Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Equity Bottom-Up

<ul>
<li>After a spike higher in fund ownership in 2021, active Asia Ex-Japan funds are beginning to close out positions.</li>
<li>Funds including T.Rowe Price, LO Funds and Nikko AM have closed out exposure this year.</li>
<li>JD.com remains a very well owned stock among institutional investors, at a time when performance is anything but stellar so far this year.</li>
</ul>


After a spike higher in fund ownership in 2021, active Asia Ex-Japan funds are beginning to close out positions.
Funds including T.Rowe Price, LO Funds and Nikko AM have closed out exposure this year.
JD.com remains a very well owned stock among institutional investors, at a time when performance is anything but stellar so far this year.


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street.</li><li>Service revenues grew, of which marketing and marketplace revenues were up.</li><li>During the quarter, JD.com noticed strong user engagement trends, including higher purchase rates and ARPU on its app.</li></ul>

JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street.Service revenues grew, of which marketing and marketplace revenues were up.During the quarter, JD.com noticed strong user engagement trends, including higher purchase rates and ARPU on its app.

JD.com Inc ADR: Collaboration With Gucci & Other Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Douyu International Holdings / Event-Driven

<ul>
<li>In a particularly altruistic move, live-streaming game platform play <strong><a href="https://www.smartkarma.com/entities/douyu-international-hold-adr" target="_blank" data-smartkarma-citation="entities:28045:1" rel="noopener">Douyu International Holdings (DOYU US)</a>  </strong><a href="https://ir.douyu.com/2024-07-03-DouYu-International-Holdings-Limited-Announces-Special-Cash-Dividend" target="_blank" rel="noopener">announced</a> a special cash dividend of US$9.76/share, vs. a last price of US$12.59.</li>
<li>The cash outlay is roughly US$308mn, and Douyu had cash (as at 1Q24) of <a href="https://ir.douyu.com/2024-06-05-DouYu-International-Holdings-Limited-Reports-First-Quarter-2024-Unaudited-Financial-Results" target="_blank" rel="noopener">US$936.6mn</a>. And no debt.  Founder/chairman/CEO Shaojie Chen (17.2% shareholder) will pocket a tidy ~US$53mn.</li>
<li>An outlier; or should we expect more of the same for other cash-rich US-listed China plays?</li>
</ul>


In a particularly altruistic move, live-streaming game platform play Douyu International Holdings (DOYU US)  announced a special cash dividend of US$9.76/share, vs. a last price of US$12.59.
The cash outlay is roughly US$308mn, and Douyu had cash (as at 1Q24) of US$936.6mn. And no debt.  Founder/chairman/CEO Shaojie Chen (17.2% shareholder) will pocket a tidy ~US$53mn.
An outlier; or should we expect more of the same for other cash-rich US-listed China plays?


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>JD reported CY2Q23 top-line 3% vs. our estimate and consensus, and non-GAAP net profit 7% and 13% vs. our estimate and consensus, respecti</li>
<li>Despite the benefit of positive external factors on demand, JDs 2Q GMV grew high-single digit, which may have been slightly lower than Taobao/Tmall.</li>
<li>We maintain SELL and our US$ 32 TP unchange .</li>
</ul>


JD reported CY2Q23 top-line 3% vs. our estimate and consensus, and non-GAAP net profit 7% and 13% vs. our estimate and consensus, respecti
Despite the benefit of positive external factors on demand, JDs 2Q GMV grew high-single digit, which may have been slightly lower than Taobao/Tmall.
We maintain SELL and our US$ 32 TP unchange .


[JD.com (JD US, SELL, TP US$32) Earnings Review]: Slowing 3C Sales Will Impact 2H, Maintain SELL

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>The main business line, home appliance began to grow by two digits.</li>
<li>Logistics revenue continued to grow strongly by 51% YoY and can still break even.</li>
<li>The operating profit rose to RMB7.3 bn in 2Q23 versus RMB3.8 bn in 2Q22.</li>
</ul>


The main business line, home appliance began to grow by two digits.
Logistics revenue continued to grow strongly by 51% YoY and can still break even.
The operating profit rose to RMB7.3 bn in 2Q23 versus RMB3.8 bn in 2Q22.


JD (9618 HK): 2Q23, Main Business Began to Recover, Buy

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: Losing Its Appeal?

JD.com remains a very well owned stock among institutional investors, at a time when performance is anything but stellar so far this year.

Steven Holden

JD.com Inc ADR: Collaboration With Gucci & Other Drivers

JD.com Inc. managed to surpass the revenue and earnings expectations of Wall Street. Service revenues grew, of which marketing and marketplace...

Baptista Research

Screening For The Next Douyu (DOYU US)

In an altruistic move, Douyu announced a special dividend of US$9.76/share, vs. a last price of US$12.59. An outlier; or should we expect more of...

David Blennerhassett

[JD.com (JD US, SELL, TP US$32) Earnings Review]: Slowing 3C Sales Will Impact 2H, Maintain SELL

Despite the benefit of positive external factors on demand, JDs 2Q GMV grew high-single digit, which may have been slightly lower than Taobao/Tmall.

Blue Lotus Research Institute

JD (9618 HK): 2Q23, Main Business Began to Recover, Buy

The main business line, home appliance began to grow by two digits. Logistics revenue continued to grow strongly and can still break even. The...

Ming Lu

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