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.

Event-Driven

<ul>
<li>The gross spread to the HK$2.82 per share offer has retouched the high of 23%. The headcount test is a key challenge as some minorities voice displeasure over the price.  </li>
<li>Based on the unaffected price of HK$1.81 and at the last close of HK$2.30, the deal probability retouched lows of 48.5%. A 65% deal probability would imply HK$2.47 per share. </li>
<li>In the event of a failed deal, <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>’s strong fundamentals provide solid valuation support. Our SoTP valuation is HK$2.96 per share, 5% higher than the privatisation price.</li>
</ul>


The gross spread to the HK$2.82 per share offer has retouched the high of 23%. The headcount test is a key challenge as some minorities voice displeasure over the price.  
Based on the unaffected price of HK$1.81 and at the last close of HK$2.30, the deal probability retouched lows of 48.5%. A 65% deal probability would imply HK$2.47 per share. 
In the event of a failed deal, Razer Inc (1337 HK)’s strong fundamentals provide solid valuation support. Our SoTP valuation is HK$2.96 per share, 5% higher than the privatisation price.


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

LG Energy Solution / Equity Capital Markets

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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.

<ul><li>Apple reported strong fourth-quarter financial results resulting from a robust demand for its iPhone as well service offerings.</li><li>The company set a new fourth-quarter revenue record of $83.4 billion, up 29% compared to the previous year.</li><li>We are highly bullish on Apple and give it a 'Buy' rating with a revised target price.</li></ul>

Apple reported strong fourth-quarter financial results resulting from a robust demand for its iPhone as well service offerings.The company set a new fourth-quarter revenue record of $83.4 billion, up 29% compared to the previous year.We are highly bullish on Apple and give it a 'Buy' rating with a revised target price.

Apple Inc: The 2022 Pipeline Looks Amazing (12/2021)

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft Corp (MSFT US)</a> is the most widely held stock though ownership increases have stalled. <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple Inc (AAPL US)</a> is the key underweight and consistently under-owned by managers.</li>
<li>
<a href="https://www.smartkarma.com/entities/visa-inc-class-a-shares" target="_blank" data-smartkarma-citation="entities:8707:1" rel="noopener">Visa (V US)</a> positive momentum has reversed while <a href="https://www.smartkarma.com/entities/adobe-systems-inc" target="_blank" data-smartkarma-citation="entities:8357:1" rel="noopener">Adobe Systems (ADBE US)</a> is the new darling of US Tech. <a href="https://www.smartkarma.com/entities/oracle-corp" target="_blank" data-smartkarma-citation="entities:1065:1" rel="noopener">Oracle Corp (ORCL US)</a> is losing investors at a consistent rate.</li>
</ul>


As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Microsoft Corp (MSFT US) is the most widely held stock though ownership increases have stalled. Apple Inc (AAPL US) is the key underweight and consistently under-owned by managers.

Visa (V US) positive momentum has reversed while Adobe Systems (ADBE US) is the new darling of US Tech. Oracle Corp (ORCL US) is losing investors at a consistent rate.


5 US Tech Stocks that Matter to Global Investors

<ul>
<li>US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns</li>
<li>We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.</li>
<li>In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  </li>
</ul>


US Tech allocations have hit fresh all-time highs among active Global investors.  Never before have Global investors placed such a reliance on US Tech to drive returns
We find that increases in US Tech weights were driven by relative price gains, rather than any active rebalancing in favour of the sector.
In fact, active momentum is slowing.  Value, Yield and GARP investors have increased underweights and Growth investors have moved from overweight to underweight.  


US Tech:  Record Allocations, Record Underweights.  Value Becoming Harder to Find

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Razer's Offer Spread Risk/Reward

The gross spread to the HK$2.82 per share offer has retouched the high of 23%. In the event of a failed deal, the strong fundamentals provide solid...

Arun George

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

Apple Inc: The 2022 Pipeline Looks Amazing (12/2021)

Apple reported strong fourth-quarter financial results resulting from a robust demand for its iPhone as well service offerings. The company set a...

Baptista Research

5 US Tech Stocks that Matter to Global Investors

As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Steven Holden

US Tech: Record Allocations, Record Underweights. Value Becoming Harder to Find

US Tech allocations have hit fresh all-time highs among active Global investors. Never before have Global investors placed such a reliance on US...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Razer's Offer Spread Risk/​Reward

The gross spread to the HK$2.82 per share offer has retouched the high of 23%. In the event of a failed deal, the strong fundamentals provide solid...

Arun George

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

Apple Inc: The 2022 Pipeline Looks Amazing (12/2021)

Apple reported strong fourth-quarter financial results resulting from a robust demand for its iPhone as well service offerings. The company set a...

Baptista Research

5 US Tech Stocks that Matter to Global Investors

As US Technology weights reach record highs in Global Equity portfolios, we analyse 5 stocks that are in focus for active Global managers.

Steven Holden

US Tech: Record Allocations, Record Underweights. Value Becoming Harder to Find

US Tech allocations have hit fresh all-time highs among active Global investors. Never before have Global investors placed such a reliance on US...

Steven Holden

Razer's Offer Spread Risk/Reward