Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.</li>
<li>Big deal, and big <em>impact</em>. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."</li>
<li>Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.</li>
</ul>


Singapore recently announced the pricing of its inaugural sovereign green bond issue marking Singapore's momentous entrée into the growing global sovereign green bond market.
Big deal, and big impact. Singapore's S$2.4 billion 50-year green bond ranks among the largest inaugural sovereign issuances and the proceeds are funding impactful "green projects."
Proceeds will fund two Clean Transportation projects (electric rail mass transit) and contribute to an 80% reduction in land transportation-related greenhouse gas emissions by 2050.


Singapore's Inaugural Green Bond: Big Deal, Big Impact

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018</li>
<li>Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.</li>
<li>Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.</li>
</ul>


Allocations in Singapore Financials continue their turnaround. From a low of 0.67% in early 2021, average weights have soared to 1.81%, closing in on the highs of 2%+ in 2018
Clear active rotation, with the percentage of managers exposed to the sector increasing from 45.2% in 2021 to 63.4% today.
Strong ownership growth seen in DBS and UOB, with +10.75% and +6.45% of managers opening positions over the last 6-months.  SGX also saw ownership rise.


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

Australia & New Zealand Bankin / Equity Capital Markets

<ul>
<li>ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.</li>
<li>The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.</li>
<li>In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.</li>
</ul>


ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022.
The institutional part of the entitlement offer saw a strong take up and the retail take up was within our expectations as well.
In this note, we will talk about the retail shortfall bookbuild and other updates since our last note.


ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

Event-Driven

<ul>
<li>Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.</li>
<li>Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.
Judo Capital (JC) focuses on lending to small and medium-sized enterprises (SMEs) in Australia. It also offers a range of personal term deposit products to consumers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>HSBC saw its net interest income rise substantially in the year, but it did not flow through</li>
<li>The delta in credit costs was one major negator to the bank's higher core income</li>
<li>Tax expenses turned to tax income, is the ultimate distortion to net profit</li>
</ul>


HSBC saw its net interest income rise substantially in the year, but it did not flow through
The delta in credit costs was one major negator to the bank's higher core income
Tax expenses turned to tax income, is the ultimate distortion to net profit


Singapore

United Overseas Bank Limited provides a wide range of financial services including personal financial services, wealth management, private banking, commercial and corporate banking, transaction banking, investment banking, corporate finance, capital market activities, treasury services, futures broking, asset management, venture capital management and insurance.

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UOB (UOB SP)

Singapore's Inaugural Green Bond: Big Deal, Big Impact

Singapore’s inaugural green bond is a big deal, in size and impact. It is one of the world’s largest debut issues and funds Clean Transportation...

Kyle Rudden

Singapore Financials: Surging Higher

Asia Ex-Japan funds ramp up Singapore Financial allocations . A key beneficiary in this year’s sector rotations, new positions have been added...

Steven Holden

ANZ Renounceable Entitlement Offer - Retail Shortfall Size Within Expectations at A$688m (US$475m)

ANZ announced a US$2.4bn (A$3.5bn) raising via a renounceable entitlement offer to part fund the purchase of Suncorp Bank in Jul 2022. In this note...

Sumeet Singh

Judo Capital IPO Lock-Up - Gearing up for a A$650m Lock-Up Release

Judo Capital raised about US$483m by selling a mix of primary and secondary shares in Nov 21. Its IPO linked lockup is set to expire later this month.

Sumeet Singh

HSBC - Tax Income Grossly Distorts

HSBC's net interest income delta hardly shows up at the bottom line, due in part to the negative delta in credit costs. Net profit is grossly...

Daniel Tabbush

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