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.

Event-Driven

<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

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.

<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

<ul>
<li>
<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> and <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> shares declined as <a href="https://www.bangkokbiznews.com/tech/1016819" target="_blank" rel="noopener">reports suggest</a> that NBTC’s subcommittees voted 3:1 AGAINST the merger. True said the reports <a href="https://classic.set.or.th/set/pdfnews.do?newsId=16584462215240&amp;sequence=0" target="_blank" rel="noopener">are false</a>.</li>
<li>An earlier press conference by CP Group and <a href="https://www.smartkarma.com/entities/telenor-asa" target="_blank" data-smartkarma-citation="entities:22258:1" rel="noopener">Telenor ASA (TEL NO)</a> reiterated that the NBTC could only prescribe remedial measures. A court ruling on 16 June supports this view.</li>
<li>NBTC will allegedly review the subcommittees’ findings on 26-27 July. We think this development results in the NBTC prescribing harsher remedial conditions to the merger rather than blocking it. </li>
</ul>



Total Access Communication (DTAC TB) and True Corp Pcl (TRUE TB) shares declined as reports suggest that NBTC’s subcommittees voted 3:1 AGAINST the merger. True said the reports are false.
An earlier press conference by CP Group and Telenor ASA (TEL NO) reiterated that the NBTC could only prescribe remedial measures. A court ruling on 16 June supports this view.
NBTC will allegedly review the subcommittees’ findings on 26-27 July. We think this development results in the NBTC prescribing harsher remedial conditions to the merger rather than blocking it. 


DTAC/True Merger: Shares Decline on Noise About NBTC Subcommittees Voting Decision

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Bridgetown Holdings, a SPAC backed by Peter Thiel and Richard Li, is considering a potential merger with Singapore’s virtual telco Circles.Life (merger valuation could range US$1.5 billion to US$2.5 billion). </li>
<li>All in all, the valuation range of the proposed M&amp;A merger of Bridgetown Holdings and Circles.Life needs to be reduced substantially, in order to generate more interest in this deal. </li>
<li>Otherwise, there is likely to be weak demand for this merger deal. In addition, the market environment for SPAC related M&amp;A deals have deteriorated significantly in the past 6-12 months.</li>
</ul>


Bridgetown Holdings, a SPAC backed by Peter Thiel and Richard Li, is considering a potential merger with Singapore’s virtual telco Circles.Life (merger valuation could range US$1.5 billion to US$2.5 billion). 
All in all, the valuation range of the proposed M&amp;A merger of Bridgetown Holdings and Circles.Life needs to be reduced substantially, in order to generate more interest in this deal. 
Otherwise, there is likely to be weak demand for this merger deal. In addition, the market environment for SPAC related M&amp;A deals have deteriorated significantly in the past 6-12 months.


Bridgetown Holdings Considering a Potential Merger with Circles.Life

Equity Capital Markets

<ul>
<li>Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.</li>
<li>Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.</li>
<li>In this note, we look at the company's past performance.</li>
</ul>


Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore.
Emp is the Philippines’ largest liquor company and the world’s largest brandy producer. Its products are sold in over 100 countries.
In this note, we look at the company's past performance.


Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Singapore

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)

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: Shares Decline on Noise About NBTC Subcommittees Voting Decision

We think this development results in the NBTC prescribing harsher conditions to the merger rather than blocking it. Due to high volatility on...

Arun George

Bridgetown Holdings Considering a Potential Merger with Circles.Life

All in all, the valuation range of the proposed M&A merger of Bridgetown Holdings and Circles.Life needs to be reduced substantially, in order to...

Douglas Kim

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

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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: Shares Decline on Noise About NBTC Subcommittees Voting Decision

We think this development results in the NBTC prescribing harsher conditions to the merger rather than blocking it. Due to high volatility on...

Arun George

Bridgetown Holdings Considering a Potential Merger with Circles.Life

All in all, the valuation range of the proposed M&A merger of Bridgetown Holdings and Circles.Life needs to be reduced substantially, in order to...

Douglas Kim

Emperador Secondary Listing - Driven by Whisky, Supported by Brandy

Emperador (Emp) is looking to raise up to US$750m via a secondary listing in Singapore. In this note, we look at the company's past performance.

Sumeet Singh

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