APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.</li>
<li>The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>54 deals</strong>.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.
The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

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.

Equity Bottom-Up

<ul><li>Tesla delivered a mixed set of results in the last quarter and failed to meet revenue expectations of Wall Street.</li><li>Tesla has had a challenging 2022 because of delivery challenges, high interest rates, and forced shutdowns.</li><li>For Autopilot, Tesla deployed a Full Self-Driving Beta for city streets to around 400,000 customers in North America.</li></ul>

Tesla delivered a mixed set of results in the last quarter and failed to meet revenue expectations of Wall Street.Tesla has had a challenging 2022 because of delivery challenges, high interest rates, and forced shutdowns.For Autopilot, Tesla deployed a Full Self-Driving Beta for city streets to around 400,000 customers in North America.

Tesla Inc: Launch In Thailand & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> , a global leader in LiDAR technology for autonomous driving and ADAS, filed for a $100M placeholder IPO with Goldman Sachs and Morgan Stanley leading the offering.</li>
<li>The company’s last round was a $70M Series D+ at a $3B pre-money valuation, implying EV/LTM Rev multiple of 19x today, a significant premium to comparable companies in the space.</li>
<li>We remain cautious about buying into the <a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a>  IPO due to rich valuation, negative free cash flows, loss-making business, intense competition, and developments in alternative technologies.</li>
</ul>



Hesai Group (HSAI US) , a global leader in LiDAR technology for autonomous driving and ADAS, filed for a $100M placeholder IPO with Goldman Sachs and Morgan Stanley leading the offering.
The company’s last round was a $70M Series D+ at a $3B pre-money valuation, implying EV/LTM Rev multiple of 19x today, a significant premium to comparable companies in the space.
We remain cautious about buying into the Hesai Group (HSAI US)  IPO due to rich valuation, negative free cash flows, loss-making business, intense competition, and developments in alternative technologies.


Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>Tesla's big miss on Q4 deliveries turned into stalling revenue growth, sharply lower margins, and reduced guidance—as I expected. </li>
<li>As usual, actual profit and cash generated were much lower versus reported, excluding energy credit sales and unusual items. </li>
<li>So with cash burn up and guidance down, what was the mysterious $4.4 billion "investment"? Asking for a bird.</li>
</ul>


Tesla's big miss on Q4 deliveries turned into stalling revenue growth, sharply lower margins, and reduced guidance—as I expected. 
As usual, actual profit and cash generated were much lower versus reported, excluding energy credit sales and unusual items. 
So with cash burn up and guidance down, what was the mysterious $4.4 billion "investment"? Asking for a bird.


Tesla Q4: Stalling Growth, Shrinking Margins, Weaker Guidance, Mystery "Investment"

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. </li>
<li>The Past week saw insights on <a href="https://www.smartkarma.com/entities/semen-indonesia-persero-tbk" target="_blank" data-smartkarma-citation="entities:11161:1" rel="noopener">Semen Indonesia (SMGR IJ)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>, as well as an initial view on Pertamina Geothermal's IPO.</li>
<li>In addition, there was commentary South East Asia's Food Delivery business plus <a href="https://www.smartkarma.com/entities/olam-group" target="_blank" data-smartkarma-citation="entities:765:1" rel="noopener">Olam Group (OLG SP)</a>'s plans to unlock value through an IPO of Olam Agri, and a lot more. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia. 
The Past week saw insights on Semen Indonesia (SMGR IJ), Kalbe Farma (KLBF IJ), CP ALL PCL (CPALL TB), as well as an initial view on Pertamina Geothermal's IPO.
In addition, there was commentary South East Asia's Food Delivery business plus Olam Group (OLG SP)'s plans to unlock value through an IPO of Olam Agri, and a lot more. 


The Week That Was in ASEAN@Smartkarma - Semen Indonesia Solid, Kalbe for Longer, and CPALL's Ticking

United States

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.

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Tesla (TSLA US)

Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022, which includes all ASEAN placements above...

Ethan Aw

Tesla Inc: Launch In Thailand & Other Drivers

Tesla delivered a mixed set of results in the last quarter and failed to meet revenue expectations of Wall Street. Tesla has had a challenging...

Baptista Research

Hesai Group IPO Preview: Will Rich Valuation Worry Long-Term Investors?

We remain very cautious about buying into the upcoming Hesai Group IPO and believe the stock may present investors with a better entry point later...

Andrei Zakharov

Tesla Q4: Stalling Growth, Shrinking Margins, Weaker Guidance, Mystery "Investment"

Tesla's big miss on Q4 deliveries turned into stalling revenue growth, sharply lower margins, & reduced guidance—as I expected. So what's the...

Vicki Bryan

The Week That Was in ASEAN@Smartkarma - Semen Indonesia Solid, Kalbe for Longer, and CPALL's Ticking

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

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