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>JD.com (JD) reported (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.</li><li>Non-GAAP net income was RMB8.6bn, ahead of our estimates/consensus at RMB8.2/7.8bn, thanks to better-than-expected loss reduction for new businesses, and translated into a non-GAAP NPM of 3.0% (2Q22: 2.4%).</li><li>Despite the beat on overall margins, the 0.2pp miss on OPM of JD Retail (JDR) sparked concerns that its core business margin expansion trajectory could face fluctuations. </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.

JD.com (JD) reported (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.Non-GAAP net income was RMB8.6bn, ahead of our estimates/consensus at RMB8.2/7.8bn, thanks to better-than-expected loss reduction for new businesses, and translated into a non-GAAP NPM of 3.0% (2Q22: 2.4%).Despite the beat on overall margins, the 0.2pp miss on OPM of JD Retail (JDR) sparked concerns that its core business margin expansion trajectory could face fluctuations. 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.

JD.com (JD US) – Grinding through growth strategy pains

Thematic (Sector/Industry)

<ul><li>Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.</li><li>The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.</li><li>Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. </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.

Based on NBS data, 7M23 online retail sales GMV/ online physical goods GMV reached RMB8.3/7.0tn, up 12.5/10.0% YoY.The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption recovery still takes time.Although overall topline growth of e-commerce platforms is likely to face short-term fluctuation due to macro uncertainties, e-commerce platforms are driving revenue growth and scale expansion in an efficient way and targeting for operating efficiency improvement, which likely leads to a benign than expected industry competition, and better than expected earnings growth in 2Q-3Q23. 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.

China Internet – July online retail sales recap

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

<ul>
<li>BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)</li>
<li>1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)</li>
<li>Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）</li>
</ul>


BABA/VIPS/JD/PDD/3690.HK: Catering was the top growing consumption category in July (-/-/-/+)
1810.HK/2454.TT: Xiaomi launches new products at annual Lei Jun conference (+)
Property sector update: New home sales in July remain weak, and expect the landing of supportive policies（/）


China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In India, <a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> launched its IPO bookbuild. <a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy (SUEL IN)</a> had also launched its well-flagged INR20bn (US$240m) QIP.</li>
<li>While Japan saw <a href="https://www.smartkarma.com/entities/star-asia-investment-corp" target="_blank" data-smartkarma-citation="entities:24040:1" rel="noopener">Star Asia Investment (3468 JP)</a> launching its primary follow-on for acquiring properties as well. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In India, TVS Supply Chain Solutions (1915741D IN) launched its IPO bookbuild. Suzlon Energy (SUEL IN) had also launched its well-flagged INR20bn (US$240m) QIP.
While Japan saw Star Asia Investment (3468 JP) launching its primary follow-on for acquiring properties as well. 


ECM Weekly (13th August 2023) - Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business</li>
<li>SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically</li>
<li>In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO</li>
</ul>


SF Holding differs from its Chinese peers in several important ways, including business scale, its lack of a formal relationship with Alibaba, and its many non-express lines of business
SF also differs from the pre-Covid version of itself: it's far larger than it was in 2019, but core margins have declined, and internatonal exposure has risen dramatically
In this insight we also take a look at current EV/Revenue valuations vs peers and list important milestones to watch for ahead of the company's planned HK IPO


A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

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JD.com Inc (ADR) (JD US)

JD.com (JD US) – Grinding through growth strategy pains

JD.com (JD) reported (16 Aug) 2Q23 results: revenue was RMB287.9bn, up 7.6% YoY, 2.5/3.2% higher than our forecast/Bloomberg consensus.

CMB International

China Internet – July online retail sales recap

The YoY growth of online physical goods GMV in July 2023 came in at 5.0% (June 2023: 7.1%; July 2022: 6.3%), which indicates that consumption...

CMB International

China TMT Update-BABA/VIPS/JD/PDD/3690.HK/1810.HK/2454.TT/BEKE-Catering Was the Top Growing Category

Catering was the top growing consumption category in July;Xiaomi launches new products at annual Lei Jun conference; New home sales in July remain...

Blue Lotus Research Institute

ECM Weekly (13th August 2023) - Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

A Look at How SF Holding Differs from A) Its Express Peers and B) The Pre-Covid Version of Itself

In this insight we compare today's SF Holding to its Chinese peers and to the pre-Covid version of itself. We also look at EV/Sales valuations and...

Tracking Traffic

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