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.

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>


Multiple new agencies have been reporting that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. 
The reports have been coming in since the second half of the year and the company has been duly denying these rumors.
In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.


Tencent Investee Selldown - The US$120bn Global Overhang

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>TikTok's business model advantage: short form video creates greater signal for algorithmic addiction is forcing rivals to react (where possible).</li>
<li>META is best positioned to copy TikTok, and is trading at a valuation approximating cable networks during cord cutting.</li>
<li>Netflix is worst positioned... as YouTube, Instagram, and Snap incorporate TikTok's short form video, more attention will be drawn away from the streaming services. Tough spot to be in.</li>
</ul>


TikTok's business model advantage: short form video creates greater signal for algorithmic addiction is forcing rivals to react (where possible).
META is best positioned to copy TikTok, and is trading at a valuation approximating cable networks during cord cutting.
Netflix is worst positioned... as YouTube, Instagram, and Snap incorporate TikTok's short form video, more attention will be drawn away from the streaming services. Tough spot to be in.


<p>Just a monster quarter. The type Facebook used to print in 2015. We've been pushing Snap as a core long since the beginning of the pandemic. We continue to push Snap as a core long...and are probably even more bullish today then we were a year ago. Facebook's market cap is 10x Snap's. We would bet that gap closes rapidly.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Just a monster quarter. The type Facebook used to print in 2015. We've been pushing Snap as a core long since the beginning of the pandemic. We continue to push Snap as a core long...and are probably even more bullish today then we were a year ago. Facebook's market cap is 10x Snap's. We would bet that gap closes rapidly.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

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>Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result.</li><li>Moreover, Snap-on's success in the Tools Group highlighted its ability to innovate and cater to customer needs effectively.</li><li>Snap-on's customization and profitability, particularly in low-volume production, have been a driving force behind its growth.</li></ul>

Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result.Moreover, Snap-on's success in the Tools Group highlighted its ability to innovate and cater to customer needs effectively.Snap-on's customization and profitability, particularly in low-volume production, have been a driving force behind its growth.

Snap-on Inc: A Look at Their Strategic INDYCAR & Indianapolis Collaborations - Major Drivers

<ul><li>Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.</li><li>The user base continued to grow steadily, and Snap introduced innovative features like My AI, an AI-powered chatbot, to enhance the user experience.</li><li>Despite temporary disruptions caused by changes in the ad platform, Snap remains optimistic about future growth.</li></ul>

Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat.The user base continued to grow steadily, and Snap introduced innovative features like My AI, an AI-powered chatbot, to enhance the user experience.Despite temporary disruptions caused by changes in the ad platform, Snap remains optimistic about future growth.

Snap Inc: The KeyDB Acquisition & Other Drivers

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Tencent Investee Selldown - The US$120bn Global Overhang

There have been multiple reports that Tencent (700 HK) plans to trim its investment portfolio over the remainder of the year. We look at Tencent's...

Sumeet Singh

TMT Pre-2Q Earnings: The TikTok Impact

TikTok is wreaking havoc on the advertising and streaming ecosystems by stealing attention. META is best positioned to respond, NFLX is least well...

Aaron Gabin

Snap: Forget Twitter, Look Out Facebook

We continue to push Snap as a core long...and are probably even more bullish today then we were a year ago. Facebook's market cap is 10x Snap's. We...

Aaron Gabin

Snap-on Inc: A Look at Their Strategic INDYCAR & Indianapolis Collaborations - Major Drivers

Snap-on Incorporated achieved decent growth in both sales and profitability in its most recent result. Moreover, Snap-on's success in the Tools...

Baptista Research

Snap Inc: The KeyDB Acquisition & Other Drivers

Snap delivered mixed results for the previous quarter, with revenues well below analyst expectations but managed an earnings beat. The user base...

Baptista Research

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