APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its upcoming Korean IPO.</li>
<li>One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.</li>
<li>By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its upcoming Korean IPO.
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
By cutting its commission take rate to attract developers, the firm has managed to turnaround its transaction volume in FY18, leading it to record consecutive quarters of growth.


One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>OneStore is getting ready to complete its IPO in May with IPO price range of 34,300 won to 41,700 won. It is one of the largest app operators in Korea.</li>
<li>The IPO base deal size is from $187 million to $227 million. The expected market cap after the IPO is from 0.9 trillion won to 1.1 trillion won. </li>
<li>OneStore generated sales of 214.2 billion won (up 38% YoY), operating loss of 5.8 billion won, and EBITDA of 8 billion won in 2021. </li>
</ul>


OneStore is getting ready to complete its IPO in May with IPO price range of 34,300 won to 41,700 won. It is one of the largest app operators in Korea.
The IPO base deal size is from $187 million to $227 million. The expected market cap after the IPO is from 0.9 trillion won to 1.1 trillion won. 
OneStore generated sales of 214.2 billion won (up 38% YoY), operating loss of 5.8 billion won, and EBITDA of 8 billion won in 2021. 


Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>Shares of <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  slipped below the IPO price of <strong>$24.00</strong> per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  </li>
<li>In 2020, <a href="https://www.smartkarma.com/entities/intuit-inc" target="_blank" data-smartkarma-citation="entities:8235:1" rel="noopener">Intuit Inc (INTU US)</a>  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.</li>
<li>Insider selling activity has slowed down noticeably over the past three months and <a href="https://www.smartkarma.com/entities/bigcommerce-holdings-inc" target="_blank" data-smartkarma-citation="entities:29196:1" rel="noopener">BigCommerce Holdings (BIGC US)</a>  insiders sold ~$5 million worth of shares. </li>
</ul>


Shares of BigCommerce Holdings (BIGC US)  slipped below the IPO price of $24.00 per share, and at current valuation, we see limited downside risk for BigCommerce stock investors.  
In 2020, Intuit Inc (INTU US)  offered to acquire BigCommerce for $1.5 billion, according to CNBC and other public sources. Both BigCommerce and Intuit didn’t provide a comment.
Insider selling activity has slowed down noticeably over the past three months and BigCommerce Holdings (BIGC US)  insiders sold ~$5 million worth of shares. 


BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>Perhaps, misled by the Chinese tech rally due to the change in stance from the Chinese Government, Sea's shares rose by 33% compared to the broader market's 8.3%.</li>
<li>With fundamentals deteriorating and the Federal Reserve signalling an aggressive rate hike outlook, <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>’s 33% move seems unwarranted.</li>
<li>Meanwhile, the downside potential is quite significant as Sea trades at a significant FY+2 EV/Sales premium to regional peers whose cyclical bottoms are unknown.</li>
</ul>


Perhaps, misled by the Chinese tech rally due to the change in stance from the Chinese Government, Sea's shares rose by 33% compared to the broader market's 8.3%.
With fundamentals deteriorating and the Federal Reserve signalling an aggressive rate hike outlook, Sea Ltd (SE US)’s 33% move seems unwarranted.
Meanwhile, the downside potential is quite significant as Sea trades at a significant FY+2 EV/Sales premium to regional peers whose cyclical bottoms are unknown.


Sea Ltd.'s Money Machine Is Broken, Downside Is Not Fully Priced-In

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Gitlab is down 61% since its IPO and trades at 16x forward sales, now reasonable for years of 40% like growth expected.</li>
<li>At $6B valuation, would make an attractive acquisition candidate for Google/Amazon or some of the growing DevSecOps players like Datadog.</li>
<li>Dynamic TAM with long runway ahead, very underpenetrated, strong secular tailwinds.</li>
</ul>


Gitlab is down 61% since its IPO and trades at 16x forward sales, now reasonable for years of 40% like growth expected.
At $6B valuation, would make an attractive acquisition candidate for Google/Amazon or some of the growing DevSecOps players like Datadog.
Dynamic TAM with long runway ahead, very underpenetrated, strong secular tailwinds.


United States

Alphabet Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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

Alphabet (GOOGL US)

One Store Pre-IPO - Track Record Has Been Strong, Questions Surround Its Choice of Peers

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store is a mobile app market platform, formed by a cooperation between...

Clarence Chu

OneStore IPO Preview

OneStore is getting ready to complete its IPO in May with IPO price range of 34,300 won to 41,700 won. It is one of the largest app operators in...

Douglas Kim

BigCommerce: Stock Selloff Looks Finished As Valuation Hit $1.5 Billion

Our analysis suggests risk/reward for BigCommerce shares looks strong, and downside potential may be limited as BigCommerce stock is undervalued...

Andrei Zakharov

Sea Ltd.'s Money Machine Is Broken, Downside Is Not Fully Priced-In

With fundamentals deteriorating and the Fed signalling an aggressive rate hike outlook, Sea’s 33% move seems unwarranted. The downside potential is...

Oshadhi Kumarasiri

Recent IPO Insights: Gitlab

Gitlab is down 61% since its IPO and trades at 16x forward sales, reasonable for 40% like growth expected. At $6B , would be acquisition candidate...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)