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

Bank Of Queensland / Equity Capital Markets

<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> plans to raise around US$276m (A$350m) via an institutional placement and another US$790m (A$1bn) via an entitlement offering to fund its purchase of ME bank. We have covered the prior placement as well in Nov 2019, <a href="https://www.smartkarma.com/insights/bank-of-queensland-placement-discount-looks-enticing-but-the-deal-appears-opportunistic" target="_blank" rel="noopener">Bank of Queensland Placement - Discount Looks Enticing but the Deal Appears Opportunistic.</a>

Bank Of Queensland (BOQ AU) plans to raise around US$276m (A$350m) via an institutional placement and another US$790m (A$1bn) via an entitlement offering to fund its purchase of ME bank. We have covered the prior placement as well in Nov 2019, Bank of Queensland Placement - Discount Looks Enticing but the Deal Appears Opportunistic.

Bank of Queensland Placement - Is Transformative but Might Not Be as Great in the Short-Term

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

*UK BNPL Review Should Add Structure: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay] British business and the entire Buy-Now, Pay-Later (BNPL) segment is to be reviewed by the Financial Conduct Authority (FCA) – not dis-similar to those reviews conducted in Australia. We believe that the outcome will also be similar in that some form national structure and regulation will be put into place, and we remain encouraged by the Crown’s acknowledgement that the BNPL segment adds value; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment of nearly 550% over the past eight months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*UK BNPL Review Should Add Structure: Tencent Holding’s (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay] British business and the entire Buy-Now, Pay-Later (BNPL) segment is to be reviewed by the Financial Conduct Authority (FCA) – not dis-similar to those reviews conducted in Australia. We believe that the outcome will also be similar in that some form national structure and regulation will be put into place, and we remain encouraged by the Crown’s acknowledgement that the BNPL segment adds value; and*Tencent’s Midas Touch: Tencent continues to hit it out of the park with its Afterpay stake. In addition to its superb return on investment of nearly 550% over the past eight months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*RBA Speech – A Positive For Aussie BNPL: The Reserve Bank of Australia (RBA) indicated that the status-quo for the buy-now, pay-later (BNPL) sector is likely to continue into the foreseeable future – which is a significant positive for Tencent Holding’s (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay]. Specifically, BNPL operators can still prevent merchants from passing on transaction fees;*Strong Momentum As We Head Into Holiday Season: Just as we head into the holiday season, Tencent’s Afterpay provided some strong key metrics in its latest media release as discussed in “Tencent Holdings – Father Christmas” note dated December 3, 2020.  What a magnificent six months this has been for Afterpay, and the next six months look to be even more transformational with operations beginning in the European Union, launches of banking products, and potentially the launch of the business in Asia (likely under the tutelage of Tencent); and*More Magic Fairy Dust: Tencent continues to hit it out of the park with its Afterpay stake. In addition to a superb return on investment of 400% over the past six months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*RBA Speech – A Positive For Aussie BNPL: The Reserve Bank of Australia (RBA) indicated that the status-quo for the buy-now, pay-later (BNPL) sector is likely to continue into the foreseeable future – which is a significant positive for Tencent Holding’s (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay]. Specifically, BNPL operators can still prevent merchants from passing on transaction fees;*Strong Momentum As We Head Into Holiday Season: Just as we head into the holiday season, Tencent’s Afterpay provided some strong key metrics in its latest media release as discussed in “Tencent Holdings – Father Christmas” note dated December 3, 2020.  What a magnificent six months this has been for Afterpay, and the next six months look to be even more transformational with operations beginning in the European Union, launches of banking products, and potentially the launch of the business in Asia (likely under the tutelage of Tencent); and*More Magic Fairy Dust: Tencent continues to hit it out of the park with its Afterpay stake. In addition to a superb return on investment of 400% over the past six months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*Strong Momentum As We Head Into Holiday Season: Just as we head into the holiday season, Tencent Holdings’ (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay] provided some strong key metrics in its latest media release;  *More Transformation To Come: What a magnificent amazing six months this has been for Tencent’s Afterpay, and the next six months look to be even more transformational with operations beginning in the European Union, launches of banking products, and potentially the launch of the business in Asia (likely under the tutelage of Tencent); and*More Magic Fairy Dust: Tencent continues to hit it out of the park with its Afterpay stake. In addition to a superb return on investment of 400% over the past six months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*Strong Momentum As We Head Into Holiday Season: Just as we head into the holiday season, Tencent Holdings’ (700.HK) [Tencent] Afterpay Touch (APT.AU) [Afterpay] provided some strong key metrics in its latest media release;  *More Transformation To Come: What a magnificent amazing six months this has been for Tencent’s Afterpay, and the next six months look to be even more transformational with operations beginning in the European Union, launches of banking products, and potentially the launch of the business in Asia (likely under the tutelage of Tencent); and*More Magic Fairy Dust: Tencent continues to hit it out of the park with its Afterpay stake. In addition to a superb return on investment of 400% over the past six months since the stake announcement, this alliance with Australia’s premier financial technology Buy Now Pay Later (BNPL) company is paying dividends to Tencent in numerous other ways.

*Near-Term Pain: The Australian Prudential Regulatory Authority (APRA) completed its review of WestPac’s risk governance program and Westpac is now likely to enter into enforcement action and remediation. In addition, APRA has also announced that it had taken action against Westpac New Zealand due to the subsidiary’s breach of liquidity requirements; and*Small Gain: Management announced the widely anticipated sale of its general insurance business to Allianz (ALV.GR) in addition to an exclusive 20-year agreement to distribute general insurance products to Westpac customers for AUD 725 mn.

*Near-Term Pain: The Australian Prudential Regulatory Authority (APRA) completed its review of WestPac’s risk governance program and Westpac is now likely to enter into enforcement action and remediation. In addition, APRA has also announced that it had taken action against Westpac New Zealand due to the subsidiary’s breach of liquidity requirements; and*Small Gain: Management announced the widely anticipated sale of its general insurance business to Allianz (ALV.GR) in addition to an exclusive 20-year agreement to distribute general insurance products to Westpac customers for AUD 725 mn.

WestPac Banking – One Step Forward, Two Steps Back

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 (WBC AU)

Bank of Queensland Placement - Is Transformative but Might Not Be as Great in the Short-Term

Bank Of Queensland (BOQ AU) plans to raise around US$276m via an institutional placement and another US$790m via an entitlement offering to fund...

Sumeet Singh

Tencent Holdings - UK Speed Bump

TENCENT HOLDINGS: Tencent's Afterpay British business and BNPL segment being reviewed by FCA – not dis-similar to Australia. Review should lead to...

Thomas J. Monaco

Tencent Holdings – After The Speech

TENCENT HOLDINGS: Reserve Bank of Australia indicated that the status-quo for BNPL is likely to continue – which is a significant positive for...

Thomas J. Monaco

Tencent Holdings – Father Christmas

TENCENT HOLDINGS: It's May 2020 Stake In Afterpay Keeps Paying Dividends. In It's Latest Release, Afterpay Announced Very Positive Momentum As We...

Thomas J. Monaco

WestPac Banking – One Step Forward, Two Steps Back

WESTPAC BANKING: APRA Hits Westpac With Remediation For Risk Governance And New Zealand Liquidity Charges, While Allianz Buys Insurance Unit.

Thomas J. Monaco

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