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

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<div><p><a href="https://www.smartkarma.com/entities/hello-inc" target="_blank" data-smartkarma-citation="entities:33031:1" rel="noopener">Hello Inc (1883864D US)</a>, which is backed by <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a>, is China's third-largest local services platform by transaction volume, according to iResearch. Hello offers bike-sharing and e-bike sharing services known as <em>Hello Bike</em> and <em>Hello e-Bike</em>. It also has a carpooling marketplace known as <em>Hello Carpooling</em>. Hello is seeking to raise $1 billion through a Nasdaq listing, according to press reports.   </p></div>
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<p>In <a href="https://www.smartkarma.com/insights/hello-ipo-initiation-goodbye" target="_blank" data-smartkarma-citation="insights:50795" rel="noopener">Hello IPO Initiation: Goodbye</a> we stated that Hello’s investor pitch is that its various businesses create a flywheel that drives user spending growth with limited user acquisition costs. However, Hello remains saddled with a core business (shared two-wheeler services) that has challenging prospects due to declining growth, low profitability and high cash burn.</p>
<div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/hello-ipo-1q21-update-does-not-change-the-avoid-tag" target="_blank" data-smartkarma-citation="insights:51119" rel="noopener">Hello IPO: 1Q21 Update Does Not Change the Avoid Tag</a>, we noted that at first glance, the 1Q21 update looks stunning due to accelerating growth and margin progression. However, a closer look, suggests that business continues to face daunting challenges. In this note, we present our forecasts and take the first look at Hello's potential valuation range. </p></div>
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Hello Inc (1883864D US), which is backed by Ant Financial Services Group (6688 HK), is China's third-largest local services platform by transaction volume, according to iResearch. Hello offers bike-sharing and e-bike sharing services known as Hello Bike and Hello e-Bike. It also has a carpooling marketplace known as Hello Carpooling. Hello is seeking to raise $1 billion through a Nasdaq listing, according to press reports.   

In Hello IPO Initiation: Goodbye we stated that Hello’s investor pitch is that its various businesses create a flywheel that drives user spending growth with limited user acquisition costs. However, Hello remains saddled with a core business (shared two-wheeler services) that has challenging prospects due to declining growth, low profitability and high cash burn.
In Hello IPO: 1Q21 Update Does Not Change the Avoid Tag, we noted that at first glance, the 1Q21 update looks stunning due to accelerating growth and margin progression. However, a closer look, suggests that business continues to face daunting challenges. In this note, we present our forecasts and take the first look at Hello's potential valuation range. 



Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<p>In this IPO report on <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOM IN)</a> we discuss the proposed issue details, <em><strong>likely valuation estimates based on recent pre-IPO fundraising</strong></em>, the company's operational basics, strengths, and risks as well as its reported financials.</p><p><a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOM IN)</a>, a leading online food delivery platform based in India, has filed with the regulator to raise more than a billion dollars through a combination of fresh equity and the sale of existing shares. Online food delivery services witnessed skyrocketing demand growth last year thanks to COVID-led restrictions. With India now being hit by another wave of the pandemic, which seems way stronger and deadlier than last year, lockdowns and travel restrictions are back; this could be another boom period for Zomato and its peers. However, we suspect the timing of the IPO may not be opportune given the country is reeling from the aftermath of a devastating new wave and the retail investment environment may not be enthusing. </p>

In this IPO report on Zomato (ZOM IN) we discuss the proposed issue details, likely valuation estimates based on recent pre-IPO fundraising, the company's operational basics, strengths, and risks as well as its reported financials.Zomato (ZOM IN), a leading online food delivery platform based in India, has filed with the regulator to raise more than a billion dollars through a combination of fresh equity and the sale of existing shares. Online food delivery services witnessed skyrocketing demand growth last year thanks to COVID-led restrictions. With India now being hit by another wave of the pandemic, which seems way stronger and deadlier than last year, lockdowns and travel restrictions are back; this could be another boom period for Zomato and its peers. However, we suspect the timing of the IPO may not be opportune given the country is reeling from the aftermath of a devastating new wave and the retail investment environment may not be enthusing. 

Zomato's USD 1Bn IPO: India Foodtech's Lead Play. Striking when the Market Is COVID-Hot.

