Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

Equity Capital Markets

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>Superapp <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> made its public debut on the Indonesian Stock Exchange on 11th April. The company set the final IPO price at IDR338 per share.  </li>
<li>GoTo’s shares surged nearly 23% to IDR416 a piece on the open, boosting the company’s market cap to more than IDR497trn.</li>
<li>GoTo's share price has continued to slide and our SOTP valuation suggests that there is further downside.</li>
</ul>


Superapp GoTo (GOTO IJ) made its public debut on the Indonesian Stock Exchange on 11th April. The company set the final IPO price at IDR338 per share.  
GoTo’s shares surged nearly 23% to IDR416 a piece on the open, boosting the company’s market cap to more than IDR497trn.
GoTo's share price has continued to slide and our SOTP valuation suggests that there is further downside.


GoTo IPO: Shares Are Still Overvalued and There Is Further Downside

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Equity Bottom-Up

<ul>
<li>Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.</li>
<li>Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.</li>
<li>The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.</li>
</ul>


Tencent’s increase in investment acquisition activity has coincided with a general weakness in equity prices and valuation levels.
Tencent management’s assessment of the fair value of its listed investee holdings, of RMB982.8bn on 31 December 2021, equates to roughly 27.4% of its market cap.
The market value of Tencent’s investee holdings in more-mature, Chinese-listed, internet-orientated holdings equates to roughly 9% of its current market cap.


Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.</li>
<li>Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.


One Store IPO - Refiling Updates, No Change to Price Tag

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.</li>
<li>Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store is a mobile app market platform, formed by a cooperation between South Korea’s three telecom carriers, together with Naver Corp, an internet firm in South Korea.
Given the lack of direct comparables, one way to look at valuation would be to compare the firm to its historical asking valuations.


One Store IPO - Outpaced Industry, Bottom-End Seems Justified

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Zhihu Technology / Equity Capital Markets

<ul>
<li>Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong.</li>
<li>Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.</li>
<li>In this note, we'll talk about the deal dynamics and structure.</li>
</ul>


Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong.
Unlike all the prior dual primary/secondary listings which have been done via offering either only primary or a mix of primary+secondary shares, Zhihu’s offering will consist of only secondary shares.
In this note, we'll talk about the deal dynamics and structure.


Zhihu HK Secondary - Going Further than Autohome and Weibo, Stock Might Go Further Down as Well

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

GoTo IPO: Shares Are Still Overvalued and There Is Further Downside

GoTo’s shares surged nearly 23% to IDR416 a piece on the open, however, share price has continued to slide and our SOTP valuation suggests that...

Shifara Samsudeen, FCMA, CGMA

Tencent: Investments up as Valuations Drop, Room for Another Significant Special in Specie Dividend

In this insight, we analyse Tencent’s recent investment activity and notable investee holdings to evaluate the potential for another meaningful...

Wium Malan, CFA

One Store IPO - Refiling Updates, No Change to Price Tag

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store delayed its bookbuild by two weeks, with book building slated to...

Clarence Chu

One Store IPO - Outpaced Industry, Bottom-End Seems Justified

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. Given the lack of direct peers, one way to look at valuation would be to...

Clarence Chu

Zhihu HK Secondary - Going Further than Autohome and Weibo, Stock Might Go Further Down as Well

Zhihu plans to raise around US$130m via a dual primary listing in Hong Kong. In this note, we will talk about the deal dynamics.

Sumeet Singh

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