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

Amman Mineral Internasional / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise up to US$868m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a> is looking to raise around US$880m in its Indonesian IPO. </li>
<li>Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.</li>
<li>AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.</li>
</ul>



Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. 
Amman Mineral International (AMI) carries out exploration, development, mining, processing. The company operates an open pit copper and gold mine known as the Batu Hijau mine in Indonesia.
AMI's profitability grew dramatically over the track record period. However, copper prices might possibly be on a downtrend in the near term.


Amman Mineral International IPO - Promising Assets with Decent Prospects

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.</li><li>Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.</li><li>The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.</li></ul>

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat.Notably, Valero achieved a significant milestone by completing and successfully starting up the Port Arthur Coker project, which is expected to enhance the refinery's capacity and operational efficiency.The company also initiated the production of a new coker at Port Arthur as a capacity expansion initiative.

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

<ul><li>Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation.</li><li>Besides, significantly discounted sour crude oils and fuel oils helped its refinery.</li><li>High natural gas costs in Europe also encouraged refiners to process sweet crude oils rather than sour crude oils, placing additional pressure on sour crude oils.</li></ul>

Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation.Besides, significantly discounted sour crude oils and fuel oils helped its refinery.High natural gas costs in Europe also encouraged refiners to process sweet crude oils rather than sour crude oils, placing additional pressure on sour crude oils.

Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

<ul><li>Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street expectations.</li><li>The company has a good refining margin supported by continued energy cost advantages, low product inventories, and strong product demand for the U.S. refineries in comparison to the global competitors.</li><li>The refining fundamentals stay strong, with global product supply staying constrained because of the high natural gas prices and capital reductions.</li></ul>

Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street expectations.The company has a good refining margin supported by continued energy cost advantages, low product inventories, and strong product demand for the U.S. refineries in comparison to the global competitors.The refining fundamentals stay strong, with global product supply staying constrained because of the high natural gas prices and capital reductions.

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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Valero Energy (VLO US)

Amman Mineral International IPO - Peer Comparison & Thoughts on Valuation

Amman Mineral Internasional (1416286D IJ) is looking to raise up to US$868m in its Indonesian IPO. In this note, we undertake a quick peer...

Ethan Aw

Amman Mineral International IPO - Promising Assets with Decent Prospects

Amman Mineral Internasional (1416286D IJ) is looking to raise around US$880m in its Indonesian IPO. The company operates an open pit copper and...

Ethan Aw

Valero Energy Corporation: Capacity Expansion Update & Other Drivers

Valero Energy had another strong quarter, with all segments performing well and the company delivering an all-around beat. Notably, Valero...

Baptista Research

Valero Energy: Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (02/23)

Valero had a solid year-end, with refineries running at 97% of their capacity in a positive refining margin situation. Besides, significantly...

Baptista Research

Valero Energy: Major Drivers

Valero Energy had a mixed performance in its recent financial results for the quarter as its revenues were significantly above Wall Street...

Baptista Research

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