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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Reportedly (AFR), <strong><a href="https://www.smartkarma.com/entities/singapore-telecommunications" target="_blank" data-smartkarma-citation="entities:20:1" rel="noopener">Singtel (ST SP)</a></strong> is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. </li>
<li>SingTel quickly <a href="https://links.sgx.com/FileOpen/SGX%20Announcement%2020240313.ashx?App=Announcement&amp;FileID=791796" target="_blank" rel="noopener">countered</a> there is no impending deal; and "<em>Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term</em>."</li>
<li>Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.</li>
</ul>


Reportedly (AFR), Singtel (ST SP) is in advanced talks to sell Optus, Australia’s second-largest telco, to Brookfield for A$16bn-A$18bn. 
SingTel quickly countered there is no impending deal; and "Optus remains an integral and strategic part of the Singtel Group and we are committed to Australia for the long term."
Optus' EBITDA in 3Q24 and 9M24 fell 1.8% and 8.3% in S$ terms. Extrapolating out for FY24E suggests pricing under this (very) indicative Offer of around 7.6-8.6 turns of EBITDA.


Optus Sale Would Be A BIG Payday For SingTel

<ul>
<li>TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.</li>
<li>The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.</li>
<li>In this note, we talk about the upcoming lock-up release and its dynamics.</li>
</ul>


TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and DavidTeoh, being put in escrow.
The lockup on those shares will expire this month. David Teoh, TPG’s founder, has sold some stock before in Dec 21 and could look to exit his remaining shareholding.
In this note, we talk about the upcoming lock-up release and its dynamics.


TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

<ul>
<li>This week 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 INDEX</a> entered WEEKLY OVERBOUGHT status intra-week, peaking at 8384.50, then pulling back to 8283.20 at Close.</li>
<li>In this insight we will examine resistance levels the index will have a hard time to clear, without pulling back first at least 1 week.</li>
<li>According to our quantitative models, a pullback is highly likely to happen this week, or the next.</li>
</ul>


This week the S&amp;P/ASX 200 INDEX entered WEEKLY OVERBOUGHT status intra-week, peaking at 8384.50, then pulling back to 8283.20 at Close.
In this insight we will examine resistance levels the index will have a hard time to clear, without pulling back first at least 1 week.
According to our quantitative models, a pullback is highly likely to happen this week, or the next.


EQD | Upcoming ASX200 Pullback in 1-2 Weeks

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 Aug 9th (reported today) which has an aggregated short interest worth USD20.6bn.</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 CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Aug 9th (reported today) which has an aggregated short interest worth USD20.6bn.
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 CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra.


ASX Short Interest Weekly (Aug 9th): CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra

Australia

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia.  The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

Price Gauge
52-week Range	0.00 - 0.00
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Telstra Corp (TLS AU)

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and David Teoh,...

Sumeet Singh

EQD | Upcoming ASX200 Pullback in 1-2 Weeks

The ASX 200 INDEX has entered WEEKLY-overbought status, it is going to pull back in the next 1-2 weeks, but the overall trend appears healthy....

Nico Rosti

ASX Short Interest Weekly (Aug 9th): CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

Optus Sale Would Be A BIG Payday For SingTel

SingTel is a deep value play, and an inexpensive entry into Bharti; yet the market pushes the implied stub further into negative territory. A sale...

David Blennerhassett

TPG Telecom Possible Selldown - Founder Could Look to Raise up to US$1bn with a Clean Exit

TPG Telecom was formed by a merger of Vodafone and TPG in Jul 2020. The merger resulted in the shares owned by Vodafone, Hutchison and David Teoh,...

Sumeet Singh

EQD | Upcoming ASX200 Pullback in 1-2 Weeks

​The ASX 200 INDEX has entered WEEKLY-overbought status, it is going to pull back in the next 1-2 weeks, but the overall trend appears healthy....

Nico Rosti

ASX Short Interest Weekly (Aug 9th): CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra

We analyzed ASX short interest report for the past week and highlight short interest changes in CSL, Qbe Insurance, Macquarie, Agl Energy, Telstra.

Ke Yan, CFA, FRM

The ASX 200 INDEX has entered WEEKLY-overbought status, it is going to pull back in the next 1-2 weeks, but the overall trend appears healthy....