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

J&T Global Express  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/j-t-global-express-co-ltd" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express</a>, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.</li>
<li>As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.</li>
</ul>



J&amp;T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO.
As per Frost &amp; Sullivan (F&amp;S), the firm is the leading express delivery business in Southeast Asia, with a 22.5% market share as per 2022 parcel volume.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note, we talk about valuations.


J&T Global Express Pre-IPO - Thoughts on Valuation

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>BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）</li>
<li>BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) </li>
<li>U: Unity CEO Resigns After the Runtime Fees Incident ( + )</li>
</ul>


BABA：Taobao upgrades its membership program in preparation for 11.11（ / ）
BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU( / ) 
U: Unity CEO Resigns After the Runtime Fees Incident ( + )


CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

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

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.</li><li>Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.</li><li>Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. </li></ul><p><em>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.</em></p>

Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop, while the group is trying to revitalize growth via empowering each of the six main units.Taobao and Tmall’s “user first” strategy is delivering results, increasing merchants’ willingness to invest in advertising.Although Alibaba’s near-term domestic business development faces hindrance due to macro uncertainties, operating efficiency improvement across business lines, as well as international business revenue growth likely remain as bright spots. 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.

Alibaba (BABA US) – Driving for Group Improvement

<ul>
<li>PDD/BABA/4385JP：TikTok Shop US opened up, initial target categories in Mercari, ETSY and eBay（/）</li>
<li>BABA ：rumor says Taobao/Tmall looking to shuffle CEO（ / ）</li>
<li>LI/NIO/XPEV: AITO’s sales performance during the National Day holiday see good performance（-）</li>
</ul>


PDD/BABA/4385JP：TikTok Shop US opened up, initial target categories in Mercari, ETSY and eBay（/）
BABA ：rumor says Taobao/Tmall looking to shuffle CEO（ / ）
LI/NIO/XPEV: AITO’s sales performance during the National Day holiday see good performance（-）


China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change

<ul>
<li>We view the recent cooperation between Alimama and Tencent a true change that both parties need to enter a new paradigm of business priorities in China Internet;</li>
<li>Middle-Sized social/video companies like Kuaishou and Bilibili have historically exploited the disconnect between Alibaba’s e-commerce merchandise shelf and Tencent’s advertising inventory. This opportunity is diminishing;</li>
<li>We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.</li>
</ul>


We view the recent cooperation between Alimama and Tencent a true change that both parties need to enter a new paradigm of business priorities in China Internet;
Middle-Sized social/video companies like Kuaishou and Bilibili have historically exploited the disconnect between Alibaba’s e-commerce merchandise shelf and Tencent’s advertising inventory. This opportunity is diminishing;
We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.


[Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

J&T Global Express Pre-IPO - Thoughts on Valuation

J&T Global Express, a global logistics service provider, is looking to raise about US$500m in its upcoming Hong Kong IPO. In this note, we talk...

Sumeet Singh

CHina TMT Update Oct.12-Pt.2-BABA/BILI/U:：Taobao Upgrades Membership/Bilibili Aims to Double DAU

BABA：Taobao upgrades its membership program in preparation for 11.11; BILI: Bilibili Reiterates User Growth Goal: Doubling Mobile DAU; U: Unity CEO...

Blue Lotus Research Institute

Alibaba (BABA US) – Driving for Group Improvement

Alibaba’s customer management revenue (CMR) growth and cloud revenue growth will take time to recover under current macro backdrop

CMB International

China TMT Update Oct.12-Pdd/Baba/4385jp/BABA/LI/NIO/XPEV-TikTok Shop US/Taobao Management Change

TikTok Shop US opened up; rumor says Taobao/Tmall looking to shuffle CEO; AITO’s sales performance during the National Day holiday see good...

Blue Lotus Research Institute

[Blue Lotus Internet Sector Update]: Increasing Marginalization of Middle-Sized Companies

We raised Tencent's TP by 4% to HK$417 while keeping Alibaba unchanged. We cut Kuaishou and Bilibili’s TP by 8% and 3% and maintain SELL.

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

P/E

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