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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener"> PT Global Digital Trade (1437710D IJ)</a>  (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions</li>
<li>In this note, we'll talk about the positive aspects of the deal.</li>
</ul>



 PT Global Digital Trade (1437710D IJ)  (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
In this note, we'll talk about the positive aspects of the deal.


PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

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

Total Access Communication / Event-Driven

<ul>
<li>The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October. </li>
<li>The <a href="https://www.bangkokpost.com/business/2412378/regulator-set-to-rule-on-telecom-merger-wednesday" target="_blank" rel="noopener">Bangkok Post reported</a> today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it. </li>
<li>The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.</li>
</ul>


The NBTC Board has confirmed that it will decide on the DTAC/True merger on 20 October as it will receive yet another report from consultants on 14 October. 
The Bangkok Post reported today that NBTC would conclude that it has no authority to consider approving or rejecting the deal but will issue measures to govern it. 
The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share price ratio.


DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

<ul>
<li>The <a href="https://www.bangkokpost.com/business/2396261/nbtc-has-no-authority-to-approve-or-reject-telecom-merger" target="_blank" rel="noopener">press reports</a> that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.</li>
<li>The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.</li>
</ul>


The press reports that the Council of State has stated that the regulator, NBTC, can only prescribe measures to govern the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
The Council of State decree paves the way for the merger to complete and the launch of the VTOs. The NBTC remedial measures will likely focus on consumer protection measures.
The current share price ratio is 9.150x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 4.4% and 1.8%, respectively.


DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

<ul>
<li>PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.</li>
<li>The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


PropertyGuru (PG) tried to raise around US$300m when it undertook a merger with Bridgetown 2 SPAC in Mar 2022.
The transaction valued PropertyGuru at an EV of US$1.35bn and equity value of US$1.78bn. It is now trading at less than half that valuation and with very limited liquidity.
In this note, we will talk about the lock-up dynamics and updates since our last note.


PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

<ul>
<li>The <a href="https://www.bangkokpost.com/business/2385783/nbtc-preps-mega-merger-measures" target="_blank" rel="noopener">Bangkok Post reports</a> that the Thai regulator (NBTC) will propose ten remedial measures to approve the <a href="https://www.smartkarma.com/entities/total-access-communication" target="_blank" data-smartkarma-citation="entities:948:1" rel="noopener">Total Access Communication (DTAC TB)</a>/<a href="https://www.smartkarma.com/entities/true-corp-pcl" target="_blank" data-smartkarma-citation="entities:8:1" rel="noopener">True Corp Pcl (TRUE TB)</a> merger.</li>
<li>The NBTC board is not expected to issue a final decision as it waits for an interpretation by the Council of State if it can approve or reject the merger.</li>
<li>The current share price ratio is 9.511x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 9.2% and 10.7%, respectively.</li>
</ul>


The Bangkok Post reports that the Thai regulator (NBTC) will propose ten remedial measures to approve the Total Access Communication (DTAC TB)/True Corp Pcl (TRUE TB) merger.
The NBTC board is not expected to issue a final decision as it waits for an interpretation by the Council of State if it can approve or reject the merger.
The current share price ratio is 9.511x vs the swap ratio of 10.221x. At last close, DTAC and True’s gross spread to the VTO price is 9.2% and 10.7%, respectively.


DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

Singapore

NetLink NBN Trust designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.designs, builds, owns, and operates fiber network infrastructures. The Company offers fiber network resources, including ducts, manholes, and cables. NetLink NBN Trust also focuses on leasing telecommunication infrastructures to telecommunication service providers. NetLink NBN Trust serves customers in Singapore.

Digilife Technologies Limited Limited offers mobile telecommunication solutions. The Company provides a portfolio of voice, data and computing services along with VoIP technology. S 121 Ltd supports access from mobile devices through either mobile broadband (3G/4G) or WiFi.

