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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (VFS US)</a>, the EV arm of Vietnamese conglomerate <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, commenced trading on the 14 August. And promptly took off. </li>
<li>VinFast's current market cap is ~4x <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors (GM US)</a>'s, twice that of <a href="https://www.smartkarma.com/entities/mercedes-benz-group-ag" target="_blank" data-smartkarma-citation="entities:21602:1" rel="noopener">Mercedes-Benz (MBG GR)</a>'s, and the second-largest pure-play EV-maker after <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla  (TSLA US)</a>.</li>
<li>Vingroup's holding in VinFast is worth 13x its market cap. This is not sustainable. </li>
</ul>



VinFast (VFS US), the EV arm of Vietnamese conglomerate Vingroup Jsc (VIC VN), commenced trading on the 14 August. And promptly took off. 
VinFast's current market cap is ~4x General Motors (GM US)'s, twice that of Mercedes-Benz (MBG GR)'s, and the second-largest pure-play EV-maker after Tesla  (TSLA US).
Vingroup's holding in VinFast is worth 13x its market cap. This is not sustainable. 


Vingroup: VinFast's Valuation Makes No Sense

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

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a>, <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat (ISAT IJ)</a>, <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital (BH TB)</a>, <a href="https://www.smartkarma.com/entities/home-product-center-pcl" target="_blank" data-smartkarma-citation="entities:9906:1" rel="noopener">Home Product Center (HMPRO TB)</a>, and <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>.</li>
<li>There was also an insight on <a href="https://www.smartkarma.com/entities/bank-cimb-niaga-tbk-pt" target="_blank" data-smartkarma-citation="entities:729:1" rel="noopener">Bank CIMB Niaga (BNGA IJ)</a> plus insight looking at Chinese involvement in the South-East Asia data centre market.</li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Sea (SE US), GoTo (GOTO IJ), Indosat (ISAT IJ), Bumrungrad Hospital (BH TB), Home Product Center (HMPRO TB), and Vinfast (VFS US).
There was also an insight on Bank CIMB Niaga (BNGA IJ) plus insight looking at Chinese involvement in the South-East Asia data centre market.


The Week That Was in ASEAN@Smartkarma - Sea Ltd's Rout, GoTo's Budget Focus, and Indosat's Surge

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast (VFS US)</a>'s rollercoaster debut, <a href="https://www.smartkarma.com/entities/rakuten-securities-inc" target="_blank" data-smartkarma-citation="entities:39933:1" rel="noopener">Rakuten Securities (RAKUSEC JP)</a>, <a href="https://www.smartkarma.com/entities/ebixcash" target="_blank" data-smartkarma-citation="entities:36390:1" rel="noopener">EbixCash (EBIXC IN)</a> and <a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/celltrion-healthcare-co-ltd" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a>, <a href="https://www.smartkarma.com/entities/sanei-architecture-planning" target="_blank" data-smartkarma-citation="entities:2065:1" rel="noopener">Sanei Architecture Planning (3228 JP)</a>, <a href="https://www.smartkarma.com/entities/t-k-toka-co-ltd" target="_blank" data-smartkarma-citation="entities:18678:1" rel="noopener">T&amp;K Toka Co Ltd (4636 JP)</a>, <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>, <a href="https://www.smartkarma.com/entities/ddh1-ltd" target="_blank" data-smartkarma-citation="entities:36022:1" rel="noopener">DDH1 (DDH AU)</a>, <a href="https://www.smartkarma.com/entities/tesserent-ltd" target="_blank" data-smartkarma-citation="entities:30716:1" rel="noopener">Tesserent Ltd (TNT AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Vinfast (VFS US)'s rollercoaster debut, Rakuten Securities (RAKUSEC JP), EbixCash (EBIXC IN) and Lalatech Holdings Co Ltd (LALA HK) IPOs.
Event-Driven developments - Celltrion Healthcare (091990 KS), Sanei Architecture Planning (3228 JP), T&amp;K Toka Co Ltd (4636 JP), Costa Group Holdings (CGC AU), DDH1 (DDH AU), Tesserent Ltd (TNT AU). 


Weekly Deals Digest (20 Aug) - Celltrion, Sanei, T&K Toka, Costa, DDH1, Tesserent, VinFast

Vietnam

Vinfast Auto Ltd. operates electric vehicle intelligent platform. The Company offers full-scale mobility platform focused primarily on designing and manufacturing premium EVs, electric scooter, and electric buses. Vinfast Auto serves customers worldwide.

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Vinfast (VFS US)

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Vingroup: VinFast's Valuation Makes No Sense

Vingroup has undeniable scale advantages to maintain its property sector leadership. Yet a property recovery in what has been a largely unregulated...

David Blennerhassett

The Week That Was in ASEAN@Smartkarma - Sea Ltd's Rout, GoTo's Budget Focus, and Indosat's Surge

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Weekly Deals Digest (20 Aug) - Celltrion, Sanei, T&K Toka, Costa, DDH1, Tesserent, VinFast

Last week, notable developments occurred in Event-Driven (Celltrion Healthcare, Sanei Architecture, TK Toka, Costa, DDH1, Tesserent) and ECM...

Arun George

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