Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Geekplus Technology / Equity Capital Markets

<ul>
<li>Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.</li>
<li>Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.</li>
</ul>


Geek+, AI &amp; robotics warehouse automation provider, has updated its filings and reported weak revenue growth in 2024.
Beijing based AMR solution unicorn’s revenue grew to RMB2,409m in 2024, up ~12% YoY. However, gross margins improved, operating losses narrowed, and cash burn rate decreased.
My IPO valuation analysis coalesces around initial valuation range between $2.3B and $2.7B for Geek+ upcoming offering.


Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka, Softbank Group</li>
<li>Treasuries climbed yesterday, with long-end yields declining amid a risk-off sentiment driven by the escalating Iran-Israel conflict. The yield on the 2Y UST slid 1 bp to 3.95%, while the yield on the 10Y UST fell 6 bps to 4.39%.</li>
<li>Equities retreated, after US President Donald Trump called for Iran’s “unconditional surrender” and following the release of weak retail sales and industrial production data. The S&amp;P 500 and Nasdaq fell 0.8% and 0.9%, respectively, to 5,983 and 19,521, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka, Softbank Group
Treasuries climbed yesterday, with long-end yields declining amid a risk-off sentiment driven by the escalating Iran-Israel conflict. The yield on the 2Y UST slid 1 bp to 3.95%, while the yield on the 10Y UST fell 6 bps to 4.39%.
Equities retreated, after US President Donald Trump called for Iran’s “unconditional surrender” and following the release of weak retail sales and industrial production data. The S&amp;P 500 and Nasdaq fell 0.8% and 0.9%, respectively, to 5,983 and 19,521, respectively.


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.


JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.</li>
<li>Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.</li>
<li>Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.</li>
</ul>


Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.
Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.
Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.


Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.</li>
<li>Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.</li>
<li>While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.</li>
</ul>


With Japan’s policy rate at 0.5% and the last hike in January 2025, markets are closely watching the BoJ’s next move on June 17.
Historical data shows limited market impact from anticipated rate decisions—but rare surprises, like the July 2025 hike, have triggered outsized index reactions.
While historical data and current option pricing suggest the June BoJ decision is unlikely to move markets significantly, investors should be aware of low-probability tail risk when positioning.


Bank of Japan's June Policy Decision: A Non-Event for Markets?

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)

Geek+ IPO Valuation Update: Growth Cratered, High U.S. Revenue Exposure

Geek+ plans to go public in Hong Kong soon. In my insight, I discuss IPO valuation, update my financial model and dive deeper into the comps groups

Andrei Zakharov

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ENN Energy, Vedanta Resources, Jababeka,...

Lucror Analytics

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan SPE underperformers may catch a bid. Estee Lauder's jump up has positive implications for Japan's Shiseido and Kose.

Andrew Jackson

Bank of Japan's June Policy Decision: A Non-Event for Markets?

Stay ahead of potential tail risks: with the Bank of Japan's crucial rate decision just two days away, this analysis reveals why the June 17...

Gaudenz Schneider

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