External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Our discretionary universe’s performance continues to be a mixed bag</li><li>Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers</li><li>Ex-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our discretionary universe’s performance continues to be a mixed bagOur coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliersEx-new age and Trent, the universe is likely to grow at 11% alongside margin pressures as SSSGs remain weak (ranging from negative to lower single-digits)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Tongcheng Travel Holdings  / Equity Bottom-Up

Tongcheng Travel Holdings Limited operates as an online travel agency. The Company provides transportation ticketing, accommodation reservation, value added travel products sales, and other services. Tongcheng Travel Holdings provides its services throughout China.

<ul><li>For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both inline with Bloomberg consensus.</li><li>We reiterate our positive view on TC given its robust earnings growth outlook and we believe its business growth is mainly driven by domestic demand and is relatively immune to the impact of tariffs and geopolitical conflicts.</li><li>Our 25%/18% YoY growth forecast for core OTA OP/total non-GAAP NP in 2025E remains unchanged, and we see supporting factors coming from: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to achieve further operating efficiency improvement through refined marketing strategies and optimization in user subsidies provided; 2) international business turnaround from the loss-making stage and contribution of profits. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both inline with Bloomberg consensus.We reiterate our positive view on TC given its robust earnings growth outlook and we believe its business growth is mainly driven by domestic demand and is relatively immune to the impact of tariffs and geopolitical conflicts.Our 25%/18% YoY growth forecast for core OTA OP/total non-GAAP NP in 2025E remains unchanged, and we see supporting factors coming from: 1) resilient travel demand for both domestic and outbound travel, and TC’s ability to achieve further operating efficiency improvement through refined marketing strategies and optimization in user subsidies provided; 2) international business turnaround from the loss-making stage and contribution of profits. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tongcheng Travel (780 HK) - Expecting Inline 1Q Results

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Chagee Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides a wide range of tea drinks products and services. Chagee Holdings serves customers worldwide.

<ul>
<li>Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00  (high-end of the range) and Opened at $33.75 for a 20.5% gain.</li>
<li>The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time. </li>
<li>Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation</li>
</ul>


Chagee Holdings (CHA US) priced a full-size deal of 14.7mm shares at $28.00  (high-end of the range) and Opened at $33.75 for a 20.5% gain.
The immediate IPO pipeline is primed and ready to go, however, the current uncertainty in the market due to the everchanging economic winds is forcing companies to bide their time. 
Chagee was still able to achieve a desirable outcome by meeting three criteria: Large Anchor orders, Smaller Transaction, Attractive Valuation


Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Zoetop Business Co., Limited, doing business as SHEIN, operates as a fashion e-commerce platform. The Company focuses on women's wear, men's apparel, children's clothes, accessories, shoes, bags, and other fashion items. SHEIN serves clients worldwide.

<ul>
<li>In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.</li>
<li>In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.</li>
<li>Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. </li>
</ul>


In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.
In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.
Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion. 


Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Paradise Co., Ltd. is a gaming company that operates casino facilities in South Korea and Kenya.  The Company offers games, such as roulette, black jack, baccarat, and big wheel.  Paradise, through its subsidiaries, operates retail and hotel business.

<ul>
<li>I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. </li>
<li>Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.</li>
<li>The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.</li>
</ul>


I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family. 
Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.
The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming &amp; Entertainment (MGE) in February 2025.


A Visit to Inspire Integrated Resort in Incheon, South Korea

Consumer
Insights in the Consumer Space

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

Tongcheng Travel (780 HK) - Expecting Inline 1Q Results

For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both...

CMB International

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...

IPO Boutique

Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower...

Douglas Kim

A Visit to Inspire Integrated Resort in Incheon, South Korea

I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea. I was impressed with its modern facilities, but there was a relative...

Douglas Kim

Consumer Discretionary (Q4FY25 Results Preview): Q4FY25–a mixed bag

Our discretionary universe’s performance continues to be a mixed bag. Our coverage is expected to grow by ~16% YoY in Q4FY25, driven by a few outliers

HDFC Securities

Tongcheng Travel (780 HK) - Expecting Inline 1Q Results

For 1Q25E, we expect Tongcheng Travel (TC) would record revenue of RMB4.35bn, up 12% YoY, and ink non-GAAP net profit of RMB737mn, up 32% YoY, both...

CMB International

Chagee Holdings Limited (CHA): IPO Valuation Highly Attractive Drawing Strong Interest on Day One

​Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...

IPO Boutique

Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation

Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower...

Douglas Kim

A Visit to Inspire Integrated Resort in Incheon, South Korea

I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea. I was impressed with its modern facilities, but there was a relative...

Douglas Kim

Chagee Holdings IPO sees strong debut despite market uncertainty, meeting criteria for success with large anchor orders, smaller transaction, and...