In today’s briefing:
- Aequitas HK IPOs Sponsor + GC Performance (2019-2022)
- ChatGPT: A Mind Boggling Advancement in AI-Human Communication
- Anycolor Placement – First Placement Since Listing but Should Do Fine
- Tencent/Netease: January Game Approval Shows Tencent Playing Catching Up
- IQiyi Follow-On Offer: Shifting Focus to Profits No Longer Sustainable
- S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions
- Visa: Looking For Quality As Recession Looms On The Horizon
- NAVER Corp: Back to the Lows
- IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play
- Hewlett Packard Enterprise: Very, Very Underwhelming
Aequitas HK IPOs Sponsor + GC Performance (2019-2022)
- In this note, we will take a look at broker performance for HK IPOs from 2019-2022.
- The following dataset includes all HK IPOs above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 173 deals.
- The deals you see in this note are based on our historical IPO tracker. Feel free to drop us a message for additional information on any of these IPOs.
ChatGPT: A Mind Boggling Advancement in AI-Human Communication
- ChatGPT is a mind boggling advancement in AI-human communication. I recommend EVERY reader of this insight to try out this service.
- This insight on ChatGPT has three parts: First, I discuss the basics of ChatGPT and valuations. Second, I provide 13 examples of questions or requests that I made to ChatGPT.
- Third, I discuss some key investment opportunities that could capitalize on all the “buzz” surrounding ChatGPT at this moment.
Anycolor Placement – First Placement Since Listing but Should Do Fine
- Some shareholders of Anycolor (5032 JP) are looking to raise US$151.5m via an International Only Follow-on offering.
- The deal is a relatively small one to digest in terms of ADV, representing only 4 days of three-month ADV. Although, it is still 10% of current mcap.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Tencent/Netease: January Game Approval Shows Tencent Playing Catching Up
- China just announced game approval for January batch. The number of games approved is slightly higher than the previous three months.
- Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
- Both Tencent and Netease received approval for one game each. Overall Tencent is still behind its peers since the approval resumed.
IQiyi Follow-On Offer: Shifting Focus to Profits No Longer Sustainable
- IQiyi announced a follow-on equity offering of 76.5m ADS priced at $5.90 per ADS (at a 11% discount to previous close) and will raise approx. $442.3m through the issuance.
- Each ADS represents seven Class A ordinary shares and the new equity offering of 76.5m ADS will account for approx. 8.5% of iQiyi’s extended share capital post offering.
- Following the announcement, the company’s shares fell 16.4% and we think the upside is limited here.
S&P BSE/Sensex Quiddity Leaderboard Jun 23: Adani Enterprises, Wipro, & The Usual F&O Questions
- In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the June 2023 Rebalance.
- Adani Enterprises (ADE IN) could be added and Wipro Ltd (WPRO IN) could be deleted from the SENSEX Index. There could be multiple changes for BSE 100, 200, and 500.
- Below is a look at our estimated rankings for potential ADDs/DELs, their recent price performance vs peers, and potential trading opportunities.
Visa: Looking For Quality As Recession Looms On The Horizon
- Visa continues to outperform the market and fully capitalize on the prolonged business cycle.
- The company’s share price appears fairly valued both relative to peers and to its historical business fundamentals, according to the company’s stock price.
- The share price seems fairly valued and to the historical business fundamental, says the company.
NAVER Corp: Back to the Lows
- Big declines in NAVER Corp holdings among active Asia Ex-Japan investors in 2022
- Allocation drop part of broader rotation out of South Korea, but NAVER Corp the most aggressively sold.
- Current exposure close to the lowest on record, but past trends suggests this could represent a turning point.
IQIYI (IQ US) Placement: Fair Price for a Potential but Risky Recovery Play
- IQIYI Inc (IQ US) aims to raise net proceeds of US$442.3 million through the placement of 76.5 million ADS at US$5.90 per ADS.
- The net proceeds will be used for working capital purposes, including serving its existing debt obligations. The placement closes on 19 January.
- The placement price is fair vs peers and is an opportunity to play iQiyi’s expected topline recovery which is supported by ongoing margin improvement and declining cash burn.
Hewlett Packard Enterprise: Very, Very Underwhelming
- Hewlett Packard Enterprise’s quantitative operating features are a mess, with its EBITDA margin, inventory turnover, and NOPAT all in decline.
- Yet, we might witness a slowdown in 2023 as corporate earnings could stagnate.
- The stock provides a desirable dividend, but its price return prospects are glum.
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