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

Uber Technologies  / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/430" target="_blank" data-smartkarma-citation="entities:430:1">Uber Technologies (0084207D US)</a> aims to raise US$10bn+ in its US IPO at a US$100bn valuation, as per media reports.I used the Uber and Uber Eats a lot while it was still operational in Singapore and honestly, found both to be much better than competitors on all counts - usage, customer service, etc. I was disappointed to see it go but looking at the numbers now the company seems to be fighting too many battles on too many fronts. I won't go into all the details now, as I'm sure there will be ample of other insights on Smartkarma to run you through the numbers.In this insight, I will talk about some of the points that need more data disclosure, similar to the ones that I talked about in my earlier insight on <a href="https://www.smartkarma.com/entities/24423" target="_blank" data-smartkarma-citation="entities:24423:1">Lyft Inc (LYFT US),</a><a href="https://www.smartkarma.com/insights/lyft-pre-ipo-drivers-and-shared-rides-hold-the-key-but-the-numbers-are-missing" target="_blank">LYFT Pre-IPO - Drivers and Shared Rides Hold the Key But the Numbers Are Missing.</a>

Uber Technologies (0084207D US) aims to raise US$10bn+ in its US IPO at a US$100bn valuation, as per media reports.I used the Uber and Uber Eats a lot while it was still operational in Singapore and honestly, found both to be much better than competitors on all counts - usage, customer service, etc. I was disappointed to see it go but looking at the numbers now the company seems to be fighting too many battles on too many fronts. I won't go into all the details now, as I'm sure there will be ample of other insights on Smartkarma to run you through the numbers.In this insight, I will talk about some of the points that need more data disclosure, similar to the ones that I talked about in my earlier insight on Lyft Inc (LYFT US),LYFT Pre-IPO - Drivers and Shared Rides Hold the Key But the Numbers Are Missing.

Uber Pre-IPO - Big on Ambition, Low on Disclosures

IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

IPO and L/S equity, 2015 Starmine top stock picker

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.

Uber has filed its <a href="https://www.sec.gov/Archives/edgar/data/1543151/000119312519103850/d647752ds1.htm" target="_blank">S1 prospectus</a> in order to raise a reported $10bn with an estimated valuation of $100bn. We note the following key pointsIntro to Uber IPOUBER financials: Heavy cash burn and negative margins Major revenue slowdown in the latest quarterYou can find our cautious take on the Lyft IPO here: <a href="https://www.smartkarma.com/insights/lyft-ipo-preview-maybe-we-ll-just-walk" target="_blank" data-smartkarma-citation="insights:28361">Lyft IPO Preview: Maybe We'll Just Walk?</a>

Uber has filed its S1 prospectus in order to raise a reported $10bn with an estimated valuation of $100bn. We note the following key pointsIntro to Uber IPOUBER financials: Heavy cash burn and negative margins Major revenue slowdown in the latest quarterYou can find our cautious take on the Lyft IPO here: Lyft IPO Preview: Maybe We'll Just Walk?

Below is a recap of the key analysis produced by the Global Equity Research team. This week, we update on <a href="https://www.smartkarma.com/entities/24423" target="_blank" data-smartkarma-citation="entities:24423:1">Lyft Inc (LYFT US)</a> now that it is below its IPO price and remind of the potentially muted impact for strategic holder <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten Inc (4755 JP)</a>. On the M&amp;A front, Arun digs into the conditional deal for <a href="https://www.smartkarma.com/entities/20374" target="_blank" data-smartkarma-citation="entities:20374:1">Lynas Corp Ltd (LYC AU)</a> from <a href="https://www.smartkarma.com/entities/1104" target="_blank" data-smartkarma-citation="entities:1104:1">Wesfarmers Ltd (WES AU)</a>. With regards to IPO research, we initiate on e-commerce player <a href="https://www.smartkarma.com/entities/27997" target="_blank" data-smartkarma-citation="entities:27997:1">Yunji Inc. (YJ US)</a> and solar company <a href="https://www.smartkarma.com/entities/27808" target="_blank" data-smartkarma-citation="entities:27808:1">Xinyi Energy Holdings Ltd (1671746D HK)</a> while we update on the IPO valuation of <a href="https://www.smartkarma.com/entities/27992" target="_blank" data-smartkarma-citation="entities:27992:1">Ruhnn Holding Ltd (RUHN US)</a>. In addition, we have provided an updated calendar of upcoming catalysts for EVENT driven names below. Best of luck for the new week - Arun, Venkat and Rickin

Below is a recap of the key analysis produced by the Global Equity Research team. This week, we update on Lyft Inc (LYFT US) now that it is below its IPO price and remind of the potentially muted impact for strategic holder Rakuten Inc (4755 JP). On the M&amp;A front, Arun digs into the conditional deal for Lynas Corp Ltd (LYC AU) from Wesfarmers Ltd (WES AU). With regards to IPO research, we initiate on e-commerce player Yunji Inc. (YJ US) and solar company Xinyi Energy Holdings Ltd (1671746D HK) while we update on the IPO valuation of Ruhnn Holding Ltd (RUHN US). In addition, we have provided an updated calendar of upcoming catalysts for EVENT driven names below. Best of luck for the new week - Arun, Venkat and Rickin

