Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> has announced a 323:1000 underwritten rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition.</li>
<li>The rights issue price is a 20% discount to the last close and a 15.9% discount to the Theoretical Ex-Rights Price (TERP).</li>
<li>There has been a lot of short selling on the stock since the start of the year, peaking last week where 43% of total volume traded was from short selling.</li>
</ul>



SATS (SATS SP) has announced a 323:1000 underwritten rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition.
The rights issue price is a 20% discount to the last close and a 15.9% discount to the Theoretical Ex-Rights Price (TERP).
There has been a lot of short selling on the stock since the start of the year, peaking last week where 43% of total volume traded was from short selling.


SATS SP: S$800m Rights Issue to Fund WFS Acquisition

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

Equity Bottom-Up

<ul>
<li>New leadership with expertise in Australia could lead to value unlocking for Australian assets. </li>
<li>Q3 22 ridership has gone up to 85% and 83% of pre-COVID level for NEL and DTL while in Q3 21 was only 49% for NEL and 43% for DTL.</li>
<li>The reopening has brought tourists back and increased ridership level while China's reopening has just started and is not yet priced in. </li>
</ul>


New leadership with expertise in Australia could lead to value unlocking for Australian assets. 
Q3 22 ridership has gone up to 85% and 83% of pre-COVID level for NEL and DTL while in Q3 21 was only 49% for NEL and 43% for DTL.
The reopening has brought tourists back and increased ridership level while China's reopening has just started and is not yet priced in. 


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

Alibaba Group Holding  / 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>On the IPO front, the two Japanese IPO set the ball rolling for the year end rush, with a few more lined up in Hong Kong along with Sunshine.</li>
<li>There were a few largish selldowns in Japan and India and given Hong Kong's recent performace, it will see some deals soon as well.</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, the two Japanese IPO set the ball rolling for the year end rush, with a few more lined up in Hong Kong along with Sunshine.
There were a few largish selldowns in Japan and India and given Hong Kong's recent performace, it will see some deals soon as well.


ECM Weekly (4th Dec 2022) - Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiei-kankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:36539:1" rel="noopener">Daiei Kankyo (9336 JP)</a>  (DK), a waste management company, aims to raise around US$314m in its Japan IPO.</li>
<li>Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.</li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about final valuations.</li>
</ul>



Daiei Kankyo (9336 JP)  (DK), a waste management company, aims to raise around US$314m in its Japan IPO.
Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business.
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about final valuations.


Daiei Kankyo IPO - Final Thoughts on Valuation

Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS (SATS SP)</a> is almost back to 2020 Covid lows after announcing the WFS acquisition.</li>
<li>Buying from PE firms is always problematic as they have already skinned the proverbial cat, in the case of WFS, it has been passed around many times since 2006.</li>
<li>At a time of rising interest rates, SATS is assuming a large pile of debt and will need to dilute shareholders significantly. Would this deal have happened under Alex?</li>
</ul>



SATS (SATS SP) is almost back to 2020 Covid lows after announcing the WFS acquisition.
Buying from PE firms is always problematic as they have already skinned the proverbial cat, in the case of WFS, it has been passed around many times since 2006.
At a time of rising interest rates, SATS is assuming a large pile of debt and will need to dilute shareholders significantly. Would this deal have happened under Alex?


SATS: If Three Different P/E Firms Can't Create Value for 8 Years, Can SATS?

Singapore

SATS Limited provides integrated ground handling and in-flight catering services at Singapore Changi Airport.  The Company also provides aviation security, airline laundry, and airport cargo delivery management services.

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SATS (SATS SP)

SATS SP: S$800m Rights Issue to Fund WFS Acquisition

SATS has announced a 323:1000 rights issue at S$2.2/share that will raise S$798.8m to fund the WFS acquisition. Short selling was fierce last week...

Brian Freitas

Comfortdelgro (CD): Now or Never

The share price is lagging behind peers while operating numbers gradually improving. Reopening leads to an increase in ridership, China's reopening...

Henry Soediarko

ECM Weekly (4th Dec 2022) - Skymark, Daiei, Sunshine, Lygend, Weilong, NRI, Zomato, Goto, Bobcat

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

Daiei Kankyo IPO - Final Thoughts on Valuation

Daiei Kankyo (9336 JP) (DK), a waste management company, aims to raise around US$314m in its Japan IPO. In this note, we talk about valuations.

Sumeet Singh

SATS: If Three Different P/E Firms Can't Create Value for 8 Years, Can SATS?

SATS is buying WFS and attempting to do what no PE firm could do for the last 8 years: create value at WFS. Can SATS be different?

Nicolas Van Broekhoven

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