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

JD.com Inc (ADR) / Equity Capital Markets

<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>With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.</li>
<li>On placements, both the Korean deals were a disappointment, despite being well-flagged.</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.
With LIC not delivering and Delhivery needing insurance, combined with the Korean cancellations and HK silence, it looks like its going to be a quiet few weeks for IPOs.
On placements, both the Korean deals were a disappointment, despite being well-flagged.


ECM Weekly (22nd May 22) - JD, LIC, Delhivery, Leapmotor, Vista, Paradeep, Woori, Hyundai Heavy, NIO

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year</li>
<li>Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses</li>
<li>Micron's new focus on profit share is paying off, providing the company a better payback than its competition.</li>
</ul>


Both DRAM and NAND flash have trended down in 4Q21 and 1Q22, but both markets are still more than 20% higher than last year
Samsung and Micron both made modest Q/Q share gains in both DRAM and NAND flash while all others experienced modest market share losses
Micron's new focus on profit share is paying off, providing the company a better payback than its competition.


Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Equity Bottom-Up

<ul>
<li>In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 and the main business, smartphone, decreased by 11% YoY.</li>
<li>Both global and domestic markets shrank and the competitor "Honor" came back.</li>
<li>We conclude a downside of 26% and price target of HK$8.10.</li>
</ul>


In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 and the main business, smartphone, decreased by 11% YoY.
Both global and domestic markets shrank and the competitor "Honor" came back.
We conclude a downside of 26% and price target of HK$8.10.


Xiaomi (1810 HK): 1Q22, Revenue Down Due to Weak Smartphone Market, 26% Downside

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>Sri Lanka defaulted on its debt for the first time in its history.</li>
<li>South Korea is the biggest investor in Sri Lanka. About 20% of foreign companies entering Sri Lanka are Korean companies.</li>
<li>Other emerging/frontier market countries including Turkey, Pakistan, South Africa, Russia, Ukraine, Belarus, El Salvador, Lebanon, Ethiopia, Ghana, Kenya, Egypt, Tunisia and Peru also face potential debt defaults. </li>
</ul>


Sri Lanka defaulted on its debt for the first time in its history.
South Korea is the biggest investor in Sri Lanka. About 20% of foreign companies entering Sri Lanka are Korean companies.
Other emerging/frontier market countries including Turkey, Pakistan, South Africa, Russia, Ukraine, Belarus, El Salvador, Lebanon, Ethiopia, Ghana, Kenya, Egypt, Tunisia and Peru also face potential debt defaults. 


Sri Lanka Defaults on Debt: South Korea Is the Biggest Investor & Domino Effect on Other Countries?

Woori Financial Group  / Equity Capital Markets

<ul>
<li>KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).</li>
<li>This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>


KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG).
This is almost a clean-up trade considering that KDIC had a stake of nearly 18% at the start of 2021 and will now be reduced to a less than 2%.
In this note, we will run the deal through our ECM framework.


Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (005930 KS)

ECM Weekly (22nd May 22) - JD, LIC, Delhivery, Leapmotor, Vista, Paradeep, Woori, Hyundai Heavy, NIO

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

Q1 Memory Results Down, But Encouraging

The semiconductor memory business - DRAM and NAND flash - is doing very well, with revenues over 20% above the year-ago quarter, and good...

Jim Handy

Xiaomi (1810 HK): 1Q22, Revenue Down Due to Weak Smartphone Market, 26% Downside

In 1Q22, Xiaomi’s revenue decreased by 5% YoY in 1Q22 (Exhibit 1) and the main business, smartphone, decreased by 11% YoY. The smartphone market...

Ming Lu

Sri Lanka Defaults on Debt: South Korea Is the Biggest Investor & Domino Effect on Other Countries?

Sri Lanka defaulted on its debt for the first time in its history. South Korea is the biggest investor in Sri Lanka. About 20% of foreign companies...

Douglas Kim

Woori Financials Placement - Almost a Clean-Up Although past Deals Haven’t Done Much

KDIC is looking to sell around half of its remaining stake in Woori Financial Group (WFG) to raise around US$160m. This is almost a clean-up trade.

Sumeet Singh

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