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

Auckland Intl Airport / Equity Capital Markets

<ul>
<li>Auckland City Council plans to sell 7% of <a href="https://www.smartkarma.com/entities/auckland-intl-airport-ltd" target="_blank" data-smartkarma-citation="entities:597:1" rel="noopener">Auckland Intl Airport (AIA NZ)</a>  to fund its budget requirements for 2023-24.</li>
<li>Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.</li>
<li>In this note, we will talk about the possible placement and other deal dynamics.</li>
</ul>


Auckland City Council plans to sell 7% of Auckland Intl Airport (AIA NZ)  to fund its budget requirements for 2023-24.
Auckland City Mayor has been talking about selling the stake since at least Dec 2022 and hence, the deal is already very well flagged.
In this note, we will talk about the possible placement and other deal dynamics.


Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in December.</li>
<li>Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.</li>
<li>There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in <a href="https://www.smartkarma.com/entities/car-group-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">CAR Group (CAR AU)</a> recently.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the S&amp;P/ASX 200 (AS51 INDEX) in December.
Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.
There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in CAR Group (CAR AU) recently.


S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We do not see any index changes for ASX 20 and ASX 100.</li>
<li>We expect one change for ASX 50 and one change for ASX 200.</li>
</ul>


In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We do not see any index changes for ASX 20 and ASX 100.
We expect one change for ASX 50 and one change for ASX 200.


Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

<ul>
<li>In this insight, we take a look at the potential index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We currently do not see any index changes for ASX 20 and ASX 100.</li>
<li>We continue to expect one change for ASX 50. However, our expectations for ASX 200 have changed since our last insight (<a href="https://www.smartkarma.com/insights/quiddity-leaderboard-asx-dec-24-three-changes-possible-new-long-short-ideas?slug=quiddity-leaderboard-asx-dec-24-three-changes-possible-new-long-short-ideas" target="_blank" rel="noopener">link</a>).</li>
</ul>


In this insight, we take a look at the potential index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We currently do not see any index changes for ASX 20 and ASX 100.
We continue to expect one change for ASX 50. However, our expectations for ASX 200 have changed since our last insight (link).


Quiddity Leaderboard ASX Dec 24: Clarity Pharma and Resolute Mining Competing for ASX 200 Spot

<ul>
<li>With three quarters of the review period complete, there could be one change for the S&amp;P/ASX 50 Index and two changes for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in December. </li>
<li>There are two stocks that could be deleted from global indexes in November and that could keep those names under pressure for the next few weeks.</li>
<li>Passive trackers will need to buy between 4-5x ADV in the forecast adds and sell between 2-8x ADV in the forecast deletes. Shorts have been building up in some names.</li>
</ul>


With three quarters of the review period complete, there could be one change for the S&amp;P/ASX 50 Index and two changes for the S&amp;P/ASX 200 (AS51 INDEX) in December. 
There are two stocks that could be deleted from global indexes in November and that could keep those names under pressure for the next few weeks.
Passive trackers will need to buy between 4-5x ADV in the forecast adds and sell between 2-8x ADV in the forecast deletes. Shorts have been building up in some names.


S&P/ASX Index Rebalance Preview (Dec 2024): Big Impact as Shorts Ramp Up

New Zealand

Spark New Zealand Limited (formerly Telecom Corporation of New Zealand Limited) is a digital services provider for communications, entertainment and IT services over its networks and the Cloud to New Zealanders and businesses. The Company's strategy is focused on customer experiences, mobility and data.

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Spark New Zealand (SPK AU)

Auckland Airport Possible Placement - Will Be Very Well Flagged US$540m Block

Auckland Airport just reported its full year results, this in effect frees its largest shareholder, Auckland City Council to progress with its...

Sumeet Singh

S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions

CAR Group could replace Dexus in the ASX50, and Clarity Pharma could replace Spark NZ in the ASX200. Dexus and Spark NZ are also deletes from a...

Brian Freitas

Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

Spark New Zealand (SPK AU) could be replaced by Clarity Pharmaceuticals Ltd (CU6 AU) in ASX 200. Dexus Property (DXS AU) could be deleted and CAR...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Dec 24: Clarity Pharma and Resolute Mining Competing for ASX 200 Spot

Spark New Zealand (SPK AU) is a high-conviction ASX 200 DEL. Clarity Pharma (CU6 AU) is leading the race to become an ASX 200 add and Resolute...

Janaghan Jeyakumar, CFA

S&P/ASX Index Rebalance Preview (Dec 2024): Big Impact as Shorts Ramp Up

There could be 1 change for the ASX50 and 2 changes for the ASX200 in Dec. Couple of ASX deletes could also be deleted from a global index in...

Brian Freitas

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