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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

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>Ford Motor is facing another uncomfortable safety headline after recalling more than 740,000 vehicles over a transmission and parking system issue.</li><li>The recall covers certain Expedition, Navigator, Explorer, Aviator, and F-150 models from 2018 to 2021.</li><li>The concern is that some vehicles may engage the park function while moving, potentially damaging the parking system and increasing the risk that a vehicle could roll away while parked.</li></ul>

Ford Motor is facing another uncomfortable safety headline after recalling more than 740,000 vehicles over a transmission and parking system issue.The recall covers certain Expedition, Navigator, Explorer, Aviator, and F-150 models from 2018 to 2021.The concern is that some vehicles may engage the park function while moving, potentially damaging the parking system and increasing the risk that a vehicle could roll away while parked.

Ford’s 740,000-Vehicle Recall: A Problem TOO BIG To Ignore!

<ul><li>Ford Motor Company has suddenly become one of the more unexpected AI-adjacent stories in the market, with its stock surging after investors began looking beyond the company’s traditional car and truck business.</li><li>The catalyst is Ford Energy, a newly announced energy-storage subsidiary backed by a major investment and aimed at using battery capacity for stationary storage systems serving AI data centers, utilities, and industrial customers.</li><li>The appeal is easy to understand: AI data centers need enormous amounts of reliable power, while the auto industry is dealing with slower EV adoption and excess battery-related capacity.</li></ul>

Ford Motor Company has suddenly become one of the more unexpected AI-adjacent stories in the market, with its stock surging after investors began looking beyond the company’s traditional car and truck business.The catalyst is Ford Energy, a newly announced energy-storage subsidiary backed by a major investment and aimed at using battery capacity for stationary storage systems serving AI data centers, utilities, and industrial customers.The appeal is easy to understand: AI data centers need enormous amounts of reliable power, while the auto industry is dealing with slower EV adoption and excess battery-related capacity.

Ford’s AI Power Play: Why Wall Street Suddenly Loves This Old-School Automaker!

<ul><li>Ford Motor Company is still known for F-Series trucks, Broncos, Mustangs, commercial vans, and a long manufacturing legacy, but its latest moves suggest that the company is trying to build a second identity outside the showroom.</li><li>The recent five-year framework agreement with EDF power solutions North America gives EDF the ability to procure up to 4 GWh annually of Ford Energy’s DC Block battery energy storage systems, with deliveries expected to begin in 2028.</li><li>On its own, that sounds like an industrial supply agreement.</li></ul>

Ford Motor Company is still known for F-Series trucks, Broncos, Mustangs, commercial vans, and a long manufacturing legacy, but its latest moves suggest that the company is trying to build a second identity outside the showroom.The recent five-year framework agreement with EDF power solutions North America gives EDF the ability to procure up to 4 GWh annually of Ford Energy’s DC Block battery energy storage systems, with deliveries expected to begin in 2028.On its own, that sounds like an industrial supply agreement.

Ford Is Making A Surprising Move Beyond EVs!

United States

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

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Ford Motor Co (F US)

Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

The pre-IPO shareholders came out of lockup today, leading to a 67% drop in the share price with an accompanying spike in volumes.

Sumeet Singh

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Ford’s 740,000-Vehicle Recall: A Problem TOO BIG To Ignore!

Ford Motor is facing another uncomfortable safety headline after recalling more than 740,000 vehicles over a transmission and parking system...

Baptista Research

Ford’s AI Power Play: Why Wall Street Suddenly Loves This Old-School Automaker!

Ford Motor Company has suddenly become one of the more unexpected AI-adjacent stories in the market, with its stock surging after investors began...

Baptista Research

Ford Is Making A Surprising Move Beyond EVs!

Ford Motor Company is still known for F-Series trucks, Broncos, Mustangs, commercial vans, and a long manufacturing legacy, but its latest moves...

Baptista Research

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