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.

Event-Driven

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about valuations and the lock-up release schedule.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about valuations and the lock-up release schedule.


Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

<ul>
<li>On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.</li>
<li>The merger and listing will be completed on 2nd Dec 2021.</li>
<li>In this note, we will talk about the recent updates since the company first reported its plans to list.</li>
</ul>


On 13th Apr 2021, Grab (0967655D SP) announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of US$39.6bn.
The merger and listing will be completed on 2nd Dec 2021.
In this note, we will talk about the recent updates since the company first reported its plans to list.


Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>Numerous media accounts have mentioned that Didi could relaunch its ride-hailing app in China by the end of 2021.</li>
<li>In terms of share price trend, it is starting to form an attractive double bottom pattern, with increasing prices on rising volume. </li>
<li>Our base case valuation of DiDi Global is a target price of $12 per share, which represents a 35% upside from current levels.</li>
</ul>


Numerous media accounts have mentioned that Didi could relaunch its ride-hailing app in China by the end of 2021.
In terms of share price trend, it is starting to form an attractive double bottom pattern, with increasing prices on rising volume. 
Our base case valuation of DiDi Global is a target price of $12 per share, which represents a 35% upside from current levels.


Didi Global - Higher Probability of Relaunching Ride Hailing App in China by the End of 2021

Telco/Internet specialist

Kirk Boodry

Redex Research

Shares of Didi Global appear to have stabilized after regulatory turmoil but whilst the stream of bad news has slowed, the lack of good news (an end to the app ban, any management comments) is also troubling. Even with a hopeful view on the end of regulatory pressure, the company appears less valuable as competition and higher pay for drivers shifts the economics and our new forecasts value the company at $9.74 versus our pre-IPO value of $15.8. We track Didi as part of our Softbank Group coverage.

Shares of Didi Global appear to have stabilized after regulatory turmoil but whilst the stream of bad news has slowed, the lack of good news (an end to the app ban, any management comments) is also troubling. Even with a hopeful view on the end of regulatory pressure, the company appears less valuable as competition and higher pay for drivers shifts the economics and our new forecasts value the company at $9.74 versus our pre-IPO value of $15.8. We track Didi as part of our Softbank Group coverage.

Didi Global - Regulatory Overhang Remains and Long-Term Value Is Falling

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

The Chinese mobility technology platform <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has had a tough time since its IPO in the US on the 30th of June. Two days after Didi’s IPO debut in the US, The Cyberspace Administration of China (CAC) announced on 2nd July that it had launched an investigation into Didi to protect national security and the public interest. On 4th July, CAC announced that it had found that Didi’s app had severely violated the country’s data protection laws by illegally collecting and using its users’ personal information and was ordered to remove its app from app stores. According to news media outlets, the Cyberspace Administration has found that the company had illegally collected personal data of its users and was asked to make changes to comply with the country’s data protection rules.According to CIC, Didi operates the world’s largest mobility technology platform based on annual active users and by average daily transactions for the twelve months ended March 2021. Didi priced its IPO at US$14 per ADS and the company’s shares are currently trading at around 40% below its IPO price at US$8.62 per ADS.Since its app ban in July 2021, there has been rumours that the Chinese regulators could impose heavy fines on the company, would be asked to delist from the US Exchange and a complete state takeover of the company. On the other hand, Meituan (Meituan Dache) and other small ride-hailing operators have started to play catch up with Didi losing its momentum with the app ban. Meituan re-launched its stand-alone app for ride-hailing on app stores soon after Didi’s app ban while automaker Geely’s ride-hailing unit Cao Cao Mobility has been raising funds to grab market share from the company.Didi has not yet reported its quarterly earnings for the June quarter nor the company has provided any data for its operations, and in this insight, we present an outlook and our thoughts on the company’s current valuation.

The Chinese mobility technology platform DiDi Global (DIDI US) has had a tough time since its IPO in the US on the 30th of June. Two days after Didi’s IPO debut in the US, The Cyberspace Administration of China (CAC) announced on 2nd July that it had launched an investigation into Didi to protect national security and the public interest. On 4th July, CAC announced that it had found that Didi’s app had severely violated the country’s data protection laws by illegally collecting and using its users’ personal information and was ordered to remove its app from app stores. According to news media outlets, the Cyberspace Administration has found that the company had illegally collected personal data of its users and was asked to make changes to comply with the country’s data protection rules.According to CIC, Didi operates the world’s largest mobility technology platform based on annual active users and by average daily transactions for the twelve months ended March 2021. Didi priced its IPO at US$14 per ADS and the company’s shares are currently trading at around 40% below its IPO price at US$8.62 per ADS.Since its app ban in July 2021, there has been rumours that the Chinese regulators could impose heavy fines on the company, would be asked to delist from the US Exchange and a complete state takeover of the company. On the other hand, Meituan (Meituan Dache) and other small ride-hailing operators have started to play catch up with Didi losing its momentum with the app ban. Meituan re-launched its stand-alone app for ride-hailing on app stores soon after Didi’s app ban while automaker Geely’s ride-hailing unit Cao Cao Mobility has been raising funds to grab market share from the company.Didi has not yet reported its quarterly earnings for the June quarter nor the company has provided any data for its operations, and in this insight, we present an outlook and our thoughts on the company’s current valuation.

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Grab SPAC Listing - Thoughts on Valuation, Lock-Up Release

On 13th Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp at an equity val of US$39.6bn. In...

Sumeet Singh

Grab SPAC Listing - Still Firing on Only One Cylinder - Lit by Consumer Incentives

In Apr 21, Grab announced that it plans to go public in the US in partnership with Altimeter Growth Corp (AGC US) at an equity valuation of...

Sumeet Singh

Didi Global - Higher Probability of Relaunching Ride Hailing App in China by the End of 2021

There have been numerous media accounts in the past two days that have mentioned that DiDi Global (DIDI US) is likely to relaunch its ride-hailing...

Douglas Kim

Didi Global - Regulatory Overhang Remains and Long-Term Value Is Falling

Volatility in Didi shares appear has stabilized after regulatory turmoil but whilst the stream of bad news has slowed, a lack of good news is also...

Kirk Boodry

DiDi: Buckle Up Your Seat Belts

Didi's Shares are currently trading at around 40% below its IPO price and our revised forecasts suggests that there is further upside of around 16...

Shifara Samsudeen, FCMA, CGMA

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