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>
<a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> is looking to raise up to US$1bn in its upcoming India IPO. </li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO. 
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
In this note, we talk about the positive aspects of the deal.


Bharti Hexacom Pre-IPO - The Positives - Earnings Have Been Recovering Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.


Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Key points (machine generated)<ul><li>The litigation industry is filing lawsuits against companies that manufacture consumer headphones, including major players like Apple, Bose, and Skullcandy.</li><li>The company in focus has filed lawsuits against several headphone manufacturers and has settled with Apple and Plantronics, earning around $11.0 million in net proceeds.</li><li>Despite being in a declining industry, the company is currently trading as a net-net and has hidden asset value, suggesting potential upside value of up to 75%, with a downside value only slightly lower than its current levels.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)The litigation industry is filing lawsuits against companies that manufacture consumer headphones, including major players like Apple, Bose, and Skullcandy.The company in focus has filed lawsuits against several headphone manufacturers and has settled with Apple and Plantronics, earning around $11.0 million in net proceeds.Despite being in a declining industry, the company is currently trading as a net-net and has hidden asset value, suggesting potential upside value of up to 75%, with a downside value only slightly lower than its current levels.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Great Wall Motor’s revenue increased by 26%, but its profit increased by less than 5% in 2023.</li>
<li>Huawei’s shipments increased 36% YoY in 4Q23 and was the only company to witness an increase among the top five sellers.</li>
<li>Jack Ma, the founder, and Mr. Joe Tsai, the chairman, purchased Alibaba’s shares.</li>
</ul>


Great Wall Motor’s revenue increased by 26%, but its profit increased by less than 5% in 2023.
Huawei’s shipments increased 36% YoY in 4Q23 and was the only company to witness an increase among the top five sellers.
Jack Ma, the founder, and Mr. Joe Tsai, the chairman, purchased Alibaba’s shares.


China Consumption Weekly (29 Jan 2024): Great Wall Motor, Huawei, Alibaba, Mixue, Nayuki

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

<ul>
<li>SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.</li>
<li>Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.</li>
<li>SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities</li>
</ul>


SK Hynix results surpised consensus with a swing to positive operating profit; The company expects industry demand growth to exceed supply growth by a wide margin in 2024E.
Management suggests optimism not just for 2024E, but also for 2025E. 2025E is when a much larger positive demand impact from AI is expected as AI products will expand substantially.
SK Hynix comments regarding AI phones imply that consumers will most likely need to upgrade their phones, including iPhones, to take full advantage of AI capabilities


What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Bharti Hexacom Pre-IPO - The Positives - Earnings Have Been Recovering Well

Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.

Sumeet Singh

Koss Corp (KOSS) - Tuesday, Oct 31, 2023

The litigation industry is filing lawsuits against companies that manufacture consumer headphones, including major players like Apple, Bose, and...

Value Investors Club

China Consumption Weekly (29 Jan 2024): Great Wall Motor, Huawei, Alibaba, Mixue, Nayuki

Great Wall Motor’s revenue increased by 26%, but its profit increased by less than 5% in 2023. Huawei shipment increased by 36% YoY in 4Q23. The...

Ming Lu

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bharti Hexacom Pre-IPO - The Positives - Earnings Have Been Recovering Well

Bharti Hexacom is looking to raise up to US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.

Sumeet Singh

Koss Corp (KOSS) - Tuesday, Oct 31, 2023

The litigation industry is filing lawsuits against companies that manufacture consumer headphones, including major players like Apple, Bose, and...

Value Investors Club

China Consumption Weekly (29 Jan 2024): Great Wall Motor, Huawei, Alibaba, Mixue, Nayuki

Great Wall Motor’s revenue increased by 26%, but its profit increased by less than 5% in 2023. Huawei shipment increased by 36% YoY in 4Q23. The...

Ming Lu

What SK Hynix's Latest Results Indicate for PC & Mobile Makers into 2025E, Including Apple

​SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...

Vincent Fernando, CFA

SK Hynix expects strong industry demand growth in 2024 and beyond, particularly due to AI expansion. AI mobile phones will be a future driver and...