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

Equity Bottom-Up

<ul>
<li>Recap of 1H 24 on two of the largest and most influential EV makers; <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla (TSLA US)</a> and <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> .</li>
<li>BYD performance is superior to Tesla yet it trades at a discount to Tesla, notably 0.2x vs 3x PEG.</li>
<li>BYD faces tailwinds in North America and the EU, but those are not its main destinations.</li>
</ul>


Recap of 1H 24 on two of the largest and most influential EV makers; Tesla (TSLA US) and BYD (1211 HK) .
BYD performance is superior to Tesla yet it trades at a discount to Tesla, notably 0.2x vs 3x PEG.
BYD faces tailwinds in North America and the EU, but those are not its main destinations.


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.

<ul>
<li>Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March.</li>
<li>We believe the operating margin will be stable due to the ability of battery production.</li>
<li>We also believe the tariff penalty from Europe is not a concern in the long run, as BYD’s products have expanded to 77 countries.</li>
</ul>


Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March.
We believe the operating margin will be stable due to the ability of battery production.
We also believe the tariff penalty from Europe is not a concern in the long run, as BYD’s products have expanded to 77 countries.


BYD (1211 HK): Revenue Up by 26% in 2Q24 Versus 4% in 1Q24, Buy

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li><em>The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.</em></li>
<li>Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.</li>
<li>HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.</li>
</ul>


The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
Last week saw NORTHBOUND net SELL RMB 14.8bn of A-shares. It was a big net sell week in relatively low gross NORTHBOUND volume.
HK large caps outperformed Mainland large caps generally. Tech (HSTECH vs Star50 and ChiNext) saw even better HK outperformance.


Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

<ul>
<li>In July, BYD’s deliveries increased by 31% YoY and Tesla’s deliveries in mainland China increased by 47% YoY.</li>
<li>Alibaba Taobao will soften its “refund only” rule, but Alibaba Hellobike raised its usage price.</li>
<li>New Oriental revenue increased by 32% YoY and TAL revenue increased by 50% YoY in the May quarter.</li>
</ul>


In July, BYD’s deliveries increased by 31% YoY and Tesla’s deliveries in mainland China increased by 47% YoY.
Alibaba Taobao will soften its “refund only” rule, but Alibaba Hellobike raised its usage price.
New Oriental revenue increased by 32% YoY and TAL revenue increased by 50% YoY in the May quarter.


China Consumption Weekly (5 Aug 2024): BYD, Tesla, Seres, Alibaba, New Oriental, TAL

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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

<ul>
<li>We tallied China renewable energy industry’s expansion overseas in June 2023 and recalibrated our result about one year after. </li>
<li>We see Chinese firm’s strategy of building capacities in the outskirt of US/Europe hard to defeat;</li>
<li>The negative is manufacturing job losses at home. We also find more local competition in solar PV invertors.</li>
</ul>


We tallied China renewable energy industry’s expansion overseas in June 2023 and recalibrated our result about one year after. 
We see Chinese firm’s strategy of building capacities in the outskirt of US/Europe hard to defeat;
The negative is manufacturing job losses at home. We also find more local competition in solar PV invertors.


[Blue Lotus New Energy Sector Update]: Rocky but Firm: China New Energy’s Venture Overseas

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

BYD Vs Tesla: 1H 2024 Updates

BYD performed much better than Tesla yet the former trades at a discount to the latter. BYD's main markets are not in North America and the EU but...

Henry Soediarko

BYD (1211 HK): Revenue Up by 26% in 2Q24 Versus 4% in 1Q24, Buy

Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March. We believe the tariff penalty from Europe is not a concern, as...

Ming Lu

Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

NORTHBOUND back to the sell side last week. Pretty much across the board but renewables-related (solar, btty, EVs) were all sells. EVs to be...

Travis Lundy

China Consumption Weekly (5 Aug 2024): BYD, Tesla, Seres, Alibaba, New Oriental, TAL

In July, BYD’s deliveries increased by 31% YoY and Tesla’s deliveries in China increased by 47% YoY. Alibaba Taobao will soften its “refund only”...

Ming Lu

[Blue Lotus New Energy Sector Update]: Rocky but Firm: China New Energy’s Venture Overseas

Chinese renewable energy firms are expanding overseas, with a focus on building capacities near US/Europe, leading to job losses at home and...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BYD Vs Tesla: 1H 2024 Updates

BYD performed much better than Tesla yet the former trades at a discount to the latter. BYD's main markets are not in North America and the EU but...

Henry Soediarko

BYD (1211 HK): Revenue Up by 26% in 2Q24 Versus 4% in 1Q24, Buy

Total revenue increased by 26% in 2Q24, as sales volume grew strongly after March. We believe the tariff penalty from Europe is not a concern, as...

Ming Lu

Mainland Connect NORTHBOUND Flows (To 9 Aug 2024): Back to Net Selling of Renewables and Consumer

NORTHBOUND back to the sell side last week. Pretty much across the board but renewables-related (solar, btty, EVs) were all sells. EVs to be...

Travis Lundy

China Consumption Weekly (5 Aug 2024): BYD, Tesla, Seres, Alibaba, New Oriental, TAL

In July, BYD’s deliveries increased by 31% YoY and Tesla’s deliveries in China increased by 47% YoY. Alibaba Taobao will soften its “refund only”...

Ming Lu

[Blue Lotus New Energy Sector Update]: Rocky but Firm: China New Energy’s Venture Overseas

​Chinese renewable energy firms are expanding overseas, with a focus on building capacities near US/Europe, leading to job losses at home and...

Blue Lotus Research Institute

Chinese renewable energy firms are expanding overseas, with a focus on building capacities near US/Europe, leading to job losses at home and...