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

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.</li>
<li>BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.</li>
<li>In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.</li>
</ul>


PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO.
BliBli provides e-commerce services across Indonesia to both retail consumers and institutions.
In our previous notes, we have spoken about the company’s past performance. In this note, we talk about valuations and run the deal through our ECM framework.


PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.</li>
<li>Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.</li>
<li>Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.</li>
</ul>


Major milestones for Hon Hai's EV platform could be unveiled at today's Hon Hai Tech Day.
Apple's dropping of a key China supplier shows how international players may want to just avoid even non-restricted products from China.
Senior semiconductor executives across the industry are halting work for China-based firms, including some leading Chinese execs.


Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.</li><li>Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.</li><li>System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.</li></ul>

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.

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

<ul>
<li>AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.</li>
<li>U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.</li>
<li>TSMC results coming out this week, expecting all-time high revenue.</li>
</ul>


AMD and Samsung preliminary numbers disappoint, PC demand weakness cited.
U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.
TSMC results coming out this week, expecting all-time high revenue.


Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Why <a href="https://www.smartkarma.com/entities/kakaobank-corp" target="_blank" data-smartkarma-citation="entities:33501:1" rel="noopener">KakaoBank (323410 KS)</a> , <a href="https://www.smartkarma.com/entities/kakao-games-corp" target="_blank" data-smartkarma-citation="entities:26730:1" rel="noopener">Kakao Games Corp (293490 KS)</a> and <a href="https://www.smartkarma.com/entities/kakao-pay-corp" target="_blank" data-smartkarma-citation="entities:29675:1" rel="noopener">Kakao Pay (377300 KS)</a> were hit recently</li>
<li>Aside from the sum of the 3, why <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a> is getting hit further</li>
<li>Are near the bottom or is there more to go? </li>
</ul>


Why KakaoBank (323410 KS) , Kakao Games Corp (293490 KS) and Kakao Pay (377300 KS) were hit recently
Aside from the sum of the 3, why Kakao Corp (035720 KS) is getting hit further
Are near the bottom or is there more to go? 


Is Kakao Cheap or Not? Actions Louder than Words

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)

PT Global Digital Trade (BliBli) IPO - Thoughts on Valuation

PT Global Digital Trade (BliBli) aims to raise up to US$530m in its Indonesian IPO. In this note, we talk about valuations.

Sumeet Singh

Taiwan Tech Weekly: Hon Hai Tech Day Today, Apple Drops China Supplier; Shows Severity of New Rules

Major Hon Hai EV developments could be unveiled today. Also, Apple's dropping of a key China supplier shows how international players may want to...

Vincent Fernando, CFA

Advertisement Apocalypse

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the...

subSPAC

Taiwan Tech Weekly: Our Summary of Sweeping New China Restrictions, TSMC Results This Week

U.S. issues broad new rules restricting technology sales to China, essentially removing China as a long-term demand driver for advanced products.

Vincent Fernando, CFA

Is Kakao Cheap or Not? Actions Louder than Words

Has Kakao bottomed or is there further downside from here? We examine why the stock is more likely to fall and what investors are using as...

Ken S. Kim

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