IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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.

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a>, a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of <a href="https://www.smartkarma.com/entities/vingroup-jsc" target="_blank" data-smartkarma-citation="entities:13213:1" rel="noopener">Vingroup Jsc (VIC VN)</a>, completed its merger with Black Spade. </li>
<li>The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. </li>
<li>VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  </li>
</ul>



VinFast (1905332D VN), a Vietnamese EV (electric vehicle) manufacturer and a majority-owned affiliate of Vingroup Jsc (VIC VN), completed its merger with Black Spade. 
The shares closed 3.7x up on the first day with a market cap of US$86bn. The pop is partly due to low float resulting from the controlling shareholder's 99.0% stake. 
VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to peers on growth-adjusted multiples.  


Alpha-Centric ESG Research

Kyle Rudden

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<li>
<a href="https://www.smartkarma.com/entities/carsome-group" target="_blank" data-smartkarma-citation="entities:35913:1" rel="noopener">Carsome (CARSOME1 SP)</a>, Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange</a>.</li>
<li>Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.</li>
<li>The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.</li>
</ul>



Carsome (CARSOME1 SP), Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and Singapore Exchange.
Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.
The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.


Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>2021 was the year of EV Stocks, with automakers raising large sums of money without any vehicle deliveries or revenues.</li><li>Swedish EV Maker Polestar is the latest in a long list of EV makers to go public through a SPAC, but there’s more to this deal than first meets the eye</li><li>Polestar is set to make its public debut at a critical juncture in the nascent EV Market where Tesla has captured a lion’s share and the competition is struggling to scale</li></ul>

2021 was the year of EV Stocks, with automakers raising large sums of money without any vehicle deliveries or revenues.Swedish EV Maker Polestar is the latest in a long list of EV makers to go public through a SPAC, but there’s more to this deal than first meets the eyePolestar is set to make its public debut at a critical juncture in the nascent EV Market where Tesla has captured a lion’s share and the competition is struggling to scale

Polestar Is The Dark Horse in the EV Race

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

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<li>This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. </li>
<li>We also look at <a href="https://www.smartkarma.com/entities/vinfast-auto-ltd" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">Vinfast</a> as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the dynamics can change rapidly as it restructures Tokopedia. 
We also look at Vinfast as it delays its US factory launch until 2028 versus 2025 due to slower EV sales and we examine the Grab &amp; Trans-cab situation. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

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

Novelis Corporation / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.</li>
<li>Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.</li>
<li>In this note, we look at the firm’s past performance.</li>
</ul>



Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The deal will consist of 100% secondary shares.
Novelis is a global provider of aluminum solutions for the beverage packaging, automotive markets, specialties markets and aerospace.
In this note, we look at the firm’s past performance.


Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

United States

Rivian Automotive, Inc. is an automotive technology company. The Company designs and manufactures vans, trucks, and sports utility vehicles, as well as offers software solutions, IT, repair, and maintenance services. Rivian Automotive serves customers in North America and the United Kingdom.

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Rivian Automotive (RIVN US)

VinFast: Inexplicable Valuation

VinFast faces headwinds of poor reviews, declining customer traction, ongoing losses and cash burn. VinFast is trading at a material premium to...

Arun George

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

Polestar Is The Dark Horse in the EV Race

2021 was the year of EV Stocks, with automakers raising large sums of money without any vehicle deliveries or revenues. Swedish EV Maker Polestar...

subSPAC

CrossASEAN Ground Zero - Changing Dynamic in E-Commerce, Vinfast Holding Back, and Grab & Trans-Cab

This week we look at the changing dynamics behind Southeast Asia's e-commerce landscape as TikTok effectively moves into second place but the...

Angus Mackintosh

Novelis Pre-IPO - Leader in Most Categories, Although End Markets’ Aren’t Really Growing Much

Novelis Corporation (0620365D US) Novelis is looking to raise US$1.2bn in its upcoming US IPO. The firm is owned by Indian-listed Hindalco. The...

Clarence Chu

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