Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Webinar, we welcome Insight Provider <a href="https://www.smartkarma.com/profiles/mitchell-kim" target="_blank" data-smartkarma-citation="accounts:5259" rel="noopener">Mitchell Kim</a> to go over his view on <a href="https://www.smartkarma.com/entities/pinduoduo-inc" target="_blank" data-smartkarma-citation="entities:27250:1" rel="noopener">Pinduoduo (PDD US)</a>. The share price dropped 18% in March and Mitchell has flagged that, despite the appeal of ultra-growth, the risk-return favours the downside on both operating momentum and valuations. Join us to hear more.</p>
<div>
<h3>The webinar was hosted on Wednesday, 7 April 2021, 11:00 SGT/HKT.</h3>
</div>
<p><span>Subscribe and listen on the go:</span></p>
<p><span><iframe src="https://open.spotify.com/embed/episode/5oaavG3BGK4ViHlvuC25bP" width="100%" height="232" frameborder="0" allowtransparency="true" allow="encrypted-media"></iframe></span></p>
<div>
<p></p>
<p><span>Mitchell Kim is a fundamental equity research analyst with 20+ years of both hedge fund and a bulge bracket sell-side experience. He has a reputation for rigorous analysis, focusing on stock price drivers and providing differentiated or contrarian ideas.</span></p>
</div>

For our next Webinar, we welcome Insight Provider Mitchell Kim to go over his view on Pinduoduo (PDD US). The share price dropped 18% in March and Mitchell has flagged that, despite the appeal of ultra-growth, the risk-return favours the downside on both operating momentum and valuations. Join us to hear more.

The webinar was hosted on Wednesday, 7 April 2021, 11:00 SGT/HKT.

Subscribe and listen on the go:



Mitchell Kim is a fundamental equity research analyst with 20+ years of both hedge fund and a bulge bracket sell-side experience. He has a reputation for rigorous analysis, focusing on stock price drivers and providing differentiated or contrarian ideas.


Smartkarma Webinar | Pinduoduo (PDD US): Know When to Fold

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 class="">
<li>Chinese equities plunged, because a Chinese equity holder had to meet a margin call.</li>
<li>Alibaba's Taobao Deals is planning a store on Tencent's WeChat.</li>
<li>Xiaomi's Internet of Things is facing an industry stagnance.</li>
<li>Huay improved both growth and margin, but still cannot acquire Douyu.</li>
</ul>
<p>Our main coverage on overseas listed Chinese equities: Alibaba (9988 HK), Bilibili (BILI US), JD.com (9618 HK), KE (BEKE US), Kuaishou (1024), Meituan (3690 HK), NetEase (9999 HK), Tencent (700 HK), Xiaomi (1810 HK).</p>


Chinese equities plunged, because a Chinese equity holder had to meet a margin call.
Alibaba's Taobao Deals is planning a store on Tencent's WeChat.
Xiaomi's Internet of Things is facing an industry stagnance.
Huay improved both growth and margin, but still cannot acquire Douyu.

Our main coverage on overseas listed Chinese equities: Alibaba (9988 HK), Bilibili (BILI US), JD.com (9618 HK), KE (BEKE US), Kuaishou (1024), Meituan (3690 HK), NetEase (9999 HK), Tencent (700 HK), Xiaomi (1810 HK).

China Internet Weekly (Mar 29): Margin Call Punched Chinese Equities, Alibaba Plans Store on Tencent

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<p><em><strong>*4Q20 Results In Line:</strong></em>Tencent Holdings’ (700.HK) [Tencent] 4Q20 results were basically in line with consensus, with total revenues coming in at CNY 133.7 bn, increasing 7% linked quarter.  Non-GAAP operating profit amounted to CNY 38.1bn, flattish on a linked quarter basis; and </p><p><em><strong>*Elephant In The Room: </strong></em>According to Bloomberg, Tencent likely will be required to create a financial holding company for all of its banking, insurance, and payment services businesses – and be regulated along the lines of the banking sector. For Tencent, WeChat Pay and the broader lending/deposit taking business are likely to be reined-in. </p>

