Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of IPO & Placements for Aequitas Research. At Aequitas we cover all IPOs and placements across Asia-Pac with a deal size of at least US$100m. 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%. 
Prior to Aequitas. I was heading Content Strategy for Smartkarma, along with covering IPOs & Placement. In an earlier life I have covered ASEAN property and the banking space in India.

Head of Research, IPOs & Placements

Xero Results Update: Good Results, Tepid Outlook. Earnings Cut Making It Even More Expensive

Xero US1.2bn Placement - Trying to Jump Start US, Again. Might Not Be a Game Changer.

Xero Shares Remain Under Valued as Strong Revenue Growth Continues

Xero Passes the Tipping Point; FVE Increased 10% to NZD 23

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 Bottom-Up

<a href="https://www.smartkarma.com/entities/xero-ltd" target="_blank" data-smartkarma-citation="entities:390:1" rel="noopener">Xero Ltd (XRO AU)</a> (Mcap: US$6bn, ADV: US$35m) is as its tagline says a "beautiful business". The company is a classic SaaS business offering cloud based accounting. It was set up in New Zealand in 2006 and was listed in 2007, raising a total of NZ$15m. The business is today worth US$6bn. However, XRO mostly caters to small business owners in Australia, NZ, and UK, along with other geographies. With the COVID-19 ravaging small and medium enterprises (SMEs) across its main markets, its questionable if the company can deliver on near term growth.  If the crisis lasts a few months, its growth over the next 2-3 years might be put in question as well.While the recurring revenue will keep the business running, the valuation isn't really factoring in a slowdown.

Xero Ltd (XRO AU) (Mcap: US$6bn, ADV: US$35m) is as its tagline says a "beautiful business". The company is a classic SaaS business offering cloud based accounting. It was set up in New Zealand in 2006 and was listed in 2007, raising a total of NZ$15m. The business is today worth US$6bn. However, XRO mostly caters to small business owners in Australia, NZ, and UK, along with other geographies. With the COVID-19 ravaging small and medium enterprises (SMEs) across its main markets, its questionable if the company can deliver on near term growth.  If the crisis lasts a few months, its growth over the next 2-3 years might be put in question as well.While the recurring revenue will keep the business running, the valuation isn't really factoring in a slowdown.

XERO: 훌륭한 사업이지만 중소기업의 길을 걷게 할 만큼 가격이 책정되어 있지 않음