Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

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/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.</li>
<li>Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.</li>
</ul>



Grab's latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. 

Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.


Grab (GRAB US) - Rolling Recovery in Motion

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sift-science-inc" target="_blank" data-smartkarma-citation="entities:35958:1" rel="noopener">Sift Science (0747031D US)</a> uses machine learning to help companies with detecting fraud, fake accounts and money laundering.  </li>
<li>The company’s business is claimed to have tripled since 2018.</li>
<li>The growth of internet crime and increasing account takeover fraud will act as drivers for the company.</li>
</ul>



Sift Science (0747031D US) uses machine learning to help companies with detecting fraud, fake accounts and money laundering.  
The company’s business is claimed to have tripled since 2018.
The growth of internet crime and increasing account takeover fraud will act as drivers for the company.


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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. </li>
<li>Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. </li>
<li>Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. </li>
</ul>



DiDi Global (DIDI US) will hold an EGM on 23 May to vote to delist the ADS from the NYSE. The shares will not be listed on another exchange before delisting. 
Due to the regulatory restrictions, DiDi is losing market share and pricing power to competitors in China. The 4Q21 results were poor. 
Directors and key pre-IPO investors together account for 48.2% of outstanding shares, suggesting that the ordinary resolution will pass. 


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

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

Grab (GRAB US) - Rolling Recovery in Motion

Grab's most recent results saw a sequential improvement in revenues QoQ with incentives for deliveries coming down. Mobility incentives should come...

Angus Mackintosh

Sift: Machine Learning to Prevent Fraud

Sift uses machine learning to help companies with detecting fraud, fake accounts and money laundering. Its large client base and a global data...

Shifara Samsudeen, ACMA, CGMA

DiDi to Vote on US Delisting on 23 May

DiDi will hold an EGM on 23 May to vote to delist the ADS. Directors and key pre-IPO investors together account for 48.2% of outstanding shares,...

Arun George

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

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