Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.</li>
<li>Founded in 2015, <a href="https://www.smartkarma.com/entities/beijing-baishancloud-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:40988:1" rel="noopener">BaishanCloud (1568617D HK)</a> is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.</li>
<li>I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.</li>
</ul>


Baishan Cloud, China’s independent edge cloud service provider, filed to go public in Hong Kong. CICC and investment bank Haitong are the lead underwriters in this offering.
Founded in 2015, BaishanCloud (1568617D HK) is led by its CEO and Founder, Mr. HUO Tao, and a highly experienced founding team.
I believe the company will achieve a break-even this year, coupled with a strong international expansion, potential revenue acceleration and gross margin improvement as the business continues to scale up.


Baishan Cloud IPO Preview: Break-Even Is Likely To Be Achieved in 2024

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.

Equity Bottom-Up

<ul><li>Cloudflare Inc.'s latest Q4 2023 earnings highlighted several encouraging developments, underscoring a strong quarter of business growth and an upbeat financial performance, even amid prevailing macroeconomic uncertainties.</li><li>The cloud-based network security company reported total revenues of $362.5 million, a 32% increase year-over-year(YoY).</li><li>The increase was driven significantly by larger customers, with 66% of revenue coming from this group.</li></ul>

Cloudflare Inc.'s latest Q4 2023 earnings highlighted several encouraging developments, underscoring a strong quarter of business growth and an upbeat financial performance, even amid prevailing macroeconomic uncertainties.The cloud-based network security company reported total revenues of $362.5 million, a 32% increase year-over-year(YoY).The increase was driven significantly by larger customers, with 66% of revenue coming from this group.

Cloudflare Inc: Why We See Immense Potential In  AI and Vectorize! - Major Drivers

<ul><li>Cloudflare, Inc. delivered an all-around beat in the third quarter.</li><li>The addition of 206 new large customers, contributing more than $100,000 annually, brought the total to 2,558 large customers—a 34% YoY growth.</li><li>Significant strides were made with larger customers, witnessing a significant number of net new customers spending over $500,000 and $1 million per year with Cloudflare.</li></ul>

Cloudflare, Inc. delivered an all-around beat in the third quarter.The addition of 206 new large customers, contributing more than $100,000 annually, brought the total to 2,558 large customers—a 34% YoY growth.Significant strides were made with larger customers, witnessing a significant number of net new customers spending over $500,000 and $1 million per year with Cloudflare.

<ul><li>Cloudflare, Inc. delivered an all-around beat in the previous quarter.</li><li>The second quarter's total revenue reached 32% year over year to $308.5 million.</li><li>In the quarter, Cloudflare received 10 million active worker applications, a 250% increase since December and a 490% increase year over year.</li></ul>

Cloudflare, Inc. delivered an all-around beat in the previous quarter.The second quarter's total revenue reached 32% year over year to $308.5 million.In the quarter, Cloudflare received 10 million active worker applications, a 250% increase since December and a 490% increase year over year.

Cloudflare Inc.: Beyond AI – Is Their Cloud Reigning Supreme? - Major Drivers

<ul>
<li>Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. </li>
<li>The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. </li>
<li>Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. </li>
</ul>


Freshworks, a cloud-based customer services software unicorn, held its first Investor Day on September 7, 2023. Management highlighted the long-term target to deliver the Rule of 40 by 2025. 
The 2023 Investor Day agenda included company vision and strategy, solutions in action, strategy for durable growth, customer spotlight, and financial overview, among others. 
Management plans to deliver a long-term balance of growth and profitability, with the 2026 model leading to an FCF margin of 20%+ and $1B+ revenue. 


Freshworks: 2023 Investor Day and Valuation Update

United States

Cloudflare, Inc. designs and develops software solutions. The Company offers platform for load balancing, video streaming, security, analysis, and domain registration. Cloudflare serves customers worldwide.

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Andrei Zakharov

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