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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delhivery-pvt-ltd" target="_blank" data-smartkarma-citation="entities:33471:1" rel="noopener">Delhivery (1058656D IN)</a> is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  </li>
<li>The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  </li>
<li>Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  </li>
</ul>



Delhivery (1058656D IN) is the largest and fastest-growing 3PL express parcel delivery player in India by revenue in FY21. It has won SEBI approval to raise up to $1 billion.  
The fundamentals are mixed as it has been unable to leverage its leading position and strong growth to deliver profits or cash generation.  
Based on the draft red herring prospectus, we are cautious about this potential IPO as the negatives outweigh the positives.  


Delhivery IPO Initiation: Can It Deliver?

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ainnovation-technology" target="_blank" data-smartkarma-citation="entities:35386:1" rel="noopener">AInnovation Technology (AIT HK)</a> is a fast-growing enterprise AI solutions provider in China. It has launched an HKEx IPO to raise up to US$157 million. </li>
<li>In <a href="https://www.smartkarma.com/insights/ainnovation-technology-ipo-initiation-code-amber" target="_blank" data-smartkarma-citation="insights:63587" rel="noopener">AInnovation Technology IPO Initiation: Code Amber</a>, we stated that the negatives outweigh the positives and we would give the IPO a pass.</li>
<li>Our valuation analysis suggests that the IPO price is fair. Due to our concerns about the fundamentals, we remain on the sidelines. Pricing is 20 January, listing on 27 January.</li>
</ul>



AInnovation Technology (AIT HK) is a fast-growing enterprise AI solutions provider in China. It has launched an HKEx IPO to raise up to US$157 million. 
In AInnovation Technology IPO Initiation: Code Amber, we stated that the negatives outweigh the positives and we would give the IPO a pass.
Our valuation analysis suggests that the IPO price is fair. Due to our concerns about the fundamentals, we remain on the sidelines. Pricing is 20 January, listing on 27 January.


AInnovation Technology IPO: Valuation Insights

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.

LG Energy Solution / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<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> saw very strong demand for its mega US$10bn+ IPO.</li>
<li>While other IPO markets were in torpor, a number of placements continued to flow in.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

LG Energy Solution (373220 KS) saw very strong demand for its mega US$10bn+ IPO.
While other IPO markets were in torpor, a number of placements continued to flow in.


ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/shui-on-land-ltd' target='_blank' rel='noopener'>Shui On Land</a></li><li><a href='/entities/logan-property-holdings-co-ltd' target='_blank' rel='noopener'>Logan Property Holdings</a></li><li><a href='/entities/sino-ocean-land-holdings' target='_blank' rel='noopener'>Sino Ocean Land</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li><li><a href='/entities/yuzhou-group-holdings-company-limited' target='_blank' rel='noopener'>Yuzhou Group</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Shui On LandLogan Property HoldingsSino Ocean LandTata Motors LtdYuzhou Groupand more...

Nippon Paint Holdings / Equity Capital Markets

<ul>
<li>A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.</li>
<li>We covered most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/nippon-paint-holdings-placement-nothing-particularly-exciting-needs-to-correct" target="_blank" rel="noopener">Nippon Paint Holdings Placement - Nothing particularly exciting, needs to correct</a>.</li>
<li>In this note, we will talk about the updates and share price movement since then.</li>
</ul>


A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.
We covered most aspects of the deal in our previous note, Nippon Paint Holdings Placement - Nothing particularly exciting, needs to correct.
In this note, we will talk about the updates and share price movement since then.


Nippon Paint Placement Quick Update - Better Positioned After Delivering the Largest Correction

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Delhivery IPO Initiation: Can It Deliver?

Delhivery has won SEBI approval to raise up to $1 billion. Based on the draft red herring prospectus, we are cautious about this potential IPO as...

Arun George

AInnovation Technology IPO: Valuation Insights

Our valuation analysis suggests that AInnovation is fully priced at the IPO price range. Due to our concerns about the fundamentals, we remain on...

Arun George

ECM Weekly (16th Jan 2022) - LG Energy, Hyundai Engineering, Nippon Paint, Sunac, JL Mag, JREITs

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Wrap - 14 Jan 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Nippon Paint Placement Quick Update - Better Positioned After Delivering the Largest Correction

A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock. In this note we talk about the...

Sumeet Singh

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