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.

Event-Driven

<ul>
<li>Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024. It still has over US$800m worth of shares left to sell.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon.
Ant Group had earlier sold some of its stake in Nov 2023 and Mar 2024. It still has over US$800m worth of shares left to sell.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Zomato Placement Lockup Expiry - US$800m Overhang

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

<ul>
<li>This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes at <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo.</a>
</li>
<li>We also look at Lazada's latest capital raising, aCommerce's results, and <a href="https://www.smartkarma.com/entities/propertyguru-group-limited" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGRU US)</a>, which slipped back into the red in 1Q2024. </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 sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes at GoTo.

We also look at Lazada's latest capital raising, aCommerce's results, and PropertyGuru (PGRU US), which slipped back into the red in 1Q2024. 
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 - Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru's Loss

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 1Q2024 reflected strong performance from its deliveries and mobility segments despite seasonal headwinds, with growth driven by new initiatives rather than increased incentives, with affordable products leading.</li>
<li>The company has launched new products in the premium segment, with advanced bookings improving the most recent initiative, while its saver products are increasing spend, frequency, and retention. </li>
<li>Another key feature of the 1Q2024 has been the strong performance of groceries, driven by alliances with retailers, and booking higher growth than food deliveries. </li>
</ul>



Grab's 1Q2024 reflected strong performance from its deliveries and mobility segments despite seasonal headwinds, with growth driven by new initiatives rather than increased incentives, with affordable products leading.
The company has launched new products in the premium segment, with advanced bookings improving the most recent initiative, while its saver products are increasing spend, frequency, and retention. 
Another key feature of the 1Q2024 has been the strong performance of groceries, driven by alliances with retailers, and booking higher growth than food deliveries. 


Grab Holdings (GRAB US) - Leaning In with Product Initiatives

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.</li>
</ul>



Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
We have looked at the company’s past performance in our earlier notes. In this note we will talk about the updates from its refiling.


Lalatech Holdings Limited Pre-IPO - Refiling Updates - Continues to Improve, Valuation Gap Narrowing

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. </li>
<li>This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.</li>
<li>The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. </li>
</ul>



Grab's focus last year was offering more affordable products, which helped to increase its addressable market. FY2024 will see the rollout of a broader range of initiatives across economic segments. 
This year Grab is rolling out more premium offerings and new initiatives, including advance bookings, family accounts, increased reviews, and new merchant features to grow revenue streams from advertising.
The upcoming results are likely to reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive environment, with GoTo investing more aggressively. 


Grab Holdings (GRAB US) - Rich in Initiatives

United States

Uber Technologies Inc provides ride hailing services. The Company develops applications for road transportation, navigation, ride sharing, and payment processing solutions. Uber Technologies serves customers worldwide.

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Uber Technologies (UBER US)

Zomato Placement Lockup Expiry - US$800m Overhang

Antfin will come out of its placement linked lockup for its remaining stake in Zomato soon. In this note, we talk about the lockup dynamics.

Sumeet Singh

CrossASEAN Ground Zero - Food Panda Sale, Lazada Fundraising, ACommerce, and PropertyGuru's Loss

This week we look at the sale of Food Panda Taiwan to Uber and what is next for Southeast Asian operations, and we look at the management changes...

Angus Mackintosh

Grab Holdings (GRAB US) - Leaning In with Product Initiatives

Grab's 1Q2024 reflected strong performance from both ts deliveries and mobility segments despite seasonal headwinds, with growth driven by new...

Angus Mackintosh

Lalatech Holdings Limited Pre-IPO - Refiling Updates - Continues to Improve, Valuation Gap Narrowing

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we look at the updates from its most recent refiling.

Sumeet Singh

Grab Holdings (GRAB US) - Rich in Initiatives

Grab's 1Q2024 results will reflect seasonal factors but should also reveal something about Grab's new initiatives and the changing competitive...

Angus Mackintosh

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