Last Week in GER Research: Lyft, Rakuten, Lynas, Yunji IPO, Xinyi IPO and Ruhnn IPO

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/083/132/original/2019-03-25_18-58-11.png?1553507902" class="editor-image img-responsive" data-smartkarma-image-id="83132"></figure>Source: Japan Analytics
</div>There are currently 241 listed Japanese companies that can be categorised as Internet businesses. Our classification overlaps with the TOPIX-33 Information &amp; Communication sub-Sector but is broader in that it encompasses all companies listed on all sections and exchanges but is also narrower in that we have excluded Telecommunications (including <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">S</a><a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">oftbank Group (9984 JP)</a>) and Information Technology companies. We have adopted a 'quantamental' approach which covers the long-term and current trends for Japan's Internet Sector as a whole, as well as eight sub-Sectors or Peer Groups and the Sectors' leading companies by market capitalisation.  Our focus is exclusively on the locally-listed universe and is based on disclosed financial and market data. We do not provide any forecasts, other than the companies' own forecasts and we do not attempt to make any business model or strategic judgments. Our focus is purely on financial and market performance. We do not cover unlisted and defunct companies such as Livedoor and, therefore, there is implicit survivor bias in the data. The broad themes that are developed in DETAIL below are grouped into six topics as follows: - • SUMMARY •  • FUNDAMENTAL OVERVIEW •  • SCORING - RESULTS &amp; REVISIONS / RELATIVE PRICE •  • RESULTS TRENDS •  • VALUATION • • RECOMMENDATIONS •<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/083/206/original/2019-03-25_17-46-58.png?1553565764" class="editor-image img-responsive" data-smartkarma-image-id="83206"></figure><div class="content-caption">Source: Japan Analytics</div>OVERVIEW - As will be covered in greater DETAIL below, Japan has failed to evolve a substantial Internet Sector and, in many business models, has been passed by global competitors including in the home market. Although Internet Sector revenues have grown steadily and now account for close to 1% of the total for all listed companies, operating margins have declined by half in the last seven years and are now only four percentage points higher than the market average. Accordingly, as measured by our Results &amp; Revision Score, the Sector is close to a twelve-year low. The market's response is an unchanged Sector weight in the market composite despite the addition of 111 new companies in the last six years, and a Relative Price Score that has moved in a narrow range over that period. The Sector averages disguise the weak business and market performance of a handful of Sector leaders as well as the overvaluation of the Sector's more successful business models, which is partly a result of a lack of alternatives. Despite the world's most significant Internet investor - <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group (9984 JP)</a>'s Vision Fund - being based in Japan, this fund and other global investors in Internet business have been right to give Japan a 'pass'.


Source: Japan Analytics
There are currently 241 listed Japanese companies that can be categorised as Internet businesses. Our classification overlaps with the TOPIX-33 Information &amp; Communication sub-Sector but is broader in that it encompasses all companies listed on all sections and exchanges but is also narrower in that we have excluded Telecommunications (including Softbank Group (9984 JP)) and Information Technology companies. We have adopted a 'quantamental' approach which covers the long-term and current trends for Japan's Internet Sector as a whole, as well as eight sub-Sectors or Peer Groups and the Sectors' leading companies by market capitalisation.  Our focus is exclusively on the locally-listed universe and is based on disclosed financial and market data. We do not provide any forecasts, other than the companies' own forecasts and we do not attempt to make any business model or strategic judgments. Our focus is purely on financial and market performance. We do not cover unlisted and defunct companies such as Livedoor and, therefore, there is implicit survivor bias in the data. The broad themes that are developed in DETAIL below are grouped into six topics as follows: - • SUMMARY •  • FUNDAMENTAL OVERVIEW •  • SCORING - RESULTS &amp; REVISIONS / RELATIVE PRICE •  • RESULTS TRENDS •  • VALUATION • • RECOMMENDATIONS •Source: Japan AnalyticsOVERVIEW - As will be covered in greater DETAIL below, Japan has failed to evolve a substantial Internet Sector and, in many business models, has been passed by global competitors including in the home market. Although Internet Sector revenues have grown steadily and now account for close to 1% of the total for all listed companies, operating margins have declined by half in the last seven years and are now only four percentage points higher than the market average. Accordingly, as measured by our Results &amp; Revision Score, the Sector is close to a twelve-year low. The market's response is an unchanged Sector weight in the market composite despite the addition of 111 new companies in the last six years, and a Relative Price Score that has moved in a narrow range over that period. The Sector averages disguise the weak business and market performance of a handful of Sector leaders as well as the overvaluation of the Sector's more successful business models, which is partly a result of a lack of alternatives. Despite the world's most significant Internet investor - Softbank Group (9984 JP)'s Vision Fund - being based in Japan, this fund and other global investors in Internet business have been right to give Japan a 'pass'. 

