Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

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<p>This is our second annual edition of the<em><strong> IPOs Pipeline Worldwide (Top 100 Companies)</strong></em>report. This year has been a superb year for the global IPO market and the pipeline of the global IPOs remains robust in 2021. Among the 100 potential IPOs, they are from 16 countries, including the US, China, India, UK, and Indonesia. We estimate that of these 100 companies, more than half should be able to complete their IPOs in 2021. </p>
<p>Most of the IPOs in this list have more than $1 billion in market cap. We believe that the first half of 2021 is likely to be a more active market than the second half of the year, as the companies and the bankers attempt to capitalize on the continued strong momentum for IPOs globally. </p>
<p><strong>This report is meant to serve as a comprehensive, reference guide to help clients so that they could get a broad view of the major IPOs that could get completed next year on a world-wide basis. </strong></p>
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This is our second annual edition of the IPOs Pipeline Worldwide (Top 100 Companies)report. This year has been a superb year for the global IPO market and the pipeline of the global IPOs remains robust in 2021. Among the 100 potential IPOs, they are from 16 countries, including the US, China, India, UK, and Indonesia. We estimate that of these 100 companies, more than half should be able to complete their IPOs in 2021. 
Most of the IPOs in this list have more than $1 billion in market cap. We believe that the first half of 2021 is likely to be a more active market than the second half of the year, as the companies and the bankers attempt to capitalize on the continued strong momentum for IPOs globally. 
This report is meant to serve as a comprehensive, reference guide to help clients so that they could get a broad view of the major IPOs that could get completed next year on a world-wide basis. 


2021 IPOs Pipeline Worldwide (Top 100 Companies)

<p>In this report, we review our IPO investment research in 2020, including the performance of our calls and how we plan to change our process of selection for IPO research in 2021. For those who follow Smartkarma's IPO research, this platform provides one of the most extensive, independent IPO related research (especially in Asian markets). </p><div class="content-highlight"><p><strong>We made 40 investment calls on IPOs this year, of which 34 had positive ratings on the IPOs and 6 had negative ratings. The 36 stocks (with positive ratings) had share price performances that were up 74.5% on average from their IPO prices. The 6 stocks (with negative ratings) had share price performances that were up only 8% on average from their IPO prices. </strong></p></div>

In this report, we review our IPO investment research in 2020, including the performance of our calls and how we plan to change our process of selection for IPO research in 2021. For those who follow Smartkarma's IPO research, this platform provides one of the most extensive, independent IPO related research (especially in Asian markets). We made 40 investment calls on IPOs this year, of which 34 had positive ratings on the IPOs and 6 had negative ratings. The 36 stocks (with positive ratings) had share price performances that were up 74.5% on average from their IPO prices. The 6 stocks (with negative ratings) had share price performances that were up only 8% on average from their IPO prices. 

Review of Our IPO Research in 2020 & Change in Our IPO Research Process for 2021

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<p>Among the numerous high-profile tech IPOs that are ready to complete their IPOs in the next few weeks, <a href="https://www.smartkarma.com/entities/roblox" target="_blank" data-smartkarma-citation="entities:29697:1" rel="noopener">Roblox (ROBX US)</a> is a stock that could potentially perform really well and there are likely to be a huge amount of institutional and retail interests in this coompany. Roblox provides a cloud-based platform for creating and playing 3D based casual games and experiencing virtual worlds.</p>
<p>Roblox has an excellent combination of strong growth in sales and high levels of free cash flow. This combination of difficult to find among many high flying tech IPOs (especially high levels of free cash flow). As a result, Roblox is likely to be followed closely by both the growth and value oriented investors. </p>
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Among the numerous high-profile tech IPOs that are ready to complete their IPOs in the next few weeks, Roblox (ROBX US) is a stock that could potentially perform really well and there are likely to be a huge amount of institutional and retail interests in this coompany. Roblox provides a cloud-based platform for creating and playing 3D based casual games and experiencing virtual worlds.
Roblox has an excellent combination of strong growth in sales and high levels of free cash flow. This combination of difficult to find among many high flying tech IPOs (especially high levels of free cash flow). As a result, Roblox is likely to be followed closely by both the growth and value oriented investors. 


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>Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.</p>

Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.

Roblox IPO Preview – Unique Positioning

Palantir Technologies  / Equity Capital Markets

<p>Palantir has set its expected listing date as the 30<sup>th</sup> of September and has offered guidance suggesting that 3Q revenue would be $278-280m and full year revenue would be $1.06bn implying 4Q revenue of about $300m. The indicative pricing for the stock has been touted as $10 implying an EV of $18bn on fully diluted shares. We examine the attractiveness of this valuation below.</p>

Palantir has set its expected listing date as the 30th of September and has offered guidance suggesting that 3Q revenue would be $278-280m and full year revenue would be $1.06bn implying 4Q revenue of about $300m. The indicative pricing for the stock has been touted as $10 implying an EV of $18bn on fully diluted shares. We examine the attractiveness of this valuation below.

United States

Unity Software Inc. provides software solutions. The Company offers graphic tools to create, run, and monetize real-time 2D and 3D content for mobile phones, tablets, PCs, consoles, and augmented and virtual reality devices. Unity Software serves customers worldwide.

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Unity Software (U US)

2021 IPOs Pipeline Worldwide (Top 100 Companies)

This report is meant to serve as a comprehensive, reference guide for the top 100 IPOs worldwide in 2021 to help clients so that they could get a...

Douglas Kim

Review of Our IPO Research in 2020 & Change in Our IPO Research Process for 2021

In this report, we review our IPO investment research in 2020, including the performance of our calls and how we plan to change our process of...

Douglas Kim

Roblox Corp IPO Preview

In this insight, we provide an IPO preview of the highly anticipated Roblox which provides a cloud-based platform for creating and playing 3D based...

Douglas Kim

Roblox IPO Preview – Unique Positioning

We preview the upcoming listing of minigame sandbox Roblox whose closest peers Minecraft and Fortnite underline its potential, but it is Roblox's...

Mio Kato

Palantir - Valuation

Palantir has set its expected listing date as the 30th of September and has offered guidance suggesting that 3Q revenue would be $278-280m and full...

Mio Kato

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