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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA (NVDA US)</a> and <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams (SHW US)</a> will replace <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel (INTC US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in the <a href="https://www.smartkarma.com/entities/dow-jones-industrial-average" target="_blank" data-smartkarma-citation="entities:22887:1" rel="noopener">Dow Jones Industrial Average</a> at the close on 7 November.</li>
<li>The impact of passive trading is highest in <a href="https://www.smartkarma.com/entities/sherwin-williams-co-the" target="_blank" data-smartkarma-citation="entities:15539:1" rel="noopener">Sherwin Williams Co (SHW US)</a> and <a href="https://www.smartkarma.com/entities/dow-inc" target="_blank" data-smartkarma-citation="entities:19107:1" rel="noopener">Dow (DOW US)</a> in terms of days of ADV and free float. Round-trip trade is US$16.5bn.</li>
<li>Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.</li>
</ul>



NVIDIA (NVDA US) and Sherwin Williams (SHW US) will replace Intel (INTC US) and Dow (DOW US) in the Dow Jones Industrial Average at the close on 7 November.
The impact of passive trading is highest in Sherwin Williams Co (SHW US) and Dow (DOW US) in terms of days of ADV and free float. Round-trip trade is US$16.5bn.
Given the ad hoc nature of the rebalances and the short timeline between announcement and implementation, the stocks could move over the rest of the week.


Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. </li>
<li>Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  </li>
<li>Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. </li>
</ul>


Companies exude confidence and unanimously explain that AI is the fastest growing revenue segment ever.  AI leads to revenue growth, increase in volume, higher pricing, higher engagement. 
Companies also explain that AI today only reflects a small part of long-term planning. AI is a decade long transformation of how we work, search for information or buy products.  
Meta and Microsoft see equipment delays and are capacity constrained in 2024. Capex will increase in 2025. 


Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Advanced Micro Devices / Equity Bottom-Up

<ul>
<li>Q324 revenues of $6.8 billion, $100 million above the guided midpoint, up 17% QoQ and up18% YoY.</li>
<li>Q424 forecast $7.5 billion, plus or minus $300 million. At the midpoint of the revenue range, this represents YoY growth of ~22% and sequential growth of ~10%.</li>
<li>AMD's share price is now roughly the same as it was at the start of 2022, <em><strong>before</strong></em> their DC GPU goldmine was uncovered. Feel free to help yourself...</li>
</ul>


Q324 revenues of $6.8 billion, $100 million above the guided midpoint, up 17% QoQ and up18% YoY.
Q424 forecast $7.5 billion, plus or minus $300 million. At the midpoint of the revenue range, this represents YoY growth of ~22% and sequential growth of ~10%.
AMD's share price is now roughly the same as it was at the start of 2022, before their DC GPU goldmine was uncovered. Feel free to help yourself...


AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations</li>
<li>MediaTek Poised to Benefit from the ARM and Qualcomm Dispute</li>
<li>Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece</li>
</ul>


TSMC Plans 2025E Price Hike of Up to 10% for Advanced Nodes—Exceeding Expectations
MediaTek Poised to Benefit from the ARM and Qualcomm Dispute
Is Splitting Intel Key for Its Survival? Intel Ex-Directors Pen Op-Ed Piece


Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

NVIDIA and Sherwin-Williams will replace Dow and Intel in the index. Round-trip trade is US$16.5bn. There is a lot to buy in Sherwin-Williams both...

Brian Freitas

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

Q324 revenue $6.8 billion, +17% QoQ, +18% YoY. Q424 forecast $7.5 billion, +10% QoQ, +22% YoY. Share fall 8% after hours, now trading back at early...

William Keating

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

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ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Dow Jones Industrials (INDU) Index Rebalance: NVIDIA, Sherwin-Williams Replace Intel, Dow

NVIDIA and Sherwin-Williams will replace Dow and Intel in the index. Round-trip trade is US$16.5bn. There is a lot to buy in Sherwin-Williams both...

Brian Freitas

Google, Meta, Microsoft: What Did They Say About AI, Capex and Revenues?

Is AI really increasing revenues, profitability? There is still considerable doubt within the investors community on the "reality" of AI, or its...

Nicolas Baratte

AMD Q324. Now Trading At Early 2022 Levels, Prior To The DC GPU Goldmine..

Q324 revenue $6.8 billion, +17% QoQ, +18% YoY. Q424 forecast $7.5 billion, +10% QoQ, +22% YoY. Share fall 8% after hours, now trading back at early...

William Keating

Taiwan Tech Weekly: Wave of Earnings Imminent; New TSMC Price Hike; Mediatek Winner of QCOM/ARM Spat

​TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.

Vincent Fernando, CFA

TSMC to raise prices even higher, MediaTek to benefit from ARM and Qualcomm dispute, former Intel directors suggest splitting Intel for survival.