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>
<a href="https://www.smartkarma.com/entities/hesai-group" target="_blank" data-smartkarma-citation="entities:36743:1" rel="noopener">Hesai Group (HSAI US)</a> is looking to raise around US$170m in its upcoming US IPO.</li>
<li>HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO.
HSAI is a manufacturer of three-dimensional light detection and ranging (Lidar) solutions. It has shipped over 103,000 Lidar units from 2017 to the end of 2022.
We have looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


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.

Equity Bottom-Up

<ul><li>Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting macroeconomic headwinds in the semiconductor industry.</li><li>Intel continues to integrate AXG into CCG and DCAI to deliver a more effective go-to-market capability, accelerating the scale of these businesses while further cutting costs.</li><li>The management believes their first EUV-deploying modes, Intel 4 and 3, will significantly improve transistor performance per watt and density.</li></ul>

Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting macroeconomic headwinds in the semiconductor industry.Intel continues to integrate AXG into CCG and DCAI to deliver a more effective go-to-market capability, accelerating the scale of these businesses while further cutting costs.The management believes their first EUV-deploying modes, Intel 4 and 3, will significantly improve transistor performance per watt and density.

Intel Corp: Launch Of 13th Generation Lineup & Other Drivers

Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation</li>
<li>We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset</li>
<li>For Q3 results next week, we expect the defensive theme of the last two quarters to continue</li>
</ul>


In this deep dive report, we initiate coverage on Softbank Group with a ¥6,300 target price and Neutral recommendation
We are cautious on global tech and consider that the main risk to the story but a recovery in China sentiment provides some offset
For Q3 results next week, we expect the defensive theme of the last two quarters to continue


Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>Intel reported weak results at the end of last week, with its PC segment hit worst.</li>
<li>PC total addressable market to fall by 7.5% based on Intel's guidance.</li>
<li>Asus and Acer inventory levels show the problem impacting Intel, and for the industry as a whole right now.</li>
</ul>


Intel reported weak results at the end of last week, with its PC segment hit worst.
PC total addressable market to fall by 7.5% based on Intel's guidance.
Asus and Acer inventory levels show the problem impacting Intel, and for the industry as a whole right now.


Intel Results PC Readthrough: Inventory Correction to Get Worse in 1Q23E

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>How many kitchens does Intel have? Intel guided 1Q2023 revenues to $11B, down 40% YoY / 22% QoQ and 21% (!!) below consensus $14B. </li>
<li>1Q23 gross margins ex-accounting change guided to 36%, the lowest since 1986!</li>
<li>Intel's worsening FCF means dividend cuts are on the table.</li>
</ul>


How many kitchens does Intel have? Intel guided 1Q2023 revenues to $11B, down 40% YoY / 22% QoQ and 21% (!!) below consensus $14B. 
1Q23 gross margins ex-accounting change guided to 36%, the lowest since 1986!
Intel's worsening FCF means dividend cuts are on the table.


United States

Intel Corporation designs, manufactures, and sells computer components and related products.  The Company's major products include microprocessors, chipsets, embedded processors and microcontrollers, flash memory products, graphics products, network and communications products, systems management software, conferencing products, and digital imaging products.

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Intel Corp (INTC US)

Hesai Group IPO - Thoughts on Valuation

Hesai Group (HSAI US) is looking to raise around US$170m in its upcoming US IPO. In this note, we till talk about valuations.

Sumeet Singh

Intel Corp: Launch Of 13th Generation Lineup & Other Drivers

Intel delivered a weak result, failing to meet Wall Street expectations in terms of revenues as well as earnings given the persisting...

Baptista Research

Softbank Group (Neutral) - Japan’s Global Tech Play: Initiation of Coverage and Q3 Preview

In this deep dive report, we initiate coverage at Neutral with a ¥6,300 target price. We think global tech will struggle but a recovery in China...

Kirk Boodry

Intel Results PC Readthrough: Inventory Correction to Get Worse in 1Q23E

Intel has said that sales are well below real demand since industry PC inventories are being slashed right now. Asus and Acer inventory levels show...

Vincent Fernando, CFA

Intel 4Q22: How Many Kitchen Sinks?

Intel's massive guide down for 1Q23 is just the latest kitchen sink for the perpetually overoptimistic Pat Gelsinger, who is going to need to come...

Aaron Gabin

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