APAC IPOs & Placements, Aequitas Research

Ethan Aw

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/fadu-inc" target="_blank" data-smartkarma-citation="entities:39896:1" rel="noopener">Fadu (440110 KS)</a> is looking to raise up to US$147m in its Korean IPO.</li>
<li>Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.</li>
</ul>



Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO.
Fadu is a South Korean fabless semiconductor maker mainly engaged in flash storage technology innovation. Its core products are Enterprise Solid State Drive (SSD) and Enterprise SSDs.
In our previous notes, we looked at the company’s past performance. In this note, we talk about peer comparison.


Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. </li>
<li>The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.</li>
<li>Fadu is a system semiconductor fabless company specializing in data centers.</li>
</ul>


Fadu is getting ready to complete its IPO in Korea in August. Fadu is one of the most highly anticipated IPOs in Korea in 2023. 
The expected market cap at the top end of the IPO price range is 1.6 trillion won. The IPO price range is from 26,000 won to 31,000 won.
Fadu is a system semiconductor fabless company specializing in data centers.


Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>Chip revenues have been up for two months in a row.  Could this be the start of a trend?</li>
<li>Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs</li>
<li>DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.</li>
</ul>


Chip revenues have been up for two months in a row.  Could this be the start of a trend?
Commodity prices indicate that the "Collapse" phase of a price downturn has ended, and that prices will now follow costs
DRAM and NAND makers should remain unprofitable until mid 2024, although their revenues can begin to steadily rise.  Other chip makers will do better.


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>Microchip Technology had a strong quarter.</li><li>Non-GAAP gross margin exceeded the company's forecast by 171 basis points to an all-time high of 68.3% in the most recent quarter.</li><li>Additionally, the non-GAAP operating margin, which increased by 292 basis points from the same quarter last year to an all-time high of 47.65%, came in just below the high end of their forecast.</li></ul>

Microchip Technology had a strong quarter.Non-GAAP gross margin exceeded the company's forecast by 171 basis points to an all-time high of 68.3% in the most recent quarter.Additionally, the non-GAAP operating margin, which increased by 292 basis points from the same quarter last year to an all-time high of 47.65%, came in just below the high end of their forecast.

Microchip Technology: Analog & Data Centre Business Upside Is Strong – Key Drivers

<ul>
<li>The steep part of the chip collapse has run its course, and prices are now following cost</li>
<li>Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter</li>
<li>The market will regain profitability only after a new shortage develops, which may be the middle of 2024</li>
</ul>


The steep part of the chip collapse has run its course, and prices are now following cost
Revenues will rise once demand growth fully offsets price decreases, probably in the fourth quarter
The market will regain profitability only after a new shortage develops, which may be the middle of 2024


United States

Microchip Technology Incorporated designs, manufactures, and markets microcontrollers, related mixed-signal and memory products, and application development systems for high-volume embedded control applications. The Company also designs, develops, and markets linear/mixed-signal, power management, and thermal management products.

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Microchip Technology (MCHP US)

Fadu Pre-IPO - Peer Comparison - Hardly Comparable in Scale to Its Peers

Fadu (440110 KS) is looking to raise up to US$147m in its Korean IPO. In our previous notes, we looked at the company’s past performance. In this...

Ethan Aw

Fadu IPO Preview

Fadu is a Korean system semiconductor fabless company specializing in data centers. It is getting ready to complete its IPO in August. Fadu is one...

Douglas Kim

Encouraging Signs in Recent Semi Stats

The chip market is giving signs of a recovery which will see rising revenues but should remain unprofitable for commodity players until mid-2024. ...

Jim Handy

Microchip Technology: Analog & Data Centre Business Upside Is Strong – Key Drivers

Microchip Technology had a strong quarter. Non-GAAP gross margin exceeded the company's forecast by 171 basis points to an all-time high of 68.3%...

Baptista Research

Where Are We in the Semiconductor Cycle?

Will the semiconductor market turn around? Revenues are likely to regain modest growth in the fourth quarter, but profits shouldn't return until...

Jim Handy

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