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

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise up to US$696m in its Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics</a> is looking to raise US$500m in its upcoming Hong Kong IPO. </li>
<li>Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.</li>
<li>In this note, we talk about the recent updates from its filings.</li>
</ul>



Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. 
Horizon Robotics (HR) is a provider of advanced driver assistance systems (ADAS) and autonomous driving (AD) solutions for passenger vehicles, empowered by its proprietary software and hardware technologies.
In this note, we talk about the recent updates from its filings.


Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

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>Tesla’s much-anticipated Robotaxi event has left investors disappointed once again.</li><li>While the unveiling of the Cybercab, a futuristic self-driving vehicle, piqued interest with its sleek design and promise of autonomy, the event ultimately failed to meet expectations.</li><li>The Cybercab, a two-seater with no steering wheel or pedals, symbolizes Tesla's push toward a driverless future.</li></ul>

Tesla’s much-anticipated Robotaxi event has left investors disappointed once again.While the unveiling of the Cybercab, a futuristic self-driving vehicle, piqued interest with its sleek design and promise of autonomy, the event ultimately failed to meet expectations.The Cybercab, a two-seater with no steering wheel or pedals, symbolizes Tesla's push toward a driverless future.

Tesla’s much-anticipated Robotaxi event has left investors disappointed once again. While the unveiling of the Cybercab

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?

Tesla first began to equip its Model S with self-driving technology in October 2014 and announced the launch of its "Autopilot" software to take advantage of those sensors exactly one year later. In separating the sensors from the software, and making that software incrementally available via over-the-air (OTA) updates, the company heralded an entirely new approach to autonomous driving that has since come to be both derided and admired in equal measure. Tesla's autopilot capability was widely regarded as ground-breaking when it was first introduced and many would argue that it was the catalyst for its peers and competitors to rapidly accelerate their autonomous driving investments and roadmaps.Since that time, Tesla's self-driving roadmap has seen many twists and turns. Their partnership with MobilEye, upon whose chips their initial autopilot roll-out critically depended, ended abruptly and acrimoniously in the wake of a fatal crash involving one of their Model S vehicles in May 2016. Their backup plan, the development of a custom ASIC chip to replicate MobilEye's functionality, was still in its infancy, forcing Tesla to turn to NVIDIA for its DRIVE PX platform. That same fatal crash was the impetus for a total redesign of their sensor suite. The new hardware platform was launched in October 2016 with the announcement that all future Tesla cars would be fully equipped with the hardware &amp; sensors required for full self-driving capability.As automobiles equipped with the new self-driving hardware rolled off the production lines, they were missing the software to make them work, meaning that they lacked basic advanced driving features such as automatic emergency braking (AEB), adaptive cruise control (ACC) etc. Tesla promised to deliver those capabilities incrementally in the following months, but inevitably, delays ensued and reliability concerns arose when they were initially released. Only in recent months has Tesla's "Enhanced Autopilot" begun to approach the same level of capability as its original launch version. Tesla CEO Elon Musk's commitment to demonstrating fully autonomous driving from US coast-to-coast by the end of 2017 failed to materialize, although he has recently stated that it should happen within 3-6 months. Meanwhile, the rapidly growing availability of new safety features such as AEB, the launch of competing driver assistance features such as General Motors (GM)"Super Cruise" and the publicly announced plans for driverless taxi pilots by both Waymo and GM have eroded Tesla's leadership. Indeed, one research firm, Navigant, doesn't even rate Tesla in its latest top ten leaders list.   In this Insight, we review the history of autonomous driving at Tesla, tracing its roots from the original autopilot launch to the present day. We examine the technology behind Tesla's self-driving platform and highlight their steadfast refusal to incorporate LIDAR in their sensor suite as every other competitor has done. Finally, in the wake of another fatal Tesla crash, we ask the very important question, how safe is Tesla Autopilot?  

High Conviction Concentrated Growth Investing, Fallacy Alarm

Fallacy Alarm

High Conviction Concentrated Growth Investing

High conviction concentrated growth investing. Blends single stock, macro and thematic research into powerful long and short ideas. I am convinced that a robust and comprehensive investment process requires macro and micro considerations. And it requires a deep understanding what you are looking for and what you are invested in. Digitization has changed the dynamics both how businesses operate and how investors compete for returns. Ideas can scale much faster and fail much faster than before. The biggest value creation happens before it can be spotted in financial statements. As a result, my approach can be best summarized as high conviction, high concentration growth investing, embedded into a macro framework built on the realization that our current demographic set-up, monetary paradigm and innovation cycle will likely deliver a strong decade for nominal and real returns of productive assets.

<ul><li>Elon has given up on his ambitious targets. Or he has never seriously pursued them.</li><li>Tesla’s investor event “We, Robot” was nothing more than a theme park for adults who were there to indulge into an illusion for a night.</li><li>Why would they conduct such a ridiculous event that suggests that they have nothing up their sleeves that can create tens of billions of dollars of AI revenue soon? </li></ul>

Elon has given up on his ambitious targets. Or he has never seriously pursued them.Tesla’s investor event “We, Robot” was nothing more than a theme park for adults who were there to indulge into an illusion for a night.Why would they conduct such a ridiculous event that suggests that they have nothing up their sleeves that can create tens of billions of dollars of AI revenue soon? 

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)

Horizon Robotics IPO - Peers Are Down a Lot, Its Valuation Isn’t

Horizon Robotics is looking to raise up to US$696m in its Hong Kong IPO. We have looked at the company's past performance in our earlier notes, in...

Sumeet Singh

Horizon Robotics Pre-IPO - PHIP Updates - More of the Same, Lots to Watch Out For

Horizon Robotics is looking to raise US$500m in its upcoming Hong Kong IPO. In this note, we talk about the updates from its recent filings.

Sumeet Singh

Tesla’s much-anticipated Robotaxi event has left investors disappointed once again. While the unveiling of the Cybercab

Tesla’s much-anticipated Robotaxi event has left investors disappointed once again. While the unveiling of the Cybercab, a futuristic self-driving...

Baptista Research

Autonomous Driving- The Tesla Delusion

In the wake of Elon Musk's launch (relaunch?) of Tesla's RoboTaxi yesterday (which tanked the company's share price), you might be interested to...

William Keating

Tesla: The Disney World for grown-ups

Tesla’s investor event “We, Robot” was nothing more than a theme park for adults who were there to indulge into an illusion for a night.

Fallacy Alarm

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