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>Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.</li>
<li>In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.</li>
<li>In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.</li>
</ul>


Haier plans to acquire all shares of Autohome and dismiss 30% of Autohome’s employees.
In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle.
In 3Q24, Tongcheng Travel's revenue increased by 51% YoY with gross profit up by 29% YoY.


China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

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>Xiaomi reported CY3Q24 revenue, non-IFRS EBIT and non-IFRS net income 4.7%, 7.8%, and 16.6% vs. consensus. </li>
<li>C4Q should be even stronger, as (1) appliance subsidy drive IoT revenue and margin improvement, (2) SU7 production output ~doubles</li>
<li>We reiterate Xiaomi as our TOP BUY idea and raise Xiaomi’s TP to HK$ 33 to reflect the improved profit outlook. Our TP implies 26.6x CY25 P/E.</li>
</ul>


Xiaomi reported CY3Q24 revenue, non-IFRS EBIT and non-IFRS net income 4.7%, 7.8%, and 16.6% vs. consensus. 
C4Q should be even stronger, as (1) appliance subsidy drive IoT revenue and margin improvement, (2) SU7 production output ~doubles
We reiterate Xiaomi as our TOP BUY idea and raise Xiaomi’s TP to HK$ 33 to reflect the improved profit outlook. Our TP implies 26.6x CY25 P/E.


[Xiaomi Inc. (1810 HK, BUY, TP HK$33) Target Price Change]: Good Result, and It Will Only Get Better

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), Yinson Production, Xiaomi Corp, ReNew Energy</li>
<li>In the US, October housing starts declined 3.1% m-o-m to an annualised 1.31 mn units (-1.5% e / -1.9% revised p), the slowest pace in three months as builders put off projects in the wake of hurricanes Helene and Milton.</li>
<li>Meanwhile, October building permits (a proxy for future construction) eased 0.6% m-o-m to an annualised 1.42 mn units.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&amp;H), Yinson Production, Xiaomi Corp, ReNew Energy
In the US, October housing starts declined 3.1% m-o-m to an annualised 1.31 mn units (-1.5% e / -1.9% revised p), the slowest pace in three months as builders put off projects in the wake of hurricanes Helene and Milton.
Meanwhile, October building permits (a proxy for future construction) eased 0.6% m-o-m to an annualised 1.42 mn units.


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Nvidia's Blackwell rack design overheating issues causing potential shipment delays</li><li>AMD leading server market in 3Q24, Intel fighting back in PC market </li><li>Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.</li></ul>

Nvidia's Blackwell rack design overheating issues causing potential shipment delaysAMD leading server market in 3Q24, Intel fighting back in PC market Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

AAC Technologies Holdings / Equity Bottom-Up

<ul>
<li>Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.</li>
<li>
<a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.
</li>
<li>
<a href="https://www.smartkarma.com/entities/cgn-power-co-ltd-h" target="_blank" data-smartkarma-citation="entities:58:1" rel="noopener">CGN Power (1816 HK)</a> share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.
</li>
</ul>


Hong Kong continued a correction in its Bull market which has lifted the HSCEI to be the best performing Asian index this year.  Southboune buying is strong.

AAC Technologies Holdings (2018 HK) share price had a breakout relative to the MSCI AC Asia Index.  The company reported solid results benifitting from the smartphone and auto sectors.


CGN Power (1816 HK) share price relative to MSCI China broke down.  The company reported a disappointing 3Q24 results even as power generation increased by 15% YoY for the period.



Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi Corp (1810 HK)

China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Haier plans to acquire Autohome. In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle. Tongcheng Travel revenue increased...

Ming Lu

[Xiaomi Inc. (1810 HK, BUY, TP HK$33) Target Price Change]: Good Result, and It Will Only Get Better

Xiaomi beats revenue expectations in CY3Q24, expected to strengthen in C4Q with IoT drive and production increase, leading to a raised price target.

Blue Lotus Research Institute

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), Yinson Production,...

Lucror Analytics

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Southbound buying in HK continued strong with Value Factor providing the best returns.AAC Tech share price had a break out as it provided strong...

David Mudd

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (25 Nov 2024): Xiaomi, Haier, Autohome, Xpeng, Full Truck, Tongcheng

Haier plans to acquire Autohome. In 3Q24, Xiaomi's revenue grew by 30% YoY or 17% YoY without electric vehicle. Tongcheng Travel revenue increased...

Ming Lu

[Xiaomi Inc. (1810 HK, BUY, TP HK$33) Target Price Change]: Good Result, and It Will Only Get Better

​Xiaomi beats revenue expectations in CY3Q24, expected to strengthen in C4Q with IoT drive and production increase, leading to a raised price target.

Blue Lotus Research Institute

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), Yinson Production,...

Lucror Analytics

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

Technically Speaking, Breakouts and Breakdowns: HONG KONG (NOVEMBER 25)

Southbound buying in HK continued strong with Value Factor providing the best returns.AAC Tech share price had a break out as it provided strong...

David Mudd

Xiaomi beats revenue expectations in CY3Q24, expected to strengthen in C4Q with IoT drive and production increase, leading to a raised price target.