Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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

<ul>
<li>Geely’s sales volume grew by 27% YoY in November 2024.</li>
<li>BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.</li>
<li>Geely’s forward financial ratios are lower than its major competitors.</li>
</ul>


Geely’s sales volume grew by 27% YoY in November 2024.
BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July.
Geely’s forward financial ratios are lower than its major competitors.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight include: <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, <a href="https://www.smartkarma.com/entities/kingsoft-corp-ltd" target="_blank" data-smartkarma-citation="entities:492:1" rel="noopener">Kingsoft Corp (3888 HK)</a>, and <a href="https://www.smartkarma.com/entities/coastal-greenland-ltd" target="_blank" data-smartkarma-citation="entities:4969:1" rel="noopener">Coastal Greenland (1124 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight include: Geely Auto (175 HK), Kingsoft Corp (3888 HK), and Coastal Greenland (1124 HK).


HK CEO & Director Dealings (28th Nov 2024): Geely Auto, Kingsoft Corp, Coastal Greenland

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

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.

<ul><li>Maintain BUY. Despite an unexciting net profit, its SG&amp;A cost control and NEV profitability were impressive in 3Q24.</li><li>We expect the current strong NEV sales momentum to extend into 2025, leading to substantial core profit growth.</li><li>3Q24 operating profit beat. Geely’s 3Q24 revenue was 2% lower than our prior forecast.</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.

Maintain BUY. Despite an unexciting net profit, its SG&amp;A cost control and NEV profitability were impressive in 3Q24.We expect the current strong NEV sales momentum to extend into 2025, leading to substantial core profit growth.3Q24 operating profit beat. Geely’s 3Q24 revenue was 2% lower than our prior forecast.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.

Geely Automobile (175 HK) - 3Q24 NEV Sales and Profits Pave Way for FY25

<ul>
<li>Geely’s revenue grew by 20% YoY and deliveries increased by 19% YoY in 3Q24.</li>
<li>The operating margin improved to 5.3% in 3Q24 versus 2.9% in 3Q23.</li>
<li>We conclude an upside of 58% and a price target of HK$22 for the end of 2025.</li>
</ul>


Geely’s revenue grew by 20% YoY and deliveries increased by 19% YoY in 3Q24.
The operating margin improved to 5.3% in 3Q24 versus 2.9% in 3Q23.
We conclude an upside of 58% and a price target of HK$22 for the end of 2025.


Geely (175 HK): 3Q24, Revenue up by 20% and Operating Profit up by 129% (2nd Largest in China)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Hong Kong

Geely Automobile Holdings Limited operates as a passenger vehicles manufacturing company. The Company provides passenger vehicles development, manufacturing, sales, and other services. Geely Automobile Holdings also exports passenger vehicles.

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Geely Auto (175 HK)

Geely (175 HK): Turning from PHEV to BEV

Geely’s deliveries grew by 27% YoY in November 2024. BEV delivery growth rate accelerated to 173% YoY in November from 26% YoY in July. Geely’s...

Ming Lu

HK CEO & Director Dealings (28th Nov 2024): Geely Auto, Kingsoft Corp, Coastal Greenland

The key stocks mentioned in this regular insight include: Geely Auto (175 HK) (director buying), Kingsoft Corp (3888 HK) (directors selling), and...

David Blennerhassett

Geely Automobile (175 HK) - 3Q24 NEV Sales and Profits Pave Way for FY25

Maintain BUY. Despite an unexciting net profit, its SG&A cost control and NEV profitability were impressive in 3Q24. We expect the current strong...

CMB International

Geely (175 HK): 3Q24, Revenue up by 20% and Operating Profit up by 129% (2nd Largest in China)

Revenue grew by 20% YoY and deliveries increased by 19% YoY in 3Q24. The operating margin improved to 5.3% in 3Q24 versus 2.9% in 3Q23. We conclude...

Ming Lu

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

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