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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> is looking to raise A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we look at the updates since our last look-through and share our thoughts on valuation.</li>
</ul>



Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we look at the updates since our last look-through and share our thoughts on valuation.


Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/a2b-australia-ltd" target="_blank" data-smartkarma-citation="entities:16558:1" rel="noopener">A2B Australia (A2B AU)</a> IE considers <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>’s A$1.45 offer fair and reasonable as it above the midpoint of its A$1.30-1.54 per share valuation range. </li>
<li>The scheme is conditional on ACCC approval, which should be forthcoming as ComfortDelGro is not a significant player in Australia.</li>
<li>Several substantial shareholders have sold or exited, lowering the scheme vote risk. At the last close and for the 11 April payment, the gross/annualised spread was 2.5%/22.3%.</li>
</ul>


The A2B Australia (A2B AU) IE considers Comfortdelgro Corp (CD SP)’s A$1.45 offer fair and reasonable as it above the midpoint of its A$1.30-1.54 per share valuation range. 
The scheme is conditional on ACCC approval, which should be forthcoming as ComfortDelGro is not a significant player in Australia.
Several substantial shareholders have sold or exited, lowering the scheme vote risk. At the last close and for the 11 April payment, the gross/annualised spread was 2.5%/22.3%.


A2B Australia (A2B AU): Scheme Vote on 25 March

New Zealand

SmartPay Holdings Limited is a developer and distributor of electronic prepay solutions. The Company's solutions including network distribution for mobile phones, international calling cards, Internet services, gift cards and a range of other products.

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Smartpay Holdings (SPY NZ)

Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here

Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO. In this note, we look at the updates since our last look-through and...

Clarence Chu

A2B Australia (A2B AU): Scheme Vote on 25 March

Several substantial shareholders have sold or exited, lowering the scheme vote risk. At the last close and for the 11 April payment, the gross...

Arun George

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