Senior Equity Derivatives Trader

Simon Harris

Event-Driven

<ul>
<li>Alibaba unveiled an upsized buyback plan this week and stock rallied despite a revenue miss</li>
<li>Sentiment in China is changing with tweaks to the Covid strategy and improving economic outlook</li>
<li>Call buying has elevated upside vols providing trading opportunites for both directional and volatility traders</li>
</ul>


Alibaba unveiled an upsized buyback plan this week and stock rallied despite a revenue miss
Sentiment in China is changing with tweaks to the Covid strategy and improving economic outlook
Call buying has elevated upside vols providing trading opportunites for both directional and volatility traders


EQD | Alibaba (BABA US): Use Elevated Upside to Buy Call Ratios into Year-End

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Lifestyle International Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lifestyle-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:112:1" rel="noopener">Lifestyle International Holdings (1212 HK)</a>’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.</li>
<li>Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). No shareholder holds a blocking stake. </li>
<li>Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.</li>
</ul>



Lifestyle International Holdings (1212 HK)’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.
Key conditions include approval by at least 75% of independent shareholders (&lt;10% of independent shareholders rejection). No shareholder holds a blocking stake. 
Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.


Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

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

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> bounced 7.8% yesterday following an OP beat of 24.4% through cost-controls but overall results were quite disappointing with revenue falling a touch below consensus at RMB 207.2bn.</li>
<li>Alibaba’s cash cows are growing no more, Thus, the company is focusing on ways to improve its profitability. </li>
<li>Meanwhile, the other growth avenues that Alibaba was proudly speaking of have pretty much disappeared with the company forced to cut down investments in these growing businesses.</li>
</ul>



Alibaba Group (9988 HK) bounced 7.8% yesterday following an OP beat of 24.4% through cost-controls but overall results were quite disappointing with revenue falling a touch below consensus at RMB 207.2bn.
Alibaba’s cash cows are growing no more, Thus, the company is focusing on ways to improve its profitability. 
Meanwhile, the other growth avenues that Alibaba was proudly speaking of have pretty much disappeared with the company forced to cut down investments in these growing businesses.


Alibaba - OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else

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.

<ul>
<li>Zomato is one of the largest food delivery platforms in India. It was listed in Jul 21 and after initially doubling, its shares are now trading below its IPO price.</li>
<li>It has grown its food delivery GOV by 3.5x over FY19-22 and growth remains strong, while profitablity has been improving.</li>
<li>Its recent venture into quick commerce should allow for better fleet utilisation and hence, better longer term growth and profitability.</li>
</ul>


Zomato is one of the largest food delivery platforms in India. It was listed in Jul 21 and after initially doubling, its shares are now trading below its IPO price.
It has grown its food delivery GOV by 3.5x over FY19-22 and growth remains strong, while profitablity has been improving.
Its recent venture into quick commerce should allow for better fleet utilisation and hence, better longer term growth and profitability.


2023 High Conviction: Zomato - Home Delivering Laziness

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>Revenue began to grow in 2Q23 after the zero growth in 1Q23.</li>
<li>The operating margin improved to 12.1% in 2Q23 versus 7.5% in 2Q22.</li>
<li>We believe the stock has an upside of 38% and a price target of HK$108.</li>
</ul>


Revenue began to grow in 2Q23 after the zero growth in 1Q23.
The operating margin improved to 12.1% in 2Q23 versus 7.5% in 2Q22.
We believe the stock has an upside of 38% and a price target of HK$108.


Alibaba (9988 HK): 2Q23, Better Growth, Better Margin, 38% Upside

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.

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

Alibaba Group Holding (9988 HK)

EQD | Alibaba (BABA US): Use Elevated Upside to Buy Call Ratios into Year-End

A look at Alibaba post earnings- we recommend an option trade for both directional and volatility traders with good risk reward profiles.

Simon Harris

Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we...

Arun George

Alibaba - OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else

Underneath the 2QFY22 OP beat that was driven by cost-cutting, lies the ugly truth that Alibaba is no longer a business with strong revenue growth...

Oshadhi Kumarasiri

2023 High Conviction: Zomato - Home Delivering Laziness

Zomato is one of the largest food delivery platforms in India. It was listed in Jul 21 and after initially doubling, its shares are now trading...

Sumeet Singh

Alibaba (9988 HK): 2Q23, Better Growth, Better Margin, 38% Upside

Revenue began to grow in 2Q23 after the zero growth in 1Q23. The operating margin improved to 12.1% in 2Q23 versus 7.5% in 2Q22. We believe the...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)