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

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.</li>
<li>In our previous note, we spoke about the company’s past performance,  PHIP updates and undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
As of end Jun 22, it had delivered a total of 104,829 cars with most of its sales coming from its mini units, T03.
In our previous note, we spoke about the company’s past performance,  PHIP updates and undertook a peer comparison. In this note, we will talk about valuations.


Leapmotor Pre-IPO - Thoughts on Valuation

Research from Superfluous Value, Superfluous Value

Superfluous Value

Research from Superfluous Value

Stock selection has rarely been as important as it is today. After a roaring decade for US markets and with signs of mania everywhere, the S&P 500 as over-priced as it has ever been.

But, there is better way. Superfluous Value is a contrarian, deep-dive into the markets forgotten by the 60/40 instos and indexing, momentum chasers. Where the hot money has long moved on, it leaves behind investments offering great safety and prospective returns.

I believe the 2020s will look diametrically opposite to the recent past, with Emerging Markets, the UK, Japan and commodities set to rip and I intend to be holding the best opportunities available as they do.

Please feel free to come along on the journey.

Contrarian Deep-Dive into the Markets

Equity Bottom-Up

Micro Focus International  / Equity Bottom-Up

<ul><li>After banging the drum on Micro Focus for several years, a suitor has arrived, with Canadian software firm OpenText offering to acquire the company for an Enterprise Value of $6b or $6.30 (532p)/share.</li><li>I have mixed emotions here and will try to sum up my thinking since the deal was announced.</li><li>Of course, it’s hard to be upset when one of your holdings doubles overnight.</li></ul>

After banging the drum on Micro Focus for several years, a suitor has arrived, with Canadian software firm OpenText offering to acquire the company for an Enterprise Value of $6b or $6.30 (532p)/share.I have mixed emotions here and will try to sum up my thinking since the deal was announced.Of course, it’s hard to be upset when one of your holdings doubles overnight.

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>Amazon.com delivered a mixed result surpassing Wall Street expectations in terms of revenues but missed out on earnings.</li><li>Net sales exceeded in the quarter, and the revenue growth accelerated to more than 40%.</li><li>The company made solid progress in reducing several cost pressures that faced the fulfillment network productivity, inflationary costs, worldwide stores business, and fixed cost deleverage.</li></ul>

Amazon.com delivered a mixed result surpassing Wall Street expectations in terms of revenues but missed out on earnings.Net sales exceeded in the quarter, and the revenue growth accelerated to more than 40%.The company made solid progress in reducing several cost pressures that faced the fulfillment network productivity, inflationary costs, worldwide stores business, and fixed cost deleverage.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<ul>
<li>The food-delivery company <a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  initiated the stock buyback program and will purchase up to <strong>£75M</strong> worth of shares to reassure investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. </li>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a>  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  </li>
</ul>


The food-delivery company Deliveroo (ROO LN)  initiated the stock buyback program and will purchase up to £75M worth of shares to reassure investors. 

Deliveroo (ROO LN)  is down ~77% from the IPO price as Covid lockdown restrictions have ended and revenue growth slowed significantly. 

Deliveroo (ROO LN)  currently trades at 0.1x EV/2022E GMV, a discount relative to its key peers that trade at an average of 0.3x EV/2022E GMV.  


Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. </li>
<li>The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. </li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.</li>
</ul>



Sea Ltd results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core markets of South-East Asia and Taiwan a key positive. 
The decline in digital entertainment revenue was expected, with the stabilisation of quarterly active users a sign of some plateauing after recent declines but rankings continue to remain solid. 

Sea Ltd suspended revenue guidance but continued to stress confidence in the growth outlook, whilst keenly focusing on improving efficiencies and profitability. This underpins our positive long-term view.


Sea Ltd (SE US) - Turning Tides Present a Different Wave

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)

Leapmotor Pre-IPO - Thoughts on Valuation

Leapmotor (LM) aims to raise around US$1.5bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh

The Micro Focus Buy-Out: Vindication?

After banging the drum on Micro Focus for several years, a suitor has arrived, with Canadian software firm OpenText offering to acquire the company

Superfluous Value

Amazon.com Inc: Expansion In India

Amazon.com delivered a mixed result surpassing Wall Street expectations in terms of revenues but missed out on earnings. Net sales exceeded in the...

Baptista Research

Deliveroo Has £1B+ Of Dry Powder; The Stock Is Undervalued, £75M Buyback Will Reassure Investors

Deliveroo is down ~77% from the IPO price, and we think the stock buyback program will reassure investors, keep in mind a solid balance sheet and...

Andrei Zakharov

Sea Ltd (SE US) - Turning Tides Present a Different Wave

Sea Ltd's 2Q2022 results were impressive on a number of levels, with profitability in its core e-commerce business improving considerably in core...

Angus Mackintosh

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