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

Renesas Electronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" target="_blank" data-smartkarma-citation="entities:11171:1" rel="noopener">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of Renesas Electronics (6723 JP) stock. 
The deal will be an easy one to digest at only three days of three month ADV.
In this note, we will talk about the placement and run the deal through our ECM framework.


Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Resonac Holdings  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/showa-denko-k-k" target="_blank" data-smartkarma-citation="entities:1496:1" rel="noopener">Showa Denko K.K. (4004 JP)</a> aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its planned capex across its different business segments.In this note, we will talk about the deal dynamics and run the deal through our ECM framework.

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

Equity Bottom-Up

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in <a href="https://www.smartkarma.com/insights/five-big-ideas-for-the-next-five-years" target="_blank" data-smartkarma-citation="insights:8457">Five Big Ideas for the Next Five Years</a>, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we discussed in Five Big Ideas for the Next Five Years, but as Kevin Kelly of Wired magazine once said in his audio-book The Inevitables, the future usually arrives faster than we think. Currently, industry players have sounded the alarm bells on the country's high reserve margin of 30% (well above regulator's minimum planned level of 19%). We have too many…

Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited / Event-Driven

Hitachi Chemical Storage Battery (Thailand) Public Company Limited

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.<ul>
<li>
Hitachi’s Thai unit to make a tender offer for BAT-3K
</li>
<li>
TOA’s tender offer of Sherwood</li>
<li>Potential management buyout of Q-CON
</li>
</ul><table class="table table-striped"><tbody>
<tr>
<td>Stock</td>
<td>Business</td>
<td style="text-align: center;">Shr pr (Bt/sh)</td>
<td style="text-align: center;">Mkt cap (US$ m)</td>
<td style="text-align: center;">PE (x)</td>
<td style="text-align: center;">Yld (%)</td>
</tr>
<tr>
<td>BAT-3K (Thai</td>
</tr>
</tbody></table>…

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard about are not earth-shaking, but they are pretty diverse in terms of industry. In most cases, however, the premium are likely to be small. Nice to get an update yo.

Hitachi’s Thai unit to make a tender offer for BAT-3K


TOA’s tender offer of Sherwood
Potential management buyout of Q-CON



Stock
Business
Shr pr (Bt/sh)
Mkt cap (US$ m)
PE (x)
Yld (%)


BAT-3K (Thai

…

Somboon Advance Technology P / Equity Bottom-Up

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since Thaksin's sister initiated the hare-brained first time car buyers' incentive program in 2011. Finally, the 6-year slump may be over. We stress that this is before the impact of the Motor Show at BITEC which is happening in March 2017, which is normally a good support for the sector though certainly no panacea. To be fair, not everyone is doing well…

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since Thaksin's sister initiated the hare-brained first time car buyers' incentive program in 2011. Finally, the 6-year slump may be over. We stress that this is before the impact of the Motor Show at BITEC which is happening in March 2017, which is normally a good support for the sector though certainly no panacea. To be fair, not everyone is doing well…

Auto Updates Yo: Glimmers of Hope...Not for Everyone

Thailand

Hitachi Chemical Storage Battery (Thailand) Public Company Limited produces and distributes vehicle batteries. The Company offers offers motorcycle, golf cart, traction, cycle, and lighting and stationary batteries. Hitachi Chemical Storage Battery serves customers worldwide.

Hitachi Chemical Storage Battery (Thailand) Public Company Limited (BAT3K TB)

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Hitachi Chemical Storage Battery (Thailand) Public Company Limited (BAT3K TB)

Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged

Mitsubishi Electric (6503 JP) is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares...

Ethan Aw

Showa Denko Placement - Relatively Large Deal, past Deal Didn’t Do Well

Showa Denko K.K. (4004 JP) aims to raise around US$745m via a global follow-on offering. Proceeds from the placement will be used to finance its...

Sumeet Singh

RATCH: Power Is the New Oil

The dynamics in Thai power industry could change significantly when EV (electric vehicles) comes to Thailand. This is one of the five trends we...

Athaporn Arayasantiparb, CFA

Recent/Upcoming Deals in Thailand

It’s nice being an investment banker these days in Thailand. Looks like a good string of small deals coming their way. The recent ones we heard...

Athaporn Arayasantiparb, CFA

Auto Updates Yo: Glimmers of Hope...Not for Everyone

A good month. Toyota released February auto data, and there were pretty good if you ask me. Remember that auto sales had been in a slump ever since...

Athaporn Arayasantiparb, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)