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

Another earnings accretive capital raise. Track record holds it in good stead.

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<p>Macquarie group (MQG) plans to issue A$500m worth of new shares in order to fund its purchase of aircrafts from AWAS Aviation Capital Ltd. <strong>We would take the deal</strong>, given:</p><ul><li>Proceeds from the deal, will be used to fund the groups $4bn purchase of 90 passenger planes, which are leased to 40 airlines. This will expand the groups portfolio to 220 aircrafts.&nbsp;</li><li><blockquote>According to the company, the transaction will settle over the next one year and will add 5% to EPS, in its first full year after acquisition, and will be ROE accretive as well.&nbsp;</blockquote></li><li>The stock has been performing well off late up 14.5% vs. the index, over the past six months. This has been driven by good earnings performance leading to earnings upgrade over the past few months.</li><li>In addition, the company recently guided towards its full year FY15 earnings being towards the top-end of its 10-20%YoY range.</li><li>Previous deals have performed well returning 8% on average in the first month and 17% over the year.</li><li>However, the deal scores borderline on our framework, largely due to tepid EPS growth over the past five years, lower RoE vs. peers, tight discount for the deal, and higher leverage. Given the strong recent performance of the stock and the accretive nature of the acquisition, we would be inclined to take the deal.</li></ul>

Macquarie group (MQG) plans to issue A$500m worth of new shares in order to fund its purchase of aircrafts from AWAS Aviation Capital Ltd. We would take the deal, given:Proceeds from the deal, will be used to fund the groups $4bn purchase of 90 passenger planes, which are leased to 40 airlines. This will expand the groups portfolio to 220 aircrafts.&nbsp;According to the company, the transaction will settle over the next one year and will add 5% to EPS, in its first full year after acquisition, and will be ROE accretive as well.&nbsp;The stock has been performing well off late up 14.5% vs. the index, over the past six months. This has been driven by good earnings performance leading to earnings upgrade over the past few months.In addition, the company recently guided towards its full year FY15 earnings being towards the top-end of its 10-20%YoY range.Previous deals have performed well returning 8% on average in the first month and 17% over the year.However, the deal scores borderline on our framework, largely due to tepid EPS growth over the past five years, lower RoE vs. peers, tight discount for the deal, and higher leverage. Given the strong recent performance of the stock and the accretive nature of the acquisition, we would be inclined to take the deal.

Macquarie Group - Acquisition to add to EPS growth - take the deal