Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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Equity Capital Markets

Following our previous note covering the fundamentals of Huya Streaming's business (link to previous note <a href="https://www.smartkarma.com/insights/huya-live-streaming-ipo-fast-growing-industry-but-competition-is-intense" target="_blank">here</a>), we would like to explore further its competitive landscape in this insight, especially between Huya and its key competitor Douyu. Though both companies look similar on the surface, as both have a focus on online game live streaming, a detailed analysis shows granular differences between the two. In this note, we will take a closer look at these differences.While the prospectus claims that Huya is the number one player in the online game streaming market by number of active users, some argue that Douyu should be the number one player in the market, based on another metric. Our finding shows that Huya has a smaller active audience but more broadcasters than Douyu. Both Huya and Douyu have their niche market in some but not all sub-segments of online game streaming. Huya also operates a unique agency model like its parent YY whereas Douyu does not.

Following our previous note covering the fundamentals of Huya Streaming's business (link to previous note here), we would like to explore further its competitive landscape in this insight, especially between Huya and its key competitor Douyu. Though both companies look similar on the surface, as both have a focus on online game live streaming, a detailed analysis shows granular differences between the two. In this note, we will take a closer look at these differences.While the prospectus claims that Huya is the number one player in the online game streaming market by number of active users, some argue that Douyu should be the number one player in the market, based on another metric. Our finding shows that Huya has a smaller active audience but more broadcasters than Douyu. Both Huya and Douyu have their niche market in some but not all sub-segments of online game streaming. Huya also operates a unique agency model like its parent YY whereas Douyu does not. 

Huya (虎牙) Live Streaming IPO: Granular Differences Between Huya and Douyu (斗鱼) (Part 2)

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
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Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Riedel CNBC Interview - Opportunities in EM During Market Volatility

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Ping An Insurance (H) / Technical Analysis

Tecent and Ping An continue to work their way lower after our March 22 sell call. More importantly these bell weathers have a direct impact on which way the HSI triangle breaks, and outlined in our <a href="https://www.smartkarma.com/insights/s-p-hsi-reflections-as-hk-property-teeters" target="_blank" data-smartkarma-citation="insights:19693">S&amp;P HSI Reflections as HK Property Teeters</a> insight with a bear take on triangulation. Pressures are mounting for HK and H shares to break lower in a big way.March 23rd we placed a revised target for Tencent at 360 given odds of a more serious trendline pressure test. Ping An is getting clobbered today…

Tecent and Ping An continue to work their way lower after our March 22 sell call. More importantly these bell weathers have a direct impact on which way the HSI triangle breaks, and outlined in our S&amp;P HSI Reflections as HK Property Teeters insight with a bear take on triangulation. Pressures are mounting for HK and H shares to break lower in a big way.March 23rd we placed a revised target for Tencent at 360 given odds of a more serious trendline pressure test. Ping An is getting clobbered today…

Tencent and Ping An Sliding Toward Our Bear Objectives

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>, Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0123/LTN20180123698.pdf" target="_blank">lapse of its buyback offer</a>.Following the release of <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0321/LTN20180321703.pdf" target="_blank">FY17 results</a> - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its <a href="https://promo.bigbigchannel.com.hk/en/" target="_blank">Big Big Channel</a> (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out.

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of its buyback offer.Following the release of FY17 results - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its Big Big Channel (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out. 

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

Alibaba Group Holding  / Equity Bottom-Up

<ul class=""><li>Alibaba intentionally keeps the operating margin of cloud computing at -22~23%.</li><li>The Company has a market share of 48%, but they want more.</li><li>Cloud Computing is a promising driver for Alibaba's top line.</li></ul>

Alibaba intentionally keeps the operating margin of cloud computing at -22~23%.The Company has a market share of 48%, but they want more.Cloud Computing is a promising driver for Alibaba's top line.

Alibaba (BABA) – Kicking Competitors Out of Cloud Computing with a Stable Negative Margin

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)

Huya (虎牙) Live Streaming IPO: Granular Differences Between Huya and Douyu (斗鱼) (Part 2)

Following our previous note covering the fundamentals of Huya Streaming's business (link to previous note here), we would like to explore further...

Ke Yan, CFA, FRM

Riedel CNBC Interview - Opportunities in EM During Market Volatility

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of...

David Riedel

Tencent and Ping An Sliding Toward Our Bear Objectives

Tecent and Ping An continue to work their way lower after our March 22 sell call. More importantly these bell weathers have a direct impact on...

Thomas Schroeder

TVB: A Discussion with Management

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of...

David Blennerhassett

Alibaba (BABA) – Kicking Competitors Out of Cloud Computing with a Stable Negative Margin

Alibaba intentionally keeps the operating margin of cloud computing at -22~23%. The Company has a market share of 48%, but they want more. Cloud...

Ming Lu

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