APAC IPOs & Placements

Zhen Zhou, Toh

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

<p>Khazanah is looking to sell about 83m shares of <a href="https://www.smartkarma.com/entities/bdo-unibank-inc" target="_blank" data-smartkarma-citation="entities:329:1" rel="noopener">BDO Unibank Inc (BDO PM)</a> worth about US$222m. <a href="https://www.smartkarma.com/entities/sm-investments-corp" target="_blank" data-smartkarma-citation="entities:20015:1" rel="noopener">Sm Investments (SM PM)</a> will be buying about US$100m worth of shares from the deal. This is a clean-up trade for Khazanah.</p><p>The deal scores well on our framework owing to BDO's strong track record and good price and earnings momentum. The lock-up expiry date on Khazanah from the February 2019 selldown was 16th May 2019. Hence, we think that this final clean-up selldown by Khazanah of about 83m shares is likely to be expected. Furthermore, SM Investments has announced that it will purchase US$100m worth of shares in the placement, reducing the ADV from 35 days to about 16 days, will likely help with bolstering sentiment.</p>

Khazanah is looking to sell about 83m shares of BDO Unibank Inc (BDO PM) worth about US$222m. Sm Investments (SM PM) will be buying about US$100m worth of shares from the deal. This is a clean-up trade for Khazanah.The deal scores well on our framework owing to BDO's strong track record and good price and earnings momentum. The lock-up expiry date on Khazanah from the February 2019 selldown was 16th May 2019. Hence, we think that this final clean-up selldown by Khazanah of about 83m shares is likely to be expected. Furthermore, SM Investments has announced that it will purchase US$100m worth of shares in the placement, reducing the ADV from 35 days to about 16 days, will likely help with bolstering sentiment.

BDO Unibank Placement - It Has Come Full Circle