APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

AInnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> is looking to raise up to US$200m in its Hong Kong IPO.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. </li>
<li>While revenue has grown since inception, margin improvement can’t be attributed solely to better cost controls. It also has an unproven track record and operates in a highly fragmented market. </li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$200m in its Hong Kong IPO.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. 
While revenue has grown since inception, margin improvement can’t be attributed solely to better cost controls. It also has an unproven track record and operates in a highly fragmented market. 


Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a>  is looking to raise about US$2bn in its upcoming Hong Kong IPO. </li>
<li>STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.</li>
<li>We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.</li>
</ul>



SenseTime Group (1475539D HK)  is looking to raise about US$2bn in its upcoming Hong Kong IPO. 
STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.
We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.


SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

Equity Bottom-Up

<p>The RPA market has been growing rapidly, attracting new entrants and existing software companies introducing RPA offerings.  These risks and others may not be factored into revenue and earnings estimates and valuation multiples for this recent IPO with a market cap that exceeds $30bn.</p>

The RPA market has been growing rapidly, attracting new entrants and existing software companies introducing RPA offerings.  These risks and others may not be factored into revenue and earnings estimates and valuation multiples for this recent IPO with a market cap that exceeds $30bn.

UiPath, Inc (PATH) - Competition in the RPA Space Creates Questions Around Estimates and Valuation

Equity Analyst, Investi Analyst

Investi Analyst

Equity Analyst

Investment Entrepreneur / Equity Analyst.

<ul>
<li>UiPath is one of the fastest growing software companies ever and has one of the best financial metrics within the SaaS Industry.</li>
<li>UiPath is a company on a mission to automate all forms of mundane tasks within the modern enterprise.</li>
<li>The company has a tremendous amount of potential as AI plays a bigger role in the future of work.</li>
<li>Automation is one of the fastest growing industries in which UiPath is currently the leader with a 1% penetration.</li>
<li>This analysis takes a deeper look into UiPath, history of automation and major highlights from their recent earnings report.</li>
</ul>


UiPath is one of the fastest growing software companies ever and has one of the best financial metrics within the SaaS Industry.
UiPath is a company on a mission to automate all forms of mundane tasks within the modern enterprise.
The company has a tremendous amount of potential as AI plays a bigger role in the future of work.
Automation is one of the fastest growing industries in which UiPath is currently the leader with a 1% penetration.
This analysis takes a deeper look into UiPath, history of automation and major highlights from their recent earnings report.


UiPath: Comprehensive Breakdown Of The Leading Robotic Process Automation Player

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p>UiPath appears to be on track for a strong open today as the company priced its offering at $56, above the $52-54 range which was itself raised from the initial $43-50 range. The implied market cap of about $29bn together with last year’s revenue growth around 80% puts the company in rarefied air.</p>

UiPath appears to be on track for a strong open today as the company priced its offering at $56, above the $52-54 range which was itself raised from the initial $43-50 range. The implied market cap of about $29bn together with last year’s revenue growth around 80% puts the company in rarefied air.

United States

UiPath, Inc. provides software solutions. The Company designs and develops robotic process automation software to build, manage, run, engage, measure, and govern automations across departments within an organization. UiPath serves customers worldwide.

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UiPath Inc (PATH US)

Qingdao AInnovation Technology Group Pre-IPO - Has Grown Fast, but Holds an Unproven Track Record

Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$200m in its Hong Kong IPO. It is an AI solutions provider...

Clarence Chu

SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

SenseTime Group (1475539D HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. We estimate that the company has been losing market...

Sumeet Singh

UiPath, Inc (PATH) - Competition in the RPA Space Creates Questions Around Estimates and Valuation

A growthy, hyped software company faces significant competitive threats as a recent entrant, Microsoft, has taken the RPA market by storm.

Robert C Prather Jr

UiPath: Comprehensive Breakdown Of The Leading Robotic Process Automation Player

UiPath is one of the fastest growing software companies ever and has one of the best financial metrics within the SaaS Industry. UiPath is a...

Investi Analyst

UiPath IPO – Day One Trading

With UiPath pricing its IPO at $56, above the already raised $52-54 range we examine the post listing performance of recent tech IPOs to gauge...

Mio Kato

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