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

Several shareholders of <a href="https://www.smartkarma.com/entities/appier-group-inc" target="_blank" data-smartkarma-citation="entities:32165:1" rel="noopener">Appier Group Inc (4180 JP)</a> are looking to sell about 11m shares of the company in an International Secondary placement.In this note, we will share our thoughts on deal dynamics and run the deal through our ECM framework.

Several shareholders of Appier Group Inc (4180 JP) are looking to sell about 11m shares of the company in an International Secondary placement.In this note, we will share our thoughts on deal dynamics and run the deal through our ECM framework. 

Appier Placement - Selldown by Various Investors

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

Appier Group reported results yesterday which were good but not great as revenue increased 31% YoY in USD terms with ARR up 38%. The company maintained the gross margin boost it saw in 2H20 and thus the results overall looked strong, but the revenue acceleration that we hoped for did not come through.

Appier Group reported results yesterday which were good but not great as revenue increased 31% YoY in USD terms with ARR up 38%. The company maintained the gross margin boost it saw in 2H20 and thus the results overall looked strong, but the revenue acceleration that we hoped for did not come through.

While we are typically sceptical about high multiple tech IPOs holding on to large first day pops, we view Appier as a high-quality name. Thus, its relatively modest first day gain so far of ~30% has us quite interested on the long side. A refreshing change from our typically banal call to run for the hills as soon as possible.

While we are typically sceptical about high multiple tech IPOs holding on to large first day pops, we view Appier as a high-quality name. Thus, its relatively modest first day gain so far of ~30% has us quite interested on the long side. A refreshing change from our typically banal call to run for the hills as soon as possible.

Appier Group IPO – First Day Trading – Worth Adding

With Coconala looking like it will open towards the high-end or above our “30-50% pop” guesstimate, we take another look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether your capital might be better deployed elsewhere.

With Coconala looking like it will open towards the high-end or above our “30-50% pop” guesstimate, we take another look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether your capital might be better deployed elsewhere.

Coconala IPO – First Day Trading – I See an Air Pocket in Your Future

We believe that Appier’s prospects are strong and that the listing has good potential to “pop”. Financial performance has looked reasonable rather stellar, but that is only if you ignore the rapid acceleration in growth during the last six months on account of algorithm improvements. In addition, the thematic background for the stock is highly attractive and we believe this is a very intriguing name, not just for the potential IPO pop but also for the long-term.

We believe that Appier’s prospects are strong and that the listing has good potential to “pop”. Financial performance has looked reasonable rather stellar, but that is only if you ignore the rapid acceleration in growth during the last six months on account of algorithm improvements. In addition, the thematic background for the stock is highly attractive and we believe this is a very intriguing name, not just for the potential IPO pop but also for the long-term.

Appier Group IPO – Valuation, Peer Comparison and Recent IPO Comparison

Japan

GungHo Online Entertainment, Inc. develops and distributes Internet games. The Company also develops applications for smartphones.

Systena Corporation develops firmware for mobile telecommunications. The Company also develops web application software for network systems, computer game software, and systems for financial firms.  Systena provides network consulting services as well.

PKSHA Technology Inc. provides software development services. The Company develops and manages image recognition, universal dialogue, and customer behavior forecast software. PKSHA Technology serves clients in Japan.

freee K.K. develops software products. The Company produces cloud based accounting softwares, automatic online accounting systems, and other products. freee provides its services throughout Japan.

Cybozu, Inc. develops and markets Internet and Intranet application software for businesses.  The Company's main products include Cybozu Office, a web-based groupware, which is collaboration software for information sharing and communication among workgroups and companies.

Digital Arts Inc. develops Internet filtering software for business, private, and educational use.  Its product protects users and network from harmful Internet contents and prevents inappropriate usages.

COLOPL, Inc. provides game platform and applications for smart phones.

COMPUTER ENGINEERING & CONSULTING LTD. is an independent computer software development company.  The Company also installs, manages, and provides maintenance services for network systems.  Computer Engineering & Consulting also develops and sells packaged software.

I'LL INC provides system integration and solution services.  The Company's services include developing, customizing and networking.  I'LL INC also offers consulting services regarding internet environment security.

Fukui Computer Holdings Inc. develops and sells construction and engineering CAD(Computer-Aided Design) software.  The Company also provides maintenance services for CAD software and hardware.

NetDragon Websoft, Inc. develops online internet games. The Company offers tracks player behaviour and purchasing patterns to design games that cater to their customers' tastes. NetDragon Websoft operates worldwide.

Beijing SuperMap Software Co., Ltd. develops and sells GIS (Geographic Information System) softwares.  The Company also provides system support services for GIS softwares.

Beijing SuperMap Software Co., Ltd. (300036 CH)

Objective Corporation Limited manufactures knowledge management application software.  The Company's products allow users to access and manage word processing documents, spreadsheets, web page content and e-mails.  Objective also develops branded software which provides template-based conversion of documents to HTML.

Shenzhen Infogem Technologies Co., Ltd. provides digital software and technical support to banks. The Company provides bank seal recognition system, computer's software and hardware, and bank account management system.

Shenzhen InfoGem Technologies (300085 CH)

AurionPro Solutions Limited provides software solutions and offshore information technology outsourcing services to banking, financial services, and technology companies.

Wemade Co., Ltd. develops and markets on-line games that enable users to play over the internet.  The Company also provides computer game software and mobile games for cellular phone users.

Toyou Feiji Electronics Company Limited researches, develops and applies data storage and protection, disaster recovery and related technologies. The Company's main products include disk storage systems, storage management softwares, data storage solutions, and technical services.

Qiming Information Technology Co., Ltd. develops, manufactures, sells and supports software products. The company's main software products are used in auto industry management, manufacturing and individual auto drivers.

Beijing Orient National Communication Science & Technology Company Limited develops and sells enterprise business system solution and provides related technical services. The Company's main product is data management software.

A10 Networks Inc. provides computer networking products and security solutions. The Company offers application networking platforms and security products to streamline technology operations, including cloud and service providers and application delivery solutions. A10 serves customers in various industries worldwide.

Appier Group, Inc. provides artificial intelligence software as a service (AISaaS) services based on data-driven decisions. The Company offers data analysis for potential users predicting and acquiring, relationships building and maintaining, purchasing and action motivation, audience intelligence, and more. Appier Group serves clients across Asian.

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Appier Group (4180 JP)

Appier Placement - Selldown by Various Investors

Several shareholders of Appier Group Inc (4180 JP) are looking to sell about 11m shares of the company in an International Secondary placement.

Sumeet Singh

Appier Group – Good but Not Great

Appier Group demonstrated strong growth and maintained reasonable gross margins but did not demonstrate the acceleration in revenue growth that we...

Mio Kato

Appier Group IPO – First Day Trading – Worth Adding

While Appier Group's revenue growth of just 24% last year appears to have led to a modest IPO debut we see signs this could accelerate to 60-80%+...

Mio Kato

Coconala IPO – First Day Trading – I See an Air Pocket in Your Future

With Coconala looking to open strong we take a look into our crystal ball to check whether this is an issue that is worth hanging onto, or whether...

Mio Kato

Appier Group IPO – Valuation, Peer Comparison and Recent IPO Comparison

We believe Appier is a very intriguing name, not just for the potential IPO pop but also for the long-term growth prospects the company offers in a...

Mio Kato

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