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>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a> ’ US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the positive aspects of the deal.


ARM Holdings Limited - The Positives - Pervasive Global Presence

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.

Equity Bottom-Up

<ul><li>Adobe delivered a solid result and managed an all-around beat in the last quarter.</li><li>In the quarter, they generated $659 million in Document Cloud revenue, up 14% year on year.</li><li>Additionally, Adobe introduced a brand-new version of Adobe Express with Firefly generative AI capabilities, which is revolutionizing the way everyone creates and distributes exceptional content.</li></ul>

Adobe delivered a solid result and managed an all-around beat in the last quarter.In the quarter, they generated $659 million in Document Cloud revenue, up 14% year on year.Additionally, Adobe introduced a brand-new version of Adobe Express with Firefly generative AI capabilities, which is revolutionizing the way everyone creates and distributes exceptional content.

Adobe Inc.: AI Investments To Save The Day? – Key Drivers

Value Investing

Vladimir Dimitrov, CFA

<ul>
<li>Adobe's share price is experiencing significant momentum, which is likely to be sustained for the time being.</li>
<li>Better than expected quarterly results could easily prompt a new wave of rating upgrades by the sell-side analysts.</li>
<li>Investors interested in holding Adobe for a longer period of time should not ignore some important red flags.</li>
</ul>


Adobe's share price is experiencing significant momentum, which is likely to be sustained for the time being.
Better than expected quarterly results could easily prompt a new wave of rating upgrades by the sell-side analysts.
Investors interested in holding Adobe for a longer period of time should not ignore some important red flags.


Adobe: Opportunities In Generative AI, Q2 Earnings And Considerations For Long-Term Holders

<ul>
<li>Following the massive drop in Adobe's share price, more investors are looking favourably at the business.</li>
<li>In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.</li>
<li>As a long-term shareholder, I still have a hard time rating Adobe as a buy.</li>
</ul>


Following the massive drop in Adobe's share price, more investors are looking favourably at the business.
In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.
As a long-term shareholder, I still have a hard time rating Adobe as a buy.


Adobe Is A High Quality Business With Capital Allocation Problems

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>Potentia has returned with an improved three-part offer for <a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a>. The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. </li>
<li>The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. </li>
<li>A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.</li>
</ul>


Potentia has returned with an improved three-part offer for Nitro Software Ltd (NTO AU). The base offer of A$2.17 is 0.9% higher than Alludo’s A$2.15 offer. 
The offer could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer to reach A$2.20 per share. 
A A$2.25 per share offer is unlikely due to the onerous 25% scrip acceptance condition. At the last close, the gross spread to the likely final A$2.20 offer is 0.5%.


Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

ARM Holdings Limited - The Positives - Pervasive Global Presence

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO. In this note, we talk about the...

Sumeet Singh

Adobe Inc.: AI Investments To Save The Day? – Key Drivers

Adobe delivered a solid result and managed an all-around beat in the last quarter. In the quarter, they generated $659 million in Document Cloud...

Baptista Research

Adobe: Opportunities In Generative AI, Q2 Earnings And Considerations For Long-Term Holders

Adobe Inc. (NASDAQ:ADBE) stock has seen renewed optimism among investors as opportunities around generative AI continue to make the headlines.

Vladimir Dimitrov, CFA

Adobe Is A High Quality Business With Capital Allocation Problems

In my view, capital allocation decisions within the company raise some red flags that are hard to overlook. As a long-term shareholder, I still...

Vladimir Dimitrov, CFA

Nitro (NTO AU): Potentia Comes Good with a Three-Part Offer

The base offer of A$2.17 could rise to A$2.20 or A$2.25 per share based on hitting additional conditions. There is a clear path for the final offer...

Arun George

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