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

GigaDevice Semiconductor  / Equity Capital Markets

GigaDevice Semiconductor Inc. manufactures and distributes non volatile memory devices. The Company produces and sells memory cards, controllers, flash chips, integrated circuits, and other products. GigaDevice Semiconductor also operates goods and technology import and export, import and export agency, and other businesses.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gigadevice-semiconductor-inc" target="_blank" data-smartkarma-citation="entities:27253:1" rel="noopener">GigaDevice Semiconductor (603986 CH)</a> (GD), an IC design house, aims to raise around US$1bn in its H-share listing.</li>
<li>GD is a leading specialty memory chip and MCU company in mainland China.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing.
GD is a leading specialty memory chip and MCU company in mainland China.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


GigaDevice A/H Listing - PHIP Updates and Thoughts on A/H Premium

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips (DRAMs), very fast static random access memory chips (SRAMs), Flash Memory, other semiconductor components, and memory modules.

<ul>
<li>Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.</li>
<li>Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   </li>
<li>KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. </li>
</ul>


Micron management only meeting 55-60% of core customer memory demand, with the supply crunch set to last for all of 2026.
Trump Media and Entertainment looking to merge with nuclear fusion firm TAE technologies as the US scrambles for ways to power its rapid AI data center expansion   
KB Homes numbers miss as high interest rates continue to weigh on order outlook for new homes. 


Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Marvell Technology, Inc. develops and produces semiconductors and related technology. The Company offers security and networking platform, secure data processing, networking, and storage solutions. Marvell Technology serves customers worldwide.

<ul><li>Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.</li><li>Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.</li><li>Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.</li></ul>

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business, alongside rising complexity and execution demands tied to its expanding role in AI infrastructure.Revenue reached a record level, supported primarily by sustained strength in data center interconnect, optics, switching, and storage, while communications markets showed signs of recovery after a prolonged inventory correction.Management emphasized that demand exceeded internal expectations, particularly in networking-related products, contributing to upside versus guidance and continued operating leverage.

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Ambarella, Inc. manufactures high definition video compression and image processing semiconductors. The Company products are used in digital still cameras, camcorders, and video-enabled mobile phones.

<ul><li>Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly revenue of $108.5 million, a year-over-year increase of 31.2%.</li><li>This revenue exceeded the high end of their guidance range and was driven predominantly by sales from the Edge AI sector, which constituted 80% of the total revenue, marking six consecutive quarters of record Edge AI revenue.</li><li>The company also revised its fiscal 2026 revenue guidance upwards to a growth range of 36% to 38%, indicating robust demand and increased average selling prices (ASP).</li></ul>

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly revenue of $108.5 million, a year-over-year increase of 31.2%.This revenue exceeded the high end of their guidance range and was driven predominantly by sales from the Edge AI sector, which constituted 80% of the total revenue, marking six consecutive quarters of record Edge AI revenue.The company also revised its fiscal 2026 revenue guidance upwards to a growth range of 36% to 38%, indicating robust demand and increased average selling prices (ASP).

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

Semiconductors
Insights on Semiconductor Supply Chain

GigaDevice A/H Listing - PHIP Updates and Thoughts on A/H Premium

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business,...

Baptista Research

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly...

Baptista Research

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

GigaDevice A/H Listing - PHIP Updates and Thoughts on A/H Premium

GigaDevice Semiconductor (603986 CH) (GD), an IC design house, aims to raise around US$1bn in its H-share listing. In this note, we talk about the...

Sumeet Singh

Micron Revives the Upbeat Tone, While Trump Media Pivots to Nuclear Fusion

​Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

Andrew Jackson

Marvell Technology at the Center of AI Buildouts: Is the Company Too Dependent on Hyperscaler Capex?

Marvell Technology is exiting the third quarter of fiscal year 2026 with results that reflect strong momentum in its core data center business,...

Baptista Research

Ambarella: AI-Driven SoCs, Rising ASPs & the Edge Intelligence Growth Story!

Ambarella's financial performance for the third quarter of fiscal year 2026 showed promising elements, with the company reporting record quarterly...

Baptista Research

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Micron struggling to meet memory demand, supply crunch expected through 2026. Trump Media eyes fusion firm for AI data center expansion. KB Homes...

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.