APAC IPOs & Placements, Aequitas Research

Clarence Chu

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$463m in its Japan IPO. </li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.</li>
<li>In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. 
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.


Socionext IPO - Ample Upside Even After Discount

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019</li>
<li>Spot market prices, a leading indicator, are soft for both DRAM and NAND flash</li>
<li>It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%</li>
</ul>


Semiconductor revenues continue to fall. which appears to be a repeat of the collapse in 2019
Spot market prices, a leading indicator, are soft for both DRAM and NAND flash
It is likely that semiconductor revenues will end the year by returning to the trendline of their historical growth of 3.9%


Semiconductors Just Beginning a Long Slide

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>ARM is suing Qualcomm for breach of license and trademark infringement for its acquisition of (fellow ARM licensee) Nuvia last year</li>
<li>This is surprising on a number of levels as having Qualcomm inside the tent is better for sales, market share and its neutral-player reputation</li>
<li>ARM's valuation benefits from perceptions of an expanding addressable market so this is not a good look.  Meanwhile, Softbank's discount to NAV is widening again as tech valuations fall</li>
</ul>


ARM is suing Qualcomm for breach of license and trademark infringement for its acquisition of (fellow ARM licensee) Nuvia last year
This is surprising on a number of levels as having Qualcomm inside the tent is better for sales, market share and its neutral-player reputation
ARM's valuation benefits from perceptions of an expanding addressable market so this is not a good look.  Meanwhile, Softbank's discount to NAV is widening again as tech valuations fall


Softbank Group - ARM Suing a Key Customer Is Not the Summer News We Expected

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>Qualcomm has been delivering a particularly robust performance in both its licencing and chipset businesses.</li><li>These were the biggest drivers for the company delivering an all-around beat in the previous quarter.</li><li>The effectiveness of their diversification approach was evident in their chipset business, where $9.4 billion in revenues were up 45% year over year, with a robust performance from IoT and automotive sctors.</li></ul>

Qualcomm has been delivering a particularly robust performance in both its licencing and chipset businesses.These were the biggest drivers for the company delivering an all-around beat in the previous quarter.The effectiveness of their diversification approach was evident in their chipset business, where $9.4 billion in revenues were up 45% year over year, with a robust performance from IoT and automotive sctors.

Qualcomm Incorporated: The Cellwize Acquisition & Other Developments

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-fih" target="_blank" data-smartkarma-citation="entities:36101:1" rel="noopener">Bharat FIH (BFIH IN)</a> is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. </li>
<li>It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. </li>
<li>The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.</li>
</ul>



Bharat FIH (BFIH IN) is India's largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK). 
It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August. 
The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.


United States

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

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Qualcomm Inc (QCOM US)

Socionext IPO - Ample Upside Even After Discount

Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. In this note, we will look at the updated deal dynamics, our earlier...

Clarence Chu

Semiconductors Just Beginning a Long Slide

The semiconductor market is falling and is likely to continue to drop through the end of the year. This presents an opportunity for shorts.

Jim Handy

Softbank Group - ARM Suing a Key Customer Is Not the Summer News We Expected

ARM's relationship with Qualcomm sure has changed over the last 2-3 months adding uncertainty to how an eventual IPO would be valued

Kirk Boodry

Qualcomm Incorporated: The Cellwize Acquisition & Other Developments

Qualcomm has been delivering a particularly robust performance in both its licencing and chipset businesses. These were the biggest drivers for...

Baptista Research

Bharat FIH IPO: Rife with Bottlenecks

The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We...

Arun George

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