Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/vng-limited" target="_blank" data-smartkarma-citation="entities:26716:1" rel="noopener">Vng (VNG US)</a>, Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.</li>
<li>VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO.
VNG is Vietnam’s leading homegrown digital ecosystem, as per the company, with diverse product offerings across games, communications and media, fintech and other opportunities
In this note, we talk about the positive aspects of the deal.


VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Huya delivered mixed 2Q23 results, with soft topline but upbeat margin.</li><li>Looking ahead, Huya will step into a transition period with three-year strategic change.</li><li>Given livestreaming headwinds (regulation tightening, competition, macro, etc.), Huya plans to reallocate resources to explore new opportunities – game biz (expected to contribute 30% of total rev in FY25E). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered mixed 2Q23 results, with soft topline but upbeat margin.Looking ahead, Huya will step into a transition period with three-year strategic change.Given livestreaming headwinds (regulation tightening, competition, macro, etc.), Huya plans to reallocate resources to explore new opportunities – game biz (expected to contribute 30% of total rev in FY25E). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Shift to Game Monetization in Transition Year

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>Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’, but still hard to monetize this year.</li>
<li>PDD/3690.HK: PDD launches local life services portal (+ / -)</li>
<li>NTES/700HK: The Rise of "Gaming with Influencers" on Douyin (+/-)</li>
</ul>


Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’, but still hard to monetize this year.
PDD/3690.HK: PDD launches local life services portal (+ / -)
NTES/700HK: The Rise of "Gaming with Influencers" on Douyin (+/-)


China TMT Update-BZ/PDD/3690/NTES/700/Douyin-PDD Launches Local Life Services Portal

<ul><li>Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).</li><li>2Q23E guidance was mixed on muted livestreaming (time spent shifted to offline on holidays and conservative operation) but better ads &amp; margin.</li><li>We forecast 2Q23E rev stable QoQ (1% below consensus), with adj. NPM at 1.4% (vs. consensus at -0.4%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).2Q23E guidance was mixed on muted livestreaming (time spent shifted to offline on holidays and conservative operation) but better ads &amp; margin.We forecast 2Q23E rev stable QoQ (1% below consensus), with adj. NPM at 1.4% (vs. consensus at -0.4%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Better margin improvement ahead

<ul><li>Huya delivered upbeat 4Q22 results (with in-line rev and better margin), but 1Q23E guidance muted on seasonality and epidemic (forecasting rev -13% QoQ).</li><li>We suggest to look beyond soft 1Q23E, and expect livestreaming to resume positive growth in 2H23E (forecasting -5% YoY in FY23E), backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after China’s reopening; and 3) new blockbuster game launch.</li><li>With continuous cost control and license rearrangement, we keep positive on its margin improvement ahead, forecasting its net loss to narrow to RMB146mn in FY23E and expect to turn profitability at group level in FY24E.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered upbeat 4Q22 results (with in-line rev and better margin), but 1Q23E guidance muted on seasonality and epidemic (forecasting rev -13% QoQ).We suggest to look beyond soft 1Q23E, and expect livestreaming to resume positive growth in 2H23E (forecasting -5% YoY in FY23E), backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after China’s reopening; and 3) new blockbuster game launch.With continuous cost control and license rearrangement, we keep positive on its margin improvement ahead, forecasting its net loss to narrow to RMB146mn in FY23E and expect to turn profitability at group level in FY24E.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Moving into mild recovery in 2H23E

United States

HUYA Inc. operates as a game live streaming platform. The Company offers interactive video broadcast services including e-sports, music, reality show, entertainment genres, talent shows, and anime and outdoor activities. HUYA serves customers in China.

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HUYA (HUYA US)

VNG Pre-IPO - The Positives - Vietnam's Mini-Tencent

Vng (VNG US), Vietnam’s leading internet platform, aims to raise up to US$300m in its US IPO. In this note we talk about the positive aspects of...

Sumeet Singh

Huya Inc. (HUYA US) – Shift to Game Monetization in Transition Year

Huya delivered mixed 2Q23 results, with soft topline but upbeat margin. Looking ahead, Huya will step into a transition period with three-year...

CMB International

China TMT Update-BZ/PDD/3690/NTES/700/Douyin-PDD Launches Local Life Services Portal

Boss Zhipin: Boss Zhipin MAU growth rate is higher than peers’; PDD/3690.HK: PDD launches local life services portal; NTES/700HK: The Rise of...

Blue Lotus Research Institute

Huya Inc. (HUYA US) – Better margin improvement ahead

Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).

CMB International

Huya Inc. (HUYA US) – Moving into mild recovery in 2H23E

Huya delivered upbeat 4Q22 results (with in-line rev and better margin), but 1Q23E guidance muted on seasonality and epidemic (forecasting rev -13%...

CMB International

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