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>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/daimler-truck-holding-ag" target="_blank" data-smartkarma-citation="entities:35551:1" rel="noopener">Daimler Truck Holding (DTG GR)</a> could look to raise JPY200-300bn (US$1.3-1.9bn) via a secondary in <a href="https://www.smartkarma.com/entities/archion-corporation" target="_blank" data-smartkarma-citation="entities:47577:1" rel="noopener">Archion (543A JP)</a>, as per media reports.</li>
<li>Post the news break on Friday, the company clarified that it is exploring various options, including a secondary.</li>
<li>In this note, we will talk about the possible deal dynamics.</li>
</ul>



Toyota Motor (7203 JP) and Daimler Truck Holding (DTG GR) could look to raise JPY200-300bn (US$1.3-1.9bn) via a secondary in Archion (543A JP), as per media reports.
Post the news break on Friday, the company clarified that it is exploring various options, including a secondary.
In this note, we will talk about the possible deal dynamics.


Aequitas: Archion Possible Placement - Large, ~US$1.6bn, but Well Flagged Secondary

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group" target="_blank" data-smartkarma-citation="entities:45945:1" rel="noopener">Seres Group (9927 HK)</a>, a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Seres Group (9927 HK), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. The lockup on its cornerstone investors is set to expire soon.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas: Seres Group A/H Lockup Expiry - US$500m Lockup Release, but All Are Underwater

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seres-group-co-ltd" target="_blank" data-smartkarma-citation="entities:29951:1" rel="noopener">Seres Group (601127 CH)</a>,  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.</li>
<li>Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.</li>
</ul>



Seres Group (601127 CH),  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.


Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

Equity Bottom-Up

Daimler Truck Holding  / Equity Bottom-Up

<ul><li>Daimler Truck focuses on heavy-duty vehicles but also offers brands for light and medium-duty segments</li><li>The company profits from both truck sales and services, with a focus on improving service offerings</li><li>Market trends for truck sales are closely tied to overall economic performance, with current slow sales attributed to uncertainty in the US and Europe.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Daimler Truck focuses on heavy-duty vehicles but also offers brands for light and medium-duty segmentsThe company profits from both truck sales and services, with a focus on improving service offeringsMarket trends for truck sales are closely tied to overall economic performance, with current slow sales attributed to uncertainty in the US and Europe.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Daimler Truck CEO: Electric Transition, Autonomous Vehicles and Cultural Change

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>Daimler Truck's recent quarterly results exhibit a blend of strong financial performance and strategic restructuring, coupled with challenges in certain geographies and market segments.</li><li>For the first quarter of 2025, the company reported solid results with revenues of EUR 11.6 billion driven by selling 99,800 units, leading to an adjusted group EBIT of EUR 1.2 billion and earnings per share of EUR 0.99.</li><li>However, free cash flow in the industrial segment was modest at EUR 33 million.</li></ul>

Daimler Truck's recent quarterly results exhibit a blend of strong financial performance and strategic restructuring, coupled with challenges in certain geographies and market segments.For the first quarter of 2025, the company reported solid results with revenues of EUR 11.6 billion driven by selling 99,800 units, leading to an adjusted group EBIT of EUR 1.2 billion and earnings per share of EUR 0.99.However, free cash flow in the industrial segment was modest at EUR 33 million.

Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!

Germany

Daimler Truck Holding AG operates as an automobile company. The Company designs and manufactures commercial trucks and buses. Daimler Truck Holding serves customers worldwide.

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Daimler Truck Holding (DTG GR)

Aequitas: Archion Possible Placement - Large, ~US$1.6bn, but Well Flagged Secondary

Toyota Motor (7203 JP) and Daimler Truck Holding (DTG GR) could look to raise JPY200-300bn (US$1.3-1.9bn) via a secondary in Archion (543A JP), as...

Sumeet Singh

Aequitas: Seres Group A/H Lockup Expiry - US$500m Lockup Release, but All Are Underwater

Seres Group (9927 HK), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. The lockup on its cornerstone investors is set to...

Sumeet Singh

Seres Group A/H Trading - Demand Wasn’t Very Strong, Close to Fair Value

Seres Group (601127 CH), a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing. In this note, we talk about the trading dynamics.

Sumeet Singh

Daimler Truck CEO: Electric Transition, Autonomous Vehicles and Cultural Change

Daimler Truck focuses on heavy-duty trucks, but also offers light and medium-duty options, generating revenue through sales and services, while the...

In Good Company with Nicolai Tangen

Daimler Truck Holding: Initiation of Coverage- How Global Partnerships & EV Tech Could Redefine Trucking Forever!

Daimler Truck's recent quarterly results exhibit a blend of strong financial performance and strategic restructuring, coupled with challenges in...

Baptista Research

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