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>Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.</li>
<li>Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.</li>
<li>In this note, we take an early look at the IPO based on publicly avaiable information.</li>
</ul>


Zeekr, a premium EV brand by Geely, aims to raise around US$1bn (estimated) in its US listing in 1H2023. GS, BofA and MS are said to be running the deal.
Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
In this note, we take an early look at the IPO based on publicly avaiable information.


Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a> had a stellar Q3 2023 with 23.5%/45% YoY overall revenue and profit growth, beating analyst estimates and conservatively upping guidance by 2-3%. </li>
<li>Despite volumes growing only 8.5% YoY, car revenues grew 26% YoY, highlighting strong trends in personalization (at 19%) and pricing, with the current order book full.</li>
<li>Valuations are rich at 45x/39x FY23e/24e PE, but there seems to be a clear path to 20% YoY growth at over 25% ROCEs. </li>
</ul>



Ferrari N.V. (RACE US) had a stellar Q3 2023 with 23.5%/45% YoY overall revenue and profit growth, beating analyst estimates and conservatively upping guidance by 2-3%. 
Despite volumes growing only 8.5% YoY, car revenues grew 26% YoY, highlighting strong trends in personalization (at 19%) and pricing, with the current order book full.
Valuations are rich at 45x/39x FY23e/24e PE, but there seems to be a clear path to 20% YoY growth at over 25% ROCEs. 


Ferrari (RACE US) The Classic Fisher Stock Q3 2023: Stellar, No Slowdown Here

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The September 2023 index changes for the ES50 index was confirmed after the close on Friday 1st September 2023.</li>
<li>There will be two ADDs and two DELETEs. One set of changes was well anticipated by us. The other set comes as a major surprise to us.</li>
<li>Collectively, the two ADDs could see ~US$2.4bn index flows and the two DELs could see ~US$2.9bn index flows, with US$500mm of reverse funding flows.</li>
</ul>


The September 2023 index changes for the ES50 index was confirmed after the close on Friday 1st September 2023.
There will be two ADDs and two DELETEs. One set of changes was well anticipated by us. The other set comes as a major surprise to us.
Collectively, the two ADDs could see ~US$2.4bn index flows and the two DELs could see ~US$2.9bn index flows, with US$500mm of reverse funding flows.


Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!

<ul>
<li>The ES50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.</li>
<li>The index changes will be confirmed after the close on 1st September 2023.</li>
<li>In this insight, we take a final look the names leading the race to become ADDs/DELs for the upcoming index review.</li>
</ul>


The ES50 Index is one of the most highly-tracked indices in mainland Europe and the annual index review takes place in September.
The index changes will be confirmed after the close on 1st September 2023.
In this insight, we take a final look the names leading the race to become ADDs/DELs for the upcoming index review.


Quiddity Leaderboard ES50 Sep 23: US$1.3bn Flow for Ferrari Likely; Announcement Soon

<ul>
<li>In our prior insight <a href="https://www.smartkarma.com/insights/ferrari-classic-fisher-company-almost-perfect-score-on-the-fisher-15-framework" target="_blank" data-smartkarma-citation="insights:101331" rel="noopener">Ferrari: Classic Fisher Company, Almost Perfect Score on The Fisher 15 Framework</a>, we talked about <a href="https://www.smartkarma.com/entities/ferrari-n-v" target="_blank" data-smartkarma-citation="entities:21010:1" rel="noopener">Ferrari N.V. (RACE US)</a> being a classic Fisher company.</li>
<li>Q2 2023 (a quarter with 14% revenue growth/34% profit growth) showed the execution runway (order book/product mix) is tremendous, and over the long term, value can be created.</li>
<li>In the short term, though, trading at 46x/40x FY23e/FY24e despite upping its guidance, there could be a case to queue up for a more favorable entry price. </li>
</ul>


In our prior insight Ferrari: Classic Fisher Company, Almost Perfect Score on The Fisher 15 Framework, we talked about Ferrari N.V. (RACE US) being a classic Fisher company.
Q2 2023 (a quarter with 14% revenue growth/34% profit growth) showed the execution runway (order book/product mix) is tremendous, and over the long term, value can be created.
In the short term, though, trading at 46x/40x FY23e/FY24e despite upping its guidance, there could be a case to queue up for a more favorable entry price. 


Ferrari (RACE US) Q2 2023: The Perfect Fisher Framework Stock That Keeps Executing

Italy

Ferrari designs, engineers, produces, and sells luxury performance sports cars globally, offering a range including special series, Icona, and supercars, alongside racing cars and after-sales services. The company also licenses its brand for luxury goods and participates in Formula 1 racing. Ferrari was founded in 1947 and is headquartered in Maranello, Italy.

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Ferrari (RACE IM)

Zeekr IPO Early Look - Possibly US$0 to US$7bn Revenue in Under Three Years

Zeekr, a premium EV brand by Geely, publicly filed for a US IPO overnight. The company had earlier planned to raise over US$1bn.

Sumeet Singh

Ferrari (RACE US) The Classic Fisher Stock Q3 2023: Stellar, No Slowdown Here

Valuations for Ferrari (RACE US) may be rich at 45x PE FY23e, but with 15-20% CAGR growth, pricing power, superior margins, and ROIC and brand...

Sameer Taneja

Quiddity ES50 Sep 23 Rebal: Ferrari/Vonovia Change Confirmed + Another US$2bn+ Flow Surprise!

I would look to go SHORT Saint-Gobain vs peers during the Inclusion event especially if Saint-Gobain sharply outperforms peers between now and the...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ES50 Sep 23: US$1.3bn Flow for Ferrari Likely; Announcement Soon

I expect Ferrari NV to be added to the ES50 index and Vonovia to be deleted from the ES50 index in September 2023.There could be 13+ days of volume...

Janaghan Jeyakumar, CFA

Ferrari (RACE US) Q2 2023: The Perfect Fisher Framework Stock That Keeps Executing

Ferrari is a classic Fisher stock with execution par excellence (long-term ROCE > 20%) and EBITDA margins trending at 40%. We provide constructive...

Sameer Taneja

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