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 (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

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>I remain bullish on the stock and reiterate a $37 PT. <a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a> delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.</li>
<li>The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.</li>
<li>The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.</li>
</ul>


I remain bullish on the stock and reiterate a $37 PT. Confluent (CFLT US) delivered upside to total revenue, gross margin, and non-GAAP operating margin estimates.
The company raised guidance for CY23 total revenue and profitability. There were plenty of positives, including cloud momentum and customer demand.
The US-based data streaming pioneer appears well positioned to outperform my estimates, and I see a path to profitability (non-GAAP) in CY24 at the earliest.


Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Lianlian DigiTech / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lianlian-digitech" target="_blank" data-smartkarma-citation="entities:39940:1" rel="noopener">Lianlian DigiTech (2104619D CH)</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.</li>
<li>Lianlian’s digital payments segment has historically been its largest revenue contributor. However, profitability has been declining on the back of lower gross margins and mounting losses from its Liantong JV.</li>
</ul>



Lianlian DigiTech (2104619D CH) is looking to raise up to US$500m in its upcoming HK IPO.
LianLian DigiTech is a digital technology company that provides a range of digital payment services and value-added services to customers in China and around the world.
Lianlian’s digital payments segment has historically been its largest revenue contributor. However, profitability has been declining on the back of lower gross margins and mounting losses from its Liantong JV.


LianLian Digitech Pre-IPO - Declining Profitability with No End in Sight Just Yet

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>Shopify Inc. managed to exceed analyst expectations in terms of revenue as well as earnings with strong financial results.</li><li>The company's focus on improving the merchant experience, including pricing changes and innovative product offerings, contributed to strong top-line growth and attachment rates across the Merchant Solutions product suite.</li><li>In this report, we have carried out a fundamental analysis of the historical financial statements of the company.</li></ul>

Shopify Inc. managed to exceed analyst expectations in terms of revenue as well as earnings with strong financial results.The company's focus on improving the merchant experience, including pricing changes and innovative product offerings, contributed to strong top-line growth and attachment rates across the Merchant Solutions product suite.In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Shopify Inc.: 5 Details Behind Their Improving Revenues! – Key Drivers

<ul><li>Shopify managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.</li><li>The company continued to build its merchant base in Q1 with excellent growth in all geographies and merchant sizes.</li><li>GMV was $50 billion in the first quarter, up 15% year on year or 18% in constant currency terms, as merchants delivered another robust quarter of growth.</li></ul>

Shopify managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.The company continued to build its merchant base in Q1 with excellent growth in all geographies and merchant sizes.GMV was $50 billion in the first quarter, up 15% year on year or 18% in constant currency terms, as merchants delivered another robust quarter of growth.

Shopify Inc.: Post-Pandemic Slowdown Forced Shopify To Sell Deliverr & Logistics Assets? – Key Drivers

Canada

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

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Shopify (SHOP US)

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

Confluent. 2Q Wrap: Solid Results and Leadership Position In a $60B+ TAM

Confluent reported solid results and achieved sustained high growth despite a choppy macro environment and smaller average deal sizes. The company...

Andrei Zakharov

LianLian Digitech Pre-IPO - Declining Profitability with No End in Sight Just Yet

Lianlian DigiTech (2104619D CH) is looking to raise up to US$500m in its upcoming HK IPO. Lianlian’s digital payments segment has historically been...

Ethan Aw

Shopify Inc.: 5 Details Behind Their Improving Revenues! – Key Drivers

Shopify Inc. managed to exceed analyst expectations in terms of revenue as well as earnings with strong financial results. The company's focus on...

Baptista Research

Shopify Inc.: Post-Pandemic Slowdown Forced Shopify To Sell Deliverr & Logistics Assets? – Key Drivers

Shopify managed to surpass the revenue expectations as well as the earnings expectations of Wall Street. The company continued to build its...

Baptista Research

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