ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's (SE US)</a> decision to exit India came as a surprise but looks like a prudent move given the heightened risk for Shopee there post the <em>FreeFire</em> ban.</li>
<li>The move will allow <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> to focus its attention and resources on a more profitable markets such as Brazil, which is already seen as a core market.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd's</a> growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on 3.4x FY2023E EV/Sales.</li>
</ul>



Sea Ltd's (SE US) decision to exit India came as a surprise but looks like a prudent move given the heightened risk for Shopee there post the FreeFire ban.
The move will allow Sea Ltd (SE US) to focus its attention and resources on a more profitable markets such as Brazil, which is already seen as a core market.

Sea Ltd's growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on 3.4x FY2023E EV/Sales.


Sea Ltd (SE US) - An Indian Odyssey Brings Experience

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

JD.com Inc (ADR) / Equity Capital Markets

<ul>
<li>On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.</li>
<li>While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.</li>
<li>In this note, we talk about the updates since our last note and the actual number of shares in CCASS.</li>
</ul>


On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.
While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is happened on 25th Mar 2022.
In this note, we talk about the updates since our last note and the actual number of shares in CCASS.


JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

<ul>
<li>On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.</li>
<li>While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022.</li>
<li>In this note, we talk about the updates since our last note and have a closer look at Prosus and its possible motivation/intention with its JD.com stake.</li>
</ul>


On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of JD.com.
While Tencent went ex-div on 20th Jan 2022, the actual settlement of the distribution is expected to happen on or about 25th Mar 2022.
In this note, we talk about the updates since our last note and have a closer look at Prosus and its possible motivation/intention with its JD.com stake.


JD.com Tencent Distribution - Updates on the Now US$15bn Overhang and the Prosus Angle

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (1379371D IJ)</a> launched its bookbuild but decided to keep it local, with no international bookrunners.</li>
<li>Placements continue to trickle in with <a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> managing to raise US$150m odd. All eyes will be on <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> in the coming week.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

GoTo (1379371D IJ) launched its bookbuild but decided to keep it local, with no international bookrunners.
Placements continue to trickle in with Abacus Property (ABP AU) managing to raise US$150m odd. All eyes will be on JD.com Inc. (9618 HK) in the coming week.


ECM Weekly (20th Mar 2022) - JD.com, Tencent, Prosus, GoTo, Ferretti, Green Tea, Recbio, Abacus

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

KraneShares CSI China Internet ETF / Event-Driven

<ul>
<li>China ADRs were sharply lower last week as the SEC started to name companies that were identified under the Holding Foreign Companies Accountable Act (HFCAA).</li>
<li>Then <a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global</a> dropped 44% on Friday following reports that the their proposals to prevent data/security leaks did not meet CAC's requirements and work on the HK listing was halted.</li>
<li>With 2024 not too far away, a lot of the U.S. listed companies will look at listing in Hong Kong in the near future. That will have its own implications.</li>
</ul>


China ADRs were sharply lower last week as the SEC started to name companies that were identified under the Holding Foreign Companies Accountable Act (HFCAA).
Then DiDi Global dropped 44% on Friday following reports that the their proposals to prevent data/security leaks did not meet CAC's requirements and work on the HK listing was halted.
With 2024 not too far away, a lot of the U.S. listed companies will look at listing in Hong Kong in the near future. That will have its own implications.


China ADRs & HFCAA: Pace of Homecoming Listings Should Pick Up & Implications

China

NetEase, Inc. is an Internet technology company that develops applications, services and other Internet technologies in China. The Company's core businesses consist of email service, web portal and online entertainment, including online gaming services. NetEase also offers online advertising, search, mobile applications and e-commerce.

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NetEase Inc (NTES US)

Sea Ltd (SE US) - An Indian Odyssey Brings Experience

Sea Ltd's growth model is intact with losses in its core e-commerce markets declining fast on a per order basis. Valuations are less challenging on...

Angus Mackintosh

JD.com Tencent Distribution Quick Update - Settlement Done. Shares Hit CCASS, but Not All Shares

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m Class A ordinary shares of...

Sumeet Singh

JD.com Tencent Distribution - Updates on the Now US$15bn Overhang and the Prosus Angle

On 23rd Dec 2021, Tencent declared a special interim dividend in the form of a distribution in specie of 457.326m shares of JD.com. In this note we...

Sumeet Singh

ECM Weekly (20th Mar 2022) - JD.com, Tencent, Prosus, GoTo, Ferretti, Green Tea, Recbio, Abacus

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

China ADRs & HFCAA: Pace of Homecoming Listings Should Pick Up & Implications

The SEC naming 5 companies under the HFCAA put China ADRs under pressure last week. The news that the CAC had nixed DIDI's HK listing plans added...

Brian Freitas

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