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

Toshiba plans to raise US$475m through a sale of its 30% stake in Topcon.The deal scores well on our framework and we would be inclined to take it, given: 1) The deal seems well anticipated, as evidenced by the share price holding up well post the deal announcement; 2) The company has demonstrated a good track record over the past few years and remains on track to meet its mid-term targets; 3) Valuation remains reasonable, given the growth outlook, and analysts continue to be bullish; 4) The deal will lead to an increase in index weightage on the date of deal completion and hence, should benefit from index related flows.Apart from weak markets, the main risks remains in the markets ability to digest the large stake sale and the deal structure itself which is skewed towards retail investors, despite their relatively low percentage holding.

Toshiba plans to raise US$475m through a sale of its 30% stake in Topcon.The deal scores well on our framework and we would be inclined to take it, given: 1) The deal seems well anticipated, as evidenced by the share price holding up well post the deal announcement; 2) The company has demonstrated a good track record over the past few years and remains on track to meet its mid-term targets; 3) Valuation remains reasonable, given the growth outlook, and analysts continue to be bullish; 4) The deal will lead to an increase in index weightage on the date of deal completion and hence, should benefit from index related flows.Apart from weak markets, the main risks remains in the markets ability to digest the large stake sale and the deal structure itself which is skewed towards retail investors, despite their relatively low percentage holding.

Well positioned with good track record and valuation, although high retail split could spell trouble

Topcon Corp

Well positioned with good track record and valuation, although high retail split could spell trouble