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>Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.</li>
<li>Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.</li>
<li>After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.</li>
</ul>


Early on Monday morning, Naspers and Prosus announced the immediate resignation of CEO Bob van Dijk. Management hosted an investor call shortly after. Key takeaways are included below.
Ervin Tu, Group Chief Investment Officer, will take over as Interim CEO. Tu is a strong candidate for the permanent position.
After an initial bounce at the open, both counters sold off, widening the discounts by more than 1 percentage point intra-day.


Naspers (NPN) & Prosus (PRX): Initial Market Reaction to Leadership Changes

China/Asia TMT

Shawn Yang

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>ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)</li>
<li>HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)</li>
<li>3690. HK : Keeta expands into Hong Kong Island (-)</li>
</ul>


ZTO/002352.CH/ BABA/ PDD: Parcel volume data suggests continued consumption rebound (+)
HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi Xing" (+)/(-)
3690. HK : Keeta expands into Hong Kong Island (-)


China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Bob van Dijk, CEO of both <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> and <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a>, has stepped down, effective 18 September. </li>
<li>Van Dijk was instrumental in the 2019 listing of Prosus and the creation (and subsequent unwinding) of the highly-criticised Prosus/Naspers cross-holding structure. </li>
<li>His departure should have minimal impact. Everything else basically stays the same. Continue to be long Prosus vs. NAV - that is, Prosus vs. <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>.</li>
</ul>


Bob van Dijk, CEO of both Naspers (NPN SJ) and Prosus NV (PRX NA), has stepped down, effective 18 September. 
Van Dijk was instrumental in the 2019 listing of Prosus and the creation (and subsequent unwinding) of the highly-criticised Prosus/Naspers cross-holding structure. 
His departure should have minimal impact. Everything else basically stays the same. Continue to be long Prosus vs. NAV - that is, Prosus vs. Tencent (700 HK).


Prosus/Naspers: Business As Usual As CEO Steps Down

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/4paradigm" target="_blank" data-smartkarma-citation="entities:34465:1" rel="noopener">4Paradigm (1764934D HK)</a> is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.</li>
<li>4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.</li>
<li>In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.</li>
</ul>



4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.
4P is a platform-centric AI enterprise solutions provider. It was the largest player by revenue in the platform-centric decision-making AI market in China in 2022, as per CIC.
In our previous notes, we covered the company’s performance and refiling updates. In this note, we will cover the firm’s PHIP updates, peer comparison and share our thoughts on valuation.


4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

<ul>
<li>1810.HK/AAPL/981.HK: Local media reports that the Mate 60 series is planned to ship 20mn units (-/-/+)</li>
<li>HK700/HK1024/DOYU/BILI/IQ: Tencent announced its live broadcast rights holder for 2023 Hangzhou Asian Games. (+)/(-)/(-)/(-)/(-)</li>
<li>BABA/VIPS / PDD/ 3690.HK/ YSG/JD: Social retail consumption improved month-on-month (+/+/+/+/+/-)</li>
</ul>


1810.HK/AAPL/981.HK: Local media reports that the Mate 60 series is planned to ship 20mn units (-/-/+)
HK700/HK1024/DOYU/BILI/IQ: Tencent announced its live broadcast rights holder for 2023 Hangzhou Asian Games. (+)/(-)/(-)/(-)/(-)
BABA/VIPS / PDD/ 3690.HK/ YSG/JD: Social retail consumption improved month-on-month (+/+/+/+/+/-)


China TMT Update-1810.HK/AAPL/981.HK/HK700/HK1024/DOYU/BILI/IQ/BABA/VIPS/PDD/3690.HK/YSG/JD-Mate 60

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Naspers (NPN) & Prosus (PRX): Initial Market Reaction to Leadership Changes

Naspers & Prosus: initial reaction to leadership changes may suggest that the quality of management is yet to be priced out of discounts, market...

DMA

China TMT Update-ZTO/002352.CH/BABA/ PDD/HK 700/NTES/3690.HK-Tencent New Game/Keeta/Parcel Volume

ZTO/002352.CH/BABA/PDD: Parcel volume data suggests continued consumption rebound (+);HK 700/NTES: Tencent Announces New Game "Yuan Meng Zhi...

Blue Lotus Research Institute

Prosus/Naspers: Business As Usual As CEO Steps Down

For arbers, go long Prosus and hedge 75% with Tencent, and 10-15% of Prosus listed holdings (Meituan, Delivery Hero, Trip.com, Remitly Global)...

David Blennerhassett

4Paradigm IPO - PHIP Updates, Peer Comparison & Thoughts on Valuation

4Paradigm (1764934D HK) is looking to raise up to US$144m in its Hong Kong IPO, after downsizing from an earlier reported float of US$600m.

Ethan Aw

China TMT Update-1810.HK/AAPL/981.HK/HK700/HK1024/DOYU/BILI/IQ/BABA/VIPS/PDD/3690.HK/YSG/JD-Mate 60

Local media reports that the Mate 60 series is planned to ship 20mn units; Tencent announced its live broadcast rights holder for Asian Games;...

Blue Lotus Research Institute

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