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

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-lead-intelligent-equipmen" target="_blank" data-smartkarma-citation="entities:27971:1" rel="noopener">Wuxi Lead Intelligent Equipmen (300450 CH)</a>  aims to raise around US$400m in its H-share listing.</li>
<li>WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Wuxi Lead Intelligent Equipmen (300450 CH)  aims to raise around US$400m in its H-share listing.
WLIE is a global platform-based intelligent equipment enterprise, offering intelligent equipment and solutions to a wide range of emerging and high-end manufacturing industries.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>If <a href="https://www.smartkarma.com/entities/rheinmetall-ag" target="_blank" data-smartkarma-citation="entities:21700:1" rel="noopener">Rheinmetall AG (RHM GR)</a> remains ranked above 26 on 30 May, it will replace <a href="https://www.smartkarma.com/entities/kering" target="_blank" data-smartkarma-citation="entities:21492:1" rel="noopener">Kering (KER FP)</a> in EURO STOXX50 at the June 2025 quarterly review.</li>
<li>Main forecasted additions to EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/siemens-energy-ag" target="_blank" data-smartkarma-citation="entities:35843:1" rel="noopener">Siemens Energy AG (ENR GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-bank-ag-40d2d02f-a52f-4d36-a86f-79c59c4f0f17" target="_blank" data-smartkarma-citation="entities:526:1" rel="noopener">Deutsche Bank (DBK GR)</a>.</li>
<li>Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are <a href="https://www.smartkarma.com/entities/pernod-ricard-sa" target="_blank" data-smartkarma-citation="entities:21533:1" rel="noopener">Pernod Ricard SA (RI FP)</a> and <a href="https://www.smartkarma.com/entities/stellantis-nv-847415d2-edbe-4b97-b9c9-bece87ed6f72" target="_blank" data-smartkarma-citation="entities:27920:1" rel="noopener">Stellantis NV (STLAM IM)</a>. </li>
</ul>


If Rheinmetall AG (RHM GR) remains ranked above 26 on 30 May, it will replace Kering (KER FP) in EURO STOXX50 at the June 2025 quarterly review.
Main forecasted additions to EURO STOXX50 at the September 2025 annual review are Siemens Energy AG (ENR GR) and Deutsche Bank (DBK GR).
Main forecasted deletions from EURO STOXX50 at the September 2025 annual review are Pernod Ricard SA (RI FP) and Stellantis NV (STLAM IM). 


Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

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>Stellantis' 2024 financial performance presented a mixed picture, reflecting significant challenges and strategic shifts.</li>
<li>The company has been grappling with a difficult year marked by declining revenues, reduced vehicle shipments, and pressures on operating margins.</li>
<li>Despite this, Stellantis is striving to navigate these challenges by focusing on growth, execution, and profitability as key tenets of its strategic direction moving into 2025.</li>
</ul>


Stellantis' 2024 financial performance presented a mixed picture, reflecting significant challenges and strategic shifts.
The company has been grappling with a difficult year marked by declining revenues, reduced vehicle shipments, and pressures on operating margins.
Despite this, Stellantis is striving to navigate these challenges by focusing on growth, execution, and profitability as key tenets of its strategic direction moving into 2025.


Stellantis Fires Back at Market Rivals With Explosive EV Lineup...

<ul>
<li>Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since the company was formed in 2021.</li>
<li>The sudden reimposition of 25% tariffs on auto imports under President Donald Trump’s administration has triggered a cascade of financial and operational consequences.</li>
<li>From halting production at key plants in Canada and Mexico to laying off hundreds of U.S. workers and facing multiple credit rating downgrades, Stellantis’ profitability and global supply chain flexibility have taken a direct hit.</li>
</ul>


Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since the company was formed in 2021.
The sudden reimposition of 25% tariffs on auto imports under President Donald Trump’s administration has triggered a cascade of financial and operational consequences.
From halting production at key plants in Canada and Mexico to laying off hundreds of U.S. workers and facing multiple credit rating downgrades, Stellantis’ profitability and global supply chain flexibility have taken a direct hit.


Stellantis on the Ropes: Tariffs, Layoffs, and Factory Pauses — But Is A Turnaround Taking Shape?

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.</li>
<li>While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.</li>
<li>Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.</li>
</ul>


Mitsubishi Motors plans to outsource EV production to Foxconn, signaling the most significant commercial validation of Foxconn’s MIH EV platform to date.
While Foxconn’s AI server manufacturing is currently the company’s strongest growth driver, its EV strategy is increasingly gaining credibility as a second long-term pillar.
Foxconn -- Structural Long. We see depressed share price as buying opportunity. Mitsubishi contract win increases the probability for additional major OEM production partnership wins this year for Foxconn.


Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Netherlands

Stellantis is a multinational automotive manufacturing corporation that designs, engineers, manufactures, distributes, and sells vehicles and components. Formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, the company offers a portfolio of 14 iconic vehicle brands including Jeep, Peugeot, Citroën, Fiat, and Dodge. Stellantis is headquartered in Hoofddorp, Netherlands, and was founded on January 17, 2021.

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Stellantis (STLAM IM)

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Rheinmetall is expected to replace Kering through fast-entry into EURO STOXX50 at the June 2025 review, while Siemens Energy and Deutsche Bank are...

Dimitris Ioannidis

Stellantis Fires Back at Market Rivals With Explosive EV Lineup...

Stellantis' 2024 financial performance presented a mixed picture, reflecting significant challenges and strategic shifts.

Baptista Research

Stellantis on the Ropes: Tariffs, Layoffs, and Factory Pauses — But Is A Turnaround Taking Shape?

Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since...

Baptista Research

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wuxi Lead Intelligent Equipment A/H Listing - Market Leader but Has Been Facing Industry Headwinds

Wuxi Lead Intelligent Equipmen (300450 CH) aims to raise around US$400m in its H-share listing. In this note, we look at the company's past...

Sumeet Singh

Rheinmetall AG (RHM GR): Fast-Entry Into EURO STOXX50 In June 2025

Rheinmetall is expected to replace Kering through fast-entry into EURO STOXX50 at the June 2025 review, while Siemens Energy and Deutsche Bank are...

Dimitris Ioannidis

Stellantis Fires Back at Market Rivals With Explosive EV Lineup...

Stellantis' 2024 financial performance presented a mixed picture, reflecting significant challenges and strategic shifts.

Baptista Research

Stellantis on the Ropes: Tariffs, Layoffs, and Factory Pauses — But Is A Turnaround Taking Shape?

Stellantis NV, the automotive giant behind brands like Jeep, Dodge, Fiat, and Maserati, is facing one of its toughest operating environments since...

Baptista Research

Foxconn's Huge EV Bet Pays Off: Key Mitsubishi Win Could Spark Additional Automaker Deals to Come

​Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.

Vincent Fernando, CFA

Mitsubishi Motors to outsource EV production to Foxconn, boosting credibility of Foxconn's EV strategy and potential for more OEM partnerships.