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.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

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.

<ul>
<li>Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.</li>
<li>The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).</li>
<li>At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.</li>
</ul>


Discounts likely set for a re-rating as market continues to overreact to appointment of CEO amid good set of results.
The discounts of both Naspers and Prosus have continued to widen since the appointment of Fabricio Bloisi to Group CEO was announced in May (effective 10 July).
At the end of June, the group released its strongest set of results in years, delivering on consolidated ecommerce profitability ahead of target.


The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

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 Bottom-Up

<ul>
<li>"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics</li>
<li>Sluggish outbound demand, capacity trajectories continued to lag in November</li>
<li>YTD share performance weak, mirrors disappointing recovery in travel activity</li>
</ul>


"Pent-Up demand"? No signs of it anywhere in outbound or domestic metrics
Sluggish outbound demand, capacity trajectories continued to lag in November
YTD share performance weak, mirrors disappointing recovery in travel activity


Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023.</li>
<li>TCOM’s total revenue rose by 31% in 3Q23 over 3Q19 before COVID.</li>
<li>We conclude an upside of 33% and a price target of US$43.70.</li>
</ul>


Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023.
TCOM’s total revenue rose by 31% in 3Q23 over 3Q19 before COVID.
We conclude an upside of 33% and a price target of US$43.70.


Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level

<ul>
<li>In October, the sluggish recovery in outbound tourism demand continued</li>
<li>Outbound capacity growth also timid; but domestic recovery is mostly complete</li>
<li>As growth stock, Trip.com's disappointed; maybe it can attract value investors?</li>
</ul>


In October, the sluggish recovery in outbound tourism demand continued
Outbound capacity growth also timid; but domestic recovery is mostly complete
As growth stock, Trip.com's disappointed; maybe it can attract value investors?


Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)

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.

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Trip.com (TCOM US)

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

The Naspers/Tencent & Prosus/Tencent Stub: Entry Levels so Attractive It Looks Too Good to Be True

Since the appointment of Fabricio Bloisi to Group CEO was announced in May, the discounts have widened notably. This, despite a very good set of...

DMA

Monthly Chinese Tourism Tracker | No "Pent-Up Demand"! | Weak YTD Returns, Too | (December 2023)

November outbound data were disappointing, and even domestic travel activity metrics appeared to move in the wrong direction. Not surprisingly,...

Tracking Traffic

Trip.com (TCOM US, 9961 HK): Revenue 30% Above Pre-COVID Level

Travelers increased by 75% YoY and traveling spending increased by 144% YoY in China in 9M2023. TCOM’s total revenue rose by 31% in 3Q23 over 3Q19...

Ming Lu

Monthly Chinese Tourism Tracker | Recovery Still Sluggish | Trip.com as Value Name | (November 2023)

October outbound demand increased vs September but remains below pre-pandemic levels. We've long viewed Trip.com negatively as a growth stock, but...

Tracking Traffic

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