI reported a 23.1% linked quarter earnings decline in 4Q20. Results were difficult across the board for BPI,...

Thomas J. Monaco

US Should Play Trump Card on South China Sea Disputes - Redeploy to Subic Bay

Trump Should Play Winning Hand in South China Sea - Return Major Military Presence to Subic Bay Returning a major US military presence to Subic...

David Riedel

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

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