Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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>03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)</li>
<li>700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)</li>
<li>1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)</li>
</ul>


03888 HK/BIDU US/BABA US: Kingsoft WPS has released an upgraded AI version, with the new AI platform integrating "Ernie Bot" and "Qwen". (+)
700 HK/002624 CH/BILI US: The NPPA Has Released the Latest Batch of Import Game Code Approvals. (+/+/-)
1519.HK/SE: J&amp;T reports Southeast Asia parcel volume increased 55% yoy in 1Q24 (+)


[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

<ul>
<li>700 HK：Tencent's &lt;Need for Speed Mobile&gt; is set to be released in 3Q24.(+)</li>
<li>Douyin/3690 HK: Douyin to acquire payment license for local life services biz, implying heightened competition for Meituan.（-）</li>
<li>TCOM: Railway passenger volume during Qingming holiday expected to reach 111% of 2019 level, showing a decline compared to the Spring Festival.</li>
</ul>


700 HK：Tencent's &lt;Need for Speed Mobile&gt; is set to be released in 3Q24.(+)
Douyin/3690 HK: Douyin to acquire payment license for local life services biz, implying heightened competition for Meituan.（-）
TCOM: Railway passenger volume during Qingming holiday expected to reach 111% of 2019 level, showing a decline compared to the Spring Festival.


[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

Analyst

Steve

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>It is well-known that Alibaba (ADR) (BABA US) is cheap (9x FY24 PE, fiscal year ending March; 8x FY23 free cash flow; net cash 25% of market cap).</li>
<li>Taking into account all of the major moving parts, I believe Alibaba can now be categorized as a good value stock. </li>
<li>Shareholder returns through buyback and dividend, minus stock-based compensation in 2023 calendar year equal to around 5% yield.</li>
</ul>


It is well-known that Alibaba (ADR) (BABA US) is cheap (9x FY24 PE, fiscal year ending March; 8x FY23 free cash flow; net cash 25% of market cap).
Taking into account all of the major moving parts, I believe Alibaba can now be categorized as a good value stock. 
Shareholder returns through buyback and dividend, minus stock-based compensation in 2023 calendar year equal to around 5% yield.


Alibaba (9988 HK):  Value Proposition Looks Clean

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kayou" target="_blank" data-smartkarma-citation="entities:40875:1" rel="noopener">Kayou</a> is looking to raise up to US$500m in its upcoming HK IPO.</li>
<li>Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Kayou is looking to raise up to US$500m in its upcoming HK IPO.
Kayou is a Chinese pan-entertainment product retailer of toys, with trading cards in particular as its core product.
In this note, we talk about the not-so-positive aspects of the deal.


Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

WT Microelectronics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wt-microelectronics-co-ltd" target="_blank" data-smartkarma-citation="entities:19712:1" rel="noopener">WT Microelectronics (3036 TT)</a> major shareholder, <a href="https://www.smartkarma.com/entities/wpg-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16570:1" rel="noopener">WPG Holdings (3702 TT)</a>, seeks to raise up to approximately NT5.15bn (US$159m) through a secondary block deal, selling approximately 40m shares (4.5% of TSO). </li>
<li>The deal is a small one to digest at 3.6 days of three month ADV and 4.1% of current mcap.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



WT Microelectronics (3036 TT) major shareholder, WPG Holdings (3702 TT), seeks to raise up to approximately NT5.15bn (US$159m) through a secondary block deal, selling approximately 40m shares (4.5% of TSO). 
The deal is a small one to digest at 3.6 days of three month ADV and 4.1% of current mcap.
In this note, we will talk about the placement and run the deal through our ECM framework.


WT Microelectronics Placement - Wouldn't Be Difficult to Digest

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
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Alibaba Group Holding (BABA US)

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...

Blue Lotus Research Institute

Alibaba (9988 HK): Value Proposition Looks Clean

According to public news, Jack Ma has written a long post in Alibaba's internal website, titled "To reform, to innovation". This is the first...

Steve

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

WT Microelectronics Placement - Wouldn't Be Difficult to Digest

WT Microelectronics has just launched a US$341m GDR offer today (9th Apr 2024). We wrote on its earlier secondary block deal in Nov 2023 here.

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily - TMT Update]:3888 HK/BIDU/BABA/700HK/002624 CH/BILI/1519HK/SE/JD/NTES /ATVI/MSFT

​Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/Douyin/3690 HK/TCOM US/BABA US/NTES US

​Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...

Blue Lotus Research Institute

Alibaba (9988 HK): Value Proposition Looks Clean

According to public news, Jack Ma has written a long post in Alibaba's internal website, titled "To reform, to innovation". This is the first...

Steve

Kayou Pre-IPO - The Negatives - Unexplained 9M23 Slump

Kayou is looking to raise up to US$500m in its upcoming HK IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

WT Microelectronics Placement - Wouldn't Be Difficult to Digest

WT Microelectronics has just launched a US$341m GDR offer today (9th Apr 2024). We wrote on its earlier secondary block deal in Nov 2023 here.

Ethan Aw

Kingsoft WPS upgrades AI version with "Ernie Bot" and "Qwen", NPPA releases new import game code approvals, J&T reports 55% yoy parcel volume...

Tencent to release Need for Speed Mobile in 3Q24, Douyin acquires payment license for local services, railway passenger volume during Qingming...