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 Capital Markets

<ul>
<li>Didi's core China mobility (ride-hailing) segment continued to perform well in Q126</li>
<li>But International segment losses continued to pile up -- and not only from food delivery</li>
<li>We still have not seen clear plans for turning around operations outside of China</li>
</ul>


Didi's core China mobility (ride-hailing) segment continued to perform well in Q126
But International segment losses continued to pile up -- and not only from food delivery
We still have not seen clear plans for turning around operations outside of China


Didi Q126 Results: International Segment Still a Headache, Especially Food Delivery

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$546 million). Pricing is on 1 June, with listing on 16 June.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/go-581a-jp-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:238988" rel="noopener">GO (581A JP) IPO: The Investment Case</a>. </li>
<li>In this note, I present my forecasts and discuss valuation. My analysis suggests that GO is attractively valued at the IPO price relative to its peers' multiples.</li>
</ul>



GO (581A JP) is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$546 million). Pricing is on 1 June, with listing on 16 June.
I previously discussed the IPO in GO (581A JP) IPO: The Investment Case. 
In this note, I present my forecasts and discuss valuation. My analysis suggests that GO is attractively valued at the IPO price relative to its peers' multiples.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3 billion). </li>
<li>If Delivery Hero is able to sell Woowa Brothers at about 8 trillion won, the market is likely to view this slightly positive for Delivery Hero.</li>
<li>Market will also likely to view this deal to be negative for Coupang (due to heightened competition) and slightly negative for Uber (due to valuation/lower profit margins at Baemin). </li>
</ul>


Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3 billion). 
If Delivery Hero is able to sell Woowa Brothers at about 8 trillion won, the market is likely to view this slightly positive for Delivery Hero.
Market will also likely to view this deal to be negative for Coupang (due to heightened competition) and slightly negative for Uber (due to valuation/lower profit margins at Baemin). 


Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

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/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Since unwinding the <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>/<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. </li>
<li>Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.</li>
<li>On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.</li>
</ul>


Since unwinding the Naspers (NPN SJ)/Prosus (PRX NA) circularity, Prosus has been selling Tencent shares, and buying back its share. Separately, Tencent is buying its shares to offset Prosus' selling. 
Prosus' stake in Tencent has now edged below 23%, a little over seven months since dipping below 24%.
On an implied stub and relative value, Prosus is elevated to Tencent, suggesting an unwinding of the stub.


Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

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)

Didi Q126 Results: International Segment Still a Headache, Especially Food Delivery

A new year for Didi, but last year's main trends remain intact: improved performance in the core China segment, and worsening losses outside of its...

Tracking Traffic

GO (581A JP) IPO: Valuation Insights

The IPO price range has been set at JPY2,350-2,400 compared to the reference price of JPY2,350. The domestic/international mix has changed from 34%...

Arun George

Uber Partners With Naver to Acquire 100% Stake in Baemin (Woowa Brothers) For 8 Trillion Won

Uber is partnering with Naver to acquire a 100% stake in Baedal Minjok (Baemin) (operated by Woowa Brothers Co.) for about 8 trillion won ($5.3...

Douglas Kim

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

Prosus Is Elevated Vs. Tencent As The Accretion Trade Unfolds

Reportedly Prosus has sold ~15mn shares in Meituan, worth ~US$250mn. Prior to the alleged sale, Prosus held ~257mn Meituan shares, ~4.2% of shares...

David Blennerhassett

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