Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Meituan reported 1Q2022 results yesterday. Revenue grew 25.0% YoY to RMB46.3bn (vs consensus RMB45.3bn) while operating losses for the quarter slightly dropped to 12.1% of revenues from 12.9% in 1Q2021.</li>
<li>As a result of Omicron spread in March, revenue declined sequentially as all three segments reported QoQ decline in revenue during 1Q2022.</li>
<li>Meituan hasn’t reported GTV for food delivery as well as no. of domestic hotel room nights for In-Store, Hotel &amp; Travel which seems strange, suggesting 2Q numbers could be worse.</li>
</ul>


Meituan reported 1Q2022 results yesterday. Revenue grew 25.0% YoY to RMB46.3bn (vs consensus RMB45.3bn) while operating losses for the quarter slightly dropped to 12.1% of revenues from 12.9% in 1Q2021.
As a result of Omicron spread in March, revenue declined sequentially as all three segments reported QoQ decline in revenue during 1Q2022.
Meituan hasn’t reported GTV for food delivery as well as no. of domestic hotel room nights for In-Store, Hotel &amp; Travel which seems strange, suggesting 2Q numbers could be worse.


Meituan – Omicron Impact Was Not as Big in 1Q but 2Q Will Have the Full Impact

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>Revenue growth mainly came from initiatives, which is the focus of April layoff.</li>
<li>We believe revenue will slow down and the operating loss will shrink.</li>
<li>We set a downside of 11.5% and a price target of HK$160.</li>
</ul>


Revenue growth mainly came from initiatives, which is the focus of April layoff.
We believe revenue will slow down and the operating loss will shrink.
We set a downside of 11.5% and a price target of HK$160.


Meituan (3690 HK): 1Q22 Looks Normal, But Layoff Will Slow Down Revenue

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.</li>
<li>Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outlfows, and holding by mainland investors.
Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and Tencent.


Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the not so positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the not so positive aspects of the deal.


CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products. 
In this note, we will talk about the positive aspects of the deal.


CALB Pre-IPO - The Positives - Has Been Growing Fast

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Meituan – Omicron Impact Was Not as Big in 1Q but 2Q Will Have the Full Impact

1Q2022 revenue beat consensus as Omicron impact wasn't as big. No disclosure on GTV for food delivery and room nights which seems strange. 2Q2022...

Shifara Samsudeen, ACMA, CGMA

Meituan (3690 HK): 1Q22 Looks Normal, But Layoff Will Slow Down Revenue

Revenue growth mainly came from initiatives, which is the focus of April layoff. We believe revenue will slow down and the operating loss will shrink.

Ming Lu

Hong Kong Connect Flows Monthly (May): Meituan, CNOOC, Tencent

Inflows last month amounted to USD 5.7bn which marks sixth months of inflows. Top three stocks southbound investors bought were Meituan, CNOOC, and...

Ke Yan, CFA, FRM

CALB Pre-IPO - The Negatives - Lots of Shareholder Re-Shuffling

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp up its production capacity. CALB undertakes design, R&D, production and sales of EV...

Sumeet Singh

CALB Pre-IPO - The Positives - Has Been Growing Fast

CALB aims to raise around US$1.5bn in its Hong Kong IPO to ramp-up its battery production. In this note, we talk about the positive aspects of the...

Sumeet Singh

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