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>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.</li>
<li>We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities.
We looked at the company’s past performance and undertook a peer comparison in our earlier notes. In this note, we talk about valuations.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
We looked at the company’s past performance in our earlier notes. In this note, we undertake a comparison versus its local competitors.


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a> is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.</li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/vng-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:112269" rel="noopener">VNG IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.</li>
</ul>



VNG (VinaGame) (VNG US) is Vietnam’s leading, homegrown digital ecosystem. VNG has filed for a Nasdaq listing to raise US$300 million.
In VNG IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and VNG’s underlying cash burn.


China/Asia TMT

Shawn Yang

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>At the recent Gamescom-Cologne event, both Tencent and NetEase showcased their latest games. We believe that NetEase has a stronger game pipeline compared to Tencent.</li>
<li>According to our estimates, the total annual gross billings from all the games showcased by Tencent should be around RMB 9-12 bn, while NetEase's should be 10-13 bn. </li>
<li>This accounts for approximately 6.3% and 15.6% of their respective gaming revenues in 2024. We maintain a buy rating for both companies, but NetEase remains our top pick.</li>
</ul>


At the recent Gamescom-Cologne event, both Tencent and NetEase showcased their latest games. We believe that NetEase has a stronger game pipeline compared to Tencent.
According to our estimates, the total annual gross billings from all the games showcased by Tencent should be around RMB 9-12 bn, while NetEase's should be 10-13 bn. 
This accounts for approximately 6.3% and 15.6% of their respective gaming revenues in 2024. We maintain a buy rating for both companies, but NetEase remains our top pick.


[Blue Lotus Entertainment Sector Update]: NetEase Has Better Pipeline in Gamescom-Cologne

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">VNG (VinaGame) (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the not-so-positive aspects of the deal.


VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

France

UbiSoft Entertainment SA produces, edits, and distributes video games.  The Company also produces educational software.  UbiSoft's products are sold internationally on CD-Rom and through the Internet.  The Company also licenses its games to Nintendo, Sega, and Sony.

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UBISOFT Entertainment (UBI FP)

VNG Pre-IPO - Thoughts on Valuation

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about valuations.

Sumeet Singh

VNG Pre-IPO - Local Peers Comparison

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about local...

Sumeet Singh

VNG IPO: The Bear Case

The bear case rests on the Communications and Media business' faltering fundamentals, the Fintech business' uncertain path to profitability and...

Arun George

[Blue Lotus Entertainment Sector Update]: NetEase Has Better Pipeline in Gamescom-Cologne

At the recent Gamescom-Cologne event, both Tencent and NetEase showcased their latest games. We believe that NetEase has a stronger game pipeline...

Blue Lotus Research Institute

VNG Pre-IPO - The Negatives - Vietnam’s Mini-Tencent

VNG (VinaGame) (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note, we talk about the not-so...

Sumeet Singh

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