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

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a>, a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rept-battero-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:122120" rel="noopener">Rept Battero IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/rept-battero-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:122323" rel="noopener">Rept Battero IPO: The Bear Case</a>. </li>
<li>There are no cornerstone investors. Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would pass on the IPO.</li>
</ul>



REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.
We previously discussed the IPO in Rept Battero IPO: The Bull Case and Rept Battero IPO: The Bear Case. 
There are no cornerstone investors. Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would pass on the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a>, a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.   </li>
<li>In <a href="https://www.smartkarma.com/insights/rept-battero-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:122120" rel="noopener">Rept Battero IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing. </li>
</ul>



REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, has launched an HKEx IPO to raise up to US$306 million. Pricing is on 14 December.   
In Rept Battero IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and receivable financing. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy (1998104D CH)</a>, a leading EV battery manufacturer, is premarketing a US$300 million HKEx IPO, according to press reports.  </li>
<li>According to Frost &amp; Sullivan, in 1H23, Rept was the tenth-largest lithium-ion battery manufacturer globally for annual installations for new energy applications. </li>
<li>The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin trajectory and improving cash collection cycle. </li>
</ul>



REPT BATTERO Energy (1998104D CH), a leading EV battery manufacturer, is premarketing a US$300 million HKEx IPO, according to press reports.  
According to Frost &amp; Sullivan, in 1H23, Rept was the tenth-largest lithium-ion battery manufacturer globally for annual installations for new energy applications. 
The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin trajectory and improving cash collection cycle. 


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Leader Energy Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leader-energy-holdings" target="_blank" data-smartkarma-citation="entities:39938:1" rel="noopener">Leader Energy Holdings (1814173D MK)</a> is looking to raise up to US$215m in its upcoming Malaysia IPO. </li>
<li>Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.</li>
<li>LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. </li>
</ul>



Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. 
Leader Energy Holdings (LE) is an independent power producer (IPP) primarily engaged in the development, ownership, O&amp;M of power assets and projects.
LE’s revenue has grown on the back of higher power generation as well as coal price increases over the track record period, which drove profitability up. 


Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Equity Bottom-Up

<ul>
<li>In Oct 23, <a href="https://www.smartkarma.com/entities/doosan-robotics-inc" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (454910 KS)</a> raised around US$318m through its Korean IPO, after pricing the IPO at the top end of the range at KRW26,000/share.</li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.</li>
<li>In this note, we will talk about the company’s past performance and future prospects.</li>
</ul>


In Oct 23, Doosan Robotics (454910 KS) raised around US$318m through its Korean IPO, after pricing the IPO at the top end of the range at KRW26,000/share.
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module.
In this note, we will talk about the company’s past performance and future prospects.


2024 High Conviction - Doosan Robotics - Levitating

South Korea

Samsung SDI Co., Ltd. specializes in developing Lithium Ion Battery (LIB) technology.  The Company also manufactures cathode ray tubes (CRTs) for televisions and computer monitors.  Samsung SDI also produces liquid crystal display (LCD) components and rechargeable batteries for cellular phones , personal digital assistants (PDAs), Energy Storage Systems and solar panels.

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Samsung SDI (006400 KS)

Rept Battero IPO: Valuation Insights

There are no cornerstone investors. Our valuation analysis suggests that the IPO price range is unattractive. Therefore, we would pass on the IPO.

Arun George

Rept Battero IPO: The Bear Case

The bear case rests on market share losses, high related party revenue, weak outlook, EV battery weak performance, FCF burn, high impairments and...

Arun George

Rept Battero IPO: The Bull Case

The bull case rests on rapid ESS revenue growth, reducing customer concentration risks, ambitious capacity expansion plans, promising margin...

Arun George

Leader Energy Holdings Pre-IPO - Still Too Early for an ESG Angle

Leader Energy Holdings (1814173D MK) is looking to raise up to US$215m in its upcoming Malaysia IPO. LE’s revenue has grown on the back of higher...

Ethan Aw

2024 High Conviction - Doosan Robotics - Levitating

In Oct 23, Doosan Robotics (454910 KS) raised around US$318m through its Korean IPO, after pricing the IPO at the top end of the range at KRW26,000...

Ethan Aw

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