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/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the not-so-positive aspects of the deal.


Klook Pre-IPO - The Negatives - Disclosures Lagging

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.</li>
<li>Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing.
Klook connects travelers with merchants providing a vast array of activities, tours, attractions and other travel services across the globe.
In this note, we talk about the positive aspects of the deal.


Klook Pre-IPO - The Positives - Growth Has Been Very Strong

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/klook-technology-limited" target="_blank" data-smartkarma-citation="entities:36548:1" rel="noopener">Klook (KLK US)</a>, the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    </li>
<li>Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.</li>
<li>The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  </li>
</ul>



Klook (KLK US), the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO.    
Founded in 2014, Klook connects travellers with merchants, providing a vast array of activities, tours, attractions, and other travel services across the globe.
The investment case rests on market leadership, healthy GTV growth, establishing a path to sustainable profitability, improving FCF profile and a debt-free balance sheet.  


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

<ul>
<li>Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.</li>
<li>Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.</li>
<li>
<a href="https://www.smartkarma.com/entities/kingsoft-cloud-holdings-limited" target="_blank" data-smartkarma-citation="entities:36647:1" rel="noopener">Kingsoft Cloud Holdings (3896 HK)</a> was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of <a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> a BUY.
</li>
</ul>


Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba (9988 HK) announced its AI chip.
Momentum, Growth, and Liquidity factors have led the Hong Kong market performance year-to-date.  Southbound flows into the Hong Kong market continue at historically high levels.

Kingsoft Cloud Holdings (3896 HK) was rated a BUY by Deutsche Bank with its initial target price of HK$11.  Shenwan Hongyuan initiates coverage of CaoCao (2643 HK) a BUY.



BUY/SELL/HOLD: Hong Kong Market Update (October 5)

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>Airbnb's second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration.</li><li>The company reported robust financial results, marked by a notable increase in key metrics such as bookings, revenue, and margin, which indicate strong demand recovery, particularly in global markets outside the U.S. Despite a challenging economic environment at the beginning of the quarter, travel demand saw an upturn, with significant contributions from expanded offerings in home-sharing and the evolving services and experiences sector.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Airbnb's second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration.The company reported robust financial results, marked by a notable increase in key metrics such as bookings, revenue, and margin, which indicate strong demand recovery, particularly in global markets outside the U.S. Despite a challenging economic environment at the beginning of the quarter, travel demand saw an upturn, with significant contributions from expanded offerings in home-sharing and the evolving services and experiences sector.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Airbnb Bets Big on AI But Can Its Smarter Tech Redefine Travel Planning & Customer Experience?

United States

Airbnb, Inc. operates an online marketplace for travel information and booking services. The Company offers lodging, home-stay, and tourism services via websites and mobile applications. Airbnb serves clients worldwide.

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Airbnb (ABNB US)

Klook Pre-IPO - The Negatives - Disclosures Lagging

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook Pre-IPO - The Positives - Growth Has Been Very Strong

Klook (KLK US), a pan-regional experiences platform in Asia-Pacific, aims to raise around US$500m in its US listing. In this note, we talk about...

Sumeet Singh

Klook IPO (KLK US): The Investment Case

Klook, the largest pan-regional experiences platform in the APAC region, is seeking to raise between US$400 million through a NYSE IPO. In this...

Arun George

BUY/SELL/HOLD: Hong Kong Market Update (October 5)

Materials, Healthcare and Tech sectors continue to lead the Hong Kong Secular Bull Market higher. The tech sector has been re-rating since Alibaba...

David Mudd

Airbnb Bets Big on AI But Can Its Smarter Tech Redefine Travel Planning & Customer Experience?

Airbnb's second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration. The company reported robust...

Baptista Research

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