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/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy Limited</a> is planning to raise around US$1.25bn through its upcoming India IPO.</li>
<li>Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO.
Swiggy Limited (Swiggy) is a business to commerce (B2C) marketplace company offering users a platform for ordering grocery and household items (Instamart) and food delivery, through its on-demand delivery network.
In this note, we talk about the positive aspects of the deal.


Swiggy Pre-IPO - The Positives -Fast and Diversified Growth

External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Delivery Hero is a food and grocery delivery service founded in Berlin in 2011 with a leading position in 56 countries</li><li>Despite being publicly traded and having a market cap of around €7.5bn, the company faces challenges such as being lossmaking and having significant net debt</li><li>With concerns about liquidity, cash burn, regulatory issues, and intense competition in the market, Delivery Hero may be at risk of a significant price correction</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Delivery Hero is a food and grocery delivery service founded in Berlin in 2011 with a leading position in 56 countriesDespite being publicly traded and having a market cap of around €7.5bn, the company faces challenges such as being lossmaking and having significant net debtWith concerns about liquidity, cash burn, regulatory issues, and intense competition in the market, Delivery Hero may be at risk of a significant price correctionThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Delivery Hero Se (DLVHF) - Thursday, Mar 28, 2024

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.</li>
<li>Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.</li>
<li>Naspers' discount is trading well off the lows reached at the end of July (~45%). </li>
</ul>


Tencent reported a softer set of results for Q2 relative to Q1. Revenue for the quarter was up 1% QoQ and 8% YoY.
Since our last discount update mid-August, the discounts of both Naspers and Prosus have continued to narrow.
Naspers' discount is trading well off the lows reached at the end of July (~45%). 


Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>China's National Team was steadily buying ETF's during and after the Third Plenum.  Southbound Connect Flows continue to be positive during July.</li>
<li>
<a href="https://www.smartkarma.com/entities/smoore-international-holdings" target="_blank" data-smartkarma-citation="entities:28241:1" rel="noopener">Smoore International Holdings (6969 HK)</a> , <a href="https://www.smartkarma.com/entities/xinjiang-goldwind-science-technology-h" target="_blank" data-smartkarma-citation="entities:10112:1" rel="noopener">Xinjiang Goldwind Science &amp; Technology (2208 HK)</a> and <a href="https://www.smartkarma.com/entities/hisense-home-appliances-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20107:1" rel="noopener">Hisense Home Appliances Group Co., Ltd. H (921 HK)</a>  benefited from positive news sentiment this week.</li>
<li>
<a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> and <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> suffered on negative news, while <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> continued its pullback in concert with the retail food sector.</li>
</ul>


China's National Team was steadily buying ETF's during and after the Third Plenum.  Southbound Connect Flows continue to be positive during July.

Smoore International Holdings (6969 HK) , Xinjiang Goldwind Science &amp; Technology (2208 HK) and Hisense Home Appliances Group Co., Ltd. H (921 HK)  benefited from positive news sentiment this week.

Chow Tai Fook Jewellery (1929 HK) and ASM Pacific Technology (522 HK) suffered on negative news, while Meituan (3690 HK) continued its pullback in concert with the retail food sector.


The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 26)

<ul>
<li>Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.</li>
<li>The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).</li>
<li>At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.</li>
</ul>


Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.
The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).
At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.


The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Germany

Delivery Hero SE offers e-commerce services. The Company provides online food ordering services. Delivery Hero serves customers Germany.

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Delivery Hero SE (DHER GR)

Swiggy Pre-IPO - The Positives -Fast and Diversified Growth

Swiggy Limited is planning to raise around US$1.25bn through its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Delivery Hero Se (DLVHF) - Thursday, Mar 28, 2024

Despite being publicly traded and having a market cap of around €7.5bn, the company faces challenges such as being lossmaking and having...

Value Investors Club (VIC)

Naspers X Prosus Discount Update Post Tencent 2Q FY24 Results, Narrowing Gains Momentum

The discounts of Naspers and Prosus have continued to narrow through August. We provide an update on how the discounts have traded since Tencent...

DMA

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (July 26)

China's National Team continued buying in the ETF market. Smoore International, Xinjiang Goldwind and Hisense had positive news sentiment, while...

David Mudd

The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Since the appointment of Fabricio Bloisi to Group CEO was announced in May, the discounts have widened notably. This, despite a very good set of...

DMA

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