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.

Equity Capital Markets

Global Digital Niaga Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/global-digital-niaga-pt-blibli" target="_blank" data-smartkarma-citation="entities:34881:1" rel="noopener">Blibli (1437710D IJ)</a> priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.</li>
<li>We have previously discussed the IPO in <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:82294" rel="noopener">Blibli IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:82376" rel="noopener">Blibli IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/blibli-vs-tokopedia-vs-bukalapak-vs-lazada-vs-shopee" target="_blank" data-smartkarma-citation="insights:82473" rel="noopener">Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee</a>, <a href="https://www.smartkarma.com/insights/blibli-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:82555" rel="noopener">Blibli IPO: Valuation Insights</a>.   </li>
<li>Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. </li>
</ul>



Blibli (1437710D IJ) priced its IPO at IDR450 per share to raise net proceeds of US$508 million. The shares will start trading on 8 November.
We have previously discussed the IPO in Blibli IPO: The Bull Case, Blibli IPO: The Bear Case, Blibli Vs Tokopedia Vs Bukalapak Vs Lazada Vs Shopee, Blibli IPO: Valuation Insights.   
Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian-focused e-commerce peers. 


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

<ul>
<li>Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. </li>
<li>Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. </li>
<li>Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. </li>
</ul>


Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots. 
Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital. 
Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity. 


Geek+: Global Leader in Smart Logistics Robotic Technology

UBTech Robotics / Private Capital Markets

<ul>
<li>UBTech Robotics is a pioneer in AI and leader in intelligent humanoid robots. The company commercialized robots for consumers with a mission to deliver the affordable robot to each family. </li>
<li>UBTech Robotics has raised ~$940M in equity financing and closed an $820M Series C round in May 2018, the single largest funding ever for AI private company.</li>
<li>We were impressed by healthy growth at scale, diversified business lines, core AI and robotics technologies, and strong partnerships with Tencent, Apple, and Walt Disney. </li>
</ul>


UBTech Robotics is a pioneer in AI and leader in intelligent humanoid robots. The company commercialized robots for consumers with a mission to deliver the affordable robot to each family. 
UBTech Robotics has raised ~$940M in equity financing and closed an $820M Series C round in May 2018, the single largest funding ever for AI private company.
We were impressed by healthy growth at scale, diversified business lines, core AI and robotics technologies, and strong partnerships with Tencent, Apple, and Walt Disney. 


UBTech Robotics: China’s Global AI and High-Tech Robotics Unicorn

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>An interesting dynamic has emerged over the past few months with mega cap technology companies like Meta, Alphabet, and Amazon all seeing considerable weakness while other pockets of the market have emerged to move higher. </li><li>The market has recently “shaken off” some pretty bad earnings reports from mega cap tech while other pockets of the market continue to see breakouts which is a notable character change from the past few years. </li><li>After seeing mega cap technology earnings results from this past week, some have questioned whether a new crop of market leadership is ready to take over the mantle from the big cap technology companies.</li></ul>

An interesting dynamic has emerged over the past few months with mega cap technology companies like Meta, Alphabet, and Amazon all seeing considerable weakness while other pockets of the market have emerged to move higher. The market has recently “shaken off” some pretty bad earnings reports from mega cap tech while other pockets of the market continue to see breakouts which is a notable character change from the past few years. After seeing mega cap technology earnings results from this past week, some have questioned whether a new crop of market leadership is ready to take over the mantle from the big cap technology companies.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We analyse our Global fund universe to find out the consensus overweight and underweight exposures, together with the consensus and under-owned stock holdings.</li>
<li>Consensus overweights are led by Developed Europe, Health Care and countries in the EMEA region.  On a stock level, Microsoft and Alphabet are the most widely held companies.</li>
<li>Consensus underweights are led by Asia and selected industry groups such as Telcos and Banks.  Raytheon Technologies and Al Rajhi Bank are among the most under-owned stock in the world.</li>
</ul>


We analyse our Global fund universe to find out the consensus overweight and underweight exposures, together with the consensus and under-owned stock holdings.
Consensus overweights are led by Developed Europe, Health Care and countries in the EMEA region.  On a stock level, Microsoft and Alphabet are the most widely held companies.
Consensus underweights are led by Asia and selected industry groups such as Telcos and Banks.  Raytheon Technologies and Al Rajhi Bank are among the most under-owned stock in the world.


United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Blibli IPO: Trading Debut

The shares will start trading on 8 November. Despite peer multiple derating, the IPO price remains unattractive compared to global and Asian...

Arun George

Geek+: Global Leader in Smart Logistics Robotic Technology

We view VC-backed Geek+ as a great company and a category winner that is addressing the fastest-growing warehouse automation and robotics segment

Andrei Zakharov

UBTech Robotics: China’s Global AI and High-Tech Robotics Unicorn

Tencent-backed UBTech Robotics is one of the key players in the global consumer robotics market, which is expected to reach ~$94B by 2028, growing...

Andrei Zakharov

Weekly Stock Bullfinder - Week of 10/31

An interesting dynamic has emerged over the past few months with mega cap technology companies like Meta, Alphabet, and Amazon all seeing...

Weekly Stock Bull Finder

Global Equity: Consensus Positioning

We screen 359 Global Equity funds to find the consensus overweights and underweights across regions, countries, sectors, industries and stocks.

Steven Holden

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