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

Honasa Consumer  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer</a> is looking to raise about US$200m in its upcoming India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.</li>
</ul>



Honasa Consumer is looking to raise about US$200m in its upcoming India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance. In this note, we talk about the RHP updates and valuations.


Honasa Consumer IPO - Thoughts on Valuations

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Bank Negara Indonesia Persero / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-negara-indonesia-persero" target="_blank" data-smartkarma-citation="entities:8285:1" rel="noopener">Bank Negara Indonesia (BBNI IJ)</a>continues to focus on growing the quality end of its corporate loan book, and de-risking its smaller sized commercial loans, whilst growing consumer exposure.</li>
<li>The bank's digital initiatives remain core, with strong growth in mobile transactions by value as well as the number of users, whilst BNI Direct is driving digitisation of business customers.</li>
<li>Hibank has launched, growing FMCG related loans fast, with the help of Mayora Indah. BNI valuations remain attractive, with the bank trading on 1.2x FY2023E PBV with 15% ROE.</li>
</ul>



Bank Negara Indonesia (BBNI IJ)continues to focus on growing the quality end of its corporate loan book, and de-risking its smaller sized commercial loans, whilst growing consumer exposure.
The bank's digital initiatives remain core, with strong growth in mobile transactions by value as well as the number of users, whilst BNI Direct is driving digitisation of business customers.
Hibank has launched, growing FMCG related loans fast, with the help of Mayora Indah. BNI valuations remain attractive, with the bank trading on 1.2x FY2023E PBV with 15% ROE.


Bank Negara Indonesia (BBNI IJ) - Increasingly Quality Focused Through a Digital Lens

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya-pt" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI</a> raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Cinema XXI raised around US$150m in its Indonesia IPO, after pricing at the bottom-end.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance and undertaken a peer comparison and valuation in our earlier notes. In this note, we talk about the trading dynamics.


Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


Nusantara Sejahtera Raya (Cinema XXI) IPO - Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nusantara-sejahtera-raya" target="_blank" data-smartkarma-citation="entities:39908:1" rel="noopener">Cinema XXI (CINEMA IJ)</a> aims to raise up to US$160m in its Indonesia IPO.</li>
<li>Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO.
Cinema XXI is a premium theatrical exhibition, F&amp;B and experience company. It is the largest cinema chain operator in Indonesia.
We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.


Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Indonesia

PT Unilever Indonesia Tbk manufactures soaps, detergents, margarine, oil and dairy based foods, tea based beverages, ice cream, and cosmetics.

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Unilever Indonesia (UNVR IJ)

Honasa Consumer IPO - Thoughts on Valuations

Honasa Consumer, a beauty and personal care company, is looking to raise about US$200m in its upcoming India IPO. In this note we talk about...

Sumeet Singh

Bank Negara Indonesia (BBNI IJ) - Increasingly Quality Focused Through a Digital Lens

BBNI continues to focus on growing the quality of its corporate loan book, whilst de-risking its smaller sized loans, and growing consumer...

Angus Mackintosh

Nusantara Sejahtera Raya (Cinema XXI) IPO Trading - Should Be a Steady Listing

Nusantara Sejahtera (Cinema XXI) raised around US$150m in its Indonesia IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

Nusantara Sejahtera Raya (Cinema XXI) IPO - Thoughts on Valuation

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. In this note, we talk about valuations. The deal isn't particularly cheap.

Sumeet Singh

Nusantara Sejahtera Raya (Cinema XXI) IPO - Peer Comparison

Cinema XXI (CINEMA IJ) aims to raise up to US$160m in its Indonesia IPO. We have looked at the past performance in our earlier notes, in this note...

Sumeet Singh

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