Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.</li>
<li>The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.</li>
<li>As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.</li>
</ul>


Klook Technology Limited, a SoftBank-backed Asia’s leading platform for experiences and travel activities, filed for an IPO in the United States.
The company became a unicorn in 2018 and was valued at $1B+ in 2025. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead bankers on the upcoming offering.
As of the end of Sep-25, Klook platform served 10.7M+ annual transacting users, spanning 200+ geographic markets worldwide. Since its launch, the mobile app has been downloaded ~70M times.


Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com</li>
<li>But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y</li>
<li>We still feel TCOM shares are pricey, and that earnings growth is unimpressive</li>
</ul>


Revenue growth in Q3 (+15.5% Y/Y) held up reasonably well for Trip.com
But core margins continue to deteriorate: Adjusted EBITDA margin down -120 bps Y/Y
We still feel TCOM shares are pricey, and that earnings growth is unimpressive


Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

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.

<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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all markets were in full throttle mode going into the year end.</li>
<li>On the placements front, there were a number of deals across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all markets were in full throttle mode going into the year end.
On the placements front, there were a number of deals across the region.


ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

<ul>
<li>StubHub Holdings reported a mixed 3Q’25 as a public company pushing shares down over 20% during regular trading session on Friday.</li>
<li>Management declined to provide specific guidance for 4Q’25 and asked analysts to wait for the next call in early 2026. Shares tanked 25% and hit all-time low of ~$13/share.</li>
<li>At ~2.8x EV/2026E Revenue and 1-year forward P/E of ~24x I view risk reward as favorable and believe the current selloff creates an attractive entry point for long-term investors.</li>
</ul>


StubHub Holdings reported a mixed 3Q’25 as a public company pushing shares down over 20% during regular trading session on Friday.
Management declined to provide specific guidance for 4Q’25 and asked analysts to wait for the next call in early 2026. Shares tanked 25% and hit all-time low of ~$13/share.
At ~2.8x EV/2026E Revenue and 1-year forward P/E of ~24x I view risk reward as favorable and believe the current selloff creates an attractive entry point for long-term investors.


StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

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Booking Holdings (BKNG US)

Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...

Andrei Zakharov

Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Trip.com reported Q3 results on Monday after the US close. Revenue growth was fine, but core margins continue to fall. We view the shares as...

Tracking Traffic

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

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...

Andrei Zakharov

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Klook IPO Preview: Category Leader in APAC and Gateway for Asia’s Fast-Growing Experiences Economy

​Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...

Andrei Zakharov

Trip.com Q325 Results | Revenue Growth OK | Core Margins Still Falling | Avoid

Trip.com reported Q3 results on Monday after the US close. Revenue growth was fine, but core margins continue to fall. We view the shares as...

Tracking Traffic

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

ECM Weekly (17 November 2025) -Softcare, Northsand, Human Made, Lenskart, Pine Labs, Klook, Sagility

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

StubHub Holdings (NYSE: STUB): Bullish Into 2026, Current Selloff Creates an Attractive Entry Point

​StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...

Andrei Zakharov

Asia's leading platform for experiences and travel services, Klook, backed by SoftBank, filed to go public. Goldman Sachs, J.P. Morgan, and Morgan...

StubHub Holdings, the global secondary ticketing marketplace for live events, reported a mixed quarter as a public company. In my insight, I...