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/steadfast-group-ltd" target="_blank" data-smartkarma-citation="entities:8181:1" rel="noopener">Steadfast (SDF AU)</a> is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially additional acquisitions over the year.</li>
<li>SDF has undertaken a number of capital raises in the past to similarly fund its active acquisition strategy. Overall, the firm’s past deal record has been strong.</li>
<li>In this note, we will talk about the acquisition and run the deal through our ECM framework.</li>
</ul>



Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially additional acquisitions over the year.
SDF has undertaken a number of capital raises in the past to similarly fund its active acquisition strategy. Overall, the firm’s past deal record has been strong.
In this note, we will talk about the acquisition and run the deal through our ECM framework.


Steadfast Group Placement - While Accretion Here Is Limited, Past Deals Have Done Well

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

National Australia Bank / Equity Bottom-Up

<ul>
<li>NAB holds significantly more maturing debt in the coming year than its largest 3 peer banks in Australia and also more than the 3 banks in Singapore, by comparison</li>
<li>The bank has grown its business loans aggressively, which can see lumpy bad loans in a poor economy, with high unseasoned loans, yet its HoH credit costs were flat</li>
<li>CRE loans are meaningful at NAB, adding another risk to maturing debt at the top of the rate cycle with what appears to optimistic credit costs in recent results</li>
</ul>


NAB holds significantly more maturing debt in the coming year than its largest 3 peer banks in Australia and also more than the 3 banks in Singapore, by comparison
The bank has grown its business loans aggressively, which can see lumpy bad loans in a poor economy, with high unseasoned loans, yet its HoH credit costs were flat
CRE loans are meaningful at NAB, adding another risk to maturing debt at the top of the rate cycle with what appears to optimistic credit costs in recent results


NAB - Maturing Debt AUD40bn | At Top of Rate Cycle | With High Unseasoned Loans, CRE Loans

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 Nov 3rd (reported today) which has an aggregated short interest worth USD18.5bn.</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 Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal, Northern Star Re, Invocare.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Nov 3rd (reported today) which has an aggregated short interest worth USD18.5bn.
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 Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal, Northern Star Re, Invocare.


ASX Short Interest Weekly (Nov 3rd): Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Oct 27th (reported today) which has an aggregated short interest worth USD16.8bn.</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 Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel, Endeavour, Suncorp.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Oct 27th (reported today) which has an aggregated short interest worth USD16.8bn.
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 Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel, Endeavour, Suncorp.


ASX Short Interest Weekly (Oct 27th): Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ventia-services-group-pty-ltd" target="_blank" data-smartkarma-citation="entities:34917:1" rel="noopener">Ventia (VNT AU)</a> (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$174m via selling 11.7% of the company.</li>
<li>The two investors have pared their stake thrice this year and this will be the final cleanup sale. All the past deals have done ok.</li>
<li>In this note, we will talk about the deal dynamics.</li>
</ul>



Ventia (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$174m via selling 11.7% of the company.
The two investors have pared their stake thrice this year and this will be the final cleanup sale. All the past deals have done ok.
In this note, we will talk about the deal dynamics.


Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok

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)

Steadfast Group Placement - While Accretion Here Is Limited, Past Deals Have Done Well

Steadfast (SDF AU) is looking to raise around A$280m (US$180m) to fund the acquisition of Sure Insurance, and provide headroom for potentially...

Clarence Chu

NAB - Maturing Debt AUD40bn | At Top of Rate Cycle | With High Unseasoned Loans, CRE Loans

NAB has more maturity debt than large peers, which can mean worse NIM impact when refinancing at the top of the rate cycle. Business loan growth...

Daniel Tabbush

ASX Short Interest Weekly (Nov 3rd): Wisetech Global, BHP, Rio Tinto, Wesfarmers, Whitehaven Coal

We analyzed ASX short interest report for the past week and highlight short interest changes in Wisetech Global, BHP, Rio Tinto, Wesfarmers,...

Ke Yan, CFA, FRM

ASX Short Interest Weekly (Oct 27th): Newcrest Mining, Rio Tinto, Liontown, Bluescope Steel

We analyzed ASX short interest report for the past week and highlight short interest changes in Newcrest Mining, Rio Tinto, Liontown, Bluescope...

Ke Yan, CFA, FRM

Ventia Services Group Placement- Coming Ahead of Lockup but Is Well Flagged, past Deals Have Done Ok

Ventia (VNT AU) (VSG)’s two largest shareholders, Apollo Global Management and CIMIC Group, aim to raise around US$174m via selling 11.7% of the...

Sumeet Singh

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