APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at bookrunner performance for ASEAN IPOs from 2019-2022. </li>
<li>The following dataset includes all ASEAN IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>41 deals.</strong>
</li>
<li>The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.</li>
</ul>


In this note, we will take a look at bookrunner performance for ASEAN IPOs from 2019-2022. 
The following dataset includes all ASEAN IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 41 deals.

The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.


Aequitas ASEAN IPOs Bookrunner Performance (2019-2022)

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential index changes and the resultant capping flows for the <a href="https://www.smartkarma.com/entities/hang-seng-china-enterprises-index" target="_blank" data-smartkarma-citation="entities:22900:1" rel="noopener">Hang Seng China Enterprises Index (HSCEI INDEX)</a> in March 2023.</li>
<li>According to our estimation, there could be one change for the HSCEI in March 2023 and there could be one-way index flows of US$440mn.</li>
<li>The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.</li>
</ul>


In this insight, we take a look at the potential index changes and the resultant capping flows for the Hang Seng China Enterprises Index (HSCEI INDEX) in March 2023.
According to our estimation, there could be one change for the HSCEI in March 2023 and there could be one-way index flows of US$440mn.
The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.


Quiddity Flow Expectations HSCEI Mar 23: One Change + Caps for Meituan, Alibaba, and Tencent

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>While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.</li>
<li>Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.</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.
While the holiday shortened week didn't see much action in Asia, but there was one more ADR filing in the US, adding to the mini-pipeline.
Adani's ongoing FPO was the only live deal this week, although it had enough drama to make up for the lack of other deals.


ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside</li>
<li>We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI</li>
<li>We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations</li>
</ul>


2023 gameplan remains unchanged; we see limited upside from here for ACWI-US, and we expect a rangebound year of trading on ACWI-US with $93 capping upside and $75-77 capping downside
We also remain overweight Europe/UK, we want to add exposure on pullbacks to China/Hong Kong/EM, and overweight non-U.S. equities (MSCI ACWI ex-US) relative to MSCI ACWI
We highlight buy ideas within Technology, Communications, and Consumer Discretionary. The UK/Europe and Hong Kong/China continue to make up the majority of our buy recommendations


Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

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 analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 27th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Esr (1821 HK), China Yongda Automobiles Services (3669 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Jan 27th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Esr (1821 HK), China Yongda Automobiles Services (3669 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Aia (1299 HK), Tencent (700 HK), Esr (1821 HK).


Hong Kong Buybacks Weekly (Jan 27th): Aia, Esr, China Yongda

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Aequitas ASEAN IPOs Bookrunner Performance (2019-2022)

In this note, we will take a look at bookrunner performance for ASEAN IPOs from 2019-2022 which includes all ASEAN IPOs above US$100m, amounting...

Ethan Aw

Quiddity Flow Expectations HSCEI Mar 23: One Change + Caps for Meituan, Alibaba, and Tencent

In terms of days-to-trade, only the Expected ADD China Shenhua Energy Co H (1088 HK) with 1.75 days to buy and Expected DEL China Feihe (6186 HK)...

Janaghan Jeyakumar, CFA

ECM Weekly (29th Jan 2023) - Adani, Oasis, Mankind Pharma, ZJLD, India IPO Bookrunners

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

Major Top on U.S. Dollar; Overweight Non-U.S. And Europe/UK; Buys in Tech, Comm., Discretionary

The $DXY broke below 5-year support at $103, signaling a major top in place. This is bullish for risk assets, and is another sign suggesting the...

Vermilion Research

Hong Kong Buybacks Weekly (Jan 27th): Aia, Esr, China Yongda

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Aia (1299 HK), Esr...

Ke Yan, CFA, FRM

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