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

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.</li>
<li>In <a href="https://www.smartkarma.com/insights/goto-gojek-tokopedia-ipo-initiation-island-shopping" target="_blank" data-smartkarma-citation="insights:67047" rel="noopener">GoTo Gojek Tokopedia IPO Initiation: Island Shopping</a>, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. </li>
<li>Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding ends on 21 March.
In GoTo Gojek Tokopedia IPO Initiation: Island Shopping, we noted that the fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. 
Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. 


GoTo Gojek Tokopedia IPO: Valuation Insights

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding runs from 15 to 21 March. </li>
<li>The fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. A credible path to profitability is yet to be established.    </li>
<li>In an environment where growth-at-all costs tech firms and peers have materially sold-off and are out of favour, GoTo is not for the faint-hearted.   </li>
</ul>



GoTo (1379371D IJ) is the leading digital ecosystem in Southeast Asia. It seeking to raise up to $1.3 billion. Bookbuilding runs from 15 to 21 March. 
The fundamentals are mixed as the high growth is accompanied by ongoing losses and cash burn. A credible path to profitability is yet to be established.    
In an environment where growth-at-all costs tech firms and peers have materially sold-off and are out of favour, GoTo is not for the faint-hearted.   


GoTo Gojek Tokopedia IPO Initiation: Island Shopping

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 14 March, it was reported that Softbank's Vision Fund sold about 1.3 trillion won ($1.04 billion) worth of Coupang (CPNG US) shares on 9 March in a block deal.</li>
<li>The continued selling of Coupang shares by Softbank suggests that Softbank is not confident on the future prospects of the company. We remain negative on Coupang.</li>
<li>Another reason could be because Softbank needs to raise more cash to make up for the losses from its other investments (mainly Chinese tech companies). </li>
</ul>


On 14 March, it was reported that Softbank's Vision Fund sold about 1.3 trillion won ($1.04 billion) worth of Coupang (CPNG US) shares on 9 March in a block deal.
The continued selling of Coupang shares by Softbank suggests that Softbank is not confident on the future prospects of the company. We remain negative on Coupang.
Another reason could be because Softbank needs to raise more cash to make up for the losses from its other investments (mainly Chinese tech companies). 


Softbank Sells $1.0 Billion Additional Worth of Coupang: Continued Overhang Concerns

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Both Alibaba (-6%) and Didi (-12% pre-market) are down on regulatory pressure </li>
<li>Vision Fund valuation losses are approaching $20bn for Q4 and the current (unrealized) portfolio has turned negative</li>
<li>NAV/Share and the share price are at two-year lows and gains from the post-Covid tech run are largely gone</li>
</ul>


Both Alibaba (-6%) and Didi (-12% pre-market) are down on regulatory pressure 
Vision Fund valuation losses are approaching $20bn for Q4 and the current (unrealized) portfolio has turned negative
NAV/Share and the share price are at two-year lows and gains from the post-Covid tech run are largely gone


Softbank Group - China Worries Re-Surface as Alibaba, Didi Under Pressure

<ul>
<li>Valuation losses in the public portfolio have increased by $6bn over two days on weakness at Coupang, Grab, DoorDash and WeWork.  Total losses for the quarter stand at $17bn.</li>
<li>With Alibaba shares still weak, NAV/share has moved decisively below ¥10,000/share and is back to where it in May/June 2020 when tech was first rebounding from the Covid shock.</li>
<li>The discount to NAV stands at 49% but is likely to expand when markets in Japan have a chance to respond to how stocks traded in the US on Friday.</li>
</ul>


Valuation losses in the public portfolio have increased by $6bn over two days on weakness at Coupang, Grab, DoorDash and WeWork.  Total losses for the quarter stand at $17bn.
With Alibaba shares still weak, NAV/share has moved decisively below ¥10,000/share and is back to where it in May/June 2020 when tech was first rebounding from the Covid shock.
The discount to NAV stands at 49% but is likely to expand when markets in Japan have a chance to respond to how stocks traded in the US on Friday.


Softbank Group - Tough Week for VF as Public Portfolio Falls $6bn over Two Days

South Korea

Coupang, Inc. operates as an e-commerce company. The Company offers dynamic end-to-end e-commerce and logistic solutions. Coupang serves customers worldwide.

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Coupang (CPNG US)

GoTo Gojek Tokopedia IPO: Valuation Insights

Our valuation analysis suggests that the price range is aggressive and unattractive. We would give the IPO a pass. Books will close on 21 March....

Arun George

GoTo Gojek Tokopedia IPO Initiation: Island Shopping

GoTo is seeking to raise up to $1.3 billion. In an environment where growth-at-all costs tech firms and peers have materially sold-off and are out...

Arun George

Softbank Sells $1.0 Billion Additional Worth of Coupang: Continued Overhang Concerns

On 14 March, it was reported that Softbank's Vision Fund sold about 1.3 trillion won ($1.04 billion) worth of Coupang (CPNG US) shares on 9 March...

Douglas Kim

Softbank Group - China Worries Re-Surface as Alibaba, Didi Under Pressure

Softbank shares have given up all the post-Covid gains, pressured most recently by further regulatory weakness at Alibaba and Didi. The latter is...

Kirk Boodry

Softbank Group - Tough Week for VF as Public Portfolio Falls $6bn over Two Days

Vision Fund's public portfolio has been hammered on weakness at Grab, Coupang and WeWork and QTD losses are approaching the record level from Q2...

Kirk Boodry

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