APAC IPOs & Placements, Aequitas Research

Ethan Aw

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.

Equity Capital Markets

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/barito-renewables" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables (2306028D IJ)</a> is looking to raise around US$228m in its Indonesian IPO. </li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. </li>
<li>Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.</li>
</ul>



Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. 
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm. 
Its revenue has been primarily driven by electricity and steam sales to PLN as PGE’s exclusive contractor and its profitability has been on the rise over the track record period.


Barito Renewables IPO - Power Producer with Stable Cash Flows

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.

Equity Bottom-Up

<ul><li>Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.</li><li>Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.</li><li>This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.</li></ul>

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in earnings.Enphase shipped 50,000 microinverters in the quarter from two of its contract manufacturers, Foxconn in Wisconsin and Flex in South Carolina.This was a solid quarter for the company's international revenue mainly due to the growth in Australia and Europe.

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

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.

Growatt Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a>, a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  </li>
<li>We previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:102983" rel="noopener">Growatt Technology IPO: The Investment Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-growing-watts" target="_blank" data-smartkarma-citation="insights:84889" rel="noopener">Growatt Technology IPO: Growing Watts</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:81071" rel="noopener">Growatt Technology IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/growatt-technology-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:80963" rel="noopener">Growatt Technology IPO: The Bull Case</a></em></strong>. </li>
<li>In this note, we outline our updated forecasts and present our updated look at Growatt's potential valuation range.</li>
</ul>



Growatt Technology (1833969D CH), a leading PV inverters manufacturer, is pre-marketing a US$400 million HKEx IPO, according to press reports.  
We previously discussed the IPO in Growatt Technology IPO: The Investment Case, Growatt Technology IPO: Growing Watts, Growatt Technology IPO: The Bear Case, Growatt Technology IPO: The Bull Case. 
In this note, we outline our updated forecasts and present our updated look at Growatt's potential valuation range.


Growatt Technology IPO: Valuation Updated Look

<ul><li>Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.</li><li>The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.</li><li>In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.</li></ul>

Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.

Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>
<a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.</li>
<li>I view <a href="https://www.smartkarma.com/entities/growatt-new-energy-technology" target="_blank" data-smartkarma-citation="entities:36103:1" rel="noopener">Growatt Technology (1833969D CH)</a> as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.</li>
<li>The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.</li>
</ul>



Growatt Technology (1833969D CH) , one of the largest providers of PV and storage inverters globally, plans to go public and may seek $500M+ through Hong Kong IPO.
I view Growatt Technology (1833969D CH) as a high-quality growth company with best-in-class products and solutions, and see significant opportunity in international markets.
The company is well-positioned to benefit from fast-growing PV inverter and energy storage markets. I am bullish on Growatt Technology IPO and like long-term energy storage story.


Growatt Technology: High-Profile IPO Preview and Valuation Analysis

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Barito Renewables IPO - Power Producer with Stable Cash Flows

Barito Renewables (2306028D IJ) is looking to raise around US$228m in its Indonesian IPO. It is Indonesia’s largest geothermal power producer, and...

Ethan Aw

Enphase Energy Inc.: Expanded Distribution In Germany & Other Drivers

Enphase delivered a mixed result in the recent quarter, with revenues below market expectations, but it surpassed the analyst consensus in...

Baptista Research

Growatt Technology IPO: Valuation Updated Look

Growatt is pre-marketing a US$400 million HKEx IPO. In this note, we outline our updated forecasts and present our updated look at Growatt's...

Arun George

Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers

Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply...

Baptista Research

Growatt Technology: High-Profile IPO Preview and Valuation Analysis

Given Growatt’s high-growth, profitability, FCF positive business and scale, I think the company is bound to have a very successful IPO in Hong Kong

Andrei Zakharov

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