Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Parcel volume growth remained strong in June, but ASPs weakened (again)</li>
<li>YTO Express seems to be managing price / volume tradeoff competently</li>
<li>Year-To-Date, only YTO shares up &gt; 10%; three companies down -10% or more </li>
</ul>


Parcel volume growth remained strong in June, but ASPs weakened (again)
YTO Express seems to be managing price / volume tradeoff competently
Year-To-Date, only YTO shares up &gt; 10%; three companies down -10% or more 


Monthly Chinese Express Tracker | Strong June Volume | Weak Pricing and Intl | (July 2024)

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

<ul>
<li>10-15% Market Share for Server Chassis -- Chenbro is one of the leading producers of server chassis in the world.</li>
<li>Key Nvidia Development Partner -- Chenbro produces servers for most major data center names including AWS and China's BAT, as well as for Nvidia servers and architecture.</li>
<li>New Server Market Color to Be Released Soon -- The company is well positioned to expand capacity as the market expands and is expected to release 2Q24E earnings in early-August.</li>
</ul>


10-15% Market Share for Server Chassis -- Chenbro is one of the leading producers of server chassis in the world.
Key Nvidia Development Partner -- Chenbro produces servers for most major data center names including AWS and China's BAT, as well as for Nvidia servers and architecture.
New Server Market Color to Be Released Soon -- The company is well positioned to expand capacity as the market expands and is expected to release 2Q24E earnings in early-August.


TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Low volatility investing has taken the mantle from Dividend yield as the top strategy during July</li>
<li><a href="https://www.smartkarma.com/entities/byd-electronic-international-co-ltd" target="_blank" data-smartkarma-citation="entities:1927:1" rel="noopener">BYD Electronics (285 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group Holding (9988 HK)</a> are rated BUYs as their businesses show improvement.  </li>
<li>
<a href="https://www.smartkarma.com/entities/kingdee-international-sftwr" target="_blank" data-smartkarma-citation="entities:37:1" rel="noopener">Kingdee International Software (268 HK)</a> is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.
</li>
</ul>


Low volatility investing has taken the mantle from Dividend yield as the top strategy during July
BYD Electronics (285 HK) and Alibaba Group Holding (9988 HK) are rated BUYs as their businesses show improvement.  

Kingdee International Software (268 HK) is seeing a softening in its SME business, however there is  potential to gain market share from foreign ERP companies given the pledged government's policies.



BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

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>Xiaomi’s shipments increased by double digits, but Apple’s shipments decreased in China in 2Q24.</li>
<li>Alibaba’s Taobao and Tmall platforms have waived the AliPay fee for retailers.</li>
<li>Amazon will open a store on JD.com next Black Friday.</li>
</ul>


Xiaomi’s shipments increased by double digits, but Apple’s shipments decreased in China in 2Q24.
Alibaba’s Taobao and Tmall platforms have waived the AliPay fee for retailers.
Amazon will open a store on JD.com next Black Friday.


China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week will see <a href="https://www.smartkarma.com/entities/sanil-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:43687:1" rel="noopener">Sanil Electric (062040 KS)</a> list, while <a href="https://www.smartkarma.com/entities/akums-drugs-and-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:40915:1" rel="noopener">Akums Drugs and Pharmaceuticals</a> books will open and <a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> too might be launched.</li>
<li>On the placement front, the past week was relatively quiet after a few hectic weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week will see Sanil Electric (062040 KS) list, while Akums Drugs and Pharmaceuticals books will open and Ola Electric too might be launched.
On the placement front, the past week was relatively quiet after a few hectic weeks.


ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

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
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Alibaba Group Holding (9988 HK)

Monthly Chinese Express Tracker | Strong June Volume | Weak Pricing and Intl | (July 2024)

In June, China's express delivery sector again reported strong volume growth, but weak unit pricing. Share performance reflects this dynamic, with...

Tracking Traffic

TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...

Vincent Fernando, CFA

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

Xiaomi’s shipments increased by two digits, but Apple’s shipments decreased in China in 2Q24. Alibaba have waived the AliPay fee for retailers....

Ming Lu

ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Monthly Chinese Express Tracker | Strong June Volume | Weak Pricing and Intl | (July 2024)

In June, China's express delivery sector again reported strong volume growth, but weak unit pricing. Share performance reflects this dynamic, with...

Tracking Traffic

TechChain Insights: Visit with Nvidia Server Chassis Producer Chenbro; A Ubiquitous Supplier

​Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...

Vincent Fernando, CFA

BUY/SELL/HOLD: Hong Kong Stock Updates (July 29)

Low volatility investing is performing well in July. BYD Electronics has seen better Apple related and NEV sales and Alibaba is increasing some...

David Mudd

China Consumption Weekly (29Jul2024): Xiaomi, Apple, Alibaba, Amazon, JD.com, East Buy

Xiaomi’s shipments increased by two digits, but Apple’s shipments decreased in China in 2Q24. Alibaba have waived the AliPay fee for retailers....

Ming Lu

ECM Weekly (29th July 2024) - ASICS, Kokusai, Amer, Hyundai, Timee, Sanil, Akum, Bloks, Ola Electric

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Chenbro holds 10-15% market share in server chassis, serving major data center names like AWS and Nvidia, with new server market color to be...