Polaris Limited provides a wide range of telecommunications services. The Company's services services range from prepaid communication services to wholesale voice traffic.

Edition Ltd offers software and content for cellular telephones.  The Company offers software that allows for customized ring tones, personal voice mailbox, mobile karaoke, and other services.

Singapore Telecommunications Limited wireless telecommunication services. The Company offers diverse range of services including fixed, mobile, data, internet, TV,  and digital solutions. Singapore Telecommunications serves customers worldwide.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

PT XL Axiata Tbk provides a wide range of mobile telecommunications services in Indonesia.

Shenandoah Telecommunications Company provides telecommunications services through its subsidiaries.  The Company offers integrated, full service telecommunications products and services in the Northern Shenandoah Valley and surrounding areas.  Shenandoah Telecommunications also holds paging and other radio telecommunications licenses.

Shenandoah Telecommunications Company (SHEN US)

OKINAWA CELLULAR TELEPHONE COMPANY provides cellular and car phone services in Okinawa Prefecture.  The Company also sells cellular phones and accessories.

Orange Belgium offers mobile telephone services in Belgium through a GSM network, as well as fixed-line services for international calls. The Company offers services such as pre-paid calling cards, text messaging, mobile office access for business customers, and games.

Sistema PJSC FC is a publicly-listed investment company incorporated in Russia. The Company owns a diverse set of public and private companies which it holds in two distinct portfolios: Core assets and Developing assets.

PT Sarana Menara Nusantara Tbk, through a subsidiary, builds telecommunications towers. The Company constructs, operates, and rents the towers to mobile telecommunications services providers.

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

PT Smartfren Telecom Tbk provides telecommunication services and general trading.

Sonaecom, SGPS, S.A. offers telecommunications services.  The Company offers mobile and fixed-line telephone and Internet access services.  Sonaecom also offers systems integration and consulting services.

Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel.  The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

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StarHub Ltd (STH SP)

PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

BliBli aims to raise up to US$530m in its Indonesian IPO, the company provides ecommerce and travel services in Indonesia. In this note, we talk...

Sumeet Singh

DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share...

Arun George

DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

The NBTC remedial measures will likely focus on consumer protection measures. It is attractive to buy the current price ratio of 9.150x as it is a...

Arun George

PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

PropertyGuru mergered with Bridgetown 2 SPAC in Mar 2022. Its 180-days lockup will end soon freeing its two large PE shareholders.

Sumeet Singh

DTAC/True Merger: NBTC Likely to Set Measures to Approve Merger

Reports suggest that the NBTC will propose ten measures to approve the merger. At the last close, DTAC and True’s gross spread to the VTO price is...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PT Global Digital Trade (BliBli) Pre-IPO - The Positives - Wide Offering, Strong COVID Bounce Back

BliBli aims to raise up to US$530m in its Indonesian IPO, the company provides ecommerce and travel services in Indonesia. In this note, we talk...

Sumeet Singh

DTAC/True Merger: NBTC Set to Decide on the Merger on 20 October

The current share price ratio of 8.873x vs implied swap ratio of 10.221x is the lowest since the announcement of the potential VTO. Buy the share...

Arun George

DTAC/True Merger: Council of State’s Decree Paves the Way for Completion

The NBTC remedial measures will likely focus on consumer protection measures. It is attractive to buy the current price ratio of 9.150x as it is a...

Arun George

PropertyGuru SPAC Lock-Up - Two PE’s with a US$450m Stake Are Stuck with a Liquidity Conundrum

PropertyGuru mergered with Bridgetown 2 SPAC in Mar 2022. Its 180-days lockup will end soon freeing its two large PE shareholders.

Sumeet Singh

DTAC/​True Merger: NBTC Likely to Set Measures to Approve Merger

Reports suggest that the NBTC will propose ten measures to approve the merger. At the last close, DTAC and True’s gross spread to the VTO price is...

Arun George

DTAC/True Merger: NBTC Likely to Set Measures to Approve Merger