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

Digital Core REIT / Equity Capital Markets

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about Peer Comp, Valuation and Other Deal Dynamics.


Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

<ul>
<li>Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.</li>
<li>The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.</li>
<li>In this note, we will talk about the deal background</li>
</ul>


Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO.
The company is sponsored by Digital Realty, one of the largest REITs in the US, and over 60% of the deal is already spoken for by cornerstone investors.
In this note, we will talk about the deal background


Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

China and US Equity Analyst

Roger Xie

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over-year and monthly active users reached 573 million. </li>
<li>We applaud that <a href="https://www.smartkarma.com/entities/weibo-corp-adr" target="_blank" data-smartkarma-citation="entities:3826:1" rel="noopener">Weibo Corp (WB US)</a> quarter results under tougher regulatory environment (particularly from fandom-related products) and increasing ad impacts from Apple's new iOS IDFA policy. </li>
<li>Weibo estimates 4Q21 revenue to grow 15-20%, consistent with market expectation.  Weibo is traded at forward 15x consensus P/E, which is attractive for Weibo's scale and monetization potential. </li>
</ul>



Weibo Corp (WB US) reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over-year and monthly active users reached 573 million. 
We applaud that Weibo Corp (WB US) quarter results under tougher regulatory environment (particularly from fandom-related products) and increasing ad impacts from Apple's new iOS IDFA policy. 
Weibo estimates 4Q21 revenue to grow 15-20%, consistent with market expectation.  Weibo is traded at forward 15x consensus P/E, which is attractive for Weibo's scale and monetization potential. 


Weibo (WB US): Strong Quarter Amid Regulatory Crackdown

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

<ul>
<li>Billions of people in the world will bypass Internet to use metaverse in the coming years. </li>
<li>There are real possibilities to encourage people to spend more time in the metaverse rather than Internet with regards to social life, gaming, work, and e-commerce. </li>
<li><strong>The market caps of the four metaverse related ETFs that were launched in Korea on 13 October are up by 453% to reach 421 billion won on 12 November. </strong></li>
</ul>


Billions of people in the world will bypass Internet to use metaverse in the coming years. 
There are real possibilities to encourage people to spend more time in the metaverse rather than Internet with regards to social life, gaming, work, and e-commerce. 
The market caps of the four metaverse related ETFs that were launched in Korea on 13 October are up by 453% to reach 421 billion won on 12 November. 


Why Billions of People Will Bypass Internet to Use Metaverse & Surge in Metaverse ETFs AUM in Korea

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<p>In the past few weeks, Facebook changed its name to Meta, showing its emphasis on the concept as central to its future. Nvidia and AMD have been skyrocketing as investors speculate that in the future, all the large platforms will be putting huge money behind the concept. AMD just got a big win at Facebook to help power its Metaverse. Facebook is putting soooo much behind the metaverse…its almost a shame they couldn’t just buy Roblox.</p><p>This was a fine fine quarter for Roblox, the platform is aging up, growth accelerating internationally, platform extensions abound. But…consensus bookings and revenue estimates for FY22 rose 1% and 3.5% respectively…not the type of revisions that merits a 30% move higher. 8% short interest doesn’t sound like much, but 4 days to cover on a relatively thin float seems to be the culprit. We would take profits on Roblox and look to re-engage in the $80s.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

In the past few weeks, Facebook changed its name to Meta, showing its emphasis on the concept as central to its future. Nvidia and AMD have been skyrocketing as investors speculate that in the future, all the large platforms will be putting huge money behind the concept. AMD just got a big win at Facebook to help power its Metaverse. Facebook is putting soooo much behind the metaverse…its almost a shame they couldn’t just buy Roblox.This was a fine fine quarter for Roblox, the platform is aging up, growth accelerating internationally, platform extensions abound. But…consensus bookings and revenue estimates for FY22 rose 1% and 3.5% respectively…not the type of revisions that merits a 30% move higher. 8% short interest doesn’t sound like much, but 4 days to cover on a relatively thin float seems to be the culprit. We would take profits on Roblox and look to re-engage in the $80s.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Digital Core REIT IPO - Peer Comp, Valuation and Other Deal Dynamics

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we talk about peer comp, valuation...

Sumeet Singh

Digital Core REIT IPO - Hot Sector, Strong Backing but Has More than a Few Peculiar Points

Digital Core REIT (DCREIT), a data center REIT, aims to raise up to US$600m in its Singapore IPO. In this note, we will talk about the positive and...

Sumeet Singh

Weibo (WB US): Strong Quarter Amid Regulatory Crackdown

Weibo Corp (WB US) reported stronger than expected quarter earnings driven by resilient ad revenue growth. Its 3Q21 revenue grew +30% year-over...

Roger Xie

Why Billions of People Will Bypass Internet to Use Metaverse & Surge in Metaverse ETFs AUM in Korea

The market caps of the four metaverse related ETFs that were launched in Korea on 13 October are up by 453% to reach 421 billion won on 12 November.

Douglas Kim

Roblox 3Q21: 30% Move for THESE Results?

Fine quarter for Roblox, but consensus bookings and revenue estimates for FY22 rose 1% and 3.5% respectively. We would take profits on Roblox and...

Aaron Gabin

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