🇯🇵 Japan • Internet Sector Review - 'Japan Passing'

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

As we bid adieu to the Q1 2019, there has been increasing angst about the possibility of a recession, though we have expressed our view that a number of internals cast doubt about the usefulness of the inverted yield curve signal (see <a href="https://humblestudentofthemarkets.com/wp-content/uploads/2019/03/20190325-How-the-market-could-melt-up.pdf" target="_blank">How the Market Could Melt Up</a>). Notwithstanding my skepticism, we would like to explore what happens in a recession.Recessions are cathartic processes that unwind the excesses of the past expansion cycle. The most obvious excess in this cycle has been the rise of Silicon Valley unicorns, private companies with valuations in excess of $1 billion.The enthusiasm that greeted the Lyft IPO has raised angst among some investors about the herd of unicorns stampeding toward the IPO door (see our colleague Barbara Gray’s report, <a href="https://www.pennockideahub.com/barbara-gray/" target="_blank">Why I Am Not Drinking the Lyft Kool-Aid &amp; New Insights from SXSW</a>). Could a stampede of unicorns mark a market top, and their subsequent cull sink the American economy?We find that while a unicorn cull could hurt some investors, these investors are well capitalized and losses are unlikely to be catastrophic for their portfolio. Unicorn investments are funded by VC money, which is not subject to little financial leverage, and the lack of leverage should be a mitigating factor in cushioning the economy from the worst of these effects.In addition, stock market valuations are elevated, but not at dangerous levels and there is no sign of a valuation bubble. The risk of a unicorn IPO crash dragging down stock prices is low. However, scenario of an IPO FOMO stampede that causes stock price surge, followed by a crash, remains on the table, but the market has to go up before it goes down.Further analysis of the risk of a global recession indicates that slowdown risk is relatively low. Investors should be able to sleep well, and stay with a risk-on profile in their portfolios.

As we bid adieu to the Q1 2019, there has been increasing angst about the possibility of a recession, though we have expressed our view that a number of internals cast doubt about the usefulness of the inverted yield curve signal (see How the Market Could Melt Up). Notwithstanding my skepticism, we would like to explore what happens in a recession.Recessions are cathartic processes that unwind the excesses of the past expansion cycle. The most obvious excess in this cycle has been the rise of Silicon Valley unicorns, private companies with valuations in excess of $1 billion.The enthusiasm that greeted the Lyft IPO has raised angst among some investors about the herd of unicorns stampeding toward the IPO door (see our colleague Barbara Gray’s report, Why I Am Not Drinking the Lyft Kool-Aid &amp; New Insights from SXSW). Could a stampede of unicorns mark a market top, and their subsequent cull sink the American economy?We find that while a unicorn cull could hurt some investors, these investors are well capitalized and losses are unlikely to be catastrophic for their portfolio. Unicorn investments are funded by VC money, which is not subject to little financial leverage, and the lack of leverage should be a mitigating factor in cushioning the economy from the worst of these effects.In addition, stock market valuations are elevated, but not at dangerous levels and there is no sign of a valuation bubble. The risk of a unicorn IPO crash dragging down stock prices is low. However, scenario of an IPO FOMO stampede that causes stock price surge, followed by a crash, remains on the table, but the market has to go up before it goes down.Further analysis of the risk of a global recession indicates that slowdown risk is relatively low. Investors should be able to sleep well, and stay with a risk-on profile in their portfolios.

Could A Unicorn Cull Tank The US Economy?

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.

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Lyft (LYFT US)

Uber Pre-IPO - Big on Ambition, Low on Disclosures

Uber Technologies (0084207D US) aims to raise US$10bn+ in its US IPO at a US$100bn valuation, as per media reports.I used the Uber and Uber Eats a...

Sumeet Singh

Uber IPO Preview: Surge Pricing

Uber has filed its S1 prospectus in order to raise a reported $10bn with an estimated valuation of $100bn. We note the following key pointsIntro to...

Rickin Thakrar

Last Week in GER Research: Lyft, Rakuten, Lynas, Yunji IPO, Xinyi IPO and Ruhnn IPO

Below is a recap of the key analysis produced by the Global Equity Research team. This week, we update on Lyft Inc (LYFT US) now that it is below...

Rickin Thakrar

🇯🇵 Japan • Internet Sector Review - 'Japan Passing'

There are currently 241 listed Japanese companies that can be categorised as Internet businesses. Our classification overlaps with the TOPIX-33...

Campbell Gunn

Could A Unicorn Cull Tank The US Economy?

As we bid adieu to the Q1 2019, there has been increasing angst about the possibility of a recession, though we have expressed our view that a...

Cam Hui

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