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>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

<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, <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> provided the first Asia linked listing for the year.</li>
<li>Things were quiet on the placement front owing to the annual earnings reporting season.</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, Hesai Group (HSAI US) provided the first Asia linked listing for the year.
Things were quiet on the placement front owing to the annual earnings reporting season.


ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/wynn-macau-ltd' target='_blank' rel='noopener'>Wynn Macau Ltd</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/softbank-group-corp' target='_blank' rel='noopener'>Softbank Group</a></li><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/china-hongqiao-group-ltd' target='_blank' rel='noopener'>China Hongqiao</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Wynn Macau LtdVedanta ResourcesSoftbank GroupCountry Garden Holdings CoChina Hongqiaoand more...

<p>Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.</p><ul><li><a href='#lucror-entity-26076'>China Vanke</a></li><li><a href='#lucror-entity-36725'>Pertamina Geothermal</a></li><li><a href='#lucror-entity-315'>Softbank Group</a></li><li><a href='#lucror-entity-22202'>Vedanta Resources</a></li><li><a href='#lucror-entity-16122'>O-Net Technologies (Group) </a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.China VankePertamina GeothermalSoftbank GroupVedanta ResourcesO-Net Technologies (Group) 

Morning Views Asia: China Vanke, Pertamina Geothermal, Softbank Group, Vedanta Resources

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue</li>
<li>Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged</li>
<li>This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%</li>
</ul>


Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue
Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged
This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%


Softbank Group (Neutral) - Q3 22 Results Reaction: Defensive Stance Intact as VF Losses Continue

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

ECM Weekly (12th Feb 2023) - Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

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

Weekly Wrap - 10 Feb 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Morning Views Asia: China Vanke, Pertamina Geothermal, Softbank Group, Vedanta Resources

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Softbank Group (Neutral) - Q3 22 Results Reaction: Defensive Stance Intact as VF Losses Continue

As expected, Softbank pushed a conservative outlook in uncertain markets. Investment losses were higher than expected but ARM revenues were better....

Kirk Boodry

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