Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

We believe in the importance and value of clarity, the careful articulation of technical ideas, concepts and solutions.

Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

AsiaFIN Holdings Corp. operates as a holding company. The Company, through its subsidiaries, provides market research studies and consultancy services on payment processing, regulatory technology, robotic process automation, and self service unattended payments. AsiaFIN Holdings serves customers worldwide.

<ul>
<li>AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.</li>
<li>ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.</li>
<li>3Q24A numbers were beats for revenue, EBITDA, EBIT, EAT, adjusted Net Income and adjusted fully diluted EPS.</li>
</ul>


AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point.
ASFH provides IP protected fintech solutions to ASEAN based financial institutions / corporates.
3Q24A numbers were beats for revenue, EBITDA, EBIT, EAT, adjusted Net Income and adjusted fully diluted EPS.


AsiaFIN Holdings Corp (ASFH) - 3Q24A Beats

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.

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

<ul><li>MercadoLibre reported robust financial results for the third quarter of 2024, showcasing strong performance across its e-commerce and fintech sectors in Latin America.</li><li>The company's gross merchandise volume (GMV) saw significant growth, with Brazil witnessing a 34% increase year-on-year and Mexico a 27% rise.</li><li>Moreover, the company made substantial gains in market share in these key countries.</li></ul>

MercadoLibre reported robust financial results for the third quarter of 2024, showcasing strong performance across its e-commerce and fintech sectors in Latin America.The company's gross merchandise volume (GMV) saw significant growth, with Brazil witnessing a 34% increase year-on-year and Mexico a 27% rise.Moreover, the company made substantial gains in market share in these key countries.

MercadoLibre Inc.: How Are They Successfully Tackling Supply Chain and Fulfillment Challenges? - Major Drivers

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>Tencent reported C3Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, 11% vs. our estimates and in-line, in-line, 18% vs. consensus. </li>
<li>The bright spot is fintech transaction volume grew 10% YoY showing gain in market share, which coupled with rebound in consumption since October should rive recovery.</li>
<li>We raise TP by 2% to HK$518. Tencent is still our TOP PICK in an uncertain geopolitical environment with an upswing fundamental story.</li>
</ul>


Tencent reported C3Q24 revenue, IFRS operating profit, and IFRS net income in-line, in-line, 11% vs. our estimates and in-line, in-line, 18% vs. consensus. 
The bright spot is fintech transaction volume grew 10% YoY showing gain in market share, which coupled with rebound in consumption since October should rive recovery.
We raise TP by 2% to HK$518. Tencent is still our TOP PICK in an uncertain geopolitical environment with an upswing fundamental story.


[Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

SBI FinTech Solutions Co., Ltd. provides financial services. The Company provides financial settlement, financing, social loans, international remittance, asset information centralized management, and other services. SBI FinTech Solutions offers serves to corporations, individuals, and other groups.

<ul>
<li>After the market close on 14 November, SBI Fintech Solutions announced that the Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions.</li>
<li>The tender offer price is 5,000 won per share, which is 36% higher than the closing price on 14 November. The tender offer size amount is about 26 billion won.</li>
<li>Given the relatively solid upside, we believe SBI Holdings is likely to successfully complete this tender offer and take the company private. </li>
</ul>


After the market close on 14 November, SBI Fintech Solutions announced that the Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions.
The tender offer price is 5,000 won per share, which is 36% higher than the closing price on 14 November. The tender offer size amount is about 26 billion won.
Given the relatively solid upside, we believe SBI Holdings is likely to successfully complete this tender offer and take the company private. 


SBI Fintech Solutions: Tender Offer and Delisting

Japan Specialist

Mark Chadwick

Mercari, Inc. operates as an electronic commercial company. The Company offers electronic commercial software, operation management, marketing planning, and other marketplace services. Mercari serves customers worldwide.

<ul>
<li>Mercari Q1 FY25: Stock Down 16%; Revenues up +2% y/y, but core OP down -13% y/y</li>
<li>This quarter was a rough one for Mercari’s core Marketplace business. GMV growth slowed to mid-single digits</li>
<li>Fintech segment continues to power ahead. Revenue here jumped +37%, fueled by more customers and higher credit balances.</li>
</ul>


Mercari Q1 FY25: Stock Down 16%; Revenues up +2% y/y, but core OP down -13% y/y
This quarter was a rough one for Mercari’s core Marketplace business. GMV growth slowed to mid-single digits
Fintech segment continues to power ahead. Revenue here jumped +37%, fueled by more customers and higher credit balances.


Mercari (4385) | Q1 FY25 Results: Stock Down 16%

Payments, e-wallets, digital banks, DLT and more

Fintech
Payments, e-wallets, digital banks, DLT and more

AsiaFIN Holdings Corp (ASFH) - 3Q24A Beats

AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial...

ACF Equity Research

MercadoLibre Inc.: How Are They Successfully Tackling Supply Chain and Fulfillment Challenges? - Major Drivers

MercadoLibre reported robust financial results for the third quarter of 2024, showcasing strong performance across its e-commerce and fintech...

Baptista Research

[Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts

Tencent's Q3 results meet expectations, with strong growth in fintech and consumption driving recovery. TP raised to HK$518, still a top pick in...

Blue Lotus Research Institute

SBI Fintech Solutions: Tender Offer and Delisting

Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions. Tender offer price is 5,000 won per share, which...

Douglas Kim

Mercari (4385) | Q1 FY25 Results: Stock Down 16%

Mercari's Q1 FY25 sees stock drop 16% as Marketplace business struggles with slowing growth, while Fintech segment thrives with 37% revenue increase.

Mark Chadwick

AsiaFIN Holdings Corp (ASFH) - 3Q24A Beats

AsiaFIN Holdings Corp. (OTCQB : ASFH) - aggressive growth inflection point. ASFH provides IP protected fintech solutions to ASEAN based financial...

ACF Equity Research

MercadoLibre Inc.: How Are They Successfully Tackling Supply Chain and Fulfillment Challenges? - Major Drivers

MercadoLibre reported robust financial results for the third quarter of 2024, showcasing strong performance across its e-commerce and fintech...

Baptista Research

[Tencent (700 HK, BUY, TP HK$518) TP Change]: C3Q24 Review: Performance In-Line with Catalysts

​Tencent's Q3 results meet expectations, with strong growth in fintech and consumption driving recovery. TP raised to HK$518, still a top pick in...

Blue Lotus Research Institute

SBI Fintech Solutions: Tender Offer and Delisting

Japanese financial group SBI is pushing for a tender offer and delisting of SBI Fintech Solutions. Tender offer price is 5,000 won per share, which...

Douglas Kim

Mercari (4385) | Q1 FY25 Results: Stock Down 16%

​Mercari's Q1 FY25 sees stock drop 16% as Marketplace business struggles with slowing growth, while Fintech segment thrives with 37% revenue increase.

Mark Chadwick

Tencent's Q3 results meet expectations, with strong growth in fintech and consumption driving recovery. TP raised to HK$518, still a top pick in...

Mercari's Q1 FY25 sees stock drop 16% as Marketplace business struggles with slowing growth, while Fintech segment thrives with 37% revenue increase.