Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carsome-group" target="_blank" data-smartkarma-citation="entities:35913:1" rel="noopener">Carsome (CARSOME1 SP)</a>, Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and <a href="https://www.smartkarma.com/entities/singapore-exchange-ltd" target="_blank" data-smartkarma-citation="entities:1047:1" rel="noopener">Singapore Exchange</a>.</li>
<li>Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.</li>
<li>The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.</li>
</ul>



Carsome (CARSOME1 SP), Malaysia's used-car eCommerce/technology unicorn, has reportedly submitted a confidential IPO filing for a dual listing on Nasdaq and Singapore Exchange.
Carsome has a great ESG story to tell, but needs to be less humble about telling it because pre-IPO ESG messaging can impact IPO valuations, especially for transportation-related deals.
The centerpiece of Carsome's ESG story should be the important (but underappreciated) role of used car markets in decarbonising road transportation, a leading source of carbon emissions.


Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>In this insight we are comparing the similarities and differences among <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> , <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> and <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> .</li>
<li>US AMPC is a key component to the battery business—it creates a differentiation despite the current US administration's stand on climate change. </li>
<li>We also compare the various ways of valuing battery companies beyond the conventional EV/EBITDA metrics. </li>
</ul>


In this insight we are comparing the similarities and differences among Samsung SDI (006400 KS) , LG Energy Solution (373220 KS) and Contemporary Amperex Technology (CATL) (300750 CH) .
US AMPC is a key component to the battery business—it creates a differentiation despite the current US administration's stand on climate change. 
We also compare the various ways of valuing battery companies beyond the conventional EV/EBITDA metrics. 


US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.</li>
<li>Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.</li>
<li>Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.</li>
</ul>


Medline targets up to $5.4B in its IPO, the largest potential cash-raise since Rivian in 2021.
Strong anchor and cornerstone commitments signal deep institutional support ahead of one of the year’s most anticipated offerings.
Medline’s resilient, high-margin med-surg platform delivers consistent organic growth, reinforcing its profile as a mature, scaled issuer.


Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise

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.

<ul><li>Rivian Automotive surprised the market with third-quarter delivery figures that exceeded prior forecasts, yet the electric vehicle maker’s stock plummeted nearly 8% following the update.</li><li>The company delivered 13,201 vehicles in Q3 2025, a 32% year-over-year increase and well ahead of consensus estimates.</li><li>However, Rivian also narrowed its full-year delivery guidance to a range of 41,500 to 43,500 units, lowering the midpoint by 500 vehicles.</li></ul>

Rivian Automotive surprised the market with third-quarter delivery figures that exceeded prior forecasts, yet the electric vehicle maker’s stock plummeted nearly 8% following the update.The company delivered 13,201 vehicles in Q3 2025, a 32% year-over-year increase and well ahead of consensus estimates.However, Rivian also narrowed its full-year delivery guidance to a range of 41,500 to 43,500 units, lowering the midpoint by 500 vehicles.

Rivian Deliveries Beat Expectations—So Why Is The Stock Tanking?

<ul><li>Rivian Automotive's recent Q2 2025 earnings shed light on several critical developments and ongoing challenges for the company.</li><li>On the positive side, Rivian has made significant progress with its R2 vehicle and autonomy technology.</li><li>The development of R2, which is integral to Rivian’s strategy of delivering millions of vehicles per year, is advancing well.</li></ul>

Rivian Automotive's recent Q2 2025 earnings shed light on several critical developments and ongoing challenges for the company.On the positive side, Rivian has made significant progress with its R2 vehicle and autonomy technology.The development of R2, which is integral to Rivian’s strategy of delivering millions of vehicles per year, is advancing well.

Rivian Could Truly Race Ahead: Will New Factories & R2 Launch Spark Explosive Growth?

United States

Rivian Automotive, Inc. is an automotive technology company. The Company designs and manufactures vans, trucks, and sports utility vehicles, as well as offers software solutions, IT, repair, and maintenance services. Rivian Automotive serves customers in North America and the United Kingdom.

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Rivian Automotive (RIVN US)

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

EV Battery: Which One Is for You?

Comparing Samsung SDI, LG Energy Solution, and CATL in the battery business, highlighting the importance of US AMPC and alternative valuation...

Henry Soediarko

Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise

Medline aims for $5.4B in IPO, backed by strong institutional support, with a proven track record of consistent organic growth.

IPO Boutique

Rivian Deliveries Beat Expectations—So Why Is The Stock Tanking?

Rivian Automotive surprised the market with third-quarter delivery figures that exceeded prior forecasts, yet the electric vehicle maker’s stock...

Baptista Research

Rivian Could Truly Race Ahead: Will New Factories & R2 Launch Spark Explosive Growth?

Rivian Automotive's recent Q2 2025 earnings shed light on several critical developments and ongoing challenges for the company. On the positive...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Carsome: A Paradigm of Circular Economy and Unsung Hero in the Decarbonisation of Transportation

Carsome has reportedly filed for an IPO (dual Nasdaq/SGX listing), and has a great ESG story to tell investors including the role that used car...

Kyle Rudden

EV Battery: Which One Is for You?

​Comparing Samsung SDI, LG Energy Solution, and CATL in the battery business, highlighting the importance of US AMPC and alternative valuation...

Henry Soediarko

Medline Inc. (MDLN): Hospital Product & Supply Chain Company Sets Terms on Mega IPO, $5b+ Cash Raise

​Medline aims for $5.4B in IPO, backed by strong institutional support, with a proven track record of consistent organic growth.

IPO Boutique

Rivian Deliveries Beat Expectations—So Why Is The Stock Tanking?

Rivian Automotive surprised the market with third-quarter delivery figures that exceeded prior forecasts, yet the electric vehicle maker’s stock...

Baptista Research

Rivian Could Truly Race Ahead: Will New Factories & R2 Launch Spark Explosive Growth?

Rivian Automotive's recent Q2 2025 earnings shed light on several critical developments and ongoing challenges for the company. On the positive...

Baptista Research

Comparing Samsung SDI, LG Energy Solution, and CATL in the battery business, highlighting the importance of US AMPC and alternative valuation...

Medline aims for $5.4B in IPO, backed by strong institutional support, with a proven track record of consistent organic growth.