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>WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.</li>
<li>WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries</li>
<li>In this note, we talk about the recent refiling updates, peer comparison and valuations.</li>
</ul>


WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO.
WCP designs, manufactures, and sells separators, which are one of the four core materials for secondary Lithium-ion batteries
In this note, we talk about the recent refiling updates, peer comparison and valuations.


WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

Equity Bottom-Up

<ul>
<li>Tesla beat both our estimates and the Street's by a wide margin, but the earnings call had some cautiousness regarding order backlogs, production ramps &amp; 4680 cells.</li>
<li>Tesla sold 75% of their Bitcoin holdings at a gain in Q2, which largely accounts for the earnings beat. It is also a sign of larger cash needs than expected. </li>
<li>The stock was only +1.5% after hours and it was noteworthy that the biggest Tesla bull on the Street said this huge beat wasn't a "step change" to consensus. </li>
</ul>


Tesla beat both our estimates and the Street's by a wide margin, but the earnings call had some cautiousness regarding order backlogs, production ramps &amp; 4680 cells.
Tesla sold 75% of their Bitcoin holdings at a gain in Q2, which largely accounts for the earnings beat. It is also a sign of larger cash needs than expected. 
The stock was only +1.5% after hours and it was noteworthy that the biggest Tesla bull on the Street said this huge beat wasn't a "step change" to consensus. 


Tesla Q2 Results Beat, But Earnings Call Reveals Many Risks

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

High yield market investment research

Credit

<ul>
<li>
Delaware Chancery Court rejected Elon Musk's excessive demand for more time to support his dubious claims against Twitter than he took to create and ram through his hostile buyout.</li>
<li>
Twitter's solid legal case against Musk improves odds the sale of the company could be court-ordered before year end.</li>
<li>If so, this is by far the best outcome for Twitter's wary bondholders.</li>
</ul>



Delaware Chancery Court rejected Elon Musk's excessive demand for more time to support his dubious claims against Twitter than he took to create and ram through his hostile buyout.

Twitter's solid legal case against Musk improves odds the sale of the company could be court-ordered before year end.
If so, this is by far the best outcome for Twitter's wary bondholders.


Finally, Hopeful News For Twitter Bondholders: Court Grants Fast-Track Trial Against Elon

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>We think Tesla's FSD narrative is ready to crack: head of autopilot departed, 200 employees fired, and no progress on FSD.</li>
<li>Tesla has to guide down full year production and gross margin targets (for reasonable reasons...will this be ignored this time?)</li>
<li>Ever increasing competition from the low end may eventually confine LT sellside DCF based estimates. </li>
</ul>


We think Tesla's FSD narrative is ready to crack: head of autopilot departed, 200 employees fired, and no progress on FSD.
Tesla has to guide down full year production and gross margin targets (for reasonable reasons...will this be ignored this time?)
Ever increasing competition from the low end may eventually confine LT sellside DCF based estimates. 


Tactical TMT 2Q Earnings Trading Idea: Short Tesla

Event-Driven

<ul>
<li>LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.</li>
<li>LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.
LGES is the EV battery unit of LG Chem. The company is a major supplier to customers including Tesla and General Motors.
In this note, we will talk about the lock-up dynamics and updates since our last note.


LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

United States

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

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Tesla (TSLA US)

WCP IPO - Peer Comparison and Valuation - Needs a Price Cut Not a Timeline Extension

WCP aims to raise around US$690m via selling a mix of primary and secondary shares in its Korean IPO. In this note we talk about the refiling...

Sumeet Singh

Tesla Q2 Results Beat, But Earnings Call Reveals Many Risks

Tesla's earnings beat was due to gains on its sale of Bitcoin rather than impairment charges, as the Street had estimated. Earnings call revealed...

SC Capital

Finally, Hopeful News For Twitter Bondholders: Court Grants Fast-Track Trial Against Elon

Elon had demanded 2-3x more time to support his dubious claims of securities fraud against Twitter than he took to commit securities fraud by...

Vicki Bryan

Tactical TMT 2Q Earnings Trading Idea: Short Tesla

Shorting Tesla is always dangerous for a variety of non-explainable reasons, but the short mosaic looks strong regarding a deteriorating FSD...

Aaron Gabin

LG Energy IPO Lock-Up - Largest Lockup Release of the Lot at US$3bn

LG Energy Solution (LGES) raised US$10.8bn in its South Korea IPO. The stock was listed on 27th Jan 22. Its six-month lockup is set to expire soon.

Sumeet Singh

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