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/go-inc" target="_blank" data-smartkarma-citation="entities:49420:1" rel="noopener">GO (581A JP)</a> a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.</li>
<li>GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we talk about valuations.</li>
</ul>



GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.
GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
We have looked at the company's past performance in our earlier notes. In this note, we talk about valuations.


Aequitas: GO Inc Pre-IPO - Thoughts on Valuations

<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> a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.</li>
<li>GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.</li>
</ul>



GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO.
GO combines app-based taxi hailing with in-taxi technology to meet the needs of both users and partner taxi operators through services such as ride matching, payment processing and advertising.
We have looked at the company's past performance in our earlier notes. In this note, we will undertake a peer comparison.


Aequitas: GO Inc Pre-IPO - Listed and Unlisted Peer Comparison

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$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. 


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 Bottom-Up

Hangzhou SF Intra-city Industrial / Equity Bottom-Up

Hangzhou SF Intra-city Industrial (9699 HK)

<ul>
<li>The pace of revenue growth slowed in H225, and thin gross margin got thinner vs H224</li>
<li>But SF Intra managed to report a Y/Y improvement in cash flow from operations in H225</li>
<li>Company is expanding its use of AVs in Chinese cities, but effort remains a work in progress</li>
</ul>


The pace of revenue growth slowed in H225, and thin gross margin got thinner vs H224
But SF Intra managed to report a Y/Y improvement in cash flow from operations in H225
Company is expanding its use of AVs in Chinese cities, but effort remains a work in progress


SF Intra (9699 HK) FY and H2 Results | Revenue Growth Slowed | Margins Got Thinner | AV Expansion?

Zelos Technology / Equity Capital Markets

<ul>
<li>Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon</li>
<li>In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao</li>
<li>Zelos seems well-positioned to retain its lead in China's growing commercial AV segment</li>
</ul>


Late last week multiple media outlets reported Zelos Tech will seek an IPO in HK soon
In January this year Zelos took an investment from Alibaba's logistics subsidiary, CaiNiao
Zelos seems well-positioned to retain its lead in China's growing commercial AV segment


Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

China

DiDi Chuxing Inc operates passenger transportation platforms. The Company provides mobility solutions, cloud computing, and other application based services. DiDi Chuxing serves customers worldwide.

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DiDi Global (DIDIY US)

Aequitas: GO Inc Pre-IPO - Thoughts on Valuations

GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO. In this note, we talk about...

Sumeet Singh

Aequitas: GO Inc Pre-IPO - Listed and Unlisted Peer Comparison

GO (581A JP) a leading taxi app in Japan, aims to raise around US$550m via a secondary selldown in its Japan IPO. In this note, we will undertake a...

Sumeet Singh

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

SF Intra (9699 HK) FY and H2 Results | Revenue Growth Slowed | Margins Got Thinner | AV Expansion?

The latest results from intra-city delivery specialist SF Intra show strong top-line growth, but thin margins. High labor costs are spurring the...

Tracking Traffic

Media Reports: Alibaba-Backed Chinese 'Robovan' Maker Zelos Tech to Seek HK IPO, Could Raise US$600M

Chinese autonomous 'robovan' maker Zelos may soon seek an IPO in Hong Kong, according to recent media reports. We believe Zelos, an AV 'pure play',...

Tracking Traffic

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