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>When you go to a live music show in Japan there is almost always an encore. In fact, that is the standard. If an artist has truly done well, there may be a second encore. And if the performance has been legendary, there might even be a third. That is how the last year with Vision Fund has felt...</p>

When you go to a live music show in Japan there is almost always an encore. In fact, that is the standard. If an artist has truly done well, there may be a second encore. And if the performance has been legendary, there might even be a third. That is how the last year with Vision Fund has felt...

Softbank Group: Q4 20 Results – Will There Be an Encore?

<p>A 3% NASDAQ correction is a challenge for Softbank Group as it prepares to announce FY20 results later this week. The key takeaway for the quarter ended March is a $26bn gain for Vision Fund public companies led by the January IPO of Coupang which contributed $25bn of the upside as of quarter-end. But that same portfolio has given up almost half those gains QTD whilst sustained weakness would also impact the ability to get a Didi Chuxing IPO attractively placed even as the value of c. $22bn invested in public tech shares and derivatives could be at risk. The silver lining is that the chances of a new share buyback program have increased.</p>

A 3% NASDAQ correction is a challenge for Softbank Group as it prepares to announce FY20 results later this week. The key takeaway for the quarter ended March is a $26bn gain for Vision Fund public companies led by the January IPO of Coupang which contributed $25bn of the upside as of quarter-end. But that same portfolio has given up almost half those gains QTD whilst sustained weakness would also impact the ability to get a Didi Chuxing IPO attractively placed even as the value of c. $22bn invested in public tech shares and derivatives could be at risk. The silver lining is that the chances of a new share buyback program have increased.

Softbank Group - Tech Weakness Hits on Multiple Levels but Boosts Chances of New Buybacks

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<p><a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOM IN)</a> recently filed its <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/zomato-limited-drhp_49956.html" target="_blank" rel="noopener">DRHP</a> with the SEBI last week. ZOM is one of the two Online Food Delivery (OFD) players in India, the other being Swiggy.</p>
<p>ZOM's IPO is also the ray of hope for the many consumer tech and internet companies in India and thus is expected to be the one that receives the maximum attention.</p>
<p>India OFD is a multi-decade play, and hence rather than just one insight, ZOM will be in our coverage with multiple insights over various periods of time even post IPO. </p>
<p>This Insight focuses on Total Addressable Market (TAM) and SAM (Serviceable Addressable Market) for OFD players in India along with an overview of the current market structure. </p>

Zomato (ZOM IN) recently filed its DRHP with the SEBI last week. ZOM is one of the two Online Food Delivery (OFD) players in India, the other being Swiggy.
ZOM's IPO is also the ray of hope for the many consumer tech and internet companies in India and thus is expected to be the one that receives the maximum attention.
India OFD is a multi-decade play, and hence rather than just one insight, ZOM will be in our coverage with multiple insights over various periods of time even post IPO. 
This Insight focuses on Total Addressable Market (TAM) and SAM (Serviceable Addressable Market) for OFD players in India along with an overview of the current market structure. 

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)

Hello IPO: Valuation First Look

Hello is seeking to raise $1 billion through a Nasdaq listing, according to press reports. In this note, we present our forecasts and take the...

Arun George

Zomato's USD 1Bn IPO: India Foodtech's Lead Play. Striking when the Market Is COVID-Hot.

Preview of (likely) IPO valuation based on Zomato's recent fundraising, and analysis of the company's operational basics, strengths, risks, and...

Devi Subhakesan

Softbank Group: Q4 20 Results – Will There Be an Encore?

Softbank reported record earnings but this was anticipated and what happens moving forward is more relevant. It has high exposure to a tech sell...

Kirk Boodry

Softbank Group - Tech Weakness Hits on Multiple Levels but Boosts Chances of New Buybacks

Softbank's is highly exposed to tech volatility which impacts current values in Vision Fund/Northstar and future values in the form of IPOs/SPACs....

Kirk Boodry

Zomato (ZOM IN) | The "Desi" TAMinator

Indian OFD is a humungous opportunity. A conductive market structure, a two-player market, decreasing discounts, ability to increase delivery...

Pranav Bhavsar

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