Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.</li>
<li>The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.</li>
<li>However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.</li>
</ul>


Klarna Group, a Swedish fintech company and BNPL provider, filed for an IPO and submitted a registration statement F-1 form with the SEC.
The company believes that AI and product diversification will boost profitability in the coming years coupled with aggressive cost-cutting and better underwriting process.
However, Klarna delayed its planned IPO due to extreme volatility and Trump’s tariffs, which are a headwind for BNPL players, including Affirm and Klarna.


Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back on the 27th January, <a href="https://www.smartkarma.com/entities/dada-nexus-ltd" target="_blank" data-smartkarma-citation="entities:28961:1" rel="noopener">Dada Nexus (DADA US)</a>, a Chinese on-demand retail and delivery platform, announced a preliminary non-binding proposal from <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (9618 HK)</a>.</li>
<li>JD.com, a 63.2% shareholder, was offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Those terms are now firm and a <a href="https://ir.imdada.cn/static-files/76b0510f-d0c8-4d31-8eae-0c8d4bc000b6" target="_blank" rel="noopener">definitive agreement entered into</a>.</li>
<li>The merger is expected to close in the third quarter. Trading at 4.7%/15%, gross/annualised spread, assuming a four month off-ramp.</li>
</ul>


Back on the 27th January, Dada Nexus (DADA US), a Chinese on-demand retail and delivery platform, announced a preliminary non-binding proposal from JD.com (9618 HK).
JD.com, a 63.2% shareholder, was offering US$0.50/share (US$2.00/ADS), a 42% premium to last close. Those terms are now firm and a definitive agreement entered into.
The merger is expected to close in the third quarter. Trading at 4.7%/15%, gross/annualised spread, assuming a four month off-ramp.


Dada Nexus (DADA US): JD.Com's US$2/ADS Firm Offer

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>As of today, Walmart finds itself at a crossroads.</li><li>The retail giant, long seen as a haven during economic uncertainty, saw its market capitalization drop by nearly $22 billion in a single day after the Conference Board reported that U.S. consumer confidence hit a 12-year low.</li><li>This marks the fourth consecutive monthly decline, with the expectations index plummeting to 65.2 — a level that typically signals a looming recession.</li></ul>

As of today, Walmart finds itself at a crossroads.The retail giant, long seen as a haven during economic uncertainty, saw its market capitalization drop by nearly $22 billion in a single day after the Conference Board reported that U.S. consumer confidence hit a 12-year low.This marks the fourth consecutive monthly decline, with the expectations index plummeting to 65.2 — a level that typically signals a looming recession.

Walmart Warns Of Stressed Shoppers as Consumer Confidence Hits ROCK BOTTOM – What Lies Ahead?

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/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> has published two documents to respond to misinformation and detail its "constructive engagement" with <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>.</li>
<li>The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. </li>
<li>While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.</li>
</ul>



Seven &amp; I Holdings (3382 JP) has published two documents to respond to misinformation and detail its "constructive engagement" with Alimentation Couche-Tard (ATD CN).
The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. 
While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.


Seven & I Holdings (3382 JP): Uncomfortable Truths

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Price momentum remains very weak, and spot rates are already below 2024 lows</li>
<li>Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025</li>
<li>USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs</li>
</ul>


Price momentum remains very weak, and spot rates are already below 2024 lows
Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs


Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Klarna IPO Preview: The Dominant BNPL Player in Europe, Trump’s Tariffs Are a Headwind

Klarna, a Swedish fintech player and the dominant BNPL player in Europe, plans to raise up to $1B in US IPO. I’m cautious about buying into...

Andrei Zakharov

Dada Nexus (DADA US): JD.Com's US$2/ADS Firm Offer

This is a clean deal. Just a question of timing. The spread is attractive. I'd look to enter around here and on any pullback.

David Blennerhassett

Walmart Warns Of Stressed Shoppers as Consumer Confidence Hits ROCK BOTTOM – What Lies Ahead?

As of today, Walmart finds itself at a crossroads. The retail giant, long seen as a haven during economic uncertainty, saw its market...

Baptista Research

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

Container rates continue to fall, and major carriers are guiding to a collapse in core margins in FY25. Proposed US rules could potentially make...

Tracking Traffic

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