*4Q20 Results In Line:Tencent Holdings’ (700.HK) [Tencent] 4Q20 results were basically in line with consensus, with total revenues coming in at CNY 133.7 bn, increasing 7% linked quarter.  Non-GAAP operating profit amounted to CNY 38.1bn, flattish on a linked quarter basis; and *Elephant In The Room: According to Bloomberg, Tencent likely will be required to create a financial holding company for all of its banking, insurance, and payment services businesses – and be regulated along the lines of the banking sector. For Tencent, WeChat Pay and the broader lending/deposit taking business are likely to be reined-in. 

<ul>
<li>“Initiatives” lost RMB6 billion in operation in 4Q20, as Meituan joined a price war of community group purchase.</li>
<li>We do not believe Meituan will win, as there are many strong competitors.</li>
<li>We set a down side of 13%~15% for the end of 2022.</li>
</ul>


“Initiatives” lost RMB6 billion in operation in 4Q20, as Meituan joined a price war of community group purchase.
We do not believe Meituan will win, as there are many strong competitors.
We set a down side of 13%~15% for the end of 2022.


Meituan (3690 HK): Q4, “Community Group Purchase” Broke Bottom Line

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<div><p>Bilibili raised around US$3bn in its secondary listing in Hong Kong. </p></div><div>
<p>We have covered the background of the deal in our earlier notes:</p>
<ul>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-early-look-will-probably-be-more-like-jd-and-netease" target="_blank" rel="noopener">Bilibili Secondary Listing Early Look - Will Probably Be More like JD and NetEase,</a></li>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-early-look-4q20-results-quick-note" target="_blank" rel="noopener">Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note and</a></li>
<li><a href="https://www.smartkarma.com/insights/bilibili-secondary-listing-volatile-but-should-be-hot" target="_blank" rel="noopener">Bilibili Secondary Listing - Volatile but Should Be Hot</a></li>
</ul>
</div><div><p>In this note, we'll talk about the updates since then.</p></div>

Bilibili raised around US$3bn in its secondary listing in Hong Kong. 
We have covered the background of the deal in our earlier notes:

Bilibili Secondary Listing Early Look - Will Probably Be More like JD and NetEase,
Bilibili Secondary Listing Early Look - 4Q20 Results Quick Note and
Bilibili Secondary Listing - Volatile but Should Be Hot

In this note, we'll talk about the updates since then.

Bilibili Secondary Trading - Hot Demand, Baba Takes Another Bite, but Still Set for a Weak Listing

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PDD Holdings (PDD US)

Smartkarma Webinar | Pinduoduo (PDD US): Know When to Fold

Join us on 7 April, 11am SGT, as we welcome Insight Provider Mitchell Kim to go over his view on Pinduoduo (PDD US), whose share price dropped 18%...

Smartkarma Research

China Internet Weekly (Mar 29): Margin Call Punched Chinese Equities, Alibaba Plans Store on Tencent

Chinese equities plunged, because a Chinese equity holder had to meet a margin call.Alibaba's Taotao Deals is planning a store on Tencent's WeChat.

Ming Lu

Tencent Holdings – Living By The Sword

TENCENT HOLDINGS: Tencent 4Q20 results were basically in line with consensus, increasing 7% linked quarter. Tencent will be required to create a...

Thomas J. Monaco

Meituan (3690 HK): Q4, “Community Group Purchase” Broke Bottom Line

“Initiatives” lost RMB6 billion in operation in 4Q20, as Meituan joined a price war of community group purchase.We do not believe Meituan will win,...

Ming Lu

Bilibili Secondary Trading - Hot Demand, Baba Takes Another Bite, but Still Set for a Weak Listing

Bilibili raised around US$3bn in its secondary listing in Hong Kong. In this note, we'll talk about the updates since our previous note.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)