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/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> aims to raise around US$8-10bn via selling some of its stake in <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings</a> ’ US IPO.</li>
<li>ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO.
ARM develops and licences high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.
In this note, we talk about the positive aspects of the deal.


ARM Holdings Limited - The Positives - Pervasive Global Presence

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.

Equity Bottom-Up

<ul><li>Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.</li><li>The company ended the quarter with a strong acceleration in revenue growth, impressive margin improvements, and positive cash flow generation.</li><li>The company's core subscription growth is robust, and its product portfolio continues to expand with new offerings, such as Unity 2022 LTS, Unity PolySpatial, and Unity Cloud.</li></ul>

Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par earnings.The company ended the quarter with a strong acceleration in revenue growth, impressive margin improvements, and positive cash flow generation.The company's core subscription growth is robust, and its product portfolio continues to expand with new offerings, such as Unity 2022 LTS, Unity PolySpatial, and Unity Cloud.

Unity Software Inc.: The VisionOS Upside & Other Major Drivers

<ul><li>Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.</li><li>Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.</li><li>We give Unity Software Inc. a 'Hold' rating with a revised target price.</li></ul>

Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus.Unity believes AI is a positive force for the industry and its creators, leveraging the sustainable competitive advantages provided by its platform.We give Unity Software Inc. a 'Hold' rating with a revised target price.

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

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

<ul>
<li>Unity’s 1Q23 top line was in line with our estimate, and  bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.</li>
<li>We expect it to outperform in coming quarters because: 1) Create solutions are reducing low margin businesses with low churn rate, </li>
<li>2) Growth solutions continue to gain share driven by integrated Mediation platform, 3) announced AI products with accumulated R&amp;D further diversify Unity toolsets.</li>
</ul>


Unity’s 1Q23 top line was in line with our estimate, and  bottom line was USD 34mn, vs. our est./cons. of USD 4/(3)mn, due to headcount reductions.
We expect it to outperform in coming quarters because: 1) Create solutions are reducing low margin businesses with low churn rate, 
2) Growth solutions continue to gain share driven by integrated Mediation platform, 3) announced AI products with accumulated R&amp;D further diversify Unity toolsets.


[Unity Software (U US) Earnings Review]: Maintain BUY as AI Spending Offset by Topline Growth

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

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.

Private Capital Markets

Unity Software  / Private Capital Markets

<ul>
<li>Founded in 2022, Unity Software Shanghai Co. (Unity 3D/Unity China) is a Chinese company that provides a 3D development platform, and AR/VR solutions to the gaming industry.</li>
<li>The company is a subsidiary of <a href="https://www.smartkarma.com/entities/unity-software-inc" target="_blank" data-smartkarma-citation="entities:29267:1" rel="noopener">Unity Software (U US)</a> and focuses on localisation Unity’s products and services to the Chinese market.</li>
<li>The company was valued at around US$1bn at the time of its formation and based on deal terms, might go for a listing when its valuation hits US$3.6bn.</li>
</ul>


Founded in 2022, Unity Software Shanghai Co. (Unity 3D/Unity China) is a Chinese company that provides a 3D development platform, and AR/VR solutions to the gaming industry.
The company is a subsidiary of Unity Software (U US) and focuses on localisation Unity’s products and services to the Chinese market.
The company was valued at around US$1bn at the time of its formation and based on deal terms, might go for a listing when its valuation hits US$3.6bn.


Unity Software Shanghai: Localizing Products and Services for Game Developers in China

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)

ARM Holdings Limited - The Positives - Pervasive Global Presence

Softbank Group (9984 JP) aims to raise around US$8-10bn via selling some of its stake in ARM Holdings ’ US IPO. In this note, we talk about the...

Sumeet Singh

Unity Software Inc.: The VisionOS Upside & Other Major Drivers

Unity Software Inc. delivered a mixed set of results in its most recent result, with revenues above Wall Street expectations but below-par...

Baptista Research

Unity Software Inc.: The Unity Industry Launch Could Be A Game Changer – Key Drivers

Unity Software delivered a mixed set of results for the previous quarter, with revenues above the analyst consensus. Unity believes AI is a...

Baptista Research