APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$463m in its Japan IPO. </li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.</li>
<li>In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. 
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation.
In this note, we will look at the updated deal dynamics, our earlier assumptions, and share our thoughts on valuation.


Socionext IPO - Ample Upside Even After Discount

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with market expectations.</li><li>In spite of the choppy supply environment, the strong end market demand and the successful adoption of its new products have enabled the company to grow revenue significantly.</li><li>We provide the stock of Marvell Technologies with a ‘Buy’ rating with a revision in the target price.</li></ul>

Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with market expectations.In spite of the choppy supply environment, the strong end market demand and the successful adoption of its new products have enabled the company to grow revenue significantly.We provide the stock of Marvell Technologies with a ‘Buy’ rating with a revision in the target price.

Marvell Technologies: The Tanzanite Acquisition & Other Drivers

Credit

<ul><li>Marvell Technologies has emerged as a strong player in the networking chips market over the years.</li><li>The management is aggressively investing in the data infrastructure market to drive strong long-term growth.</li><li>They saw a significant increase in design wins, the completion of two significant acquisitions, and strong revenue growth with great momentum.</li></ul>

Marvell Technologies has emerged as a strong player in the networking chips market over the years.The management is aggressively investing in the data infrastructure market to drive strong long-term growth.They saw a significant increase in design wins, the completion of two significant acquisitions, and strong revenue growth with great momentum.

Marvell Technologies: Detailed Credit Analysis & Financial Strength Evaluation Report

Marvell Technology  / Equity Capital Markets

<ul><li>Marvell Technologies has become a formidable player in the networking chips domain and had a solid fiscal 2022 result.</li><li>The company's cloud-optimized silicon platform also had a breakout year in fiscal 2022, winning many important sockets that it expects to drive significant revenue for the company in the future.</li><li>Chiplet and 3D packaging technologies are also being developed to allow multiple advanced process nodes to be integrated into a single package.</li></ul>

Marvell Technologies has become a formidable player in the networking chips domain and had a solid fiscal 2022 result.The company's cloud-optimized silicon platform also had a breakout year in fiscal 2022, winning many important sockets that it expects to drive significant revenue for the company in the future.Chiplet and 3D packaging technologies are also being developed to allow multiple advanced process nodes to be integrated into a single package.

Marvell Technologies: Financial & Price Forecasts

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Forensic Accounting

Marvell Technology  / Forensic Accounting

<ul>
<li>This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  </li>
<li>They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.</li>
<li>These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.</li>
</ul>


This short model seeks short-sale candidates among companies that use aggressive accounting and/or exhibit deteriorating quality of earnings.  
They are typically highly idiosyncratic shorts and require thoughtful analyses of upcoming catalysts.  When the company’s issues become well-known, there is often multiple compression as well as a rerating.
These shorts can have high or low betas, valuations based on artificial earnings and exhibit good short responses to subsequently disappointing earnings.


Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

United States

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

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Marvell Technology (MRVL US)

Socionext IPO - Ample Upside Even After Discount

Socionext (6526 JP) is looking to raise up to US$463m in its Japan IPO. In this note, we will look at the updated deal dynamics, our earlier...

Clarence Chu

Marvell Technologies: The Tanzanite Acquisition & Other Drivers

Marvell Technologies continued to drive operating leverage and delivered an earnings beat in the recent result while its revenues were on par with...

Baptista Research

Marvell Technologies: Detailed Credit Analysis & Financial Strength Evaluation Report

Marvell Technologies has emerged as a strong player in the networking chips market over the years. The management is aggressively investing in the...

Baptista Research

Marvell Technologies: Financial & Price Forecasts

Marvell Technologies has become a formidable player in the networking chips domain and had a solid fiscal 2022 result. The company's...

Baptista Research

Earnings Quality Short Candidates: Marvell, Celsius, Fortive and Ranpak Hldg.

Our earnings quality short model is flagging Marvell Technology (MRVL), Celsius (CELH), Fortive (FTV) and Ranpak Holdings (PACK).

Eric Fernandez, CFA

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