IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (LINK HK)</a> is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, CITIC Capital, GIC and <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN)</a>. Linklogis will launch an HKEx IPO to raise as much as $1 billion on Friday, according to press reports.</p></div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/linklogis-ipo-initiation-isupply" target="_blank" data-smartkarma-citation="insights:47017" rel="noopener">Linklogis IPO Initiation: ISupply</a>, we stated that Linklogis is an attractive play on China’s supply chain finance market by combining a sensible monetisation model, high customer retention rate (good revenue visibility) and strong operating leverage. In <a href="https://www.smartkarma.com/insights/linklogis-ipo-every-little-helps" target="_blank" data-smartkarma-citation="insights:49480" rel="noopener">Linklogis IPO: Every Little Helps</a>, we noted that based on the PHIP which discloses the 2020 results and recent developments, we continue to believe that Linklogis’ fundamentals are attractive. In this note, we present our forecasts and take the first look at Linklogis' potential valuation. </p></div></div>

Linklogis (LINK HK) is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis is backed by Tencent Holdings (700 HK), CITIC Capital, GIC and Standard Chartered (STAN LN). Linklogis will launch an HKEx IPO to raise as much as $1 billion on Friday, according to press reports.In Linklogis IPO Initiation: ISupply, we stated that Linklogis is an attractive play on China’s supply chain finance market by combining a sensible monetisation model, high customer retention rate (good revenue visibility) and strong operating leverage. In Linklogis IPO: Every Little Helps, we noted that based on the PHIP which discloses the 2020 results and recent developments, we continue to believe that Linklogis’ fundamentals are attractive. In this note, we present our forecasts and take the first look at Linklogis' potential valuation. 

<p><a href="https://www.smartkarma.com/entities/linklogis" target="_blank" data-smartkarma-citation="entities:31126:1" rel="noopener">Linklogis (LINK HK)</a> is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis was the leading technology solution providers in China with a 20.6% market share of supply chain finance transactions processed in 2020, according to CIC. Linklogis is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, CITIC Capital, GIC and <a href="https://www.smartkarma.com/entities/standard-chartered-plc" target="_blank" data-smartkarma-citation="entities:193:1" rel="noopener">Standard Chartered (STAN LN)</a>. Linklogis has started pre-marketing an HKEx IPO to raise as much as $1 billion, according to press reports.</p><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/linklogis-ipo-initiation-isupply" target="_blank" data-smartkarma-citation="insights:47017" rel="noopener">Linklogis IPO Initiation: ISupply</a>, we stated that Linklogis is an attractive play on China’s supply chain finance market by combining a sensible monetisation model, high customer retention rate (good revenue visibility) and strong operating leverage. In this note, we examine the 2020 results and recent developments disclosed in the PHIP. Overall, we continue to believe that Linklogis’ fundamentals are attractive.  </p></div>

Linklogis (LINK HK) is a leading technology solution provider for supply chain finance in China. Its solutions optimise the payment cycle of supply chain transactions and digitalize the entire workflow of supply chain finance. Linklogis was the leading technology solution providers in China with a 20.6% market share of supply chain finance transactions processed in 2020, according to CIC. Linklogis is backed by Tencent Holdings (700 HK), CITIC Capital, GIC and Standard Chartered (STAN LN). Linklogis has started pre-marketing an HKEx IPO to raise as much as $1 billion, according to press reports.In Linklogis IPO Initiation: ISupply, we stated that Linklogis is an attractive play on China’s supply chain finance market by combining a sensible monetisation model, high customer retention rate (good revenue visibility) and strong operating leverage. In this note, we examine the 2020 results and recent developments disclosed in the PHIP. Overall, we continue to believe that Linklogis’ fundamentals are attractive.  

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.

Event-Driven

<p>The Nikkei reported on Monday (08<sup>th</sup> March 2021) that the Japanese electronics maker <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a>  is set to acquire Blue Yonder, a leader in the US supply chain software market for JPY700bn (approx. US$6.5bn). Blue Yonder is mainly focused on supply chain management and Panasonic in May 2020 bought a 20% stake in the former for about JPY86bn.</p><p>Panasonic is said to be in the final stages of purchasing the rest of Blue Yonder’s shares from its other shareholders that include Blackstone Group and New Mountain Capital. If completed, the deal would mark Panasonic’s largest M&amp;A since 2011 where it spent JPY800bn on making Sanyo Electric and Panasonic Electric Works wholly owned subsidiaries.</p>

The Nikkei reported on Monday (08th March 2021) that the Japanese electronics maker Panasonic Corp (6752 JP)  is set to acquire Blue Yonder, a leader in the US supply chain software market for JPY700bn (approx. US$6.5bn). Blue Yonder is mainly focused on supply chain management and Panasonic in May 2020 bought a 20% stake in the former for about JPY86bn.Panasonic is said to be in the final stages of purchasing the rest of Blue Yonder’s shares from its other shareholders that include Blackstone Group and New Mountain Capital. If completed, the deal would mark Panasonic’s largest M&amp;A since 2011 where it spent JPY800bn on making Sanyo Electric and Panasonic Electric Works wholly owned subsidiaries.

