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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caocao-inc" target="_blank" data-smartkarma-citation="entities:42803:1" rel="noopener">CaoCao Inc (1646553D CH)</a> is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   </li>
<li>CaoCao was incubated by <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>. Geely founder Li Shufu owns 83.9% of CaoCao.</li>
<li>The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. </li>
</ul>



CaoCao Inc (1646553D CH) is the second-largest ride-hailing player in China. It has filed its PHIP to raise US$200-300 million.   
CaoCao was incubated by Geely Auto (175 HK). Geely founder Li Shufu owns 83.9% of CaoCao.
The bull case rests on accelerating GTV growth, the improving fundamentals of the core business, reducing losses and shifting to cash generation. 


Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Didi reported solid top-line growth, improving core margins (and OpCF) in Q125</li>
<li>Drivers of Q125 top-line growth were broad-based, but note F/X impact on International</li>
<li>We believe Didi should move to re-list shares while earnings &amp; conditions are supportive</li>
</ul>


Didi reported solid top-line growth, improving core margins (and OpCF) in Q125
Drivers of Q125 top-line growth were broad-based, but note F/X impact on International
We believe Didi should move to re-list shares while earnings &amp; conditions are supportive


Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>FY24 revenue growth of 19% solid, but mostly driven by one operating segment</li>
<li>Gross margin in FY24 fell on mix, but platform monetization down, too</li>
<li>Sharp growth in FY24 working capital requires investors' close attention</li>
</ul>


FY24 revenue growth of 19% solid, but mostly driven by one operating segment
Gross margin in FY24 fell on mix, but platform monetization down, too
Sharp growth in FY24 working capital requires investors' close attention


Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

<ul>
<li>Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324</li>
<li>Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424</li>
<li>Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year</li>
</ul>


Most key P&amp;L items and revenue drivers improved Y/Y and sequentially vs Q324
Although GTV per transaction dipped slightly, estimated "take rate" improved in Q424
Strong OpCF obviates need for quick FY25 IPO -- but it could still happen this year


Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

<ul>
<li>In Q324, Didi grew slowly, but core margin improved significantly on higher "take rate"</li>
<li>Q324 liquidity position sound, but pace of 2024 investment difficult to sustain</li>
<li>Two important reasons Didi could list shares in '25, even if cash needs aren't urgent</li>
</ul>


In Q324, Didi grew slowly, but core margin improved significantly on higher "take rate"
Q324 liquidity position sound, but pace of 2024 investment difficult to sustain
Two important reasons Didi could list shares in '25, even if cash needs aren't urgent


Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

CaoCao IPO: The Bull Case

CaoCao is the second-largest ride-hailing player in China and is seeking to raise US$200-300 million. In this note, I discuss the key elements of...

Arun George

Didi Global Q125 Results | Company Should Move to List Shares While Earnings & Conditions Favorable

Didi Global reported another set of strong earnings results last week. We believe the company should move forward with plans to re-list shares...

Tracking Traffic

Lalatech IPO | Review of FY24 Financials & OpStats | Mostly Solid Numbers | Plus a Few Questions

Lalatech's latest IPO application in Hong Kong shows solid FY24 growth, but we identify three key issues that deserve investors' attention.

Tracking Traffic

Didi Global Q424 Results: Another Set of Solid Numbers from China's Ride Hailing Giant

Didi Global reported solid Q424 numbers last week, with most key metrics improving Y/Y. We believe the company could pursue an(other) IPO this year...

Tracking Traffic

Didi Global Q324 Results & Two Key Reasons Company May Consider A New Listing in 2025

Didi Global's core profitability continued to improve in Q324. More importantly, compared to even a few months ago, we believe a 2025 IPO is...

Tracking Traffic

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