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

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.

Equity Bottom-Up

<ul><li>Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key business areas aligned with strategic initiatives.</li><li>The company reported a gross profit of $2.23 billion, marking a 20% year-over-year increase.</li><li>The Cash App segment notably outperformed, contributing a gross profit of $1.3 billion, up 23% year-over-year, thanks to the robust performance of the Cash App Card, Cash App Borrow, and Buy Now, Pay Later services.</li></ul>

Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key business areas aligned with strategic initiatives.The company reported a gross profit of $2.23 billion, marking a 20% year-over-year increase.The Cash App segment notably outperformed, contributing a gross profit of $1.3 billion, up 23% year-over-year, thanks to the robust performance of the Cash App Card, Cash App Borrow, and Buy Now, Pay Later services.

Block Inc.: Focus on Banking Products and Direct Deposit Services & Other Major Drivers

<ul>
<li>Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.</li>
<li>In our earlier note in 2022, <a href="https://www.smartkarma.com/insights/tencent-investee-selldown-the-us-120bn-global-overhang" target="_blank" data-smartkarma-citation="insights:81153" rel="noopener">Tencent Investee Selldown - The US$120bn Global Overhang</a>, we had looked at its overall investment portfolio.</li>
<li>With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. </li>
</ul>


Tencent has been busy distributing shares in some of its investments over the past two years, with JD.com’s distribution announced in 2021 and Meituan’s in 2022.
In our earlier note in 2022, Tencent Investee Selldown - The US$120bn Global Overhang, we had looked at its overall investment portfolio.
With two of its large investments spun-out, we now re-look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how. 


Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.</li>
<li>Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.</li>
<li>AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.</li>
</ul>


AFRM posted solid Q3 2025 results with revenue growing of 35.9% YOY and in line with its stated guidance range. The adjusted operating income margin expanded by ~850 bps YOY.
Q425 guidance was muted with implied revenue growth of 26% at the mid-point. This is much lower compared to 40.7%, 46.6% and 35.9% growth during Q1, Q2 and Q3 2025.
AFRM’s valuation remains rich at 5.1x 2025E P/B and 25.2x 2025E P/E multiple, at a premium to the peer group average. This caps any meaningful upside from the current levels.


Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

Fidelity National Info Serv / Equity Bottom-Up

<ul>
<li>FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.</li>
<li>During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.</li>
<li>FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.</li>
</ul>


FIS reported solid first-quarter 2025 results, with adjusted EPS growth of 11% YOY. Revenue at $2,532 million for Q1 2025, exceeded the high end of the guidance.
During Q1, FIS returned nearly $670 million to shareholders, comprising $450 million via share buyback and $220 million via dividends.
FIS reiterated its full-year 2025 guidance with adjusted EPS between $5.70 to $5.80. It currently trades at fwd P/E of 13.6x, below its 5-year average of 16.4x.


Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (XYZ 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

Block Inc.: Focus on Banking Products and Direct Deposit Services & Other Major Drivers

Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key...

Baptista Research

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

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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

Block Inc.: Focus on Banking Products and Direct Deposit Services & Other Major Drivers

Block, Inc., the parent company to Block and Cash App, delivered robust results in the second quarter of 2024, reflecting strong growth in key...

Baptista Research

Tencent Investee Selldown - JD.com Done, Meituan Done, Two More Still Left

Tencent has been distributing shares in some of its investments over the past two years. In this note, we look at which of its remaining investee...

Sumeet Singh

Affirm Holdings Inc. (AFRM) Financial Factsheet - Growth, Valuation & Peers

​AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

GSBR Research

Fidelity National Information Services Inc. (FIS) Financial Factsheet - Growth, Valuation & Peers

​FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...

GSBR Research

AFRM's Q3 2025 results show strong revenue growth and expanded operating income margin, but Q4 guidance is lower and valuation remains high,...

FIS reported solid Q125 results, exceeding high end of its revenue guidance. Returned $670M to shareholders during Q1. Reiterated FY25 EPS...