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

Ryman Healthcare / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> announced a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce its gearing. </li>
<li>The institutional part of the entitlement offer saw a strong take up and the shares have held up above the entitlement offer price since the deal was announced.</li>
<li>In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.</li>
</ul>



Ryman Healthcare (RYM NZ) announced a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce its gearing. 
The institutional part of the entitlement offer saw a strong take up and the shares have held up above the entitlement offer price since the deal was announced.
In this note, we will talk about the upcoming retail shortfall bookbuild and other updates since our last note.


Ryman Healthcare Renounceable Entitlement Offer - Retail Shortfall Manageable

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal</a> <a href="https://www.smartkarma.com/entities/pt-pertamina-persero" target="_blank" data-smartkarma-citation="entities:35862:1" rel="noopener"></a>is set to make its debut in the coming week.</li>
<li>Placements picked up pace this week, with multiple deals across geographies.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Pertamina Geothermal is set to make its debut in the coming week.
Placements picked up pace this week, with multiple deals across geographies.


ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> aims to raise around US$569m (NZ$903m) via a renounceable entitlement offer. </li>
<li>The use of proceeds will be to reset the firm’s capital structure and reduce its gearing.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Ryman Healthcare (RYM NZ) aims to raise around US$569m (NZ$903m) via a renounceable entitlement offer. 
The use of proceeds will be to reset the firm’s capital structure and reduce its gearing.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Ryman Healthcare Renounceable Entitlement Offer - Dilutive, but Would Take at the Low End

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.</li>
<li>Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.</li>
<li>For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.</li>
</ul>


As we are heading into 2023, let us look back on the performance of some of our global healthcare stocks recommended throughout 2022.
Four stocks on which I am bullish, generated more than 50% return since their recommendations. 10 stocks on which I am bearish plunged more than 20%.
For 2023, investors should continue to focus on established healthcare companies, having strong and flexible balance sheet with muti-year revenue visibility.


2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryman-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:10590:1" rel="noopener">Ryman Healthcare (RYM NZ)</a> has a secular growth story underpinned by ageing population. Australia and New Zealand are projected to have 5.3 million people aged 75 and above by 2062.</li>
<li>Rising interest rate and falling property prices should limit the upside potential of property management companies, like Ryman. New Zealand's house prices are forecast to sink 9% this year.</li>
<li>Ryman’s site of the Moondah mansion in Mt Eliza, near Melbourne central business district is still under litigation.</li>
</ul>



Ryman Healthcare (RYM NZ) has a secular growth story underpinned by ageing population. Australia and New Zealand are projected to have 5.3 million people aged 75 and above by 2062.
Rising interest rate and falling property prices should limit the upside potential of property management companies, like Ryman. New Zealand's house prices are forecast to sink 9% this year.
Ryman’s site of the Moondah mansion in Mt Eliza, near Melbourne central business district is still under litigation.


Ryman Healthcare (RYM NZ): Strong Underlying Growth Story; Current Macro Scenario Limits Upside

New Zealand

Ryman Healthcare Limited provides private health care services through its development, management and operation of retirement villages, nursing homes and geriatric hospitals.  The Company's facilities are located in Christchurch, Dunedin, Invercargill and Wellington.

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Ryman Healthcare (RYM NZ)

Ryman Healthcare Renounceable Entitlement Offer - Retail Shortfall Manageable

Ryman Healthcare (RYM NZ) managed a US$569m (NZ$902m) raising via a renounceable entitlement offer to reset the firm’s capital structure and reduce...

Ethan Aw

ECM Weekly (19th Feb 2023) - Rakuten Bank, ZJLD, REPT, Link REIT, SoCar, Ryman, Indigo, ESR, Oasis

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Ryman Healthcare Renounceable Entitlement Offer - Dilutive, but Would Take at the Low End

Ryman Healthcare (RYM NZ) aims to raise around US$570m (NZ$903m) via a renounceable entitlement offer. In this note, we will talk about the deal...

Ethan Aw

2022 in Rear Mirror View: Top Performers From My Global Healthcare Coverage Universe

From my coverage universe, two Taiwanese stocks generated 59% and 71% returns in nearly six months. New product launch and geography expansion are...

Tina Banerjee

Ryman Healthcare (RYM NZ): Strong Underlying Growth Story; Current Macro Scenario Limits Upside

Ryman’s secular growth story is clouded by rising interest rate and falling property prices state. Resale income and unsold stock will be some of...

Tina Banerjee

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