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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> (GYG) now plans to raise US$221m, an increase from its earlier target of US$160m, in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>We have looked at the company’s performance in our past notes. In this note, we talk about valuations.</li>
</ul>



Guzman Y Gomez (GYG) now plans to raise US$221m, an increase from its earlier target of US$160m, in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
We have looked at the company’s performance in our past notes. In this note, we talk about valuations.


Guzman Y Gomez IPO - Peer Comp and Thoughts on Valuations

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we look at the company’s prior performance and future prospects.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we look at the company’s prior performance and future prospects.


Guzman Y Gomez IPO - The Positives - Network Growing, Sales Have Outpaced Network Growth

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.</li>
<li>Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.</li>
<li>1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).</li>
</ul>


More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.
Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.
1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).


Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Hanwha Galleria (452260 KS) is the 23rd company in our Korea Small Cap Gems series. </li>
<li>Hanwha Galleria is a spun-off company from Hanwha Solution. Hanwha Galleria's shares have declined 39% since being relisted on 31 May 2023. </li>
<li>Hanwha Galleria is a deep value stock with undervalued real estate assets. Chairman's son is also buying aggressively and there is a big catalyst for Five Guys launch in Korea. </li>
</ul>


Hanwha Galleria (452260 KS) is the 23rd company in our Korea Small Cap Gems series. 
Hanwha Galleria is a spun-off company from Hanwha Solution. Hanwha Galleria's shares have declined 39% since being relisted on 31 May 2023. 
Hanwha Galleria is a deep value stock with undervalued real estate assets. Chairman's son is also buying aggressively and there is a big catalyst for Five Guys launch in Korea. 


Korea Small Cap Gem #23: Hanwha Galleria (Deep Value + Five Guys + Chairman's Son Buying)

Thematic (Sector/Industry)

<ul>
<li>We discuss how White Castle, which has one of the most loyal customer base for franchise burger chain in the United States, has been using robots to make French fries.</li>
<li>In February 2022, White Castle started to roll out Miso Robotics' Flippy 2 machine robots on about White Castle 100 restaurants in the United States.</li>
<li>In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and burgers with robots.</li>
</ul>


We discuss how White Castle, which has one of the most loyal customer base for franchise burger chain in the United States, has been using robots to make French fries.
In February 2022, White Castle started to roll out Miso Robotics' Flippy 2 machine robots on about White Castle 100 restaurants in the United States.
In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and burgers with robots.


White Castles' Kitchen Robots - Impact on McDonald's & Global Fast Food Franchises

United States

Shake Shack Inc is a modern day "roadside" burger stand known for its all-natural burgers. Shake Shack is part of Danny Meyer's Union Square Hospitality Group (USHG).

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Shake Shack Inc Class A (SHAK US)

Guzman Y Gomez IPO - Peer Comp and Thoughts on Valuations

Guzman Y Gomez (GYG) now plans to raise US$221m, an increase from its earlier target of US$160m, in its Australian IPO. In this note, we undertake...

Sumeet Singh

Guzman Y Gomez IPO - The Positives - Network Growing, Sales Have Outpaced Network Growth

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Monitoring Rising Treasury Yields & U.S. Dollar. 1-, 2-, and 10-year Treasury yields $TNX failing at shorter-term resistances today; $DXY below...

Vermilion Research

Korea Small Cap Gem #23: Hanwha Galleria (Deep Value + Five Guys + Chairman's Son Buying)

Hanwha Galleria is a deep value stock with undervalued real estate assets. Chairman's son is also buying aggressively and there is a big catalyst...

Douglas Kim

White Castles' Kitchen Robots - Impact on McDonald's & Global Fast Food Franchises

In the next several years, there is a real chance for McDonald's, White Castle, and Burger King to replace human workers making French fries and...

Douglas Kim

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52-week Range

Market Cap (USDm)

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