APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially additional acquisitions over the year.</li>
<li>SDF has undertaken a number of capital raises in the past to similarly fund its active acquisition strategy. Overall, the firm’s past deal record has been strong.</li>
<li>In this note, we will talk about the acquisition and run the deal through our ECM framework.</li>
</ul>



Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially additional acquisitions over the year.
SDF has undertaken a number of capital raises in the past to similarly fund its active acquisition strategy. Overall, the firm’s past deal record has been strong.
In this note, we will talk about the acquisition and run the deal through our ECM framework.


Steadfast Group Placement - While Accretion Here Is Limited, Past Deals Have Done Well

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of May 24th (reported today) which has an aggregated short interest worth USD19.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Macquarie, Viva Energy, Wesfarmers, Boral.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of May 24th (reported today) which has an aggregated short interest worth USD19.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Macquarie, Viva Energy, Wesfarmers, Boral.


ASX Short Interest Weekly (May 24th): Macquarie, Viva Energy, Wesfarmers, Boral

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC</a> ended up doing well, as expected. Now <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies </a>will be another one to watch.</li>
<li>The placements continued to flow in this week as well, with both Australia and Japan deals coming relatively thick and fast, at least by 2023's pace.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, WuXi XDC ended up doing well, as expected. Now Tata Technologies will be another one to watch.
The placements continued to flow in this week as well, with both Australia and Japan deals coming relatively thick and fast, at least by 2023's pace.


ECM Weekly (19th Nov 2023)- Asahi, Ajinomoto, Steadfast, Karoon, Wuxi, Ecopro, Zeekr, Tata Tech

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Jul 7th (reported today) which has an aggregated short interest worth USD15.7bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley, Csl, ANZ, Aurizon.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Jul 7th (reported today) which has an aggregated short interest worth USD15.7bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley, Csl, ANZ, Aurizon.


ASX Short Interest Weekly (Jul 7th): Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley

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>Changes to the S&amp;P/ASX indices, <a href="https://www.smartkarma.com/entities/vaneck-vectors-rare-earth-strategic-metals-etf" target="_blank" data-smartkarma-citation="entities:32320:1" rel="noopener">VanEck Vectors Rare Earth/Strategic Metals ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF</a>, <a href="https://www.smartkarma.com/entities/vaneck-vectors-aus-equal-wei" target="_blank" data-smartkarma-citation="entities:24297:1" rel="noopener">Vaneck Aus Equal Weight ETF</a>, and other indices will be implemented 17 March.</li>
<li>There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.</li>
<li>There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.</li>
</ul>


Changes to the S&amp;P/ASX indices, VanEck Vectors Rare Earth/Strategic Metals ETF, VanEck Vectors Junior Gold Miners ETF, Vaneck Aus Equal Weight ETF, and other indices will be implemented 17 March.
There are plenty of stocks with multiple days of ADV to trade. Some pre-positioning would have taken place prior to announcement and positions adjusted in the last couple of weeks.
There has been a reversal in stock performance over the last few weeks and short interest has moved a lot in some stocks.


Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Australia

Steadfast Group Ltd is a provider of services to broker businesses across Australia, New Zealand and Singapore. The Company has equity interests in insurance broker businesses, underwriting agencies and other complementary businesses.

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Steadfast (SDF AU)

Steadfast Group Placement - While Accretion Here Is Limited, Past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially...

Clarence Chu

ASX Short Interest Weekly (May 24th): Macquarie, Viva Energy, Wesfarmers, Boral

We analyzed ASX short interest report for the past week and highlight short interest changes in Macquarie, Viva Energy, Wesfarmers, Boral.

Ke Yan, CFA, FRM

ECM Weekly (19th Nov 2023)- Asahi, Ajinomoto, Steadfast, Karoon, Wuxi, Ecopro, Zeekr, Tata Tech

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASX Short Interest Weekly (Jul 7th): Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earth, Northern Star Re, Iluka...

Ke Yan, CFA, FRM

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Steadfast Group Placement - While Accretion Here Is Limited, Past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially...

Clarence Chu

ASX Short Interest Weekly (May 24th): Macquarie, Viva Energy, Wesfarmers, Boral

We analyzed ASX short interest report for the past week and highlight short interest changes in Macquarie, Viva Energy, Wesfarmers, Boral.

Ke Yan, CFA, FRM

ECM Weekly (19th Nov 2023)- Asahi, Ajinomoto, Steadfast, Karoon, Wuxi, Ecopro, Zeekr, Tata Tech

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ASX Short Interest Weekly (Jul 7th): Lynas Rare Earth, Northern Star Re, Iluka Resources, Worley

We analyzed ASX short interest report for the past week and highlight short interest changes in Lynas Rare Earth, Northern Star Re, Iluka...

Ke Yan, CFA, FRM

Australia: S&P/​ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday

Implementation of the S&P/ASX, REMX, GDXJ, MVA and other indices take place at the close on Friday. There will be a lot of passive flow going...

Brian Freitas

Australia: S&P/ASX, REMX, GDXJ, MVA, MVW, Other Flows on Friday