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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Market Research expects that e-commerce will grow 15% and 13% in following two years.</li>
<li>Big platforms, such as Alibaba and JD.com will still have advantage in the growth.</li>
<li>The risk is that consumers care significantly more about product brand than platform reputation.</li>
</ul>


Market Research expects that e-commerce will grow 15% and 13% in following two years.
Big platforms, such as Alibaba and JD.com will still have advantage in the growth.
The risk is that consumers care significantly more about product brand than platform reputation.


Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

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.

<ul>
<li>Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.</li>
<li>This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.</li>
<li>Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.</li>
</ul>


Bilibili launched a shopping cart feature (Xiaohuangche) recently on its livestreaming platform which enables users to purchase goods while watching a live-stream.
This comes at a time; China’s common prosperity crackdown has set its eyes on livestreaming e-commerce.
Bilibili has been looking at ways to improve its monetisation to reduce losses, but we think the new initiative will likely add further pressure on deteriorating margins.


Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.</li>
<li>The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. </li>
<li>Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   </li>
</ul>



Huitongda (1566215D CH) is a fast-growing commerce and service platform focused on China’s lower-tier retail market. It is pre-marketing an HKEx IPO to raise US$400-500 million.
The positives are a large addressable market, solid top-line growth and profitability. The key negative is the low margin profile which reflects a fragmented and competitive market. 
Overall, we think that the positives outweigh the negatives and this IPO is worth a closer look.   


Huitongda Network IPO Initiation: Clicks to Bricks

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/huitongda" target="_blank" data-smartkarma-citation="entities:33789:1" rel="noopener">Huitongda (1566215D CH)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>While the numbers from the growth of member stores look promising, it did not translate to stronger revenue from member stores and HTD did not give a clear explanation.</li>
<li>In this note, we look at PHIP updates and competitive landscape.</li>
</ul>



Huitongda (1566215D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
While the numbers from the growth of member stores look promising, it did not translate to stronger revenue from member stores and HTD did not give a clear explanation.
In this note, we look at PHIP updates and competitive landscape.


Huitongda (汇通达) Pre-IPO - PHIP Updates and Competitive Landscape

Forensic Analyst

Jason Yap, CFA

Forensic Accounting

<ul>
<li>As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors</li>
<li>Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research</li>
<li>In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights</li>
</ul>


As a forensic accountant doing equity research, I strive to publish differentiated insights that augment rather than replace the traditional research feed of institutional investors
Fraud risks, aggressive revenue recognition, balance sheet health, quality of earnings and accounting policy changes underpinned a significant majority of my research
In this Insight, I will do a breakdown of my performance in the past half a year including a recap, key statistics and top insight highlights


2021 Year in Review - Forensic Accounting in Equity Research

China

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

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PDD Holdings (PDD US)

Alibaba (BABA): Don’t Be Pessimistic About E-Commerce, Especially Big Platforms

E-commerce will grow 15% and 13% in following two years. Big platforms will have advantage in the growth. The risk is that consumers care more...

Ming Lu

Bilibili Makes a Late Entry into Livestreaming E-Commerce; Timing Is Not Just Right

Bilibili launched a shopping cart feature on its livestreaming platform. This comes at a time China’s common prosperity crackdown has set its eyes...

Shifara Samsudeen, ACMA, CGMA

Huitongda Network IPO Initiation: Clicks to Bricks

Huitongda is pre-marketing an HKEx IPO to raise US$400-500 million. Overall, we think that the positives outweigh the negatives and this IPO is...

Arun George

Huitongda (汇通达) Pre-IPO - PHIP Updates and Competitive Landscape

Huitongda (1566215D CH) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we look at PHIP updates and competitive...

Clarence Chu

2021 Year in Review - Forensic Accounting in Equity Research

As a forensic accountant doing equity research, I strive to publish differentiated insights that augment investment research. I look back at 2021's...

Jason Yap, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)