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

ECM Weekly (11 October 2020) - Excellence Comm, MR DIY, Converge ICT, Simcere, SciClone, JW Thera

ECM Weekly (18 October 2020) - Lufax, Simcere, KWG Living, GDS, Jacobio

Converge ICT IPO Trading - Long Growth Runway

Converge ICT Pre-IPO - Peer Comparison - Not a Clear Cut Winner

Converge ICT Pre-IPO - Thoughts on Valuation

Converge ICT Pre-IPO - Fast Growth, Low Penetration, COVID Resistant

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

Converge ICT Solutions Inc / Equity Capital Markets

Converge ICT (CICT) is looking to raise around US$600m in its Philippines listing.Converge ICT is the largest high-speed fixed broadband operator in the Philippines, by high-speed residential fixed broadband subscriptions. It also claims to be the fastest growing fixed broadband operator in both the residential and enterprise market.CICT’s revenue has grown at 69% CAGR over FY16-19, with growth being led by its residential business whose revenue has increased at 95% CAGR. Gross profit grew at 56% CAGR, EBITDA at 91% CAGR and Net profit at 60% CAGR. In other words, most of the revenue growth has flowed down to the bottom line. I have covered the company background, undertaken a peer comparison and spoken about valuation in my earlier reports, links to which are below. In this note, I’ll talk about deal dynamics and recent updates from the prospectus.Links to my previous notes:<ul>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/converge-ict-pre-ipo-fast-growth-low-penetration-covid-resistant" target="_blank" rel="noopener">Converge ICT Pre-IPO - Fast growth, low penetration, COVID resistant</a></li>
<li dir="ltr"><a href="https://www.smartkarma.com/insights/converge-ict-pre-ipo-peer-comparison-not-a-clear-cut-winner" target="_blank" rel="noopener">Converge ICT Pre-IPO - Peer comparison - Not a clear cut winner</a></li>
</ul><ul><li dir="ltr"><a href="https://www.smartkarma.com/insights/converge-ict-pre-ipo-thoughts-on-valuation" target="_blank" rel="noopener">Converge ICT Pre-IPO - Thoughts on valuation</a></li></ul>

Converge ICT (CICT) is looking to raise around US$600m in its Philippines listing.Converge ICT is the largest high-speed fixed broadband operator in the Philippines, by high-speed residential fixed broadband subscriptions. It also claims to be the fastest growing fixed broadband operator in both the residential and enterprise market.CICT’s revenue has grown at 69% CAGR over FY16-19, with growth being led by its residential business whose revenue has increased at 95% CAGR. Gross profit grew at 56% CAGR, EBITDA at 91% CAGR and Net profit at 60% CAGR. In other words, most of the revenue growth has flowed down to the bottom line. I have covered the company background, undertaken a peer comparison and spoken about valuation in my earlier reports, links to which are below. In this note, I’ll talk about deal dynamics and recent updates from the prospectus.Links to my previous notes:
Converge ICT Pre-IPO - Fast growth, low penetration, COVID resistant
Converge ICT Pre-IPO - Peer comparison - Not a clear cut winner
Converge ICT Pre-IPO - Thoughts on valuation

Converge ICT IPO - More Customers, Lower ARPU