Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.</li>
<li>DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.</li>
<li>Companies like <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a> , <a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> , <a href="https://www.smartkarma.com/entities/chinasoft-international-ltd" target="_blank" data-smartkarma-citation="entities:407:1" rel="noopener">Chinasoft International (354 HK)</a> , <a href="https://www.smartkarma.com/entities/vobile-group" target="_blank" data-smartkarma-citation="entities:29711:1" rel="noopener">Vobile Group (3738 HK)</a> , and <a href="https://www.smartkarma.com/entities/inspur-international-ltd" target="_blank" data-smartkarma-citation="entities:7523:1" rel="noopener">Inspur International (596 HK)</a> will benefit.</li>
</ul>


China's DeepSeek is catalyzing growth opportunities in the Software as a Service (SaaS)/ Internet as a Service (IaaS) sectors by integrating AI solutions for platforms, service providers and software applications.
DeepSeek has democratized AI and brought forward significant demand for AI services for enterprises and consumers.  US hyperscalers will struggle to monetize their AI services as inexpensive models will proliferate.
Companies like Kingsoft Corp (3888 HK) , Kingdee International Software (268 HK) , Chinasoft International (354 HK) , Vobile Group (3738 HK) , and Inspur International (596 HK) will benefit.


DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US)</a> backed <a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe </a> is gearing up for an IPO in India, according to comments made by Walmart CEO McMillon during Investor call yesterday,</li>
<li>
<a href="https://www.smartkarma.com/entities/phonepe-pvt-ltd" target="_blank" data-smartkarma-citation="entities:34788:1" rel="noopener">Phonepe Pvt Ltd (1732974D IN)</a> , 84% owned by <a href="https://www.smartkarma.com/entities/walmart-inc" target="_blank" data-smartkarma-citation="entities:11134:1" rel="noopener">Walmart (WMT US),</a> is one of India's leading fintech company with its flagship digital payment app.</li>
<li>During its last funding round in January 2023, PhonePe raised USD350 million from General Atlantic at a valuation of USD12 billion. </li>
</ul>



Walmart (WMT US) backed Phonepe  is gearing up for an IPO in India, according to comments made by Walmart CEO McMillon during Investor call yesterday,

Phonepe Pvt Ltd (1732974D IN) , 84% owned by Walmart (WMT US), is one of India's leading fintech company with its flagship digital payment app.
During its last funding round in January 2023, PhonePe raised USD350 million from General Atlantic at a valuation of USD12 billion. 


PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer

Investing, Fraud and Fun with Language Models, Bedrock AI

Bedrock AI

Investing, Fraud and Fun with Language Models

Bedrock AI is a web-based equity research portal. Our software extracts red flags from SEC filings that are predictive of downside risk. Explore real-time analysis of annual and quarterly statements, 8-Ks, prospectuses, SEC comment letters and more for over 7,000 tickers. Analysis is served without human intervention. Quantamental investing is transforming the way investors see the world.

Equity Bottom-Up

<ul><li>The emergence of DeepSeek, a Chinese AI company, has sparked widespread discussion across industries, as evidenced by recent earnings calls from major corporations.</li><li>From tech giants to industrial leaders, executives have weighed in on DeepSeek’s innovations, its potential to reshape AI development, and its broader market implications.</li><li>The following synthesizes key insights from earnings calls between January and February 2025.<h2></h2></li></ul>

The emergence of DeepSeek, a Chinese AI company, has sparked widespread discussion across industries, as evidenced by recent earnings calls from major corporations.From tech giants to industrial leaders, executives have weighed in on DeepSeek’s innovations, its potential to reshape AI development, and its broader market implications.The following synthesizes key insights from earnings calls between January and February 2025.

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a> is looking to raise around US$2.5bn to partly fund its data centre expansion plans.</li>
<li>Goodman’s shares have performed exceptionally well over the past year, driven by its pivot towards data centers.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Goodman Group (GMG AU) is looking to raise around US$2.5bn to partly fund its data centre expansion plans.
Goodman’s shares have performed exceptionally well over the past year, driven by its pivot towards data centers.
In this note, we will talk about the placement and run the deal through our ECM framework.


Goodman Group Placement - Large Deal, Doesn’t Seem Well Flagged, Not Particularly Exciting

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Despite <a href="https://www.smartkarma.com/entities/deepseek" target="_blank" data-smartkarma-citation="entities:44297:1" rel="noopener">DeepSeek (DPSK12 CH)</a>’s breakthrough with minimal chips, hyperscalers remain undeterred, planning $315 billion in FY25 capex to expand AI and cloud infrastructure.</li>
<li>This sustained high capex underlines tech giants' confidence in long-term AI growth, ensuring a competitive edge and reinforcing their market leadership.</li>
<li>Investors should see this aggressive capex commitment as a signal of robust future revenue potential, even amid disruptive cost-saving innovations.</li>
</ul>


Despite DeepSeek (DPSK12 CH)’s breakthrough with minimal chips, hyperscalers remain undeterred, planning $315 billion in FY25 capex to expand AI and cloud infrastructure.
This sustained high capex underlines tech giants' confidence in long-term AI growth, ensuring a competitive edge and reinforcing their market leadership.
Investors should see this aggressive capex commitment as a signal of robust future revenue potential, even amid disruptive cost-saving innovations.


Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer

PhonePe's IPO and discussions on potential valuations could turn the spot light on listed peers in the digital payment space and likely lift...

Devi Subhakesan

How DeepSeek Is Disrupting AI Landscapes

The emergence of DeepSeek, a Chinese AI company, has sparked widespread discussion across industries, as evidenced by recent earnings calls from...

Bedrock AI

Goodman Group Placement - Large Deal, Doesn’t Seem Well Flagged, Not Particularly Exciting

Goodman Group (GMG AU) is looking to raise around US$2.5bn to partly fund its data centre expansion plans. In this note, we talk about the deal...

Sumeet Singh

Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DeepSeek Rally Creates More Winners in SaaS/IaaS Sectors

DeepSeek's breakthrough AI model has created huge demand for AI services at a more affordable price from enterprises and customers.SaaS and IaaS...

David Mudd

PhonePe IPO: Walmart-Backed India Fintech Preps for Listing. A Quick Primer

PhonePe's IPO and discussions on potential valuations could turn the spot light on listed peers in the digital payment space and likely lift...

Devi Subhakesan

How DeepSeek Is Disrupting AI Landscapes

The emergence of DeepSeek, a Chinese AI company, has sparked widespread discussion across industries, as evidenced by recent earnings calls from...

Bedrock AI

Goodman Group Placement - Large Deal, Doesn’t Seem Well Flagged, Not Particularly Exciting

Goodman Group (GMG AU) is looking to raise around US$2.5bn to partly fund its data centre expansion plans. In this note, we talk about the deal...

Sumeet Singh

Despite DeepSeek’s Innovation, Hyperscalers Doubling Down on Capex

​Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.

Nimish Maheshwari

Tech giants are investing $315 billion in AI and cloud infrastructure by FY25, showing confidence in long-term growth and market leadership.