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.

Equity Capital Markets

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<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$549 million). Pricing is on 1 June, with listing on 16 June.   </li>
<li>It was formed in 2020 through the merger of JapanTaxi, a subsidiary of the major taxi operator Nihon Kotsu Group, and <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a>'s mobility division.   </li>
<li>The investment case rests on its leading market position, headroom for growth, strong growth, rising margins, and cash generation. </li>
</ul>



GO (581A JP) is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$549 million). Pricing is on 1 June, with listing on 16 June.   
It was formed in 2020 through the merger of JapanTaxi, a subsidiary of the major taxi operator Nihon Kotsu Group, and DeNA (2432 JP)'s mobility division.   
The investment case rests on its leading market position, headroom for growth, strong growth, rising margins, and cash generation. 


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<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao (2643 HK)</a> has launched its IPO to raise US$236 million at HK$41.94 per share. The shares will be listed on 25 June.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/caocao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:189909" rel="noopener">CaoCao IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/caocao-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:190152" rel="noopener">CaoCao IPO: The Bear Case</a>. </li>
<li>In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price. Therefore, avoid the IPO.</li>
</ul>



CaoCao (2643 HK) has launched its IPO to raise US$236 million at HK$41.94 per share. The shares will be listed on 25 June.
I previously discussed the IPO in CaoCao IPO: The Bull Case and CaoCao IPO: The Bear Case. 
In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price. Therefore, avoid the IPO.


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<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.</li>
<li>In <a href="https://www.smartkarma.com/insights/caocao-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:189909" rel="noopener">CaoCao IPO: The Bull Case</a>, I highlighted the key elements of the bull case. In this note, I outline the bear case.</li>
<li>The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.</li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.
In CaoCao IPO: The Bull Case, I highlighted the key elements of the bull case. In this note, I outline the bear case.
The bear case rests on low net take rates, unfavourable trends of key cost items, expected losses in the current year and a stretched balance sheet.


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<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   </li>
<li>CaoCao was incubated by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>. Geely founder Li Shufu owns 83.9% of CaoCao.</li>
<li>The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. </li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   
CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. 


APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

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<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is looking to raise up to US$300m in its upcoming Hong Kong IPO.</li>
<li>It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



CaoCao Inc (1646553D CH) is looking to raise up to US$300m in its upcoming Hong Kong IPO.
It is a ride hailing platform in China originally incubated by Geely Group connecting passengers and drivers to deliver consistent and high-quality ride experiences.
In this note, we look at the firm's past performance.


CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required

China

Dida Inc. is a technology-driven mobility platform primarily engaged in providing carpooling marketplace services, connecting private car owners with riders sharing similar travel itineraries. The company also offers smart taxi services, including online-hailing solutions via its Dida Taxi App and Dida Mobility App, and the Phoenix Taxi Cloud fleet management toolkit for taxi operators. Dida Inc. was incorporated in 2014 and is headquartered in Beijing, China.

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Dida (2559 HK)

GO (581A JP) IPO: The Investment Case

GO is Japan’s leading ride-hailing platform. It is seeking to raise up to JPY86.7 billion (US$549 million). In this note, I discuss the investment...

Arun George

CaoCao IPO (2643 HK): Valuation Insights

In this note, I present my forecasts and discuss valuation. My analysis suggests that CaoCao is at best fairly valued at the offer price....

Arun George

CaoCao IPO: The Bear Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

CaoCao IPO: The Bull Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

CaoCao Pre-IPO: Scaling up but a Cash Infusion Is Required

CaoCao (CC) is looking to raise up to US$300m in its upcoming Hong Kong IPO. It is a ride hailing platform in China. In this note, we look at the...

Nicholas Tan

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