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>PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.</li>
<li>PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.</li>
<li>The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. </li>
</ul>


PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end.
PHC is engaged in the development, manufacturing and sale of healthcare devices and services. The company has three main segments: Diabetes Management; Healthcare Services; and Diagnosis/Life Science.
The pre-IPO shareholders will be released from the lockup today on 11th Apr 2022. Its largest shareholder is KKR, who still owns a 39% stake in the company. 


PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.</li>
<li>While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. </li>
<li>We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.</li>
</ul>


Microsoft's all cash acquisition of video game publisher Activision Blizzard is the biggest in the former's history and the largest ever transaction in the video gaming sector.
While intense regulatory scrutiny of the deal is expected, the arguments favoring high odds for eventual deal approval are reasonable. 
We believe the 17% merger spread offers the prospect of  double-digits annualized return over the next 12 to 18 months.


MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.</li>
<li>Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.</li>
<li>Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.</li>
</ul>


A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.
Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.
Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.


Microsoft’s Activision Acquisition Is a Stupendous Deal

US/Europe Event-Driven Analyst

John DeMasi

<ul>
<li>Microsoft’s largest-ever acquisition provides boost for cloud gaming and metaverse ambitions.</li>
<li>Deal comes as Activision Blizzard’s been mired in gender pay disparity and sexual harassment storm.</li>
<li>Controversial CEO Bobby Kotick to continue in his role as head of Activision Blizzard, though WSJ says otherwise.</li>
</ul>


Microsoft’s largest-ever acquisition provides boost for cloud gaming and metaverse ambitions.
Deal comes as Activision Blizzard’s been mired in gender pay disparity and sexual harassment storm.
Controversial CEO Bobby Kotick to continue in his role as head of Activision Blizzard, though WSJ says otherwise.


Microsoft Got Game! Plans to Buy Activision Blizzard for $95/Share or $68.7 Billion

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>'s shareholders aim to raise up to US$2.3bn in its Japan IPO.</li>
<li>Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO.
Tokyo Metro (TKM) is one of the two metro network operators in the Tokyo region. It operates nine subway lines with a total of 180 stations.
In this note, we talk about the not-so-positive aspects of the deal.


Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end. The lock-up on pre-IPO...

Sumeet Singh

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Why we think that the prospect of earning double-digits annualized returns from this transaction within the next 18 months might not be such a gamble

Robert Sassoon

Microsoft’s Activision Acquisition Is a Stupendous Deal

Microsoft's acquisition of Activision is a homerun by any measure: strategically, financially, and on valuation. We expect the level of synergies...

Aaron Gabin

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

PHC Holdings IPO Lock-Up - Stock Might Be Cheap but It’s Stuck with a US$1bn Overhang

PHC Holding had raised US$645m in its Japan IPO in Oct 2021, after the deal was downsized and priced at the low-end. The lock-up on pre-IPO...

Sumeet Singh

MergerTalk: Microsoft/Activision Blizzard-Why We Think This Transaction May Not Be Such A Gamble

Why we think that the prospect of earning double-digits annualized returns from this transaction within the next 18 months might not be such a gamble

Robert Sassoon

Microsoft’s Activision Acquisition Is a Stupendous Deal

Microsoft's acquisition of Activision is a homerun by any measure: strategically, financially, and on valuation. We expect the level of synergies...

Aaron Gabin

Microsoft Got Game! Plans to Buy Activision Blizzard for $95/Share or $68.7 Billion

Microsoft 'ain't' playing games. Its planned buy of Activision Blizzard will get regulators' dander up, but the devil's in the detail, and this...

John DeMasi

Tokyo Metro IPO - The Negatives - Hasn't Recovered Fully but Div and Debt Have

Tokyo Metro (9023 JP)'s shareholders aim to raise up to US$2.3bn in its Japan IPO. In this note, we talk about the not-so-postive.

Sumeet Singh