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

Contemporary Amperex Technology (CATL) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/contemporary-amperex-technolog" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">Contemporary Amperex Technology (CATL) (300750 CH)</a>, one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.</li>
<li>CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.</li>
</ul>



Contemporary Amperex Technology (CATL) (300750 CH), one of the world’s largest battery solutions providers, aims to raise at least US$5bn in its H-share listing.
CATL is the global leader in new energy vehicle battery solutions, in China and globally, as per SNE Research. Its A-shares have been listed since 2018.
We have looked at the company’s past performance in our earlier notes. In this note, we talk about its recent updates and provide our thoughts on valuations.


CATL A/H Listing - Thoughts on A/H Premium

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

Silicon Motion Technology / Equity Bottom-Up

<ul>
<li>
SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.</li>
<li>
SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.</li>
<li>
Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.</li>
</ul>



SIMO beat 1Q25 EPS estimates by 20%, with strong gross margins (47.1%) driven by PCIe Gen 5 SSD controller mix and tight cost control.

SIMO's MonTitan confirmed as boot SSD supplier for NVIDIA’s BlueField-3 DPU, marking SIMO’s formal entry into NVIDIA-linked enterprise AI storage.

Management maintains $1bn revenue run-rate target for 4Q25, supported by PCIe 5, UFS 4.1, and MonTitan ramps. We maintain our Structural Long rating.


Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

<ul>
<li>
MediaTek beat 1Q25 EPS expectations as Smart Edge and mobile segments delivered strong sequential growth; flagship SoC traction supports improved ASP mix.</li>
<li>
AI remains central to strategy: NVIDIA partnership progressing -- NT$1bn AI ASIC revenue targeted for 2026.</li>
<li>
Tariff-Driven macro caution clouds 2H outlook, but we maintain Structural Long view -- AI, auto, and premium mobile SoCs drive long-term opportunity.</li>
</ul>



MediaTek beat 1Q25 EPS expectations as Smart Edge and mobile segments delivered strong sequential growth; flagship SoC traction supports improved ASP mix.

AI remains central to strategy: NVIDIA partnership progressing -- NT$1bn AI ASIC revenue targeted for 2026.

Tariff-Driven macro caution clouds 2H outlook, but we maintain Structural Long view -- AI, auto, and premium mobile SoCs drive long-term opportunity.


MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025</li>
<li>Much of the company's performance is the result of its first-mover advantage and excellent execution in the HBM market</li>
<li>Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company's global supply chain</li>
</ul>


SK hynix announced their second-highest revenue and operating profit for the first quarter of 2025
Much of the company's performance is the result of its first-mover advantage and excellent execution in the HBM market
Two issues threaten the company: AI growth may stall, and tariff changes could interfere with the company's global supply chain


SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>The US has begun to retreat from the trade war it began this year.  Trump and Bessent have both softened their statements toward China and indicated a lowering of tariffs.</li>
<li>Container ship bookings dropped off a cliff after Trump's Liberation Day tariff announcement.  </li>
<li>Trade negotiations are expected to take months or years, and will not change the bear market in the USD, equities, and treasuries as foreigners pull money from US asset markets.</li>
</ul>


The US has begun to retreat from the trade war it began this year.  Trump and Bessent have both softened their statements toward China and indicated a lowering of tariffs.
Container ship bookings dropped off a cliff after Trump's Liberation Day tariff announcement.   
Trade negotiations are expected to take months or years, and will not change the bear market in the USD, equities, and treasuries as foreigners pull money from US asset markets.


The Art of the Trade War: U.S. PANICS AND RETREATS!

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...

Vincent Fernando, CFA

SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...

Jim Handy

The Art of the Trade War: U.S. PANICS AND RETREATS!

The US has begun to retreat from the trade war it began this year. Trump and Bessent have both softened statements and indicated a lowering of...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CATL A/H Listing - Thoughts on A/H Premium

The company has filed its PHIP and begun pre-marketing, with the deal expected to go live in the coming week, in what is likely to be HK's largest...

Sumeet Singh

Silicon Motion (SIMO US) Taps NVIDIA AI Pipeline, Sees PC Market Turning

​SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

Vincent Fernando, CFA

MediaTek 1Q25 Earnings: AI Momentum Drives Strength, But 2H Visibility Remains Murky Due to Tariffs

​MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...

Vincent Fernando, CFA

SK Hynix Earnings Highlights Strong AI Dependence and Tariff Concerns

​SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...

Jim Handy

The Art of the Trade War: U.S. PANICS AND RETREATS!

The US has begun to retreat from the trade war it began this year. Trump and Bessent have both softened statements and indicated a lowering of...

David Mudd

SIMO exceeds 1Q25 EPS estimates by 20%, secures NVIDIA partnership for MonTitan SSD, and aims for $1bn revenue run-rate by 4Q25.

MediaTek surpasses 1Q25 EPS expectations with strong growth in Smart Edge and mobile segments. Tariff concerns impact 2H outlook, but long-term...

SK hynix reported strong Q1 results driven by HBM market success. But the company faces challenges from a potential AI growth slowdown, and the...