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>Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.</li>
<li>In this note, we take about the deal pricing and run the deal through our ECM framework.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output in 2020 and ranked third in terms of revenue generated from lithium in 2020.
In this note, we take about the deal pricing and run the deal through our ECM framework.


Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Tesla faces stiffer competition in 2H 2022 as chip supplies at rivals recover faster than expected. This will put pricing pressure on Tesla amid rising costs. </li>
<li>Cash could be tight in 2H 2022 as Tesla ramps up 2 new factories. There is a distinct possibility of Tesla resorting to equity financing.</li>
<li>If the drop in Q2 earnings doesn't return to high growth again from Q3, Tesla could finally see its valuation fall down to earth. Its premium has already shrunk.  </li>
</ul>


Tesla faces stiffer competition in 2H 2022 as chip supplies at rivals recover faster than expected. This will put pricing pressure on Tesla amid rising costs. 
Cash could be tight in 2H 2022 as Tesla ramps up 2 new factories. There is a distinct possibility of Tesla resorting to equity financing.
If the drop in Q2 earnings doesn't return to high growth again from Q3, Tesla could finally see its valuation fall down to earth. Its premium has already shrunk.  


Tesla May Struggle as Rivals Rebuild Inventory

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc" target="_blank" data-smartkarma-citation="entities:28812:1" rel="noopener">Li Auto Inc. (LI US)</a> has announced an ATM offering to sell US$2.0 billion of ADS. The offering appears to be timed to take advantage of the share price rally.</li>
<li>
<a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK)</a>'s strong balance sheet and cash generation do not necessitate the need for the offering. The impending launch of the Li L9 underpins its prospects. </li>
<li>However, with the recent rally, the shares are at best fully valued at the last close. We prefer remaining on the sidelines for now. </li>
</ul>



Li Auto Inc. (LI US) has announced an ATM offering to sell US$2.0 billion of ADS. The offering appears to be timed to take advantage of the share price rally.

Li Auto (2015 HK)'s strong balance sheet and cash generation do not necessitate the need for the offering. The impending launch of the Li L9 underpins its prospects. 
However, with the recent rally, the shares are at best fully valued at the last close. We prefer remaining on the sidelines for now. 


Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>In our next Webinar, we are excited to host Analyst Chris Redl (<a href="https://www.smartkarma.com/profiles/sc-capital" target="_blank" data-smartkarma-citation="accounts:914" rel="noopener">SC Capital</a>) who will outline his stock picks in the global automotive sector. What do major automotive names look like amidst the EV revolution? Tune in to hear more.</p>
<h3>The webinar was hosted on Wednesday, 29 June 2022, 17:00 SGT/HKT.</h3>
<p>Subscribe to our podcast feed and listen on the go:</p>
<p><iframe src="https://open.spotify.com/embed/episode/0eVtefGNCoU6q220ftsavT?utm_source=generator" width="100%" height="232" style="border-radius: 12px;" frameborder="0" allowfullscreen="allowfullscreen" allow="autoplay; clipboard-write; encrypted-media; fullscreen; picture-in-picture"></iframe><span style="font-size: var(--content-font-size);">SC Capital has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff), along with a wealth of industry contacts. The current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well. From time to time, SC Capital covers opportunistic events with stocks in the manufacturing sector, food &amp; beverage, healthcare, and tech.</span></p>

In our next Webinar, we are excited to host Analyst Chris Redl (SC Capital) who will outline his stock picks in the global automotive sector. What do major automotive names look like amidst the EV revolution? Tune in to hear more.
The webinar was hosted on Wednesday, 29 June 2022, 17:00 SGT/HKT.
Subscribe to our podcast feed and listen on the go:
SC Capital has over 20 years' experience covering the global automotive industry both on the Sell-side (UBS &amp; Morgan Stanley) and Buy-side (Och-Ziff), along with a wealth of industry contacts. The current focus is on electric vehicle stocks &amp; their supply chains, aiming is to identify the winners and losers from a long/short perspective. This includes close coverage of legacy automakers as well. From time to time, SC Capital covers opportunistic events with stocks in the manufacturing sector, food &amp; beverage, healthcare, and tech.

Smartkarma Webinar | Global Automotive Stock Picks

<ul>
<li>Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.</li>
<li>TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .</li>
<li>In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.</li>
</ul>


Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. It undertakes mining of lithium ore and manufacturing of lithium concentrate, lithium compounds and derivatives.
TL was the largest producer of mined lithium globally in terms of output and ranked third in terms of revenue generated from lithium in 2020, according to Wood Mackenzie .
In this note, we take a closer look at valuations and where peers are trading in terms of A/H premium.


Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

Tianqi Lithium A/H Listing - Large Deal but Its Been Priced to Go

Tianqi Lithium (TL) is looking to raise up to US$1.7bn via its H-shares listing. In this note, we talk about pricing and run the deal through our...

Sumeet Singh

Tesla May Struggle as Rivals Rebuild Inventory

A faster than expected recovery in automotive chip supply may put pressure on Tesla's profits as rivals will lower prices. This comes as Tesla...

SC Capital

Li Auto’s US$2 Billion ATM Offering

The offering appears to be timed to take advantage of the share price rally. The shares are at best fully valued at the last close. We prefer...

Arun George

Smartkarma Webinar | Global Automotive Stock Picks

On 29 June, 5pm SGT, join our Webinar where Analyst Chris Redl will outline his stock picks in the global automotive sector, amidst the EV revolution.

Smartkarma Research

Tianqi Lithium A/H Listing - PHIP Updates and a Closer Look at Valuations

Tianqi Lithium (TL) is looking to raise up to US$1.5bn via its H-shares listing. In this note, we look at A/H valuations.

Sumeet Singh

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