Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Event-Driven

<ul>
<li>Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.</li>
<li>Tencent was up 3.5% in HKD and 6.5% in ZAR.</li>
<li>Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.</li>
</ul>


Naspers and Prosus outperformed the benchmark by a large margin, ending the quarter up 7.3% and 6.7%, respectively. The Capped SWIX finished the quarter down 2.3%.
Tencent was up 3.5% in HKD and 6.5% in ZAR.
Tencent currently makes up 74% of Prosus’ NAV, down 1 percentage point from 75% at the start of the year.


Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

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>In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.</li>
<li>AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.</li>
<li>Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.</li>
</ul>


In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto’s sales volume increased by 39% YoY.
AliPay announced that foreigners’ consumption amount in China in March was ten times of last year.
Facing stagnancy and competition, Alibaba’s Taobao removed service charges from its retailers.


China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results</li>
<li>Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion</li>
<li>Is this progress sustainable, defendable? Lalatech management needs to explain gains</li>
</ul>


In an updated HKEX filing posted on September 28th, Lalatech disclosed H123 financial results
Solid Revenue growth plus sharp expense reductions led to +28 ppt OP margin expansion
Is this progress sustainable, defendable? Lalatech management needs to explain gains


Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

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

Thematic (Sector/Industry)

<ul>
<li>NTES US/1024 HK: The NPPA has released the approval results for domestic online games in March.(+/+)</li>
<li>BABA US/JD US/PDD US /1024 HK: Alibaba to start charging live-streaming commissions (+)</li>
<li>241 HK: Alibaba Health updates its guidance for fiscal year 2023-24 and fiscal year 2024-25, introducing Alimama advertising revenue, but it is still not cheap（/）</li>
</ul>


NTES US/1024 HK: The NPPA has released the approval results for domestic online games in March.(+/+)
BABA US/JD US/PDD US /1024 HK: Alibaba to start charging live-streaming commissions (+)
241 HK: Alibaba Health updates its guidance for fiscal year 2023-24 and fiscal year 2024-25, introducing Alimama advertising revenue, but it is still not cheap（/）


[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

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

Travelsky Technology Ltd H / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travelsky-technology-ltd-h" target="_blank" data-smartkarma-citation="entities:19829:1" rel="noopener">Travelsky Technology Ltd H (696 HK)</a> share price has recovered by 25% since January 2024 sell off</li>
<li>CNY travel data indicates a huge potential of revenue increase for Travelsky.</li>
<li>At 18x PER, Travelsky has become a bargain in the travel sector that is clearly rebounding. </li>
</ul>



Travelsky Technology Ltd H (696 HK) share price has recovered by 25% since January 2024 sell off
CNY travel data indicates a huge potential of revenue increase for Travelsky.
At 18x PER, Travelsky has become a bargain in the travel sector that is clearly rebounding. 


Travelsky (696 HK): Big Jan and Feb so Far

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

Price Gauge
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Trip.com (TCOM US)

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

For us, the most urgent questions for Lalatech still revolve around its "incredible" progress on cost control and how the company will successfully...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.

Blue Lotus Research Institute

Travelsky (696 HK): Big Jan and Feb so Far

At 18x PER, Travelsky clearly is trading at undemanding valuation. The large growth of tourists coming during CNY also indicates that the potential...

Henry Soediarko

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Naspers (NPN) X Prosus (PRX): Performance for Q1 2024, Gains Driven by Tencent, NAV Growth

A look into the performance of Naspers and Prosus for the first quarter of 2024. Gains were driven by Tencent and a weaker Rand (NAV growth) as...

DMA

China Consumption Weekly (8 Apr 2024): BYD, Li Auto, Trip.com, Alibaba

In March 2024, BYD’s Sales volume increased by 46% YoY and Li Auto increased by 39% YoY. AliPay announced foreigners’ consumption amount in China...

Ming Lu

Lalatech IPO: New Filing's H123 P&L Shows Impressive Growth, Unanswered Questions

For us, the most urgent questions for Lalatech still revolve around its "incredible" progress on cost control and how the company will successfully...

Tracking Traffic

[Blue Lotus Daily - TMT Update]:NTES US/1024 HK/BABA US /JD US /PDD US /241 HK/Douyin/ 3690 HK/ TCOM

​NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.

Blue Lotus Research Institute

Travelsky (696 HK): Big Jan and Feb so Far

At 18x PER, Travelsky clearly is trading at undemanding valuation. The large growth of tourists coming during CNY also indicates that the potential...

Henry Soediarko

NPPA approves domestic online games in March; Alibaba to charge live-streaming commissions; Alibaba Health updates guidance for fiscal years 2023-25.