Daily Brief TMT/Internet: Alibaba (ADR), Money Forward , Revfin Services Pvt , Mobileye Global, Hostel Hunting Sdn , Komunal Financial Indonesia PT, Pagseguro Digital Ltd, Semaai , Nano Dimension and more

• In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, starting with Hong Kong.
• This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
• The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.

• Since releasing Q3 results, Money Forward’s stock price has fallen from 4,800 yen to the present 4,000 yen.
• Results on Friday could herald a stronger outlook for the share price. The market is fixated on quarterly earnings and ad spend – these should improve sequentially.
• Money Forward will release guidance for the coming fiscal year, which could see the company turn profitable at the EBITDA level.

• As electric vehicles gain popularity across the globe, they are still typically more expensive than gasoline-powered vehicles.
• One area where EVs still lag behind is auto financing, which – in its regular iteration – does not necessarily cater to EVs’ specific needs.
• Indian fintech startup Revfin aims to change that, and, in turn, make EVs more accessible to consumers.

• Mobileye surprised markets with an extensive guide down to their results.
• Shares reacted poorly, but at first blush, it makes sense given the magnitude of the guide.  Let’s walk through the release.
• It starts with inventory, and it’s clear their customers have too much inventory.

• LiveIn, a proptech firm headquartered in Malaysia, has raised US$8.3 million in its pre-series B funding round led by Wavemaker Partners and InterVest.
• Malaysia Debt Ventures (MDV), Jungle Ventures, and CAC Capital also participated.
• Currently operating in Malaysia and Thailand, LiveIn plans to use the new funds to enter new markets, including Vietnam and Indonesia, by 2024. The company also aims to expand to the Philippines and into new urban areas, and introduce new service features on its platform.

• Komunal, a fintech company offering neo-rural bank services in Indonesia, has raised US$5.5 million in a Series A extension funding round led by Sumitomo Corporation Equity Asia.
• Jafco Asia, Skystar Capital, Sovereign Capital, and Gobi Partners co-invested.
• With the Series A+ funding, the startup aims to drive financial inclusion in Indonesia by digitalising rural banks.

• In 2H23 our longs Visa and PagSeguro delivered positive returns, whilst PayPal was in negative territory; among our shorts, Kakao Pay was modestly successful, DLocal and Affirm continued to appreciate
• We retain card network megacap Visa as a core holding, and keep PagSeguro and PayPal adding Cielo to the buy list
• We keep our negative views on DLocal and Affirm, and remove Kakao Pay from the sell list for its less marked price-to-sales multiple valuation

•  Indonesian agritech startup Semaai has secured US$4.7 million (approximately IDR 73 billion) in a mix of equity and debt financing led by CyberAgent Capital (Japan).
• New investors Sumitomo Corporation Equity Asia, Ruvento, MyAsiaVC, and Heracles Ventures, besides existing backers Peak XV’s Surge, Accion Venture Lab, and Beenext, participated.
• This brings its total funding raised to date to US$7.6 million.

Nano Dimension has made a non-binding proposal to acquire the 86% of Stratasys that it does not own for $16.50 per share in cash. The deal would be financed mainly from existing cash, with discussions for additional financing currently underway. Stratasys is reviewing the proposal as part of its ongoing strategic review.