Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Singapore Airlines (SIA) was recently named the best airline in the world for the year 2023 in the 49th Annual Air Transport World (ATW) Airline Industry Achievement Awards.</li>
<li>Despite its excellent reputation and its ranking again as the top airline in the world, we have a negative view of Singapore Airlines' share price in the next 6-12 months.</li>
<li>SIA is trading at EV/EBITDA of 8.9x in 2023 (FY ending March), which is higher multiple than in 2020 (FY ending March) when it had EV/EBITDA of 6.7x. </li>
</ul>


Singapore Airlines (SIA) was recently named the best airline in the world for the year 2023 in the 49th Annual Air Transport World (ATW) Airline Industry Achievement Awards.
Despite its excellent reputation and its ranking again as the top airline in the world, we have a negative view of Singapore Airlines' share price in the next 6-12 months.
SIA is trading at EV/EBITDA of 8.9x in 2023 (FY ending March), which is higher multiple than in 2020 (FY ending March) when it had EV/EBITDA of 6.7x. 


Singapore Airlines: The Best Airline in the World but Not the Stock Price

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

InterGlobe Aviation Ltd / Equity Capital Markets

<ul>
<li>Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company.</li>
<li>He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder. He last sold in Sep 2022.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company.
He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with the other co-founder. He last sold in Sep 2022.
In this note, we will talk about the placement and run the deal through our ECM framework.


Interglobe Aviation (Indigo) Placement - Has Sold Before, Will Sell Again

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Skymark Airlines / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$235m in its Japan IPO.</li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO.
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison and valuations.


Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

<ul>
<li>
<a href="https://www.smartkarma.com/entities/skymark-airlines-inc" target="_blank" data-smartkarma-citation="entities:20430:1" rel="noopener">Skymark Airlines (9204 JP)</a> is looking to raise approximately US$218m in its upcoming Japan IPO.  </li>
<li>Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.</li>
<li>In this note, we talk about the company's past performance.</li>
</ul>



Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO.  
Skymark Airlines (SA) is a Japanese low-cost airline, being the third largest domestic airline  according to the company. Unlike major airlines and other low-cost carriers, Skymark operates only domestic flights.
In this note, we talk about the company's past performance.


Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.</li><li>On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.</li></ul>

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17, with S$139 million of net inflows.On Nov 16, Dyna-Mac Holdings executive director and chief executive officer Lim Ah Cheng acquired 500,000 shares of the company at S$0.188 per share.

Dyna-Mac CEO adds to stake at S$0.188 per share

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)

Singapore Airlines: The Best Airline in the World but Not the Stock Price

Despite its excellent reputation and the company ranking again as the top airline in the world, we have a negative view of Singapore Airlines'...

Douglas Kim

Interglobe Aviation (Indigo) Placement - Has Sold Before, Will Sell Again

Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company. In this note, we talk about the deal...

Sumeet Singh

Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO. In this note, we talk about peer comparison and valuations.

Ethan Aw

Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO. In this note, we talk about the company's past...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Singapore Airlines: The Best Airline in the World but Not the Stock Price

Despite its excellent reputation and the company ranking again as the top airline in the world, we have a negative view of Singapore Airlines'...

Douglas Kim

Interglobe Aviation (Indigo) Placement - Has Sold Before, Will Sell Again

Indigo’s co-founder Rakesh Gangwal aims to raise around US$375m via selling around 4.0% of the company. In this note, we talk about the deal...

Sumeet Singh

Skymark Airlines IPO - Peer Comparison & Valuation - Asking Too Much for Clipped Wings

Skymark Airlines (9204 JP) is looking to raise approximately US$235m in its Japan IPO. In this note, we talk about peer comparison and valuations.

Ethan Aw

Skymark Airlines Pre-IPO - Highly Leveraged with a History of Bankruptcy

Skymark Airlines (9204 JP) is looking to raise approximately US$218m in its upcoming Japan IPO. In this note, we talk about the company's past...

Ethan Aw

Dyna-Mac CEO adds to stake at S$0.188 per share

Dyna-Mac CEO adds to stake at S$0.188 per share Overall, institutions were net buyers of Singapore stocks for the five sessions ending Nov 17,...

Singapore Exchange Ltd (SGX)