Panasonic in Talks to Buy Blue Yonder; Supply Chain Management Likely to Be a Key Growth Driver

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Qualtrics International / Equity Capital Markets

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<p><a href="https://www.smartkarma.com/entities/qualtrics-international-inc" target="_blank" data-smartkarma-citation="entities:27731:1" rel="noopener">Qualtrics (XM US)</a>, a US cloud software company, is aiming to complete its IPO again after two years. In November 2018, <a href="https://www.smartkarma.com/entities/sap-se" target="_blank" data-smartkarma-citation="entities:21704:1" rel="noopener">SAP SE (SAP GR)</a> acquired Qualtrics for $8 billion. SAP has now decided to spin-off Qualtrics and IPO this business. The initial IPO pricing ranges from $20 to $24 per share, which would value <a href="https://www.cnbc.com/2020/12/28/qualtrics-files-s-1-aims-for-valuation-of-up-to-14point4-billion-in-ipo.html" target="_blank" rel="noopener">Qualtrics</a> at $12 billion to $14.4 billion. The Qualtrics IPO is expected to be completed in January/February 2021.</p>
<p>After the IPO, SAP will maintain an 80% stake in Qualtrics. The private equity firm Silver Lake will be buying slightly more than 4% of the Qualtrics shares for $550 million (implying a valuation of $13.7 billion) and the Qualtrics founder Ryan Smith will be buying 1% for $120 million (implying a valuation of $12 billion).</p>
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Qualtrics (XM US), a US cloud software company, is aiming to complete its IPO again after two years. In November 2018, SAP SE (SAP GR) acquired Qualtrics for $8 billion. SAP has now decided to spin-off Qualtrics and IPO this business. The initial IPO pricing ranges from $20 to $24 per share, which would value Qualtrics at $12 billion to $14.4 billion. The Qualtrics IPO is expected to be completed in January/February 2021.
After the IPO, SAP will maintain an 80% stake in Qualtrics. The private equity firm Silver Lake will be buying slightly more than 4% of the Qualtrics shares for $550 million (implying a valuation of $13.7 billion) and the Qualtrics founder Ryan Smith will be buying 1% for $120 million (implying a valuation of $12 billion).


Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul>
<li>Founder-led Technology One has the capability to earn superior returns on capital while expanding predictably and profitably alongside a massive runaway, in our opinion.</li>
<li>Although the share seems a bit elevated at the moment, we feel that the name should be worth following among long-term, quality-focused investors who can wait patiently.</li>
</ul>


Founder-led Technology One has the capability to earn superior returns on capital while expanding predictably and profitably alongside a massive runaway, in our opinion.
Although the share seems a bit elevated at the moment, we feel that the name should be worth following among long-term, quality-focused investors who can wait patiently.


Technology One: Our Top SaaS Pick From APAC

Germany

SAP SE is a multinational software company. The Company develops business software, including e-business and enterprise management software, consults on organizational usage of its applications software, and provides training services. SAP markets its products and services worldwide.

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SAP (SAP GR)

Linklogis IPO: Valuation First Look

Linklogis will launch an HKEx IPO to raise as much as $1 billion on Friday, according to press reports. In this note, we present our forecasts and...

Arun George

Linklogis IPO: Every Little Helps

Linklogis has started pre-marketing an HKEx IPO to raise as much as $1 billion, according to press reports. The PHIP which discloses the 2020...

Arun George

Panasonic in Talks to Buy Blue Yonder; Supply Chain Management Likely to Be a Key Growth Driver

The acquisition of Blue Yonder should help Panasonic transform away from its hardware business into a recurring revenue mode such as its consumer...

Shifara Samsudeen, FCMA, CGMA

Qualtrics IPO Preview

Qualtrics, which was acquired by SAP for $8 billion two years ago, is trying to complete an IPO again. The initial IPO valuation range of Qualtrics...

Douglas Kim

Technology One: Our Top SaaS Pick From APAC

Although the share seems a bit elevated at the moment, we feel that Technology One should be worth following among long-term, quality-focused...

Steven Chen

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