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

Ganglong China Property Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/ganglong-china-property-group" target="_blank" data-smartkarma-citation="entities:29149:1" rel="noopener">Ganglong China Property Group (6968 HK)</a> (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of residential properties, raised around  US$233m (including over-allotment) in its Hong Kong listing.I had looked at the company background in my previous note, <a href="https://www.smartkarma.com/insights/ganglong-china-property-ipo-rapid-earnings-growth-has-been-putting-balance-sheet-under-stress" target="_blank" rel="noopener">Ganglong China Property IPO - Rapid Earnings Growth Has Been Putting Balance Sheet Under Stress</a>.In those note, I'll run through the deal dynamics and provide a table with the implied p/e at different share price levels.

Ganglong China Property Group (6968 HK) (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of residential properties, raised around  US$233m (including over-allotment) in its Hong Kong listing.I had looked at the company background in my previous note, Ganglong China Property IPO - Rapid Earnings Growth Has Been Putting Balance Sheet Under Stress.In those note, I'll run through the deal dynamics and provide a table with the implied p/e at different share price levels. 

Ganglong China Property IPO Trading - Tepid Demand, Concentrated Shareholding

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-18561'>JSW Steel Ltd</a></li><li><a href='#lucror-entity-5582'>Modernland Realty</a></li><li><a href='#lucror-entity-28672'>Powerlong Commercial Management Holdings</a></li><li><a href='#lucror-entity-14882'>Seazen (Formerly Future Land)</a></li><li><a href='#lucror-entity-4153'>Shui On Land</a></li><li><a href='#lucror-entity-216'>Tata Motors Ltd</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.JSW Steel LtdModernland RealtyPowerlong Commercial Management HoldingsSeazen (Formerly Future Land)Shui On LandTata Motors Ltd

Morning Views Asia: JSW Steel Ltd, Modernland Realty, Powerlong Commercial Management Holdings

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe. The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market.

  Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month deals with our framework for discerning fraud in Asian companies. We also give an overview of common techniques used to manipulate financial information in Asian markets, and present case studies of alleged or confirmed fraud drawn from our coverage universe.   The Asia Monthly focuses on providing updates on recent events, information on new issues and spread movements, as well as summarising our top picks and discussing specific areas of interest in the “In-Focus” section. The Asia Monthly is intended to broaden investors' understanding of the Asian USD high-yield market. 

Asia HY Monthly - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

APAC IPOs & Placements

Zhen Zhou, Toh

Powerlong Commercial Management Holdings / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/powerlong-commercial-management-holdings" target="_blank" data-smartkarma-citation="entities:28672:1" rel="noopener">Powerlong Commercial Management Holdings (9909 HK)</a> IPO lock-up expired recently on the 30th of June, 2020. We have covered the IPO earlier last year in:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/powerlong-commercial-management-holdings-ipo-enough-reasons-to-not-even-bother-about-valuations" target="_blank" data-smartkarma-citation="insights:35326" rel="noopener">Powerlong Commercial Management Holdings IPO - Enough Reasons to Not Even Bother About Valuations</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/powerlong-commercial-ipo-trading-good-subscription-results-but-issues-remain" target="_blank" data-smartkarma-citation="insights:35352" rel="noopener">Powerlong Commercial IPO Trading - Good Subscription Results but Issues Remain</a> </li>
</ul>
In this note, we will look at the potential sellers upon lock-up expiry and provide an update of how the company has performed since listing.

Powerlong Commercial Management Holdings (9909 HK) IPO lock-up expired recently on the 30th of June, 2020. We have covered the IPO earlier last year in:


Powerlong Commercial Management Holdings IPO - Enough Reasons to Not Even Bother About Valuations 

Powerlong Commercial IPO Trading - Good Subscription Results but Issues Remain 

In this note, we will look at the potential sellers upon lock-up expiry and provide an update of how the company has performed since listing.

Powerlong Commercial Mgt Lock-Up Expiry Trade Idea - Cornerstone May Look to Lock in Some Profits

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index.

  The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value charts and lists of the bonds in the Lucror Asia HY index. 

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

China

Powerlong Real Estate Holdings Ltd. develops commercial properties in the Peoples Republic of China.

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Powerlong Real Estate Holdings (1238 HK)

Ganglong China Property IPO Trading - Tepid Demand, Concentrated Shareholding

Ganglong China Property Group (6968 HK) (GCPG), a real estate developer in the Yangtze River Delta Region with a focus on development and sales of...

Sumeet Singh

Morning Views Asia: JSW Steel Ltd, Modernland Realty, Powerlong Commercial Management Holdings

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Asia HY Monthly - Framework For Discerning Fraud In Asian Companies - Lucror Analytics

Following the recent string of high-profile fraud scandals, from Luckin Coffee in China to Wirecard in Germany, our In-Focus section this month...

Lucror Analytics

Powerlong Commercial Mgt Lock-Up Expiry Trade Idea - Cornerstone May Look to Lock in Some Profits

Powerlong Commercial Management Holdings (9909 HK) IPO lock-up expired recently on the 30th of June, 2020. We have covered the IPO earlier last...

Zhen Zhou, Toh

Asia HY Trade Recommendations - June 2020 - Lucror Analytics

The Asia HY Trade Recommendations report for the month of June includes a summary of our recommendations. The report also features relative-value...

Lucror Analytics

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