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 Capital Markets

SenseTime Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Pricing is set for 23 December.</li>
<li>In <a href="https://www.smartkarma.com/insights/sensetime-ipo-initiation-big-brother" target="_blank" data-smartkarma-citation="insights:62104" rel="noopener">SenseTime IPO Initiation: Big Brother</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass.</li>
<li>Our base-case DCF value is HK$3.48 per share, -11% below the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains unattractive.   </li>
</ul>



SenseTime Group (1475539D HK) has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Pricing is set for 23 December.
In SenseTime IPO Initiation: Big Brother, we stated that the negatives outweigh the positives and we would give the IPO a pass.
Our base-case DCF value is HK$3.48 per share, -11% below the mid-point of the IPO price range. Our DCF sensitivity analysis shows that the IPO price remains unattractive.   


SenseTime IPO: Relaunched but Remains a Pass

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.

LG Energy Solution / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.</strong></li>
<li>In Korea, <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (LGENERGY KS)</a> has finally filed its prospectus for US$10.8bn IPO after some delays earlier this year.</li>
<li>Hong Kong IPO sentiment has been abysmal. It was reported that <a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> delayed its IPO after the U.S. ban report.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.
In Korea, LG Energy Solution (LGENERGY KS) has finally filed its prospectus for US$10.8bn IPO after some delays earlier this year.
Hong Kong IPO sentiment has been abysmal. It was reported that SenseTime Group (1475539D HK) delayed its IPO after the U.S. ban report.


ECM Weekly (12th December 2021) - LG Energy, SenseTime (Delayed), Didi, Kanzhun & Full Truck Lock-Up

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>SenseTime is Asia’s largest AI software company and China’s largest computer vision software provider. The company has filed for an IPO to list on the Hong Kong Stock Exchange.  </li>
<li>The company plans to raise net proceeds of HK$5,665m (US$736.4m) at a market capitalisation of HK$130.5bn and a post-money enterprise value of HK$114.7bn.</li>
<li>As SenseTime prepares for its IPO debut, FT reports that the US is planning to put the company on an investment blacklist.</li>
</ul>


SenseTime is Asia’s largest AI software company and China’s largest computer vision software provider. The company has filed for an IPO to list on the Hong Kong Stock Exchange.  
The company plans to raise net proceeds of HK$5,665m (US$736.4m) at a market capitalisation of HK$130.5bn and a post-money enterprise value of HK$114.7bn.
As SenseTime prepares for its IPO debut, FT reports that the US is planning to put the company on an investment blacklist.


SenseTime IPO: The US Plans to Put SenseTime on Investment Blacklist

<ul>
<li>SenseTime is Asia’s largest AI software company and China’s largest computer vision software provider. The company has filed for an IPO to list on the Hong Kong Stock Exchange. </li>
<li>The “Smart City” and “Smart Business” segments together account for over 80% of revenues. The two segments have grown strongly over the past few years.   </li>
<li>China’s vision software industry has strong entry barriers and there is potential for SenseTime’s gross margins to improve. However, the company is yet to generate any operating profits.</li>
</ul>


SenseTime is Asia’s largest AI software company and China’s largest computer vision software provider. The company has filed for an IPO to list on the Hong Kong Stock Exchange. 
The “Smart City” and “Smart Business” segments together account for over 80% of revenues. The two segments have grown strongly over the past few years.   
China’s vision software industry has strong entry barriers and there is potential for SenseTime’s gross margins to improve. However, the company is yet to generate any operating profits.


SenseTime Group IPO: Strong Top Line Growth but Profitability Remains a Concern

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a> is the largest AI software company in Asia as measured by revenue in 2020. It has launched an HKEx IPO to raise up to US$767 million.  </li>
<li>In <a href="https://www.smartkarma.com/insights/sensetime-ipo-initiation-big-brother" target="_blank" data-smartkarma-citation="insights:62104" rel="noopener">SenseTime IPO Initiation: Big Brother</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass. </li>
<li>Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing on 17 December.</li>
</ul>



SenseTime Group (1475539D HK) is the largest AI software company in Asia as measured by revenue in 2020. It has launched an HKEx IPO to raise up to US$767 million.  
In SenseTime IPO Initiation: Big Brother, we stated that the negatives outweigh the positives and we would give the IPO a pass. 
Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing on 17 December.


China

SenseTime Group Inc. offers information technology services. The Company develops artificial intelligence software products, computer vision software products, and other products. SenseTime Group provides its services throughout China.

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SenseTime Group (20 HK)

SenseTime IPO: Relaunched but Remains a Pass

SenseTime has relaunched its HKEx IPO with an unchanged IPO price range and target raise of up to US$768 million. Our DCF sensitivity analysis...

Arun George

ECM Weekly (12th December 2021) - LG Energy, SenseTime (Delayed), Didi, Kanzhun & Full Truck Lock-Up

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SenseTime IPO: The US Plans to Put SenseTime on Investment Blacklist

FT reported on Thursday that the government of US is preparing to put SenseTime on an investment blacklist on Friday on the same day it is set to...

Shifara Samsudeen, ACMA, CGMA

SenseTime Group IPO: Strong Top Line Growth but Profitability Remains a Concern

China’s vision software industry has strong entry barriers and there is potential for SenseTime’s gross margins to improve. However, the company is...

Shifara Samsudeen, ACMA, CGMA

SenseTime IPO: Valuation Insights

Our valuation analysis suggests that the IPO price is unattractive. We would give the IPO a pass. Pricing is expected on 10 December with a listing...

Arun George

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