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

<div><p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (1569395D CH)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. </p></div><div><p>At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/bairong-ipo-initiation-creditworthy" target="_blank" data-smartkarma-citation="insights:49249" rel="noopener">Bairong IPO Initiation: Creditworthy</a>, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. </p></div></div></div>

Bairong (1569395D CH) is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. At the proposed IPO price range of HK$26.50-31.80 per share, Bairong will have a market cap of HK$13,125.2-15,750.2 million ($1.7-2.0 billion). At the mid-point of the IPO price range, the net proceeds are HK$3,440.7 million ($443 million). Three cornerstone investors will purchase $220 million worth of the offer shares (47.29% of the offer shares at the mid-point of the IPO price range). The cornerstone investors are Cederberg (a London-based fund manager), China Structural Reform Fund and Franchise Fund. In Bairong IPO Initiation: Creditworthy, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. Our valuation analysis suggests that the IPO price range is attractive. Overall, we would participate in the IPO. 

<div><p><a href="https://www.smartkarma.com/entities/bairong" target="_blank" data-smartkarma-citation="entities:31486:1" rel="noopener">Bairong (1569395D CH)</a> is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. Bairong is aiming to launch its $300-500 million HKEx IPO as soon as this Friday, according to press reports. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/bairong-ipo-initiation-creditworthy" target="_blank" data-smartkarma-citation="insights:49249" rel="noopener">Bairong IPO Initiation: Creditworthy</a>, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. In this note, we present our forecasts and take the first look at Bairong's potential valuation. </p></div></div></div>

Bairong (1569395D CH) is a leading independent AI-powered technology platform in China serving the financial services industry. It is the largest independent financial big data analytics solutions provider in China with a 9.0% revenue market share in 2020, according to Frost &amp; Sullivan. Bairong is aiming to launch its $300-500 million HKEx IPO as soon as this Friday, according to press reports. In Bairong IPO Initiation: Creditworthy, we opined that the good 4Q20 revenue growth exit rate points to recovery. We noted that Bairong has the potential to combine solid growth with profitability and cash generation. We concluded that Bairong is worth a closer look. In this note, we present our forecasts and take the first look at Bairong's potential valuation. 

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.</p>

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

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.

<p><a href="https://www.smartkarma.com/entities/datadog-inc" target="_blank" data-smartkarma-citation="entities:28270:1" rel="noopener">Datadog Inc (DDOG US)</a> is a cloud-based monitoring platform that allows users to monitor on-site and cloud-based infrastructure and services to optimise user experiences and diagnose the source of delays and errors. <a href="https://www.smartkarma.com/profiles/douglas-kim" target="_blank" data-smartkarma-citation="accounts:342" rel="noopener">Douglas Kim</a> has provided both a preview and a valuation analysis, including an interview with Smartkarma's <a href="https://www.smartkarma.com/profiles/marlon-marcos" target="_blank" data-smartkarma-citation="accounts:230" rel="noopener">Marlon Marcos</a> for a hands-on perspective:</p><p><a href="https://www.smartkarma.com/insights/datadog-ipo-preview" target="_blank" data-smartkarma-citation="insights:32082" rel="noopener">Datadog IPO Preview</a> </p><p><a href="https://www.smartkarma.com/insights/datadog-ipo-valuation-analysis" target="_blank" data-smartkarma-citation="insights:32326" rel="noopener">Datadog IPO Valuation Analysis</a> </p><p>Below, we conduct our quantamental analysis to assess the viability of the company generating profits in the long-term and offer our own perspective on valuation.</p>

Datadog Inc (DDOG US) is a cloud-based monitoring platform that allows users to monitor on-site and cloud-based infrastructure and services to optimise user experiences and diagnose the source of delays and errors. Douglas Kim has provided both a preview and a valuation analysis, including an interview with Smartkarma's Marlon Marcos for a hands-on perspective:Datadog IPO Preview Datadog IPO Valuation Analysis Below, we conduct our quantamental analysis to assess the viability of the company generating profits in the long-term and offer our own perspective on valuation.

Datadog IPO: Micro-Quantamental Analysis, Also... We Would Subscribe

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>
<a href="https://www.smartkarma.com/entities/datadog-inc" target="_blank" data-smartkarma-citation="entities:28270:1" rel="noopener">Datadog Inc (DDOG US)</a>, which provides a monitoring and analytics platform, provided an IPO price range of $19 and $22 per share. The company is expected to complete its IPO later this month.</li>
<li>
<strong>Our base case valuation of the company is $8.2 billion (in market cap) or $28.1 per share. This would represent a 37% upside to the initial valuation of $20.5 per share (mid-point of the IPO price range of $19 </strong><strong>to $22 per share</strong><strong>. As such, we are bullish on this IPO. </strong>
</li>
<li>Smartkarma has been a customer of Datadog products for more than a year. We included several Q&amp;As about Datadog with interesting comments from <a href="https://www.smartkarma.com/profiles/marlon-marcos" target="_blank" data-smartkarma-citation="accounts:230" rel="noopener">Marlon Marcos</a>, one of the employees at Smartkarma.</li>
</ul>



Datadog Inc (DDOG US), which provides a monitoring and analytics platform, provided an IPO price range of $19 and $22 per share. The company is expected to complete its IPO later this month.

Our base case valuation of the company is $8.2 billion (in market cap) or $28.1 per share. This would represent a 37% upside to the initial valuation of $20.5 per share (mid-point of the IPO price range of $19 to $22 per share. As such, we are bullish on this IPO. 

Smartkarma has been a customer of Datadog products for more than a year. We included several Q&amp;As about Datadog with interesting comments from Marlon Marcos, one of the employees at Smartkarma.


United States

New Relic, Inc. provides cloud based application performance management solutions for cloud and data center applications. The Company offers a solution including real user, application, and availability monitoring features that enable developers and operations teams to manage web application performance in real-time. New Relic conducts its business in the United States.

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New Relic Inc (NEWR US)

Bairong IPO: Valuation Insights

Bairong has launched its IPO to raise net proceeds of $443m at the mid-point of the IPO price range of HK$26.50-31.80 per share. Our valuation...

Arun George

Bairong IPO: Valuation First Look

Bairong is aiming to launch its $300-500m HKEx IPO as soon as this Friday, according to press reports. In this note, we present our forecasts and...

Arun George

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

Datadog IPO Valuation Analysis

Datadog Inc (DDOG US), which provides a monitoring and analytics platform, provided an IPO price range of $19 and $22 per share. The company is...

Douglas Kim

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bairong IPO: Valuation Insights

Bairong has launched its IPO to raise net proceeds of $443m at the mid-point of the IPO price range of HK$26.50-31.80 per share. Our valuation...

Arun George

Bairong IPO: Valuation First Look

Bairong is aiming to launch its $300-500m HKEx IPO as soon as this Friday, according to press reports. In this note, we present our forecasts and...

Arun George

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

Datadog IPO: Micro-Quantamental Analysis, Also... We Would Subscribe

Datadog Inc (DDOG US) is a cloud-based monitoring platform that allows users to monitor on-site and cloud-based infrastructure and services to...

Mio Kato

Datadog IPO Valuation Analysis

Datadog Inc (DDOG US), which provides a monitoring and analytics platform, provided an IPO price range of $19 and $22 per share. The company is...

Douglas Kim