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

<ul>
<li>I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of <a href="https://www.smartkarma.com/entities/thai-union-group-pcl" target="_blank" data-smartkarma-citation="entities:161:1" rel="noopener">Thai Union Group (TU TB)</a>. </li>
<li>As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>


I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of Thai Union Group (TU TB). 
As per ITC, it was the number two pet food company in Asia and in the top ten pet food companies globally. ITC expertise lies in fish-based wet pet food.
In this note, we talk about the positive aspects of the deal.


I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chewy-inc" target="_blank" data-smartkarma-citation="entities:28110:1" rel="noopener">Chewy Inc (CHWY US)</a> , one of the largest pure-play pet e-commerce companies that benefited from COVID-19 pandemic, reported 13% y/y revenue growth in 2QFY22, down from 47% in 2QFY20.</li>
<li>The company’s management, including CEO and Director Mr. Singh, sold ~$25M worth of Chewy shares this year, and BC Partners dumped 6.1M shares at $82.50 each in 2021. </li>
<li>Our bear case scenario suggests further room for downside on post-pandemic slowdown, rising costs, intense competition in the pet space, and weak consumer spending.</li>
</ul>



Chewy Inc (CHWY US) , one of the largest pure-play pet e-commerce companies that benefited from COVID-19 pandemic, reported 13% y/y revenue growth in 2QFY22, down from 47% in 2QFY20.
The company’s management, including CEO and Director Mr. Singh, sold ~$25M worth of Chewy shares this year, and BC Partners dumped 6.1M shares at $82.50 each in 2021. 
Our bear case scenario suggests further room for downside on post-pandemic slowdown, rising costs, intense competition in the pet space, and weak consumer spending.


Chewy: Post-Pandemic Slowdown Is Here To Stay While Insiders Are Cashing Out

Writing about High Quality Companies, Enlightened Capital

Enlightened Capital

Writing about High Quality Companies

I have more than 8 years of investing experience across Equities and Fixed Income (Investment Grade/High Yield). I have largely focused on Financials, Energy, and Utilities professionally, but I am interested in exploring new sectors to find attractive opportunities. Right now, the Payments sector is occupying much of my time.

<ul><li>Summary: Resilience and Growth Through Turmoil, Asymmetric Opportunity Today</li><li>Target TGT 4.54%↑ has been a highly controversial retailer for years.</li><li>Recall that in 2007, Bill Ackman’s Pershing Square invested in the business, ultimately building a 10% stake and launching an activist campaign to get on the board and force a sale-leaseback of Target’s extraordinarily valuable real estate.</li></ul>

Summary: Resilience and Growth Through Turmoil, Asymmetric Opportunity TodayTarget TGT 4.54%↑ has been a highly controversial retailer for years.Recall that in 2007, Bill Ackman’s Pershing Square invested in the business, ultimately building a 10% stake and launching an activist campaign to get on the board and force a sale-leaseback of Target’s extraordinarily valuable real estate.

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.

<ul><li>Target saw an improvement in its overall market share across all five of its main merchandising categories and surpassed Wall Street expectations in terms of revenues.</li><li>High single-digit growth was seen in the beauty sector, with Ulta Beauty at Target, skincare, and bath showing particular strength.</li><li>We remain optimistic about their future growth perspective and give a ‘Hold’ rating with a revised target price.</li></ul>

Target saw an improvement in its overall market share across all five of its main merchandising categories and surpassed Wall Street expectations in terms of revenues.High single-digit growth was seen in the beauty sector, with Ulta Beauty at Target, skincare, and bath showing particular strength.We remain optimistic about their future growth perspective and give a ‘Hold’ rating with a revised target price.

Target Corp: New Private Labels & Other Drivers

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of warehouse workers by 2024.</li><li>Amazon, along with Walmart and Target, continues to suffer from high staff turnover across logistics &amp; warehousing (the industry average stands at 49%, but is higher at the big three).</li><li>This has resulted in companies offering incentives, wage increases, and flexible working hours to retain top talent, with margins shrinking as a result.</li></ul>

In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of warehouse workers by 2024.Amazon, along with Walmart and Target, continues to suffer from high staff turnover across logistics &amp; warehousing (the industry average stands at 49%, but is higher at the big three).This has resulted in companies offering incentives, wage increases, and flexible working hours to retain top talent, with margins shrinking as a result.

United States

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

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Target Corp (TGT US)

I-Tail Corporation Pre-IPO - The Positives - For the Pampered Pets

I-Tail Corporation, an original equipment manufacturer (OEM) in the wet pet food category, aims to list in Thailand in 4Q22. ITC is a subsidiary of...

Sumeet Singh

Chewy: Post-Pandemic Slowdown Is Here To Stay While Insiders Are Cashing Out

We believe Chewy stock is overvalued as revenue growth decelerated significantly and active customer growth stalled. Insiders are cashing out,...

Andrei Zakharov

Tarjay: Legendary Retailer on Markdown

Summary: Resilience and Growth Through Turmoil, Asymmetric Opportunity TodayTarget TGT 4.54%↑ has been a highly controversial retailer for years.

Enlightened Capital

Target Corp: New Private Labels & Other Drivers

Target saw an improvement in its overall market share across all five of its main merchandising categories and surpassed Wall Street expectations...

Baptista Research

Fixing the Supply Chain

In an interesting turn of things, a leaked internal memo from Amazon dated back to the mid of 2021 showed that the company could run out of...

subSPAC

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