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

AUB Group Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aub-group-limited" target="_blank" data-smartkarma-citation="entities:11179:1" rel="noopener">AUB Group Limited (AUB AU)</a> is looking to raise up to AUD150m (US$100m) in its primary placement. The proceeds will be used to strengthen its balance sheet.</li>
<li>The deal would be a large one to digest at 24 days of three month ADV and dilution of 6.2%.  </li>
<li>In this note, we'll run the deal through our ECM framework and comment on deal dynamics.</li>
</ul>



AUB Group Limited (AUB AU) is looking to raise up to AUD150m (US$100m) in its primary placement. The proceeds will be used to strengthen its balance sheet.
The deal would be a large one to digest at 24 days of three month ADV and dilution of 6.2%.  
In this note, we'll run the deal through our ECM framework and comment on deal dynamics.


AUB Group Placement - Came as a Surprise but Strong Track Record Makes up for It

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> reported 1Q2023 results. Revenue grew 10.7% YoY and beat consensus estimate by 2.3% while reported operating profit was 2.25 below consensus estimates.</li>
<li>Key highlight was the YoY growth in domestic game revenue (+6%) which was mainly driven by strong performance of newly launched titles.</li>
<li>There has been strong recovery across all business segments during the quarter and current valuations are still at a discount to historical trading multiples and offer a good entry point.</li>
</ul>



Tencent (700 HK) reported 1Q2023 results. Revenue grew 10.7% YoY and beat consensus estimate by 2.3% while reported operating profit was 2.25 below consensus estimates.
Key highlight was the YoY growth in domestic game revenue (+6%) which was mainly driven by strong performance of newly launched titles.
There has been strong recovery across all business segments during the quarter and current valuations are still at a discount to historical trading multiples and offer a good entry point.


Tencent: Domestic Gaming Returns to Growth

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Autos /In Depth: How smart cars are upending the auto supply chain</li><li>Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian Ocean</li><li>Talk show /: Chinese comedy producer takes $2.1 million hit for military pun</li></ul>

Autos /In Depth: How smart cars are upending the auto supply chainCapsized /: 39 missing after Chinese fishing vessel capsizes in Indian OceanTalk show /: Chinese comedy producer takes $2.1 million hit for military pun

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Tencent reported 1Q23 financial results on 17 May.</li><li>Total revenue was up by 11% YoY to RMB150.0bn in 1Q23, in line with consensus/CMBI estimates of RMB146/148bn.</li><li>Non-IFRS operating income grew by 32% YoY to RMB48.4bn in 1Q23 and beat consensus estimate by 13%, boosted by the reaccelerating top-line growth, expanding GPM and operating leverage. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Tencent reported 1Q23 financial results on 17 May.Total revenue was up by 11% YoY to RMB150.0bn in 1Q23, in line with consensus/CMBI estimates of RMB146/148bn.Non-IFRS operating income grew by 32% YoY to RMB48.4bn in 1Q23 and beat consensus estimate by 13%, boosted by the reaccelerating top-line growth, expanding GPM and operating leverage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tencent  (700 HK) – Solid Recovery Across All Business Lines

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 1Q23, the revenue growth rose significantly to 11% YoY.</li>
<li>The operating margin also improved significantly to 24% in 1Q23 versus 17% in 1Q22.</li>
<li>We set an upside of 28% and a price target of HK$440 for yearend 2023.</li>
</ul>


In 1Q23, the revenue growth rose significantly to 11% YoY.
The operating margin also improved significantly to 24% in 1Q23 versus 17% in 1Q22.
We set an upside of 28% and a price target of HK$440 for yearend 2023.


Tencent (700 HK): 1Q23, Significant Improvements in Growth and Margin

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)

AUB Group Placement - Came as a Surprise but Strong Track Record Makes up for It

AUB Group is looking to raise up to AUD150m (US$100m) in its primary placement. In this note, we'll run the deal through our ECM framework and...

Ethan Aw

Tencent: Domestic Gaming Returns to Growth

Tencent's domestic game revenue grew for the first time driven by newly released titles. Newly unveiled gaming pipeline should drive growth in...

Shifara Samsudeen, ACMA, CGMA

CX Daily: How Smart Cars Are Upending the Auto Supply Chain

Autos /In Depth: How smart cars are upending the auto supply chain Capsized /: 39 missing after Chinese fishing vessel capsizes in Indian...

Caixin Global

Tencent (700 HK) – Solid Recovery Across All Business Lines

Tencent reported 1Q23 financial results on 17 May. Total revenue was up by 11% YoY to RMB150.0bn in 1Q23, in line with consensus/CMBI estimates of...

CMB International

Tencent (700 HK): 1Q23, Significant Improvements in Growth and Margin

In 1Q23, the revenue growth rose significantly to 11% YoY. The operating margin also improved significantly to 24% in 1Q23 versus 17% in 1Q22. We...

Ming Lu

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