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

Sigenergy Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy Technology (6656 HK)</a> is a global leader in distributed energy storage system (DESS) solutions. It has launched an HKEx IPO to raise US$562 million.</li>
<li>I previously discussed the IPO in <strong><em><a href="https://www.smartkarma.com/insights/sigenergy-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:230084" rel="noopener">Sigenergy IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.</li>
</ul>



Sigenergy Technology (6656 HK) is a global leader in distributed energy storage system (DESS) solutions. It has launched an HKEx IPO to raise US$562 million.
I previously discussed the IPO in Sigenergy IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price is attractive.


Sigenergy (6656 HK) IPO: Valuation Insights

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>Q1 26 result is out, EV sales are slowing down, but the more important thing is the shrinking regulatory credit, which is the highest-margin business. </li>
<li>The robotaxi and robotic businesses update indicates that they will come to life in 2027 onwards thus it should be adjusted in the valuation. </li>
<li>At 335x PER, taking into account the above data, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> certainly looks expensive. If net margin is not improving, it calls for a lower valuation. </li>
</ul>


Q1 26 result is out, EV sales are slowing down, but the more important thing is the shrinking regulatory credit, which is the highest-margin business. 
The robotaxi and robotic businesses update indicates that they will come to life in 2027 onwards thus it should be adjusted in the valuation. 
At 335x PER, taking into account the above data, Tesla (TSLA US) certainly looks expensive. If net margin is not improving, it calls for a lower valuation. 


<ul>
<li>
<a href="https://www.smartkarma.com/entities/sigenergy-technology" target="_blank" data-smartkarma-citation="entities:44468:1" rel="noopener">Sigenergy (SIG CH)</a>, a global leader in distributed energy storage system (DESS) solutions, is pre-marketing an HKEx IPO to raise around US$500-600 million.   </li>
<li>The flagship product is SigenStor, which is the first ESS solution in the industry to combine five-in-one functionalities and among the first to adopt stacking technologies.</li>
<li>The investment case rests on the market positioning, rapid growth, margin expansion, declining cash burn and modest leverage.</li>
</ul>



Sigenergy (SIG CH), a global leader in distributed energy storage system (DESS) solutions, is pre-marketing an HKEx IPO to raise around US$500-600 million.   
The flagship product is SigenStor, which is the first ESS solution in the industry to combine five-in-one functionalities and among the first to adopt stacking technologies.
The investment case rests on the market positioning, rapid growth, margin expansion, declining cash burn and modest leverage.


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.

Ningbo Deye Technology / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ningbo-deye-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36236:1" rel="noopener">Ningbo Deye Technology (605117 CH,</a> NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.</li>
<li>On the placement front, Japan deals accounted for the bulk of the flows this week</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, A/H lsitings show no signs of slowing down, despite CNY fast approaching.
On the placement front, Japan deals accounted for the bulk of the flows this week


Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

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Sungrow Power Supply (300274 CH)

Sigenergy (6656 HK) IPO: Valuation Insights

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, has launched an HKEx IPO to raise US$562 million. In this note, I...

Arun George

Tesla (TSLA): Starts to Crack

Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...

Henry Soediarko

Sigenergy IPO: The Investment Case

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, is pre-marketing an HKEx IPO to raise around US$500-600 million....

Arun George

Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sigenergy (6656 HK) IPO: Valuation Insights

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, has launched an HKEx IPO to raise US$562 million. In this note, I...

Arun George

Tesla (TSLA): Starts to Crack

​Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...

Henry Soediarko

Sigenergy IPO: The Investment Case

Sigenergy, a global leader in distributed energy storage system (DESS) solutions, is pre-marketing an HKEx IPO to raise around US$500-600 million....

Arun George

Aequitas: Ningbo Deye Technology A/H Listing - Riding the Residential Energy Storage Wave

Ningbo Deye Technology (605117 CH, NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H...

Sumeet Singh

Aequitas ECM Weekly (2 February 2026)- Eastroc, Muyuan, Han's CNC, Wuxi Lead, Sungrow, Kokusai

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Q1 26 results show slowing EV sales, but shrinking regulatory credit is the real concern for Tesla's high valuation. Robotaxi not expected until...