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.

Event-Driven

Contemporary Amperex Technology (CATL) / Event-Driven

Contemporary Amperex Technology (CATL) (300750 CH)

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<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise around US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

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

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<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> reported yet another high-quality quarter with 11%/18% YoY revenue/net profit growth on a flat YoY(%) volume quarter driven by mix improvement.</li>
<li>Although there seems to be earnings upside, and the street was literally searching for it in the concall, management stuck to their 6.5%/9% revenue/net profit growth guidance for FY24.</li>
<li>Trading at 50x FY24, the stock seems expensive, but the strong branding and order book implies very visible earnings growth into the future.  </li>
</ul>



Ferrari N.V. (RACE US) reported yet another high-quality quarter with 11%/18% YoY revenue/net profit growth on a flat YoY(%) volume quarter driven by mix improvement.
Although there seems to be earnings upside, and the street was literally searching for it in the concall, management stuck to their 6.5%/9% revenue/net profit growth guidance for FY24.
Trading at 50x FY24, the stock seems expensive, but the strong branding and order book implies very visible earnings growth into the future.  


Ferrari Q1 FY24: Another Beat, Conservative Guidance And High-Quality Growth

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<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> continued its stellar quarterlies, showing no signs of a slowdown, with Q4 2023 revenue/profits increasing 11.3%/34% YoY.</li>
<li>FY24 will see the newly launched Purosangue become 20% of the product mix, and personalization trends continue with a mid-single-digit price hike. Ferrari Lifestyle brand will continue strong growth.</li>
<li>Trading at 48x/41x FY24e/25e, the stock seems expensive, but growth at a &gt;25% ROCE seems highly probable in the not-to-distant future.</li>
</ul>



Ferrari N.V. (RACE US) continued its stellar quarterlies, showing no signs of a slowdown, with Q4 2023 revenue/profits increasing 11.3%/34% YoY.
FY24 will see the newly launched Purosangue become 20% of the product mix, and personalization trends continue with a mid-single-digit price hike. Ferrari Lifestyle brand will continue strong growth.
Trading at 48x/41x FY24e/25e, the stock seems expensive, but growth at a &gt;25% ROCE seems highly probable in the not-to-distant future.


Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury

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.

<ul><li>The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a challenging global environment marked by geopolitical uncertainty, notably in the Middle East.</li><li>The company highlighted three primary messages: strong and growing earnings supported by product mix, an extended order book reaching toward the end of 2027, and confirmation of full-year guidance.</li><li>In Q1, Ferrari generated revenues of approximately EUR 1.85 billion, reflecting a 6% increase at constant currency and 3% growth including a currency headwind driven primarily by the U.S. dollar and Japanese yen fluctuations.</li></ul>

The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a challenging global environment marked by geopolitical uncertainty, notably in the Middle East.The company highlighted three primary messages: strong and growing earnings supported by product mix, an extended order book reaching toward the end of 2027, and confirmation of full-year guidance.In Q1, Ferrari generated revenues of approximately EUR 1.85 billion, reflecting a 6% increase at constant currency and 3% growth including a currency headwind driven primarily by the U.S. dollar and Japanese yen fluctuations.

Ferrari N.V.: Initiation Of Coverage: A €720 Million EBITDA Quarter

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<li>Q1FY26 revenues rose +3.2% YoY to EUR 1,848M (+6.0% at cc), driven by richer mix, personalizations (~20% of revenues). EBITDA expanded +4.1% to EUR 722M (39.1% margin, +40 bps YoY). </li>
<li>Management confirmed the overbooked status of the launch premiere across two days, 25th/26th May, but still unavailable to accommodate another 100 participants. Order book to open formally after the premiere.</li>
<li>At $325, RACE trades at ~31.4x FY26E PE and ~17.8x EV/EBITDA (guidance floor). Supported by end-2027 order book visibility, &gt;90% cash conversion, and a EUR 3.5B multi-year buyback.</li>
</ul>


Q1FY26 revenues rose +3.2% YoY to EUR 1,848M (+6.0% at cc), driven by richer mix, personalizations (~20% of revenues). EBITDA expanded +4.1% to EUR 722M (39.1% margin, +40 bps YoY). 
Management confirmed the overbooked status of the launch premiere across two days, 25th/26th May, but still unavailable to accommodate another 100 participants. Order book to open formally after the premiere.
At $325, RACE trades at ~31.4x FY26E PE and ~17.8x EV/EBITDA (guidance floor). Supported by end-2027 order book visibility, &gt;90% cash conversion, and a EUR 3.5B multi-year buyback.


Ferrari (RACE US) Q1FY26: Strong Results, Luce EV Unveil For 25th May Overbooked

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)

CATL A/H Listing - Early Look - US$5bn Could Be Hong Kong’s Largest This Year

The company has now officially filed for a Hong Kong listing and is said to be looking to raise US$5-7bn. The lead banks on the deal are BofA,...

Sumeet Singh

Ferrari Q1 FY24: Another Beat, Conservative Guidance And High-Quality Growth

We summarize the results of Ferrari and concall highlight for Q1 FY24. Ferrari is reaffirming its strong branding with strong realizations, a title...

Sameer Taneja

Ferrari Q4 2023: Just Killing It! No Slowdown in Ultra High-End Luxury

Trading at 48x/41x FY24e/25e, Ferrari is expensive, but growth of 10-15% at >25% ROCE + margin accretion will aid the company in holding on to its...

Sameer Taneja

Ferrari N.V.: Initiation Of Coverage: A €720 Million EBITDA Quarter

The Ferrari N.V. reported its financial and operational results for the first quarter of 2026, demonstrating a solid start to the year amid a...

Baptista Research

Ferrari (RACE US) Q1FY26: Strong Results, Luce EV Unveil For 25th May Overbooked

Ferrari Q1FY26: mix/personalization drive +6% ccy revenue growth; 39.1% EBITDA margin, >25% ROCE; Luce EV launch premiere overbooked; FY26 guidance...

Sameer Taneja

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