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

Singapore Airlines / Equity Capital Markets

<ul>
<li>Napier (Temasek) is looking to raise around US$300m via its secondary selldown in <a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a>.</li>
<li>The deal isn’t very well flagged given that the investor hadn’t earlier given any explicit guidance of a selldown. </li>
<li>Post-Selldown, Temasek will still own over 50% of SIA’s shares outstanding, so the overhang will be a large one.</li>
</ul>


Napier (Temasek) is looking to raise around US$300m via its secondary selldown in Singapore Airlines (SIA SP).
The deal isn’t very well flagged given that the investor hadn’t earlier given any explicit guidance of a selldown. 
Post-Selldown, Temasek will still own over 50% of SIA’s shares outstanding, so the overhang will be a large one.


SIA Placement - Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>In May, the recovery in outbound travel remained strong, but not surprisingly so</li>
<li>Meanwhile, improvement in domestic travel activity appears to have lost steam</li>
<li>Six months in, we simply do not see any positive surprises in the travel boom</li>
</ul>


In May, the recovery in outbound travel remained strong, but not surprisingly so
Meanwhile, improvement in domestic travel activity appears to have lost steam
Six months in, we simply do not see any positive surprises in the travel boom


Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

External broker reports(aggregated public sources), RHB Invest

RHB Invest

External broker reports(aggregated public sources)

RHB Investment Bank is one of the leading capital market players in Malaysia. Supported by an award-winning research team of experienced product specialists, RHB Group Investment Banking offers a full range of investment banking products and services covering primary markets, such as advisory (corporate & debt restructuring, mergers and acquisitions, takeovers), fundraising via both equity and debt instruments, and secondary markets including securities trading for both institutional and retail clients. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We resume coverage on SIA with a REDUCE recommendation and target price of S$6.80, based on 1.1x P/B for FY24e.</li><li>This is in line with historical P/B of 1.1x.</li><li>After an exceptional year in FY23 driven by early-mover advantage, we expect Singapore Airlines (SIA)’s net profit in FY24e and FY25e to decline by 19% and 43%, respectively, with tapering passenger yields and passenger load factors.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We resume coverage on SIA with a REDUCE recommendation and target price of S$6.80, based on 1.1x P/B for FY24e.This is in line with historical P/B of 1.1x.After an exceptional year in FY23 driven by early-mover advantage, we expect Singapore Airlines (SIA)’s net profit in FY24e and FY25e to decline by 19% and 43%, respectively, with tapering passenger yields and passenger load factors.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Singapore Airlines (SIA) - Rising Pressure On Load Factors & Yields

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Four stocks remain, 10 stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 181% versus MSCI ASEAN’s 24%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Four stocks remain, 10 stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 181% versus MSCI ASEAN’s 24%


<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: One stock remains and 13 stocks are added </li>
<li>Since its inception, it has generated a before-fee total return of 116% versus the MSCI Asia ex Japan of 60%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: One stock remains and 13 stocks are added 
Since its inception, it has generated a before-fee total return of 116% versus the MSCI Asia ex Japan of 60%


Singapore

Singapore Airlines Limited provides air transportation, engineering, pilot training, air charter, and tour wholesaling services. The Company's airline operation covers Asia, Europe, the Americas, South West Pacific, and Africa.

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Singapore Airlines (SIA SP)

SIA Placement - Selldown Isn’t Particularly Well Flagged. Overhang Is Too Large to Ignore

Napier (Temasek) is looking to raise around US$300m via its secondary selldown in Singapore Airlines (SIA SP). Temasek will still own over 50% of...

Clarence Chu

Monthly Chinese Tourism Tracker | Outbound Firmer | Domestic Losing Steam | No Surprises (June 2023)

The recovery in outbound travel remained strong in May, and domestic activity also continued to improve, though it appears to be losing some...

Tracking Traffic

Singapore Airlines (SIA) - Rising Pressure On Load Factors & Yields

We resume coverage on SIA with a REDUCE recommendation and target price of S$6.80, based on 1.1x P/B for FY24e. This is in line with historical P/B...

RHB Invest

The Stocks to Own in ASEAN – Vol. 43

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

The Stocks to Own in Asia – Vol. 41

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: One stock remains, 13 stocks added.

A. Stotz Investment Research

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