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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise at least US$100m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Hesai Group (HSAI US) is looking to raise at least US$100m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
In this note, we will talk about the positive aspects of the deal.


Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)</li>
<li>We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.</li>
<li>For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms</li>
</ul>


The three companies we write about this week are ASML Holding NV (ASML US) , Bayer AG (BAYN GY)  and Gentex Corp (GNTX US)
We included ChatGPT's innovation assessment for the three companies in the report. The qualitative commentary of ChatGPT though fluffy does somewhat reflect our quantitative assessment from technical literature.
For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&amp;P500 +0.2%, Nasdaq -0.1%, Russell2000 +1.0%, MSCI-ACWI-ETF +3.1%, all in US$ terms


Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

<ul>
<li>Softening macroeconomic circumstances in the Eurozone and cooling inflation in the U.S. could reignite demand.</li>
<li>China's reopening might smooth supply chains.</li>
<li>Ford Motor Company's EU market share is expanding, and its product-driven approach has sustained customer loyalty in North America.</li>
</ul>


Softening macroeconomic circumstances in the Eurozone and cooling inflation in the U.S. could reignite demand.
China's reopening might smooth supply chains.
Ford Motor Company's EU market share is expanding, and its product-driven approach has sustained customer loyalty in North America.


Ford: Why We're Bullish For A Change (Rating Upgrade)

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range.</li>
<li>The stock was listed on 27th Jan 22. Its one-year lockup is set to expire soon.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note</li>
</ul>



LG Energy Solution (373220 KS) (LGES) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range.
The stock was listed on 27th Jan 22. Its one-year lockup is set to expire soon.
In this note, we will talk about the lock-up dynamics and updates since our last note


LG Energy IPO Lock-Up - Last of the Lockups at US$3bn

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>This insight provides a trading strategy on LG Energy Solution (373220 KS) with a focus on the end of the ESOP shares lockup period on 27 January.</li>
<li>Currently, LG Energy Solution is trading at P/E of 46.5x in 2024 which is more than 100% higher than the P/E multiples of CATL (20.4x) and Tesla (19.2x) in 2024.</li>
<li>Our view is that in the long-term, LG Energy Solution should not trade at such high valuation premium to Tesla given the latter company's higher return on capital.</li>
</ul>


This insight provides a trading strategy on LG Energy Solution (373220 KS) with a focus on the end of the ESOP shares lockup period on 27 January.
Currently, LG Energy Solution is trading at P/E of 46.5x in 2024 which is more than 100% higher than the P/E multiples of CATL (20.4x) and Tesla (19.2x) in 2024.
Our view is that in the long-term, LG Energy Solution should not trade at such high valuation premium to Tesla given the latter company's higher return on capital.


LG Energy Solution: Trading Strategy on End of ESOP Lockup & Valuation Comparisons

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Hesai Group Pre-IPO - The Positives - Has a Lot of Potential

Hesai Group (HSAI US), a China based Lidar solutions provider, is looking to raise at least US$100m in its upcoming US IPO. In this note, we will...

Sumeet Singh

The Innovations Portfolio - Week Nine

For the nine weeks since inception ended 20 Jan the combined innovation portfolio was +3.5%, versus DJIA -1.1%, S&P500 +0.2%, Nasdaq -0.1%,...

Pyari Menon

Ford: Why We're Bullish For A Change (Rating Upgrade)

Softening macroeconomic circumstances in the Eurozone and cooling inflation in the U.S. could reignite demand. China's reopening might smooth...

Pearl Gray Equity and Research

LG Energy IPO Lock-Up - Last of the Lockups at US$3bn

LG Energy Solution (373220 KS) raised US$10.8bn in its South Korea IPO, after pricing at the top-end of the IPO price range. Its one-year lockup...

Sumeet Singh

LG Energy Solution: Trading Strategy on End of ESOP Lockup & Valuation Comparisons

This insight provides a trading strategy on LG Energy Solution (373220 KS) with a focus on the end of the ESOP shares lockup period on 27 January.

Douglas Kim

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