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>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

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

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai reported 1Q24 revenue that fell 9% YoY, however the company reiterated its guidance for significant growth in 2024E and said growth now looks stronger than guided in March.</li>
<li>Hon Hai's cloud (including servers) business didn't grow as much as guided due to material shortages; but AI server revenue up 200% YoY and significant growth is guided for 2024E.</li>
<li>The traditional server market is rebounding, to grow double digits in 2024E. Hon Hai expects to take market share in 2024. Structural Long but near-term gains could be limited.</li>
</ul>


Hon Hai reported 1Q24 revenue that fell 9% YoY, however the company reiterated its guidance for significant growth in 2024E and said growth now looks stronger than guided in March.
Hon Hai's cloud (including servers) business didn't grow as much as guided due to material shortages; but AI server revenue up 200% YoY and significant growth is guided for 2024E.
The traditional server market is rebounding, to grow double digits in 2024E. Hon Hai expects to take market share in 2024. Structural Long but near-term gains could be limited.


Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E

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 Inc. managed to surpass the revenue and earnings expectations of analysts.</li><li>Apple has reported sales of $81.8 billion, which is higher than the company had anticipated.</li><li>With robust iPhone sales setting new quarterly total revenue highs in countries including India, Indonesia, Mexico, the Philippines, Poland, Saudi Arabia, Turkey, and the United Arab Emirates, Apple saw strong results in emerging markets continue.</li></ul>

Apple Inc. managed to surpass the revenue and earnings expectations of analysts.Apple has reported sales of $81.8 billion, which is higher than the company had anticipated.With robust iPhone sales setting new quarterly total revenue highs in countries including India, Indonesia, Mexico, the Philippines, Poland, Saudi Arabia, Turkey, and the United Arab Emirates, Apple saw strong results in emerging markets continue.

Apple Inc.: A Hot Product Lineup For 2024 & Beyond! – Major Drivers

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment</li>
<li>PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle </li>
<li>ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x </li>
</ul>


Taiwan Tech Rallies Along With Rebound In Global Tech; Hon Hai, Asustek Top Gainers; KYEC a Top Loser After Announcing China Market Divestment
PC Monitor: The Next Version of MSFT CoPilot Will Be the Killer App for a Global AI PC Upgrade Cycle 
ASMedia GDR Early Look - Momentum Has Been Strong, and Raising Would Grow Its Cash Base Almost 6x 


Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

CEO, ByteTree Asset Management

ByteTree Asset Management

Specialising in Bitcoin, Gold and Digital Assets

Investment Manager specialising in bitcoin, gold and digital assets

<ul style="list-style-type: disc;"><li>Apple is the most perfect company, with huge cashflow and a dominant market position. It can do no wrong.</li><li>UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks, oil and mining while lacking technology stocks.</li><li>And since oil and mining have become pariahs, what will be left?</li></ul>

Apple is the most perfect company, with huge cashflow and a dominant market position. It can do no wrong.UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks, oil and mining while lacking technology stocks.And since oil and mining have become pariahs, what will be left?

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)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Apple Inc.: A Hot Product Lineup For 2024 & Beyond! – Major Drivers

Apple Inc. managed to surpass the revenue and earnings expectations of analysts. Apple has reported sales of $81.8 billion, which is higher than...

Baptista Research

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Apple Is Worth More Than the FTSE 100

UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks,...

ByteTree Asset Management

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Hon Hai: Traditional Server Market Now Adding to AI Growth; Expects Market Share Gains in 2024E

​Hon Hai anticipates significant growth in 2024E, especially in AI server market despite material shortages. Traditional server market rebounding,...

Vincent Fernando, CFA

Apple Inc.: A Hot Product Lineup For 2024 & Beyond! – Major Drivers

Apple Inc. managed to surpass the revenue and earnings expectations of analysts. Apple has reported sales of $81.8 billion, which is higher than...

Baptista Research

Taiwan Tech Weekly: Hon Hai New All-Time Highs; Asustek Soars; Leading Chip Testing Firm Exits China

​Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...

Vincent Fernando, CFA

Apple Is Worth More Than the FTSE 100

UK institutional investors and regulators have turned the FTSE into a “Jurassic Index”, as Paul Marshall described it, which is dominated by banks,...

ByteTree Asset Management

Hon Hai anticipates significant growth in 2024E, especially in AI server market despite material shortages. Traditional server market rebounding,...

Taiwan tech gains alongside global tech, with Hon Hai and Asustek leading. MSFT's next CoPilot expected to drive AI PC upgrades. ASMedia GDR shows...