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 primarily focused on the catalysts which would have a direct impact on a stocks fundamental 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.

RoboSense Technology (2498.HK) – LiDAR Tech Challenger - Execution Reset, 2026e Recovery in Focus

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

Hesai Group H Share Listing: The Investment Case

Hesai Secondary Offering - Stock Hasn’t Corrected Yet

Equity Bottom-Up

<ul>
<li>
 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.</li>
<li>Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.</li>
<li>Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.</li>
</ul>



 LiDAR TAM is underestimated - Current consensus misses the true size. Our work suggests 2030 TAM can be 70–120% higher than implied; Hesai best positioned as the market leader.
Three Sub-segments Key -China LiDAR penetration reaching 60% penetration, Global ex-China ADAS (and LiDAR) adoption accelerating to 25–35%, and Robotics (logistics, humanoids, appliances) building upto $60bn market by 2030.
Though the use-cases and upside for the sector can be far beyond current estimates, the industry faces a significant technology risk and the jury is still out.


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