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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Bilibili has announced the latest incentive policies for the "Spark Program."</li>
<li>XPEV/DiDi: Xpeng to acquire DiDi's Smart EV project and establish strategic partnership with DiDi (+/+)</li>
<li>SE / PDD: Temu enters the Philippines ( - / +)</li>
</ul>


Bilibili has announced the latest incentive policies for the "Spark Program."
XPEV/DiDi: Xpeng to acquire DiDi's Smart EV project and establish strategic partnership with DiDi (+/+)
SE / PDD: Temu enters the Philippines ( - / +)


China TMT Update-Bili/XPEV/DiDi/SE/PDD-Xpeng Acquire DiDi's EV Project/Temu Enters the Philippines

Research from Value Investing, Value Investing

Value Investing

Research from Value Investing

I am a value investor. "Value", as defined in Value Investing, is simply the act of buying something for less than its worth. I treat my equity investment as a loan to the business - where the priority is to get back my principal in full, rather than achieving maximum yield. I consider my equity investment as a slightly higher risk loan extended to the business with slightly more accommodative loan covenants - hence justifying a slightly higher yield. While I identify as a value investor and cover all stocks and macro topics indiscriminately, most of my research will have an ASEAN bent as that’s where I’m geographically located.

Equity Bottom-Up

<ul>
<li>Forrest Li: "Look How They Massacred My Boy" When CEO Forrest Li announced SEA Ltd’s Q2 results in mid-August, he was probably expecting a pat on the back.</li>
<li>After all, the team at SEA Ltd had slogged through fire and brimstone over the past year trying to bring the company back to profitability.</li>
<li> And to their credit, they had actually successfully done so against all odds, as evidenced by the opening statement of their 23Q2 results.</li>
</ul>


Forrest Li: "Look How They Massacred My Boy" When CEO Forrest Li announced SEA Ltd’s Q2 results in mid-August, he was probably expecting a pat on the back.
After all, the team at SEA Ltd had slogged through fire and brimstone over the past year trying to bring the company back to profitability.
 And to their credit, they had actually successfully done so against all odds, as evidenced by the opening statement of their 23Q2 results.


Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a>’ US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we compare its recent performance versus its performance prior to its privatisation and discuss the changes since then.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we compare its recent performance versus its performance prior to its privatisation and discuss the changes since then.


ARM Holdings Pre-IPO - Pre-Privatisation to Pre-Listing Changes - Slower Growth, Lower Margins

Singapore

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

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Sea Ltd (SE US)

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

China TMT Update-Bili/XPEV/DiDi/SE/PDD-Xpeng Acquire DiDi's EV Project/Temu Enters the Philippines

Bilibili has announced the latest incentive policies for the "Spark Program.";XPEV/DiDi: Xpeng to acquire DiDi's Smart EV project(+/+);SE/PDD: Temu...

Blue Lotus Research Institute

SEA Ltd: The Prodigal Son (2Q deep-dive)

Forrest Li: "Look How They Massacred My Boy" When CEO Forrest Li announced SEA Ltd’s Q2 results in mid-August, he was probably expecting a pat on...

Value Investing

ARM Holdings Pre-IPO - Pre-Privatisation to Pre-Listing Changes - Slower Growth, Lower Margins

Softbank Group aims to raise around US$8-10bn via selling some of its stake in ARM Holdings’ US IPO. In this note, we compare its recent...

Sumeet Singh

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