Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>We believe dollar market share is the most direct approach to exam AI models.</li>
<li>Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.</li>
<li>The primary risk lies in the lifting of the lock-up period for restricted shares.</li>
</ul>


We believe dollar market share is the most direct approach to exam AI models.
Z.AI's two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.
The primary risk lies in the lifting of the lock-up period for restricted shares.


Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing.</li>
<li>Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front &amp; center for every enterprise</li>
<li>Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise and reset. You will save a fortune...</li>
</ul>


Earlier this month, Fortune reported that Meta’s 85,000 employees were competing on an internal AI leaderboard called “Claudeonomics”. Welcome to the world of Token Maxxing.
Now that the door is closing on Agentic AI being able to sneak in under the cover of a monthly subscription, Token Optimisation should become front &amp; center for every enterprise
Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise and reset. You will save a fortune...


New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<ul><li>The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.</li><li>If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.</li><li>We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.</li></ul>

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.

Tech Sector: The Software Endgame Who Owns The Workflow

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>The Nifty IT index plummeted over 20% recently on fears that generative AI will fundamentally destroy the traditional headcount driven IT services model</li>
<li>While some warn of 14-16% deflation, integrating complex artificial intelligence into enterprise systems actually unlocks a massive $300 to $400 billion incremental addressable market
</li>
<li>Top management confirms structurally sound demand with zero or avoidable accelerated pricing deflation, viewing the AI transition as a massive volume tailwind instead of a threat.</li>
</ul>


The Nifty IT index plummeted over 20% recently on fears that generative AI will fundamentally destroy the traditional headcount driven IT services model
While some warn of 14-16% deflation, integrating complex artificial intelligence into enterprise systems actually unlocks a massive $300 to $400 billion incremental addressable market

Top management confirms structurally sound demand with zero or avoidable accelerated pricing deflation, viewing the AI transition as a massive volume tailwind instead of a threat.


United States

Anthropic, PBC operates as an AI safety and research company. The Company builds reliable, interpretable, and steerable AI systems. Anthropic serves customers in the United States.

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

Anthropic (1892140D US)

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

The Token Maxxing Delusion

Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise...

William Keating

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

Indian IT Sector: The Bottom Made?

Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Z.AI (2513 HK): Models Ranking Among Top Revenue Earners

We believe dollar market share is the most direct approach to exam AI models. Z.AI's two models are ranked top 8 in typical AI functions. The risk...

Ming Lu

The Token Maxxing Delusion

Treat your agentic sessions like sprints. Define a clear objective for each session. Work to completion or a meaningful checkpoint. Then summarise...

William Keating

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

Indian IT Sector: The Bottom Made?

​Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.

Nimish Maheshwari

Nifty IT index drops 20% on generative AI fears, but integrating AI could unlock $300-400 billion market and provide volume tailwind for IT services.