Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Private Capital Markets

<ul>
<li>AISpeech is a high-tech start up specializing in computer speech recognition and AI chip design in China.</li>
<li>The company is developing intelligent voice interaction technology designed to improve human-machine interaction. It is also developing human-computer dialogue operating system and artificial intelligence chip modules to improve speech recognition.</li>
<li>AISpeech is in the process of listing in the Shanghai Star Market, aiming to raise about US$1.5 billion.</li>
</ul>


AISpeech is a high-tech start up specializing in computer speech recognition and AI chip design in China.
The company is developing intelligent voice interaction technology designed to improve human-machine interaction. It is also developing human-computer dialogue operating system and artificial intelligence chip modules to improve speech recognition.
AISpeech is in the process of listing in the Shanghai Star Market, aiming to raise about US$1.5 billion.


AISpeech: Leading Company in China for AI-Driven Speech Recognition Technology

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> plans to sell around US$9bn worth of <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, trimming its stake by a third.</li>
<li>We have looked at the deal in our past note, <a href="https://www.smartkarma.com/insights/japan-post-bank-placement-deal-structure-past-deals-index-buyback" target="_blank" data-smartkarma-citation="insights:96666" rel="noopener">Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback</a>.</li>
<li>In this note, we talk about the updates since our last note and have a look at some of the past deals.</li>
</ul>



Japan Post Holdings (6178 JP) plans to sell around US$9bn worth of Japan Post Bank (7182 JP), trimming its stake by a third.
We have looked at the deal in our past note, Japan Post Bank Placement - Deal Structure, past Deals, Index, Buyback.
In this note, we talk about the updates since our last note and have a look at some of the past deals.


Japan Post Bank Placement - Misbehaving - Still Has Time to Correct - A Look at past Deals

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>South Korea’s largest e-commerce company, <a href="https://www.smartkarma.com/entities/coupang-inc" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> sank around 20% leading up to 4Q22 earnings. It dropped another 9% soon after the earnings report to around $14.0 per ADS.</li>
<li>Meanwhile, the valuation remains expensive compared to regional peers as Coupang is trading at an 80% premium to the second most expensive e-commerce name in the region.</li>
<li>If the share price breaks the trend line here, we think shares could go on to fall below the last year’s bottom of $8.98 per ADS.</li>
</ul>


South Korea’s largest e-commerce company, Coupang (CPNG US) sank around 20% leading up to 4Q22 earnings. It dropped another 9% soon after the earnings report to around $14.0 per ADS.
Meanwhile, the valuation remains expensive compared to regional peers as Coupang is trading at an 80% premium to the second most expensive e-commerce name in the region.
If the share price breaks the trend line here, we think shares could go on to fall below the last year’s bottom of $8.98 per ADS.


Coupang: Revenue & Profits Let Coupang Down, Valuation Is Still at a Significant Premium to Peers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.


HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

Equity Capital Markets

Japan Post Holdings / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, there were two deals launched this week.</li>
<li>For placements, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> came earlier than expected.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.


ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

AISpeech: Leading Company in China for AI-Driven Speech Recognition Technology

AISpeech is a high-tech start up specializing in computer speech recognition and AI chip design in China. AISpeech is in the process of listing in...

Douglas Kim

Japan Post Bank Placement - Misbehaving - Still Has Time to Correct - A Look at past Deals

Japan Post Holdings (6178 JP) plans to sell US$9bn of Japan Post Bank (7182 JP). The stock price hasn't been behaving particularly well in terms of...

Sumeet Singh

Coupang: Revenue & Profits Let Coupang Down, Valuation Is Still at a Significant Premium to Peers

Being one of the very first e-commerce companies in the region to cut costs to ensure long-term survival, Coupang has managed to break even in the...

Oshadhi Kumarasiri

HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 24th and highlight short interest changes in Greatwall Motor, Yum...

Ke Yan, CFA, FRM

ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)