Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).</li>
<li>After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. </li>
<li>Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. </li>
</ul>


SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the world).
After SpaceX, the two other mega IPOs that are expected to be completed in 2H 2026 include Anthropic and OpenAI. 
Although SpaceX's valuation has not been finalized, it is expected that the SpaceX IPO could fetch about $1.75 trillion to $2.0 trillion, representing P/S (not P/E) of nearly 100x. 


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>CSG NV, <a href="https://www.smartkarma.com/entities/nlight-inc" target="_blank" data-smartkarma-citation="entities:27108:1" rel="noopener">nLight Inc</a>, Exosens SA and <a href="https://www.smartkarma.com/entities/droneshield-ltd" target="_blank" data-smartkarma-citation="entities:30509:1" rel="noopener">DroneShield</a> will be added to the MarketVector Global Defense Industry Index at the close on 20 March.</li>
<li>The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 6.2% resulting in a round-trip trade of US$1.16bn.</li>
<li>The MarketVector Global Defense Industry Index has continued to trade higher, and ETF creations have continued over the last few months.</li>
</ul>


CSG NV, nLight Inc, Exosens SA and DroneShield will be added to the MarketVector Global Defense Industry Index at the close on 20 March.
The 4 adds, float changes and capping changes will result in an estimated one-way turnover of 6.2% resulting in a round-trip trade of US$1.16bn.
The MarketVector Global Defense Industry Index has continued to trade higher, and ETF creations have continued over the last few months.


MV Global Defense Industry Index Rebalance: 4 Adds; 6.2% Turnover; US$1.2bn Trade

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Fractal Analytics Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fractal-analytics-ltd" target="_blank" data-smartkarma-citation="entities:45676:1" rel="noopener">Fractal Analytics Ltd (2453623D IN)</a> is expected to list on 16-Feb(Monday).</li>
<li>In this insight, we discuss about company's big valuation ask, but there is a bigger addressable market.  </li>
<li>We discuss about how the listing demand is expected to be and our view on the company.</li>
</ul>



Fractal Analytics Ltd (2453623D IN) is expected to list on 16-Feb(Monday).
In this insight, we discuss about company's big valuation ask, but there is a bigger addressable market.  
We discuss about how the listing demand is expected to be and our view on the company.


Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.</li>
<li>It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)</li>
<li>Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.</li>
</ul>


Fractal is an AI-first, analytics-driven CRM SaaS company. It provides end-to-end AI solutions by combining analytics, machine learning, and strong industry knowledge serving 170+ Fortune 500 companies.
It offers a customisable product suite under Fractal.ai with Cogentiq, its inhouse agent. It has developed agentic products such as Kalaido.ai (text-image), Vaidya.ai (medical multi-modal) and 'Pioneer' (autonomous problem solving)
Management has guided 25-30% revenue growth with margins expanding to 25% in the medium-term. IPO is to offer liquidity to existing investors and build war chest for future investments.


Fractal Analytics - An AI First Enterprise SAAS Offering from India

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.</li>
<li>Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind</li>
<li>Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.</li>
</ul>


The sector is shifting from traditional "digital" models to "AI-First" architectures, industrializing AI through autonomous agents and "Physical AI" to deliver production-level, ROI-led deployments.
Automation-Driven productivity gains of up to 50% threaten 30-40% of service revenue, particularly in coding and testing, creating a persistent 2% annual growth headwind
Top firms like TCS and HCL Tech are countering price pressure by pivoting toward high-value, platform-based models and outcome-based billing to ensure long-term survival.


India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

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.

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Palantir Technologies (PLTR US)

Initial Thoughts on the SpaceX IPO

SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the...

Douglas Kim

MV Global Defense Industry Index Rebalance: 4 Adds; 6.2% Turnover; US$1.2bn Trade

There are 4 adds for the index in March. Estimated one-way turnover is 6.2% resulting in a round-trip trade of US$1.16bn. The index is near its...

Brian Freitas

Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Sreemant Dudhoria

Fractal Analytics - An AI First Enterprise SAAS Offering from India

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

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Initial Thoughts on the SpaceX IPO

SpaceX now plans to list on the NASDAQ on 12 June. The company is expected to raise $80 billion or more in this capital raise (largest ever in the...

Douglas Kim

MV Global Defense Industry Index Rebalance: 4 Adds; 6.2% Turnover; US$1.2bn Trade

There are 4 adds for the index in March. Estimated one-way turnover is 6.2% resulting in a round-trip trade of US$1.16bn. The index is near its...

Brian Freitas

Fractal Analytics Ltd - Big Valuation, Bigger TAM, Biggest Enterprise AI Company from India

​Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Sreemant Dudhoria

Fractal Analytics - An AI First Enterprise SAAS Offering from India

​Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

Himanshu Dugar

India’s IT Evolution: Architecting the ‘AI-First’ Future to Counter Revenue Deflation

​The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...

Nimish Maheshwari

Fractal Analytics Ltd is set to list on 16-Feb with a high valuation ask, but potential in a large addressable market. Analysis on listing demand...

Fractal, an AI-driven CRM SaaS company, offers end-to-end AI solutions to Fortune 500 companies with customisable product suite and agentic...

The article discusses the shift to "AI-First" architectures in the tech sector, with automation threatening service revenue and top firms adapting...