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 around 4.5% 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>The deal is very well flagged with Auckland City Council having publicly stated their intention to sell 7% of the stock in Jun 2023.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Auckland City Council plans to sell around 4.5% of Auckland Intl Airport (AIA NZ) to fund its budget requirements for 2023-24.
The deal is very well flagged with Auckland City Council having publicly stated their intention to sell 7% of the stock in Jun 2023.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Auckland Airport Placement - Well Flagged, LO Support but Still a Bit Tricky

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul>
<li>Spark (SPK) delivered a solid result in-line with guidance and expectations.</li>
<li>Likewise its FY24 guidance for both dividends and EBITDAI was in-line with our forecasts.</li>
<li>We see it as a sound result that should support the stock price around current levels. </li>
</ul>


Spark (SPK) delivered a solid result in-line with guidance and expectations.
Likewise its FY24 guidance for both dividends and EBITDAI was in-line with our forecasts.
We see it as a sound result that should support the stock price around current levels. 


Spark NZ - FY23 Result — Delivered the Cake but No Icing

<ul><li>Spark NZ (SPK) will report its FY23 result on Friday, 18 August.</li><li>It has guided for FY23 EBITDAI to be at the lower end of NZ$1,185m to NZ$1,225m.</li><li>The guidance implies a strong 2H23, with EBITDAI up +10% vs 2H22 even at the very low end. </li></ul>

Spark NZ (SPK) will report its FY23 result on Friday, 18 August.It has guided for FY23 EBITDAI to be at the lower end of NZ$1,185m to NZ$1,225m.The guidance implies a strong 2H23, with EBITDAI up +10% vs 2H22 even at the very low end. 

Spark NZ - FY23 Preview — Clouds on the Horizon

<ul><li>The curse of the incumbent; SPK will likely experience significant cloud headwinds for several years to come</li><li>Free cash flow declining again thanks to growth capex: SPK has delivered admirable growth in free cash flow over the last five years and are back to growing its dividends.</li><li>Mobile still strong — but easy wins from One NZ are likely behind us as One NZ has improved its service levels </li></ul>

The curse of the incumbent; SPK will likely experience significant cloud headwinds for several years to comeFree cash flow declining again thanks to growth capex: SPK has delivered admirable growth in free cash flow over the last five years and are back to growing its dividends.Mobile still strong — but easy wins from One NZ are likely behind us as One NZ has improved its service levels 

Spark NZ: Running Fast, Moving Slow; Down to NEUTRAL

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infratil-ltd" target="_blank" data-smartkarma-citation="entities:596:1" rel="noopener">Infratil Ltd (IFT NZ)</a> aims to raise around US$456m (NZ$750m) via an institutional placement.</li>
<li>Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement.
Proceeds from the placement will be used to acquire the remaining stake on One New Zealand from Brookfields.
In this note, we will talk about the placement and run the deal through our ECM framework.


Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

New Zealand

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

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Spark New Zealand (SPK NZ)

Auckland Airport Placement - Well Flagged, LO Support but Still a Bit Tricky

Auckland City Council plans to sell around 4.5% of Auckland Intl Airport (AIA NZ) to fund its budget requirements for 2023-24. In this note, we...

Sumeet Singh

Spark NZ - FY23 Result — Delivered the Cake but No Icing

Spark (SPK) delivered a solid result in-line with guidance and expectations. Likewise its FY24 guidance for both dividends and EBITDAI was in-line...

Forsyth Barr

Spark NZ - FY23 Preview — Clouds on the Horizon

Spark NZ (SPK) will report its FY23 result on Friday, 18 August. It has guided for FY23 EBITDAI to be at the lower end of NZ$1,185m to NZ$1,225m.

Forsyth Barr

Spark NZ: Running Fast, Moving Slow; Down to NEUTRAL

Over the last five years Spark (SPK) has delivered an EBITDA CAGR of ~+4%. The key drivers have been; (1) cost out and (2) strong mobile pricing...

Forsyth Barr

Infratil Placement - Acquisition of Familiar Asset at Higher Multiples, Stock Is Toppish

Infratil Ltd (IFT NZ) aims to raise around US$456m (NZ$750m) via an institutional placement. In this note, we talk about the placement and run the...

Sumeet Singh

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