APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

RateGain Travel Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.</li>
<li>In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.</li>
<li>In this note we will talk about the subscription levels and trading dynamics.</li>
</ul>



RateGain Travel Technologies (1920810D IN) raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.
In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.
In this note we will talk about the subscription levels and trading dynamics.


RateGain Travel Technologies IPO Trading - Deals with Similar Sub-Rates Have Generally Traded Higher

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rategain-travel-technologies" target="_blank" data-smartkarma-citation="entities:35265:1" rel="noopener">RateGain Travel Technologies (1920810D IN)</a> is looking to raise up to US$177m in its upcoming India IPO.</li>
<li>The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. </li>
<li>In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.</li>
</ul>



RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its upcoming India IPO.
The deal will comprise a mix of primary and secondary shares, where the Promoters and a Pre-IPO investor, Wagner, are looking to pare down their stakes. 
In our view, this listing being the first SaaS firm out of India, could garner investor interest which would aid listing sentiment as well.


RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

Solvency Risk Model:  This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short-term maturities for additional input. Solvency shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and capital structures.  These shorts tend to have moderate to higher betas, time horizons that depend on their particular situations, and can have strong down moves as the crisis is recognized.  They can also go bankrupt, pushing the stock price close to zero. See below (and attached) for discussion on featured stocks and the top stocks at risk.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/234/511/original/image_19810368031633964798828.png?1633964799" class="editor-image img-responsive" data-smartkarma-image-id="234511"></figure>

Solvency Risk Model:  This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short-term maturities for additional input. Solvency shorts can be great short candidates.  The key characteristic is that the company may not be viable, economically, given their cash flows and capital structures.  These shorts tend to have moderate to higher betas, time horizons that depend on their particular situations, and can have strong down moves as the crisis is recognized.  They can also go bankrupt, pushing the stock price close to zero. See below (and attached) for discussion on featured stocks and the top stocks at risk.

Two River's Solvency Risk Short Candidates: Sabre Corp, PBF Enrgy, BellRing Brnds, PowerSchool Hldgs

Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Thematic (Sector/Industry)

<ul>
<li>China can be the first market to recover its travel industry post the pandemic;</li>
<li>We scan the industry in the search for decent-quality, decent-yield opportunities;</li>
<li>We limit ourselves to the widest-moat assets, which leaves us only two options in this market.</li>
</ul>


China can be the first market to recover its travel industry post the pandemic;
We scan the industry in the search for decent-quality, decent-yield opportunities;
We limit ourselves to the widest-moat assets, which leaves us only two options in this market.


Valuation Check-Up: Wide-Moat Assets Poised for China's Travel Recovery

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Travelsky Technology Ltd H / Equity Bottom-Up

<h2>Executive Summary</h2>
Nearing Christmas and Chinese New Year period, Travelsky's share price has typically increased between 9-20%. Investors should really consider initiating a LONG BUY in Travelsky given that valuation has been stable, an insulated business exposure from the instability caused by trade tension, and the coming of Chinese New Year period which typically brings positive sentiment for the stock. Trading at 20x PER with consistent growth in the second-largest economy in the world, the stock does not sound expensive at all. 
Please send me a message if you would like to know about some other stocks that you have an interest in. Also, please click the Appreciate button if you found this Insight helpful - its free, anonymous and helps us understand if similar Insights have an audience.

Executive Summary
Nearing Christmas and Chinese New Year period, Travelsky's share price has typically increased between 9-20%. Investors should really consider initiating a LONG BUY in Travelsky given that valuation has been stable, an insulated business exposure from the instability caused by trade tension, and the coming of Chinese New Year period which typically brings positive sentiment for the stock. Trading at 20x PER with consistent growth in the second-largest economy in the world, the stock does not sound expensive at all. 
Please send me a message if you would like to know about some other stocks that you have an interest in. Also, please click the Appreciate button if you found this Insight helpful - its free, anonymous and helps us understand if similar Insights have an audience.

United States

Sabre Corporation provides technology solutions to the global travel and tourism industry. The Company offers tours and travel services, as well as, online reservations for airlines, hotels, cruises, car rental companies, and vacation packages.

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Sabre Corp (SABR US)

RateGain Travel Technologies IPO Trading - Deals with Similar Sub-Rates Have Generally Traded Higher

RateGain Travel Technologies (1920810D IN) raised around US$177m in its India IPO. The deal comprised a mix of primary and secondary shares.

Clarence Chu

RateGain Travel Technologies IPO - First SaaS Listing in India and Could Be a Recovery Play

RateGain Travel Technologies (1920810D IN) is looking to raise up to US$177m in its India IPO. The listing will be the first SaaS listing in India.

Clarence Chu

Two River's Solvency Risk Short Candidates: Sabre Corp, PBF Enrgy, BellRing Brnds, PowerSchool Hldgs

Our Solvency Risk model surfaces US short candidates. Four of the most interesting are discussed below the longer list.

Eric Fernandez, CFA

Valuation Check-Up: Wide-Moat Assets Poised for China's Travel Recovery

China is hopeful of being the first market to recover its travel industry post the pandemic. Therefore, we are interested in scanning the industry...

Steven Chen

Travelsky (696): Flying for CNY

Executive Summary Nearing Christmas and Chinese New Year period, Travelsky's share price has typically increased between 9-20%. Investors should...

Henry Soediarko

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