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.

Equity Capital Markets

Autohome Inc (Adr) / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/autohome-inc-adr" target="_blank" data-smartkarma-citation="entities:20234:1" rel="noopener">Autohome Inc (Adr) (ATHM US)</a> is a leading online destination for auto consumers in China, ranking first among automotive service platforms as measured by mobile daily active users as of 31 December 2020 according to QuestMobile. Autohome passed its Hong Kong listing committee hearing and could raise up to $1 billion through a secondary listing, according to press reports. </p><div class="content-highlight"><p>Autohome joins the second wave of Hong Kong secondary listings set to hit the screens in the coming months. Autohome like several companies which pursued secondary listings in the past, does not require the funds as its cash-rich and highly cash generative. Autohome is an attractive equity story as it is a leading online auto platform that can capitalise on the opportunities presented by China’s recovering auto market, in our view. </p></div>

Autohome Inc (Adr) (ATHM US) is a leading online destination for auto consumers in China, ranking first among automotive service platforms as measured by mobile daily active users as of 31 December 2020 according to QuestMobile. Autohome passed its Hong Kong listing committee hearing and could raise up to $1 billion through a secondary listing, according to press reports. Autohome joins the second wave of Hong Kong secondary listings set to hit the screens in the coming months. Autohome like several companies which pursued secondary listings in the past, does not require the funds as its cash-rich and highly cash generative. Autohome is an attractive equity story as it is a leading online auto platform that can capitalise on the opportunities presented by China’s recovering auto market, in our view. 

Autohome Secondary Listing: Motoring Online

<p><a href="https://www.smartkarma.com/entities/propertyguru-ltd" target="_blank" data-smartkarma-citation="entities:28149:1" rel="noopener">PropertyGuru (PGU AH)</a> is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/propertyguru-ipo-initiation-rose-tinted-glasses-required" target="_blank" rel="noopener">our initiation note</a>, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.</p></div>

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam, Malaysia, Thailand and Indonesia. PropertyGuru set an indicative IPO price range of A$3.70-4.50 per CDI with the final price set to be announced on 24 October.In our initiation note, we stated that while PropertyGuru is a good company, we believe that the forecasts are based on a bull scenario, leaving little room for any setbacks. From a valuation perspective, we believe that the proposed IPO price range is unattractive.

PropertyGuru IPO Valuation: Guru at Frothy Valuations

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.</p>

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.

Global Bottoming Process Continues; Remain Overweight China

United Kingdom

Auto Trader Group PLC operates as a digital automotive marketplace. The Company's platform allows its users to buy and sell a range of vehicles, such as cars, trucks and vans.

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Auto Trader (AUTO LN)

Autohome Secondary Listing: Motoring Online

Autohome passed its HK listing hearing for a $1 billion secondary listing. Autohome is an attractive equity story that can capitalise on the...

Arun George

PropertyGuru IPO Valuation: Guru at Frothy Valuations

PropertyGuru (PGU AH) is an online property classifieds marketplace with presence in five countries across South East Asia – Singapore, Vietnam,...

Arun George

Global Bottoming Process Continues; Remain Overweight China

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead...

Vermilion Research

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