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.

Event-Driven

<ul>
<li>SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.</li>
<li>STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.
STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

Palantir Technologies  / Equity Capital Markets

<ul><li>Palantir Technologies was one of the most highly appreciated tech stocks when the markets were in a bull run but has taken an equally bad beating in the recent correction.</li><li>The good news for Palantir shareholders is that its revenue momentum has continues and the last quarter has seen a growth in revenue and commercial revenue by 31% and 54%, respectively.</li><li>Given the current market uncertainty, we give Palantir a ‘Hold’ rating with a revision in target price.</li></ul>

Palantir Technologies was one of the most highly appreciated tech stocks when the markets were in a bull run but has taken an equally bad beating in the recent correction.The good news for Palantir shareholders is that its revenue momentum has continues and the last quarter has seen a growth in revenue and commercial revenue by 31% and 54%, respectively.Given the current market uncertainty, we give Palantir a ‘Hold’ rating with a revision in target price.

Palantir Technologies Inc.: The Stellantis Deal

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.

Equity Bottom-Up

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Revenue growth ex-SPAC decelerated to 19% this quarter, 11% below consensus.</li>
<li>1Q22 20% operating margins vs. consensus 27% margins as the company invests to reaccelerate growth in 2H from rising government contracts due to war.</li>
<li>Alex Karp warns that nuclear war in Ukraine is being dramatically underestimated.</li>
</ul>


Revenue growth ex-SPAC decelerated to 19% this quarter, 11% below consensus.
1Q22 20% operating margins vs. consensus 27% margins as the company invests to reaccelerate growth in 2H from rising government contracts due to war.
Alex Karp warns that nuclear war in Ukraine is being dramatically underestimated.


Palantir 1Q22 Earnings: War Supposedly Good for Business?

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.

<ul>
<li>We last wrote on Palantir over a year ago when we suggested stepping away given expiring lock-ups. </li>
<li>The stock is down 58% since that call as it has sold off together with other unprofitable, high-growth names. </li>
<li>However, we remain of the view that there is something to Palantir unlike many of its compatriots and Ark is now out...</li>
</ul>


We last wrote on Palantir over a year ago when we suggested stepping away given expiring lock-ups. 
The stock is down 58% since that call as it has sold off together with other unprofitable, high-growth names. 
However, we remain of the view that there is something to Palantir unlike many of its compatriots and Ark is now out...


Palantir – Little Early But Getting Interesting Again

<ul>
<li>Palantir's ongoing SPAC investment strategy is driving an increasing bifurcation between reported and underlying results... which continues to be ignored by sell side and retail investors. </li>
<li>Revenue growth missed ex-SPAC, while Billings Growth collapsed 31% YoY ex-SPAC investments...unheard of for a software company.</li>
<li>Margin guidance for 1Q22 well below consensus as sales headcount continues to ramp. Stay short.</li>
</ul>


Palantir's ongoing SPAC investment strategy is driving an increasing bifurcation between reported and underlying results... which continues to be ignored by sell side and retail investors. 
Revenue growth missed ex-SPAC, while Billings Growth collapsed 31% YoY ex-SPAC investments...unheard of for a software company.
Margin guidance for 1Q22 well below consensus as sales headcount continues to ramp. Stay short.


Palantir 4Q21 Earnings: Declining Bookings, Shrinking Margins, Eccentric CEO

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Palantir Technologies (PLTR US)

SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The lockup on the pre-IPO and cornerstone investors will expire later this month.

Sumeet Singh

Palantir Technologies Inc.: The Stellantis Deal

Palantir Technologies was one of the most highly appreciated tech stocks when the markets were in a bull run but has taken an equally bad beating...

Baptista Research

Palantir 1Q22 Earnings: War Supposedly Good for Business?

Decelerating growth continues and margins continue to decline. But war is good for Palantir (supposedly), and growth should reaccelerate in 2H22...

Aaron Gabin

Palantir – Little Early But Getting Interesting Again

We last wrote on Palantir over a year ago suggested stepping away given expiring lock-ups but we believe there is something to Palantir unlike many...

Mio Kato

Palantir 4Q21 Earnings: Declining Bookings, Shrinking Margins, Eccentric CEO

Palantir remains one of our top short ideas. SPAC investments continue to account for any upside vs. consensus expectations, while billings growth...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)