Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Private Capital Markets

Getir Perakende Lojistik AS / Private Capital Markets

<ul>
<li>Getir has been one of the hottest tech companies in Europe from Turkey, with its valuation reaching c. $12 billion in March this year.</li>
<li>Intense competition has put pressure on the topline. There's no clear path to profitability in the medium term, as players in the sector are still burning capital to build scale.</li>
<li>Future consolidation in the Q-commerce sector is given. Diversification is likely the way forward for current leaders to create more ways to monetize from its users.</li>
</ul>


Getir has been one of the hottest tech companies in Europe from Turkey, with its valuation reaching c. $12 billion in March this year.
Intense competition has put pressure on the topline. There's no clear path to profitability in the medium term, as players in the sector are still burning capital to build scale.
Future consolidation in the Q-commerce sector is given. Diversification is likely the way forward for current leaders to create more ways to monetize from its users.


Getir: Turnover Is Vanity, Profit Is Sanity, And Cash Is Reality

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/elastic-nv" target="_blank" data-smartkarma-citation="entities:27526:1" rel="noopener">Elastic NV (ESTC US)</a>  has grown its ARR from ~$207 million as of Jul-18 to ~$760 million today and may become a multi-billion dollar unicorn in the future.  </li>
<li>We like the subscription-based freemium business model, strong net expansion rate, and acceleration in revenue growth of Elastic Cloud business, which currently represents ~33% of total revenue. </li>
<li>Elastic Search is one of the most popular search engines globally, and the company’s products have been downloaded more than 350 million times since 2013. </li>
</ul>



Elastic NV (ESTC US)  has grown its ARR from ~$207 million as of Jul-18 to ~$760 million today and may become a multi-billion dollar unicorn in the future.  
We like the subscription-based freemium business model, strong net expansion rate, and acceleration in revenue growth of Elastic Cloud business, which currently represents ~33% of total revenue. 
Elastic Search is one of the most popular search engines globally, and the company’s products have been downloaded more than 350 million times since 2013. 


Elastic: High-Profile Search Company With Attractive Fundamentals

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.

Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about valuations and the lock-up release schedule.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about valuations and the lock-up release schedule.


Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%</li>
<li>Improved revenue mix and effective OpEx control contributed to higher margins</li>
<li>Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8</li>
</ul>


Q324 revenue growth exceeded guidance, rising 33.9% Y/Y vs guidance of 22-25%
Improved revenue mix and effective OpEx control contributed to higher margins
Now close to US$10/ADS, we would wait for an opportunity to buy closer to US$8


Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pony-ai-inc" target="_blank" data-smartkarma-citation="entities:44035:1" rel="noopener">Pony AI (PONY US)</a>, an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.</li>
<li>As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO.
As per Frost &amp; Sullivan, Pony AI was among the first companies in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lyft (LYFT US)

Getir: Turnover Is Vanity, Profit Is Sanity, And Cash Is Reality

Getir's valuation just reached $12 billion in March this year. But, behind the fancy price tag, what are the challenges brewing in the sector? What...

Alec Tseung

Elastic: High-Profile Search Company With Attractive Fundamentals

Elastic is a high-profile search technology company and we believe current valuations look attractive for long-term investors

Andrei Zakharov

Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

On 13th Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp at an equity val of US$39.6bn. In...

Sumeet Singh

Full Truck Alliance Q324 Results: Great Numbers, But Limited Upside Here | BUY Closer to US$8

Full Truck Alliance's shares shot up 15% on November 20 after the company reported another set of impressive results. We still like the company but...

Tracking Traffic

Pony AI IPO - Autonomous Valuation

Pony AI (PONY US), an autonomous mobility solutions provider, is looking to raise up to US$195m in its US IPO. In this note, we talk about the IPO...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)