Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Equity Bottom-Up

<ul>
<li>South Korea’s largest e-commerce company, <a href="https://www.smartkarma.com/entities/coupang-inc" target="_blank" data-smartkarma-citation="entities:28425:1" rel="noopener">Coupang (CPNG US)</a> sank around 20% leading up to 4Q22 earnings. It dropped another 9% soon after the earnings report to around $14.0 per ADS.</li>
<li>Meanwhile, the valuation remains expensive compared to regional peers as Coupang is trading at an 80% premium to the second most expensive e-commerce name in the region.</li>
<li>If the share price breaks the trend line here, we think shares could go on to fall below the last year’s bottom of $8.98 per ADS.</li>
</ul>


South Korea’s largest e-commerce company, Coupang (CPNG US) sank around 20% leading up to 4Q22 earnings. It dropped another 9% soon after the earnings report to around $14.0 per ADS.
Meanwhile, the valuation remains expensive compared to regional peers as Coupang is trading at an 80% premium to the second most expensive e-commerce name in the region.
If the share price breaks the trend line here, we think shares could go on to fall below the last year’s bottom of $8.98 per ADS.


Coupang: Revenue & Profits Let Coupang Down, Valuation Is Still at a Significant Premium to Peers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Greatwall Motor, Yum China, Meitu, Techtronic.


HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Japan Post Holdings / 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>On the IPO front, there were two deals launched this week.</li>
<li>For placements, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>'s planned selldown by <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> came earlier than expected.</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.
On the IPO front, there were two deals launched this week.
For placements, Japan Post Bank (7182 JP)'s planned selldown by Japan Post Holdings (6178 JP) came earlier than expected.


ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

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.

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba managed to deliver an all-around beat despite experiencing significant challenges because of the rapid change in the Covid situation.</li><li>The company delivered double-digit growth in its free cash flow and adjusted EBITA through operating efficiency and cost optimization.</li><li>The strong net cash position of Alibaba is supported by its healthy cash flow generation.</li></ul>

Alibaba managed to deliver an all-around beat despite experiencing significant challenges because of the rapid change in the Covid situation.The company delivered double-digit growth in its free cash flow and adjusted EBITA through operating efficiency and cost optimization.The strong net cash position of Alibaba is supported by its healthy cash flow generation.

Alibaba Group Holding Limited: Major Drivers

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

JF Wealth Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jf-wealth-holdings" target="_blank" data-smartkarma-citation="entities:36805:1" rel="noopener">JF Wealth Holdings (9636 HK)</a> is looking to raise US$143m in its Hong Kong IPO.</li>
<li>JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. </li>
<li>In this note, we discuss our earnings estimates, and thoughts on valuation.</li>
</ul>



JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO.
JF Wealth (JFW) is an online investment decision-making solution provider in China, focusing on the online investor content services market. 
In this note, we discuss our earnings estimates, and thoughts on valuation.


JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

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)

Coupang: Revenue & Profits Let Coupang Down, Valuation Is Still at a Significant Premium to Peers

Being one of the very first e-commerce companies in the region to cut costs to ensure long-term survival, Coupang has managed to break even in the...

Oshadhi Kumarasiri

HK Short Interest Weekly: Greatwall Motor, Yum China, Meitu, Techtronic

We analyzed the latest HK SFC report for aggregate short position as of Feb 24th and highlight short interest changes in Greatwall Motor, Yum...

Ke Yan, CFA, FRM

ECM Weekly (5th Mar 2023) - Japan Post Bank, Kansai, Vanke, Otsuka, SBI Sumishin, Lu DaoPei, NST, JF

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

Sumeet Singh

Alibaba Group Holding Limited: Major Drivers

Alibaba managed to deliver an all-around beat despite experiencing significant challenges because of the rapid change in the Covid situation. The...

Baptista Research

JF Wealth Holdings IPO - Can Get Similar Exposure at Cheaper Valuations

JF Wealth Holdings (9636 HK) is looking to raise US$143m in its Hong Kong IPO. In this note, we discuss our earnings estimates, and thoughts on...

Clarence Chu

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