Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

<ul><li>1Q25 earnings beat on the horizon</li><li>Such upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) business</li><li>Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

1Q25 earnings beat on the horizonSuch upbeat forecast attributed to PCC (Pure Car Carrier) freight rate hikes, increased proportion of non-affiliated sales, and revenue growth in the CKD (Complete Knock Down) businessFollowing an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a BuyContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hyundai Glovis (086280 KS Apr 1, 2025) - Tariff Fears Excessively Priced In

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

<ul>
<li>Politico just published a <a href="https://www.politico.com/news/magazine/2025/04/02/trump-musk-leaving-political-liability-00265784" target="_blank" rel="noopener">report saying that Elon Musk is about to Step Back from DOGE</a>, if true, this could impact somehow <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> stock price.</li>
<li>Death threats and the spate vandalism directed at <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a>'s cars, plus Musk being viewed as a potential political liability by members of the Trump Administration are the drivers.</li>
<li>
<a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> brand has been heavily damaged by Musk involvement in politics, sales are falling gobally and competitors like <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> are rising. The stock is short-term OVERBOUGHT. </li>
</ul>


Politico just published a report saying that Elon Musk is about to Step Back from DOGE, if true, this could impact somehow Tesla (TSLA US) stock price.
Death threats and the spate vandalism directed at Tesla (TSLA US)'s cars, plus Musk being viewed as a potential political liability by members of the Trump Administration are the drivers.

Tesla (TSLA US) brand has been heavily damaged by Musk involvement in politics, sales are falling gobally and competitors like BYD (1211 HK) are rising. The stock is short-term OVERBOUGHT. 


TESLA'S Outlook After Rumors Elon Musk Will Step Back from DOGE

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Tesla’s highly anticipated trial launch of its Full Self-Driving (FSD) system in China has suffered a setback, as some users report not receiving the feature update due to a delay in regulatory approval.</li><li>Tesla China said Monday that it is working to secure government approval for both software and hardware under new national guidelines issued by China’s Ministry of Industry and Information Technology and the State Administration for Market Regulation.</li><li>The company said the trial will resume once all preparations are complete.</li></ul>

Tesla’s highly anticipated trial launch of its Full Self-Driving (FSD) system in China has suffered a setback, as some users report not receiving the feature update due to a delay in regulatory approval.Tesla China said Monday that it is working to secure government approval for both software and hardware under new national guidelines issued by China’s Ministry of Industry and Information Technology and the State Administration for Market Regulation.The company said the trial will resume once all preparations are complete.

Tesla’s Full Self-Driving Trial in China Delayed by Regulatory Checks 

<ul>
<li>Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.</li>
<li>We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.</li>
<li>Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.</li>
</ul>


Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.
We also had a quick look at the past A/H listing performance, including subscription rates and A/H premiums at the time of listing.
Overall, most of the A/H listings haven’t done much in the near term, with a few exceptions.


A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Insights on Companies in the Tesla Supply Chain

Tesla Supply Chain
Insights on Companies in the Tesla Supply Chain

CATL A/H Listing - Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H...

Sumeet Singh

Hyundai Glovis (086280 KS Apr 1, 2025) - Tariff Fears Excessively Priced In

Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy

Daishin Securities

TESLA'S Outlook After Rumors Elon Musk Will Step Back from DOGE

Elon Musk's potential step back from DOGE could impact Tesla stock price. Competitors like BYD are rising as Tesla sales fall globally.The stock...

Nico Rosti

Tesla’s Full Self-Driving Trial in China Delayed by Regulatory Checks

Tesla’s highly anticipated trial launch of its Full Self-Driving (FSD) system in China has suffered a setback, as some users report not receiving...

Caixin Global

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

CATL A/H Listing - Thoughts on A/H Premium

Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H...

Sumeet Singh

Hyundai Glovis (086280 KS Apr 1, 2025) - Tariff Fears Excessively Priced In

Following an excessive correction driven by tariff concerns, the stock now trades at an undemanding P/E of 5x; we strongly advocate a Buy

Daishin Securities

TESLA'S Outlook After Rumors Elon Musk Will Step Back from DOGE

​Elon Musk's potential step back from DOGE could impact Tesla stock price. Competitors like BYD are rising as Tesla sales fall globally.The stock...

Nico Rosti

Tesla’s Full Self-Driving Trial in China Delayed by Regulatory Checks

Tesla’s highly anticipated trial launch of its Full Self-Driving (FSD) system in China has suffered a setback, as some users report not receiving...

Caixin Global

A/H Premiums and past A/H Listings Performance Data - Mixed Results but Size Matters

Given the slew of A/H offerings in the Hong Kong IPO pipeline, in this note, we talk about the overall A/H premiums currently.

Sumeet Singh

Elon Musk's potential step back from DOGE could impact Tesla stock price. Competitors like BYD are rising as Tesla sales fall globally.The stock...