Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Elan's index removal has resulted in a spike in volume, however the removal selling should be abating.</li>
<li>The company remains in a very strong position with a large cash warchest and additional cash to be generated even in a down-cycle.</li>
<li>The company should buyback shares in our view, as it did in 2021. Industry weakness also presents acquisition opportunities.</li>
</ul>


Elan's index removal has resulted in a spike in volume, however the removal selling should be abating.
The company remains in a very strong position with a large cash warchest and additional cash to be generated even in a down-cycle.
The company should buyback shares in our view, as it did in 2021. Industry weakness also presents acquisition opportunities.


Elan Microelectronics: Index Removal Ending, Cash Rich for Buybacks or Acquisitions

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.</li>
<li>The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.
The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.


ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Kadokawa announced yesterday that subsidiary From Software would conduct a third-party allocation of shares to Sony and Tencent. </li>
<li>The allotment values From Software at about ¥120bn with Tencent acquiring 16.25% and Sony acquiring 14.09% of the company. </li>
<li>This creates opportunities for both Sony and Tencent and likely puts Kadokawa on track to eventually be acquired though timing may be somewhat later than we had anticipated.</li>
</ul>


Kadokawa announced yesterday that subsidiary From Software would conduct a third-party allocation of shares to Sony and Tencent. 
The allotment values From Software at about ¥120bn with Tencent acquiring 16.25% and Sony acquiring 14.09% of the company. 
This creates opportunities for both Sony and Tencent and likely puts Kadokawa on track to eventually be acquired though timing may be somewhat later than we had anticipated.


Kadokawa – Investments From Sony and Tencent

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

Fat Projects Acquisition Corp / Private Capital Markets

<ul>
<li>Avanseus Holdings plans to go public in partnership with <a href="https://www.smartkarma.com/entities/fat-projects-acquisition-corp" target="_blank" data-smartkarma-citation="entities:34628:1" rel="noopener">Fat Projects Acquisition Corp (FATP US)</a> The combined company is expected to trade on the Nasdaq under a new ticker symbol.</li>
<li>Fat Projects Acquisition Corp. values the combined companies at a pro forma EV of $135.7M. SPAC is focused on tech-led businesses in Southeast Asia and closed its IPO in 2021.   </li>
<li>Avanseus Holdings needs to access the capital markets to raise money and expand into new countries and industries, invest in R&amp;D and launch new products.</li>
</ul>


Avanseus Holdings plans to go public in partnership with Fat Projects Acquisition Corp (FATP US) The combined company is expected to trade on the Nasdaq under a new ticker symbol.
Fat Projects Acquisition Corp. values the combined companies at a pro forma EV of $135.7M. SPAC is focused on tech-led businesses in Southeast Asia and closed its IPO in 2021.   
Avanseus Holdings needs to access the capital markets to raise money and expand into new countries and industries, invest in R&amp;D and launch new products.


Avanseus: A Singapore-Based Startup and Provider of AI-Based Predictive Maintenance Software

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.</li>
<li>Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.</li>
<li>LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.</li>
</ul>


Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.
Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.
LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.


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)

Elan Microelectronics: Index Removal Ending, Cash Rich for Buybacks or Acquisitions

Recent market weakness and underperformance for the shares presents long-term value now that the company's index removal event is ending.

Vincent Fernando, CFA

ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Kadokawa – Investments From Sony and Tencent

Investment in From Software by both Sony and Tencent and likely puts Kadokawa on track to eventually be acquired though timing may be somewhat...

Mio Kato

Avanseus: A Singapore-Based Startup and Provider of AI-Based Predictive Maintenance Software

Avanseus, innovative Singapore-based startup, plans to go public via business combination with SPAC. The company sells AI-based predictive...

Andrei Zakharov

Roblox 2Q22: 15% or 35% EBITDA Margins?

Roblox had a largely bullish quarter, with monetization and engagement metrics starting to show promised acceleration. Key will be 9/9/22 analyst...

Aaron Gabin

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