Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA. A Buy-side analyst.

I cover BFSI, Autos, Tech, AI and several other sectors across geographies.
   
I am a CA and CFA, with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is fundamental driven, focused on the catalysts which would have a direct impact on a stocks performance and market valuation. These days, I look for names which have a clear mis-pricing evident in its valuation vs. fundamental business moats/ growth/ NAV. Fortunately, there are always such stories around. More importantly, the timeline of when the mis-pricing is resolved and what triggers this resolution is what interests me.

Hesai Secondary HK Offering: What Is LiDAR’s Real TAM? Big Upside, One Big Risk.

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Hesai Secondary HK Offering - Stock Has Been Recovering, a Look at Possible Trading Setup

Equity Bottom-Up

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<li>
New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.</li>
<li>The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.</li>
<li>Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.</li>
</ul>



New Business: Sharpa’s role in the Nvidia Isaac GR00T reference platform positions it as an early dexterous-hand leader in this setup, with Hesai supplying actuator assembly through cofounder-linked Sharpa channel.
The original LiDAR volume thesis remains on track. Hesai’s pre-1Q26 case relied on ADAS, robotaxi, robovan, lawn mower and broader robotics LiDAR growth. 1Q26 shipments and FY26 guidance are tracking.
Recent price weakness has to do with sector weakness: Hesai is a medium-term bet on global ADAS, and now also on robotic mobility. Our bull case implies upto 100% upside.


Hesai Group (HSAI US): New Product Upside Creates Large Optionality Amid Sector Weakness