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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

Smartkarma

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

Research Reinvented

Equity Capital Markets

Xinyi Solar Holdings / Equity Capital Markets

<p>Xinyi Solar Holdings Ltd (Xinyi) plans to raise approx ~US$150m by issuing new shares. We would take the deal, given:-</p><ul><li>The company recently reported its full year FY14 results, reporting 62% YoY profit growth and leading to a round of analyst upgrades for FY15 and FY16 numbers.</li><li>Growth is expected to stay strong with analyst's expecting profit to more than double in 2015, owing to the near doubling of solar glass capacity since the beginning of 2014.</li><li>Xinyi&nbsp;will use the proceeds to finance its capex for building a solar farm and for building a new factory in Malaysia, &nbsp;both of which have been well flagged, and thus, the placement is unlikely to lead to EPS upgrades (apart from dilution impact). However, given the high capex, one can argue that a placement was pending and thus, not totally unexpected.&nbsp;</li><li>Core business remains well supported by government policies. In addition, the recent cut in gas prices will have a positive impact on gross margins (its the largest cost at ~40%).</li><li>Xinyi has done one deal in the past which returned 11.1% over one month, and&nbsp;20.8%&nbsp;since the deal</li><li>The deal scores obtains a marginal score on our framework but considering its limited listed track record, only listed in 2013, some of the fields couldn't be score. Thus, the overall score could have been higher.</li></ul>

Xinyi Solar Holdings Ltd (Xinyi) plans to raise approx ~US$150m by issuing new shares. We would take the deal, given:-The company recently reported its full year FY14 results, reporting 62% YoY profit growth and leading to a round of analyst upgrades for FY15 and FY16 numbers.Growth is expected to stay strong with analyst's expecting profit to more than double in 2015, owing to the near doubling of solar glass capacity since the beginning of 2014.Xinyi&nbsp;will use the proceeds to finance its capex for building a solar farm and for building a new factory in Malaysia, &nbsp;both of which have been well flagged, and thus, the placement is unlikely to lead to EPS upgrades (apart from dilution impact). However, given the high capex, one can argue that a placement was pending and thus, not totally unexpected.&nbsp;Core business remains well supported by government policies. In addition, the recent cut in gas prices will have a positive impact on gross margins (its the largest cost at ~40%).Xinyi has done one deal in the past which returned 11.1% over one month, and&nbsp;20.8%&nbsp;since the dealThe deal scores obtains a marginal score on our framework but considering its limited listed track record, only listed in 2013, some of the fields couldn't be score. Thus, the overall score could have been higher.

Xinyi Solar (968 HK) - Rapid growth set to continue - take the deal