Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
In this note, we talk about the not so positive aspects of the deal.


Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

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>Ford managed to deliver a good result with an all-around beat but the fall in Rivian’s valuation hurt the company resulting in an adjusted net loss of $3.1 billion.</li><li>Ford is expected to continye investing in electrification while simultaneously carrying out the amplification of its product portfolio.</li><li>The management announced its plan to form two interdependent yet distinct business units named Ford Blue and Ford Model e.</li></ul>

Ford managed to deliver a good result with an all-around beat but the fall in Rivian’s valuation hurt the company resulting in an adjusted net loss of $3.1 billion.Ford is expected to continye investing in electrification while simultaneously carrying out the amplification of its product portfolio.The management announced its plan to form two interdependent yet distinct business units named Ford Blue and Ford Model e.

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

<ul>
<li>Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. </li>
<li>Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  </li>
<li>On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. </li>
</ul>


Toyota is famous for conservative guidance, but today's FY3/23 estimates of a 22% decline in pretax profit raised some eyebrows. Raw materials &amp; logistics are to blame. 
Adjusting for various conservative assumptions by Toyota for FY3/23, flat profits are possible, but margin deterioration appears unavoidable.  
On flat profits in FY3/23, the 12x PER &amp; 5.5x EV/EBITDA are not particularly cheap. Toyota is in the "Guidance Dog House" until it can produce a significant beat. 


Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

Credit

<ul><li>Ford Motors has had an interesting turnaround story over the years.</li><li>Ford also announced significant investments in South Africa and Thailand to modernize production and launch the next-generation Ranger from four assembly plants later this year.</li><li>Based on our credit analysis, the company merits a Credit Evaluation Score of Bβ with a stable outlook and as per our Financial Strength Indicator, its performance is 2.83/ 5.</li></ul>

Ford Motors has had an interesting turnaround story over the years.Ford also announced significant investments in South Africa and Thailand to modernize production and launch the next-generation Ranger from four assembly plants later this year.Based on our credit analysis, the company merits a Credit Evaluation Score of Bβ with a stable outlook and as per our Financial Strength Indicator, its performance is 2.83/ 5.

Ford Motor Company.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

Ford Motor Company: The Turnaround Plan

Ford managed to deliver a good result with an all-around beat but the fall in Rivian’s valuation hurt the company resulting in an adjusted net...

Baptista Research

Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

Toyota is dead money until they provide a huge beat. Earnings call raised more questions than management was willing to answer. Quite surprisingly...

SC Capital

Ford Motor Company.: Detailed Credit Analysis & Financial Strength Evaluation Report

Ford Motors has had an interesting turnaround story over the years. Ford also announced significant investments in South Africa and Thailand to...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh

Ford Motor Company: The Turnaround Plan

Ford managed to deliver a good result with an all-around beat but the fall in Rivian’s valuation hurt the company resulting in an adjusted net...

Baptista Research

Toyota Guides for a 22% Profit Drop--Tough to Buy This Dip For Now

Toyota is dead money until they provide a huge beat. Earnings call raised more questions than management was willing to answer. Quite surprisingly...

SC Capital

Ford Motor Company.: Detailed Credit Analysis & Financial Strength Evaluation Report

Ford Motors has had an interesting turnaround story over the years. Ford also announced significant investments in South Africa and Thailand to...

Baptista Research