HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (6880 HK)</a>'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. </li>
<li>We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.</li>
<li>At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.</li>
</ul>



Momenta Global (6880 HK)'s IPO is sizeable as it plans to raise HK$5.6bn. Its leadership position in the autonomous driving industry is an important strength. 
We expect it to remain loss-making in FY26-28, but the revenue growth will reach a CAGR of 40.2%, and economies of scale will bring about stronger margins.
At 13.1x P/S for FY27, it is significantly more expensive than the sector average. Historically, most autonomous driving IPOs have not done well.


Momenta Global (6880 HK) IPO: Priced for Perfection

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (MOMENTA HK)</a> is looking to raise US$747m in its upcoming Hong Kong IPO.</li>
<li>It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



Momenta Global (MOMENTA HK) is looking to raise US$747m in its upcoming Hong Kong IPO.
It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


Aequitas: Momenta Pre-IPO - Strong Cornerstones; Valuation Multiple Discount to Prior Round

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (MOMENTA HK)</a>, a leading autonomous driving company, is pre-marketing a HKEx IPO to raise US$800 million.   </li>
<li>Momenta solutions had been deployed across eight of the world’s top ten OEM groups and all of China’s top ten OEM groups.</li>
<li>The investment case is bullish due to strong positioning, accelerating growth, rapidly narrowing loss margins, and reducing cash burn, all supported by a strong balance sheet. </li>
</ul>



Momenta Global (MOMENTA HK), a leading autonomous driving company, is pre-marketing a HKEx IPO to raise US$800 million.   
Momenta solutions had been deployed across eight of the world’s top ten OEM groups and all of China’s top ten OEM groups.
The investment case is bullish due to strong positioning, accelerating growth, rapidly narrowing loss margins, and reducing cash burn, all supported by a strong balance sheet. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (MOMENTA HK)</a> is looking to raise about US$800m in its upcoming Hong Kong IPO. </li>
<li>Momenta Global is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.</li>
<li>In this note, we look at the company’s peer comparison and valuation.</li>
</ul>



Momenta Global (MOMENTA HK) is looking to raise about US$800m in its upcoming Hong Kong IPO. 
Momenta Global is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics.
In this note, we look at the company’s peer comparison and valuation.


Aequitas: Momenta Global Pre-IPO  - Peer Comparison and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/momenta-global-limited" target="_blank" data-smartkarma-citation="entities:50275:1" rel="noopener">Momenta Global (MOMENTA HK)</a> is looking to raise about US$800m in its upcoming Hong Kong IPO.</li>
<li>It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics</li>
<li>In this note, we look at the company’s past performance and other deal dynamics.</li>
</ul>



Momenta Global (MOMENTA HK) is looking to raise about US$800m in its upcoming Hong Kong IPO.
It is a leading autonomous driving company, focused on developing and commercializing driving automation technologies to improve safety and efficiency in mobility and logistics
In this note, we look at the company’s past performance and other deal dynamics.


Aequitas: Momenta Global Pre-IPO - Strong Topline Momentum and Narrowing Losses

China

Momenta Global Limited offers autonomous driving solutions. The Company provides deep learning based software in perception, semantic mapping, data-driven path planning, and other multi-level autonomous driving services, as well as robo-taxi solutions designed to navigate complex urban mobility. Momenta Global serves customers worldwide.

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Momenta Global (6880 HK)