Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p>Murray Goulburn (MG) plans to raise US$350m, via issuance of new units, which will have no voting rights and will only share a part of the economic interest.</p><p>The deal scores a marginal positive score on our framework, given its long track record and dominant position in the Australian Dairy industry. However, the main concern for investors&nbsp;will be the lack of any voting rights with the units,&nbsp;combined with the tepid near term outlook for dairy prices, which is reflected in falling earning for MG. In effect, the saving grace for the deal is likely to be its yield of 5.6-7.4%, which looks attractive at the low end. Thus, the deal is likely to curry favor more with retail investors rather than big institutions, in our view. We would be price sensitive for this deal and would only go in towards the low end with a 7%+ yield.</p>

Murray Goulburn (MG) plans to raise US$350m, via issuance of new units, which will have no voting rights and will only share a part of the economic interest.The deal scores a marginal positive score on our framework, given its long track record and dominant position in the Australian Dairy industry. However, the main concern for investors&nbsp;will be the lack of any voting rights with the units,&nbsp;combined with the tepid near term outlook for dairy prices, which is reflected in falling earning for MG. In effect, the saving grace for the deal is likely to be its yield of 5.6-7.4%, which looks attractive at the low end. Thus, the deal is likely to curry favor more with retail investors rather than big institutions, in our view. We would be price sensitive for this deal and would only go in towards the low end with a 7%+ yield.

Bright long term prospects but lopsided ownership  and weak milk prices could play spoilsport

MG Unit Trust

Bright long term prospects but lopsided ownership and weak milk prices could play spoilsport