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>2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.</li>
<li>We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2023 marked our eighth year covering Equity Capital Markets in Asia Pacific. In 2023, IPOs didn’t pick up much from the low base of 2022  while placements showed upward momentum.
We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115 placements.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>There is downside risk to SoftBank’s NAV, due to valuations relating to Arm and the Vision Funds including LatAm; on aggregate, these holdings account for 70% of group equity value</li>
<li>We believe that Arm’s super-premium valuation is unsustainable; there is lack of transparency on the valuations relating to the unlisted Vision Fund holdings, especially in SVF2</li>
<li>We estimate that SoftBank shares trade at a 44% NAV discount, tighter than the average at the end of the last eight quarters; add to this Arm’s current over valuation</li>
</ul>


There is downside risk to SoftBank’s NAV, due to valuations relating to Arm and the Vision Funds including LatAm; on aggregate, these holdings account for 70% of group equity value
We believe that Arm’s super-premium valuation is unsustainable; there is lack of transparency on the valuations relating to the unlisted Vision Fund holdings, especially in SVF2
We estimate that SoftBank shares trade at a 44% NAV discount, tighter than the average at the end of the last eight quarters; add to this Arm’s current over valuation


SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul>
<li>ARM prices this Wednesday and trades on Thursday.</li>
<li>I have a lot of thoughts. This will be a great post if you want to learn about ARM. </li>
<li>So, without further adieu, let’s dive into the most important IP company in the world.</li>
</ul>


ARM prices this Wednesday and trades on Thursday.
I have a lot of thoughts. This will be a great post if you want to learn about ARM. 
So, without further adieu, let’s dive into the most important IP company in the world.


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Arm's dominant position in semiconductor IP, particularly in mobile, is strategically expanding into high-growth data center, AI, and automotive markets, driving accelerated revenue and earnings growth.</li>
 <li>The company operates a highly scalable and profitable 'fabless' business model based on licensing and royalties, characterized by exceptionally high gross margins and strong cash flow generation.</li>
 <li>The stock trades at a significant premium to peers, reflecting lofty expectations for future growth, but also presenting considerable valuation risk should the company fail to execute on its AI-driven strategy or if competitive threats from x86 and RISC-V intensify.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Arm's dominant position in semiconductor IP, particularly in mobile, is strategically expanding into high-growth data center, AI, and automotive markets, driving accelerated revenue and earnings growth.
  The company operates a highly scalable and profitable 'fabless' business model based on licensing and royalties, characterized by exceptionally high gross margins and strong cash flow generation.
  The stock trades at a significant premium to peers, reflecting lofty expectations for future growth, but also presenting considerable valuation risk should the company fail to execute on its AI-driven strategy or if competitive threats from x86 and RISC-V intensify.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

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>Arm Limited reported a strong financial performance for the fourth quarter and fiscal year 2026, setting revenue and earnings per share records.</li><li>Quarterly revenue reached $1.49 billion, a 20% year-over-year increase, with full-year revenue totaling $4.92 billion, up 23% from the prior year.</li><li>Licensing revenue grew 29% year-over-year to $819 million, driven by robust demand for next-generation architectures, while royalty revenue increased 11% to $671 million, with significant contributions from Cloud AI, Edge AI, and Physical AI markets.</li></ul>

Arm Limited reported a strong financial performance for the fourth quarter and fiscal year 2026, setting revenue and earnings per share records.Quarterly revenue reached $1.49 billion, a 20% year-over-year increase, with full-year revenue totaling $4.92 billion, up 23% from the prior year.Licensing revenue grew 29% year-over-year to $819 million, driven by robust demand for next-generation architectures, while royalty revenue increased 11% to $671 million, with significant contributions from Cloud AI, Edge AI, and Physical AI markets.

Arm Goes All-In On Agentic AI CPUs — Can Hyperscaler Demand Scale?

United Kingdom

ARM Holdings designs and licenses semiconductor intellectual property (IP), including central processing unit (CPU) cores, graphics processing units (GPUs), and system IP. Its energy-efficient chip designs are widely used in smartphones, IoT devices, automotive systems, and computing infrastructure. The company is headquartered in Cambridge, United Kingdom, and was founded in 1990.

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ARM Holdings (ARM US)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential

SoftBank trades at a 44% discount to the NAV; it has downside risk due to high market valuations of Arm and the unlisted SVF holdings lack...

Victor Galliano

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge

Primer: ARM Holdings (ARM US) - Jun 2026

Arm's dominant position in semiconductor IP, particularly in mobile, is strategically expanding into high-growth data center, AI, and automotive...

αSK Primers

Arm Goes All-In On Agentic AI CPUs — Can Hyperscaler Demand Scale?

Arm Limited reported a strong financial performance for the fourth quarter and fiscal year 2026, setting revenue and earnings per share...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas 2023 IPOs and Placements Performance Review - IPOs Forming a Low Base, Placements Pick Up

2023 was our eight year of covering Asia ECM. We ended 2023 with an accuracy rate of 73.7% across 57 IPOs that we covered and 79.3% across 115...

Sumeet Singh

SoftBank Group (9984 JP): More Downside Risk to the NAV than Upside Potential

​SoftBank trades at a 44% discount to the NAV; it has downside risk due to high market valuations of Arm and the unlisted SVF holdings lack...

Victor Galliano

ARM IPO Breakdown

ARM prices this Wednesday and trades on Thursday. I have a lot of thoughts. This will be a great post if you want to learn about ARM. So, without...

Fabricated Knowledge

Primer: ARM Holdings (ARM US) - Jun 2026

Arm's dominant position in semiconductor IP, particularly in mobile, is strategically expanding into high-growth data center, AI, and automotive...

αSK Primers

Arm Goes All-In On Agentic AI CPUs — Can Hyperscaler Demand Scale?

Arm Limited reported a strong financial performance for the fourth quarter and fiscal year 2026, setting revenue and earnings per share...

Baptista Research

SoftBank trades at a 44% discount to the NAV; it has downside risk due to high market valuations of Arm and the unlisted SVF holdings lack...