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

Quick note: Valuation appears reasonable, time for a smoke

HMSP (HMSP IJ): A Third of People in Populous Indonesia Smoke

HM Sampoerna (HMSP IJ): The King's Struggle

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PT Hanjaya Mandala Sampoerna (HMSP) plans to raise US$1.2-1.9bn through issuance of new shares, in order for its parent, Philip Morris International (PMI), to comply with minimum free float requirement set out by Indonesian Stock Exchange (IDX). This will likely be one of the biggest deal in ASEAN this year and will result in HMSP becoming the largest&nbsp;market cap stock in Indonesia, thus, propelling the stock into JCI.&nbsp;Index linked flows itself will probably lead to a large part of the deal being covered, however, irrespective of this, the stock still looks attractive.&nbsp;HMSP has delivered comparable performance to Unilever Indonesia (UNVR) over the past few years in terms of revenue and net income growth, while outperforming Gudang Garam (GGRM) on almost all aspects. Given the company's consistent growth record, leading market share and multi-national parentage, combined with the backdrop of a slowing economy we would expect the stock to trade close to UNVR in terms of multiples.

PT Hanjaya Mandala Sampoerna (HMSP) plans to raise US$1.2-1.9bn through issuance of new shares, in order for its parent, Philip Morris International (PMI), to comply with minimum free float requirement set out by Indonesian Stock Exchange (IDX). This will likely be one of the biggest deal in ASEAN this year and will result in HMSP becoming the largest&nbsp;market cap stock in Indonesia, thus, propelling the stock into JCI.&nbsp;Index linked flows itself will probably lead to a large part of the deal being covered, however, irrespective of this, the stock still looks attractive.&nbsp;HMSP has delivered comparable performance to Unilever Indonesia (UNVR) over the past few years in terms of revenue and net income growth, while outperforming Gudang Garam (GGRM) on almost all aspects. Given the company's consistent growth record, leading market share and multi-national parentage, combined with the backdrop of a slowing economy we would expect the stock to trade close to UNVR in terms of multiples.

HM Sampoerna

For once smoking is almost compulsory