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

<ul>
<li>National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. </li>
<li>It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. 
It is the largest depository in India in terms of number of issuers, number of active instruments, market share in demat value of settlement volume and value of assets.
In this note, we talk about the positive aspects of the deal.


NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

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>Singapore Exchange (SGX)’s monthly market statistics continued to underwhelm.</li><li>Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered y-o-y decline in May 23.</li><li>SGX’s forward P/E is close to its historical average, which is a fair valuation level.</li></ul>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 Exchange (SGX)’s monthly market statistics continued to underwhelm.Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered y-o-y decline in May 23.SGX’s forward P/E is close to its historical average, which is a fair valuation level.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 Exchange (SGX) - Monthly Trading Data Continues To Disappoint

<ul><li>Singapore Exchange (SGX)’s April market statistics came in below estimates. Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered declines.</li><li>See SGX's announcement dated 12 May 2023. Implied FY23 (Jul 2022 to Jun 2023) SDAV and DDAV (based on data till April) are tracking 2% and 5% below our forecasts.</li><li>Stay NEUTRAL and S$9.80 target price, 5% upside from the current SGX's share price.</li></ul>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 Exchange (SGX)’s April market statistics came in below estimates. Both securities daily average value (SDAV) and derivatives daily average volume (DDAV) registered declines.See SGX's announcement dated 12 May 2023. Implied FY23 (Jul 2022 to Jun 2023) SDAV and DDAV (based on data till April) are tracking 2% and 5% below our forecasts.Stay NEUTRAL and S$9.80 target price, 5% upside from the current SGX's share price.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 Exchange (SGX) - April Trading Data Disappoints

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>Inside Insights - Share buybacks by primary-listed companies OCBC, Singapore Technologies Engineering, Venture Corporation, City Developments and Sembcorp Industries led the net institutional inflow for the five sessions.</li><li>SIA Engineering Company bought back 148,100 shares at an average price of S$2.50 per share while Valuetronics Holdings bought back 320,000 shares at an average price of S$0.54 per share.</li></ul>

Inside Insights - Share buybacks by primary-listed companies OCBC, Singapore Technologies Engineering, Venture Corporation, City Developments and Sembcorp Industries led the net institutional inflow for the five sessions.SIA Engineering Company bought back 148,100 shares at an average price of S$2.50 per share while Valuetronics Holdings bought back 320,000 shares at an average price of S$0.54 per share.

OCBC leads net fund inflows; JB Foods’ Goh Lee Beng increases stake

<ul><li>Digilife Tech, Forise & APTT directors acquire more shares DBS, OCBC, CapitaLand Investment, Jardine Matheson Holdings and Genting Singapore led the net institutional inflow for the four sessions.</li><li>On Dec 30, Forise International executive director Dennis Wan Jinn Woei acquired 1,409,200 shares at S$0.17 cents per share.</li></ul>

Digilife Tech, Forise & APTT directors acquire more shares DBS, OCBC, CapitaLand Investment, Jardine Matheson Holdings and Genting Singapore led the net institutional inflow for the four sessions.On Dec 30, Forise International executive director Dennis Wan Jinn Woei acquired 1,409,200 shares at S$0.17 cents per share.

Digilife Tech, Forise & APTT directors acquire more shares

Singapore

Singapore Exchange Limited owns and operates Singapore's Securities and derivatives exchange and their related clearing houses.  The Company also provides ancillary securities processing and information technology services to participants in the financial sector.

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SGX (SGX SP)

NSDL Pre-IPO - The Positives - Dominant Position, Strong Revenue Growth

National Securities Depository Limited (NSDL) is looking to raise around US$400m in its India IPO. In this note, we talk about the positive aspects...

Sumeet Singh

Singapore Exchange (SGX) - Monthly Trading Data Continues To Disappoint

Singapore Exchange (SGX)’s monthly market statistics continued to underwhelm. Both securities daily average value (SDAV) and derivatives daily...

RHB Invest

Singapore Exchange (SGX) - April Trading Data Disappoints

Singapore Exchange (SGX)’s April market statistics came in below estimates. Both securities daily average value (SDAV) and derivatives daily...

RHB Invest

OCBC leads net fund inflows; JB Foods’ Goh Lee Beng increases stake

Inside Insights - Share buybacks by primary-listed companies OCBC, Singapore Technologies Engineering, Venture Corporation, City Developments and...

Singapore Exchange Ltd (SGX)

Digilife Tech, Forise & APTT directors acquire more shares

Digilife Tech, Forise & APTT directors acquire more shares DBS, OCBC, CapitaLand Investment, Jardine Matheson Holdings and Genting Singapore...

Singapore Exchange Ltd (SGX)

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)