Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

Private Capital Markets

<ul>
<li>Founded in 2017 in Beijing, <a href="https://www.smartkarma.com/entities/hangzhou-tai-ruo-technology-co-ltd-nreal-ai" target="_blank" data-smartkarma-citation="entities:36880:1" rel="noopener">Nreal.ai (1690070D CH)</a> is an Augmented Reality (AR)/ mixed reality (MR) technology company that develops and sells AR glasses.</li>
<li>The company's glasses have received wide recognition as they are designed to be lightweight, comfortable and affordable, making them more accessible to consumers.</li>
<li>The company has raised more than USD240m in funding and as per the company, we could expect an IPO over the next 18-24 months.  </li>
</ul>


Founded in 2017 in Beijing, Nreal.ai (1690070D CH) is an Augmented Reality (AR)/ mixed reality (MR) technology company that develops and sells AR glasses.
The company's glasses have received wide recognition as they are designed to be lightweight, comfortable and affordable, making them more accessible to consumers.
The company has raised more than USD240m in funding and as per the company, we could expect an IPO over the next 18-24 months.  


Nreal: AR/MR Technology Player Recognised for Affordable Glasses

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.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>Alibaba broke down Taobao Tmall Center, the most important department, into three departments.</li>
<li>Industry Development Department One is actually “other businesses” after the reorganization.</li>
<li>Following Department One will help investors to understand Alibaba’s financials.</li>
</ul>


Alibaba broke down Taobao Tmall Center, the most important department, into three departments.
Industry Development Department One is actually “other businesses” after the reorganization.
Following Department One will help investors to understand Alibaba’s financials.


Alibaba (9988 HK): “Department One” in Reorganization

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Lalatech Holdings Co Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalatech-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:36848:1" rel="noopener">Lalatech Holdings Co Ltd (LALA HK)</a> is looking to raise about US$1bn in its upcoming HK IPO.</li>
<li>Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Lalatech Holdings Co Ltd (LALA HK) is looking to raise about US$1bn in its upcoming HK IPO.
Lalatech operates via a marketplace model serving merchants and carriers. Its platform facilitates closed-loop transactions from online shipping order booking to intelligent order matching, and automated dispatching to after-sale services.
In this note, we talk about the positive aspects of the deal.


Lalatech Holdings Limited Pre-IPO - The Positives - A Leader in Closed-Loop

Anta Sports Products / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a>  aims to raise around US$1.5bn in its top-up placement. </li>
<li>Anta hasn’t specified what it aims to do with the money that it's looking to raise, furthermore, it's already net cash.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Anta Sports Products (2020 HK)  aims to raise around US$1.5bn in its top-up placement. 
Anta hasn’t specified what it aims to do with the money that it's looking to raise, furthermore, it's already net cash.
In this note, we will talk about the placement and run the deal through our ECM framework.


Anta Sports Placement - A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good

Technical Analysis / Chartered Market Technician, The Markets Academy

David Coloretti, CMT

Technical Analysis / Chartered Market Technician

The Markets Academy

TMA implements 2 strategies. 1) Tactical ... Trend Sustainability Score (TSS) allows TMA to identify exhaustion / reversal points in interim trends by utilising our proprietary analysis of ST momentum indicators. 2) Medium Term ... our 3 Pillars approach to technical analysis allows TMA to determine high probability medium term outcomes in markets.

Technical Analysis

Hang Seng China Enterprises Index / Technical Analysis

<ul>
<li>At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.</li>
<li>A prominent bottom below 5000 in Q4 2022 set up an impulsive multi-month uptrend and LT uptrend bias. Our 2023 target at 9450/70 reflects this major bottom.</li>
<li>2023 has delivered a tangible downward correction. Since mid-February a Head and Shoulders Bottom has formed. A break above the neckline at 7085 targets 7770/80 in Q2 2023.</li>
</ul>


At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.
A prominent bottom below 5000 in Q4 2022 set up an impulsive multi-month uptrend and LT uptrend bias. Our 2023 target at 9450/70 reflects this major bottom.
2023 has delivered a tangible downward correction. Since mid-February a Head and Shoulders Bottom has formed. A break above the neckline at 7085 targets 7770/80 in Q2 2023.


Hang Seng CEI (HSCEI) - Pending Confirmation of Bullish Breakout and Textbook 7770/80 Q2 2023 Target

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)

Nreal: AR/MR Technology Player Recognised for Affordable Glasses

Nreal is an AR/ mixed reality (MR) tech company that develops and sells AR glasses. Nreal’s more-affordable, lightweight AR glasses are more...

Shifara Samsudeen, ACMA, CGMA

Alibaba (9988 HK): “Department One” in Reorganization

Alibaba broke down Taobao Tmall Center into three departments. Department One is actually “other businesses”. Following Department One will help...

Ming Lu

Lalatech Holdings Limited Pre-IPO - The Positives - A Leader in Closed-Loop

Lalatech Holdings is looking to raise about US$1bn in its upcoming HK IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Anta Sports Placement - A Large Deal to Digest with Unknown Use of Proceeds but Track Record Is Good

Anta Sports Products (2020 HK) aims to raise around US$1.5bn in its top-up placement. In this note, we talk about the deal dynamics and run the...

Sumeet Singh

Hang Seng CEI (HSCEI) - Pending Confirmation of Bullish Breakout and Textbook 7770/80 Q2 2023 Target

30+ years as a technical analyst and a razor sharp focus on momentum confirmation delivered TMA a 75% unleveraged return on our 7 Smartkarma...

David Coloretti, CMT

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