APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison and share our thoughts on valuation.


Cuscal IPO - Peer Comparison & Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we will talk about the not so positive aspects of the deal.


Cuscal Pre-IPO - The Negatives - Margins Have Declined and Growth May Be Capped

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO. </li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. 
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. 
In this note, we will talk about the positive aspects of the deal.


Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 6th (reported today) which has an aggregated short interest worth USD16.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 6th (reported today) which has an aggregated short interest worth USD16.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash.


ASX Short Interest Weekly (Oct 6th): BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash

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>The results for <a href="https://www.smartkarma.com/entities/bank-of-queensland-ltd" target="_blank" data-smartkarma-citation="entities:16606:1" rel="noopener">Bank Of Queensland (BOQ AU)</a> are illustrative of risks for the mainstream banks in Australia and market expectations</li>
<li>Even with almost all residential mortgage loans, BOQ's credit costs rose from AUD13m to AUD71m YoY and Pillar 3 data shows mortgage NPLs up nearly 10% in past 2 months</li>
<li>Net interest income only +6% YoY and -8% HoH, with operating costs +8% YoY and fee income down, there is nothing core holding the P&amp;L together</li>
</ul>


The results for Bank Of Queensland (BOQ AU) are illustrative of risks for the mainstream banks in Australia and market expectations
Even with almost all residential mortgage loans, BOQ's credit costs rose from AUD13m to AUD71m YoY and Pillar 3 data shows mortgage NPLs up nearly 10% in past 2 months
Net interest income only +6% YoY and -8% HoH, with operating costs +8% YoY and fee income down, there is nothing core holding the P&amp;L together


BOQ - Illustrative of Australia Bank Risks Even for Nearly Pure Mortgage Lender and Mkt Expectations

Australia

Westpac Banking Corporation offers general and savings banking services.  The Company provides investment portfolio management and advice, insurance services,  consumer finance, and money market services among other services.  Westpac Banking Corp. serves individuals, businesses, and corporations worldwide.

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Westpac Banking Corp Sp Adr (WBK US)

Cuscal IPO - Peer Comparison & Thoughts on Valuation

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note we will undertake a peer comparison and share our...

Clarence Chu

Cuscal Pre-IPO - The Negatives - Margins Have Declined and Growth May Be Capped

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the not so positive aspects...

Clarence Chu

Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

ASX Short Interest Weekly (Oct 6th): BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E, Metcash

We analyzed ASX short interest report for the past week and highlight short interest changes in BHP, Liontown, ANZ, Suncorp, Domino'S Pizza E,...

Ke Yan, CFA, FRM

BOQ - Illustrative of Australia Bank Risks Even for Nearly Pure Mortgage Lender and Mkt Expectations

Results today show the rampant deterioration in credit metrics, causing profit to fall 70% YoY, with other factors also at play. Read-through to...

Daniel Tabbush

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