Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chewy-inc" target="_blank" data-smartkarma-citation="entities:28110:1" rel="noopener">Chewy Inc (CHWY US)</a> , one of the largest pure-play pet e-commerce companies that benefited from COVID-19 pandemic, reported 13% y/y revenue growth in 2QFY22, down from 47% in 2QFY20.</li>
<li>The company’s management, including CEO and Director Mr. Singh, sold ~$25M worth of Chewy shares this year, and BC Partners dumped 6.1M shares at $82.50 each in 2021. </li>
<li>Our bear case scenario suggests further room for downside on post-pandemic slowdown, rising costs, intense competition in the pet space, and weak consumer spending.</li>
</ul>



Chewy Inc (CHWY US) , one of the largest pure-play pet e-commerce companies that benefited from COVID-19 pandemic, reported 13% y/y revenue growth in 2QFY22, down from 47% in 2QFY20.
The company’s management, including CEO and Director Mr. Singh, sold ~$25M worth of Chewy shares this year, and BC Partners dumped 6.1M shares at $82.50 each in 2021. 
Our bear case scenario suggests further room for downside on post-pandemic slowdown, rising costs, intense competition in the pet space, and weak consumer spending.


Chewy: Post-Pandemic Slowdown Is Here To Stay While Insiders Are Cashing Out

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. </li>
<li>Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.</li>
<li>Other supermarket chains are already preparing to sign-up with Rakuten. </li>
</ul>


The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. 
Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.
Other supermarket chains are already preparing to sign-up with Rakuten. 


Rakuten’s Netsuper Expands with New Partners

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Like most other retailers, Walmart faced the impact of food inflation which continued to increase in the quarter.</li>
<li>Delivery and pickup in the quarter are quite strong, and growth has been improving on the website Walmart.com with the inclusion of the marketplace.</li>
<li>We provide the stock of Walmart with a ‘Hold’ rating with a revision in the target price.</li>
</ul>


Like most other retailers, Walmart faced the impact of food inflation which continued to increase in the quarter.
Delivery and pickup in the quarter are quite strong, and growth has been improving on the website Walmart.com with the inclusion of the marketplace.
We provide the stock of Walmart with a ‘Hold’ rating with a revision in the target price.


Walmart Inc: Acquisition of Volt & Other Key Drivers

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta.</li>
<li>However, freezers became popular in June and July because of the experience during the lockdown.</li>
<li>We believe the stock has an upside of 21% based on EBITDA, but the upside can be significant if based on sales-related ratios.</li>
</ul>


The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta.
However, freezers became popular in June and July because of the experience during the lockdown.
We believe the stock has an upside of 21% based on EBITDA, but the upside can be significant if based on sales-related ratios.


JD.com (9618 HK): 2Q22, Growth Tumbled, But Lockdown Eased, 20% Upside or More

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

Phonepe Pvt Ltd / Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. </li>
<li>Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. </li>
<li>Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. </li>
</ul>



Phonepe Pvt Ltd (1732974D IN) runs a digital payment and technology App in India and is currently the leader in terms of UPI transactions processed. 
Our channel feedback suggests the possible disruption from initiatives like ONDC to be positive for payment apps like PhonePe, with the possible acceleration towards the SuperApp Journey. 
Revenues are always growing, and so are losses. With ONDC, there is a possibility this may change faster than anticipated and hence warrants close attention. 


PhonePe Tearsheet - India's SuperApp Ambition

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Chewy: Post-Pandemic Slowdown Is Here To Stay While Insiders Are Cashing Out

We believe Chewy stock is overvalued as revenue growth decelerated significantly and active customer growth stalled. Insiders are cashing out,...

Andrei Zakharov

Rakuten’s Netsuper Expands with New Partners

Rakuten continues to maintain leadership in Japanese e-commerce against rivals Amazon and Z Holdings and could emerge as the top player in the...

Michael Causton

Walmart Inc: Acquisition of Volt & Other Key Drivers

Like most other retailers, Walmart faced the impact of food inflation which continued to increase in the quarter. Delivery and pickup in the...

Baptista Research

JD.com (9618 HK): 2Q22, Growth Tumbled, But Lockdown Eased, 20% Upside or More

The revenue growth rate fell to 5% in 2Q22 due to the lockdown in Shanghai and Yangtze delta. However, freezers became popular in June and July...

Ming Lu

PhonePe Tearsheet - India's SuperApp Ambition

India Unicorn Series: We Profile India's possible SuperApp "PhonePe". The Industry landscape is changing for good, With financially strong parents,...

Pranav Bhavsar

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