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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.</li><li>For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).</li><li>Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to US$15.7bn, 15% ahead of the consensus estimate thanks to effective control of S&amp;M and G&amp;A expenses.For 4Q24E, management guides total revenue to grow by 12-20% YoY to US$45-48bn, the midpoint of which is in line with consensus (US$46.1bn).Looking ahead, management will continue to step up investment in strategic priorities such as GenAI, infrastructure, and monetization, and expects significant capex growth and acceleration in infra-related expense growth in 2025E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meta (META US) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m (0.3% e / 0.2% p).</li>
<li>Separately, the September PCE price index edged down to 2.1% y-o-y (2.1% e / 2.3% revised p), and was up 0.2% m-o-m (0.2% e / 0.1% p).</li>
<li>The core PCE price index rose 2.7% y-o-y (2.6% e / 2.7% p) and 0.3% m-o-m (0.3% e / 0.2% revised p). </li>
</ul>


In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m (0.3% e / 0.2% p).
Separately, the September PCE price index edged down to 2.1% y-o-y (2.1% e / 2.3% revised p), and was up 0.2% m-o-m (0.2% e / 0.1% p).
The core PCE price index rose 2.7% y-o-y (2.6% e / 2.7% p) and 0.3% m-o-m (0.3% e / 0.2% revised p). 


Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>Daily Active People (DAP) across its Family of Apps (FOA) decelerated to 20 mn QoQ in 3Q’24.</li><li>Even though easy comp ended in 1Q’24 and 3Q’24 faced a fairly difficult comp, Meta posted quite strong YoY growth rates across regions in 3Q’24.</li><li>Meta’s Family of Apps (FOA) ads revenue growth is comfortably ahead of both Google Search and YouTube ads in each of the last 1-yr, 2-yr, and 3-yr timeframe.</li></ul>

Daily Active People (DAP) across its Family of Apps (FOA) decelerated to 20 mn QoQ in 3Q’24.Even though easy comp ended in 1Q’24 and 3Q’24 faced a fairly difficult comp, Meta posted quite strong YoY growth rates across regions in 3Q’24.Meta’s Family of Apps (FOA) ads revenue growth is comfortably ahead of both Google Search and YouTube ads in each of the last 1-yr, 2-yr, and 3-yr timeframe.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions</li>
<li>Flagship Mobile Revenue Leading the Charge in China and Emerging Markets</li>
<li>ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.</li>
</ul>


3Q24 Performance Signals Advanced Products Making Major Progress; 20% Topline Growth &amp; Improved China Market Conditions
Flagship Mobile Revenue Leading the Charge in China and Emerging Markets
ASIC and AI Accelerator Progress: Estimate 2025E/2026E Initial Mass Production; Maintain Structural Long Rating.


Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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

Meta (META US)

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Meta (META US) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace

Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to...

CMB International

Lucror Analytics - Morning Views Asia

In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m...

Lucror Analytics

Meta 3Q'24 Update

Even though easy comp ended in 1Q’24 and 3Q’24 faced a fairly difficult comp, Meta posted quite strong YoY growth rates across regions in 3Q’24.

MBI Deep Dives

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Meta (META US) - AI Development on Track; Stepped-Up Investment to Drag Margin Expansion Pace

Meta reported 3Q24 results: total revenue grew by 19% YoY to US$40.6bn, in line with Bloomberg consensus estimate; net income was up by 35% YoY to...

CMB International

Lucror Analytics - Morning Views Asia

In the US, September personal spending came in above estimates at 0.5% m-o-m (0.4% e / 0.3% revised p), while personal income edged up 0.3% m-o-m...

Lucror Analytics

Meta 3Q'24 Update

Even though easy comp ended in 1Q’24 and 3Q’24 faced a fairly difficult comp, Meta posted quite strong YoY growth rates across regions in 3Q’24.

MBI Deep Dives

Mediatek's Advanced Product Strategy Showing Major Progress; Maintain Structural Long

​Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.

Vincent Fernando, CFA

Advanced products at 3Q24 are showing strong performance with 20% topline growth, driven by flagship mobile revenue in China and emerging markets.