IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">ZEEKR (ZK US)</a>, a premium Chinese BEV manufacturer and a subsidiary of <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, has launched an IPO to raise up to US$368 million.  </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:117508" rel="noopener">ZEEKR IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/zeekr-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:117721" rel="noopener">ZEEKR IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/zeekr-ipo-latest-updates-as-the-ipo-process-restarts" target="_blank" data-smartkarma-citation="insights:136469" rel="noopener">ZEEKR IPO: Latest Updates as the IPO Process Restarts</a>. </li>
<li>The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. </li>
</ul>



ZEEKR (ZK US), a premium Chinese BEV manufacturer and a subsidiary of Geely Auto (175 HK), has launched an IPO to raise up to US$368 million.  
We previously discussed the IPO in ZEEKR IPO: The Bull Case, ZEEKR IPO: The Bear Case and ZEEKR IPO: Latest Updates as the IPO Process Restarts. 
The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO. 


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.</li>
<li>Financials, Materials, Health Care led the inflows while Consumer Discretionary, Communication Services led the outflows (first chart below).</li>
<li>We highlight inflows into CATL, CMB, BOE, Haier Smart Home, and outflows from China Tourism, Moutai, Nari Technology, Focus Media and Seres</li>
</ul>


We analyze the monthly Shanghai/Shenzhen northbound Connect flows with our data engine.
Financials, Materials, Health Care led the inflows while Consumer Discretionary, Communication Services led the outflows (first chart below).
We highlight inflows into CATL, CMB, BOE, Haier Smart Home, and outflows from China Tourism, Moutai, Nari Technology, Focus Media and Seres


Northbound Flows (April): CATL, CMB, BOE, Haier Smart Home, China Tourism, Moutai, Nari Technology

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>300274 SZ/601012 CH: A fire broke out in JinkoSolar’s Shanxi factory may benefit the entire supply chain.(///)</li>
<li>1810 HK /XPEV US/LI US : Tesla passed all 4 national automotive data security requirements, Musk made a surprise visit to China and was received by Li Qiang （/////）</li>
<li>1810 HK: Pony.ai formed JV with Toyota to prepare for robotaxi（/）</li>
</ul>


300274 SZ/601012 CH: A fire broke out in JinkoSolar’s Shanxi factory may benefit the entire supply chain.(///)
1810 HK /XPEV US/LI US : Tesla passed all 4 national automotive data security requirements, Musk made a surprise visit to China and was received by Li Qiang （/////）
1810 HK: Pony.ai formed JV with Toyota to prepare for robotaxi（/）


[Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei

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

Equity Bottom-Up

<ul>
<li>Plunging sales &amp; growing losses, severe price cuts &amp; layoffs, failed FSD, M2 dropped for Robotaxi, and more, confirm that Elon Musk won't fix Tesla's most serious problems—which he created.</li>
<li>He still demands his "unfathomable" pay package be restored, and his feckless, captured Tesla Board is doing exactly what he wants.</li>
<li>But what Tesla’s Board should do, what it should have done years ago, is fire Elon Musk, the single greatest risk to Tesla’s future.</li>
</ul>


Plunging sales &amp; growing losses, severe price cuts &amp; layoffs, failed FSD, M2 dropped for Robotaxi, and more, confirm that Elon Musk won't fix Tesla's most serious problems—which he created.
He still demands his "unfathomable" pay package be restored, and his feckless, captured Tesla Board is doing exactly what he wants.
But what Tesla’s Board should do, what it should have done years ago, is fire Elon Musk, the single greatest risk to Tesla’s future.


Tesla's Won't Fix It's Worst Problems With Elon Musk In Charge

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> just released 1Q2024 results, which reflected the softer auto and heavy equipment markets, although buoyed by better earnings for its finance arm, </li>
<li>The company's headline net profit was down -14% YoY but stripping out value adjustments was only down -5% YoY, with management optimistic over the longer term. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra</a> continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations attractive on 6.6x FY2024E PER and a 7.2% dividend yield. </li>
</ul>



Astra International (ASII IJ) just released 1Q2024 results, which reflected the softer auto and heavy equipment markets, although buoyed by better earnings for its finance arm, 
The company's headline net profit was down -14% YoY but stripping out value adjustments was only down -5% YoY, with management optimistic over the longer term. 

Astra continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations attractive on 6.6x FY2024E PER and a 7.2% dividend yield. 


Astra International (ASII IJ) - Striking a Balance with Finance

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYD (1211 HK)

ZEEKR (ZK US) IPO: Valuation Insights

The IPO price range values ZEEKR at a material discount to peers' multiples. We would be inclined to participate in the IPO.

Arun George

Northbound Flows (April): CATL, CMB, BOE, Haier Smart Home, China Tourism, Moutai, Nari Technology

We analyzed the Shanghai/Shenzhen Connect Scheme for April and highlight flows for CATL, CMB, BOE, Haier Smart Home, and outflows from China...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:300274 SZ/601012 CH/1810 HK /XPEV US/LI US/300750 SZ/1211 HK/BZ US/Huawei

Tesla passed automotive data security requirements, Musk visit to China，FSD is about to enter China. A fire broke out in JinkoSolar’s factory. CATL...

Blue Lotus Research Institute

Tesla's Won't Fix It's Worst Problems With Elon Musk In Charge

As I warned, Elon Musk's next move is typically worse than the last. News today reports he axed Tesla's supercharger group, new product...

Vicki Bryan

Astra International (ASII IJ) - Striking a Balance with Finance

Astra continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)