External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>Alibaba’s core China marketplace GMV is on stable recovery track, aided by discretionary consumption recovery, macro recovery, and Alibaba’s strategy to enhance value proposition for both customers and merchants.</li><li>With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled, and improving shareholder return.</li><li>Taking into consideration of China e-commerce market and key business segments outlook, we adjust our forecasts and SOTP derived target price accordingly to US$154.0 (prior US$155.5), mainly reflecting near term revenue growth headwind on direct sales business due to high-base effect. Maintain BUY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Alibaba’s core China marketplace GMV is on stable recovery track, aided by discretionary consumption recovery, macro recovery, and Alibaba’s strategy to enhance value proposition for both customers and merchants.With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled, and improving shareholder return.Taking into consideration of China e-commerce market and key business segments outlook, we adjust our forecasts and SOTP derived target price accordingly to US$154.0 (prior US$155.5), mainly reflecting near term revenue growth headwind on direct sales business due to high-base effect. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) – A recovery year ahead with more to expect

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

Alibaba Group Holding  / 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>This week's decline is deemed counter-trend and is in stark conflict with the bullish MT and LT triggers detailed in our bullish publication on 29 March 2023.</li>
<li>Key support levels often combine a number of important moving averages.  92.00/94.50 combines the 20/50 week MA's / 12/26 week EMA's. High risk MT bottom at 92.00/94.50. Target 118.50.</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.
This week's decline is deemed counter-trend and is in stark conflict with the bullish MT and LT triggers detailed in our bullish publication on 29 March 2023.
Key support levels often combine a number of important moving averages.  92.00/94.50 combines the 20/50 week MA's / 12/26 week EMA's. High risk MT bottom at 92.00/94.50. Target 118.50.


Alibaba Group Holding Ltd (9988 HK) - Initial Upswing Is Correcting Lower – Testing Key MA Support

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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/zjld-group" target="_blank" data-smartkarma-citation="entities:36734:1" rel="noopener">ZJLD Group (ZJLD HK)</a> is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.</li>
<li>In this note, we discuss the industry dynamics and undertake a peer comparison.</li>
</ul>



ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
ZJLD Group (ZJLD) is a Chinese liquor company primarily producing baijiu.
In this note, we discuss the industry dynamics and undertake a peer comparison.


ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

Ethan Aw

JD Industrial Technology  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrials" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrials (2231713D CH)</a> is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.</li>
<li>JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. </li>
<li>JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). </li>
</ul>



JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and Haitong International.
JD Industrials (JDI) is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC. 
JDI’s platform offers 48 product categories and approximately 42.5m SKUs as of FY22 (31st Dec 2022). 


Greater China Equity Long/Short Analyst

Eric Chen

Thematic (Sector/Industry)

<ul>
<li>China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.</li>
<li>Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.</li>
<li>Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.</li>
</ul>


China online marketplaces are entering maturity phase of slow but steady growth. While markets have lingering concern about competition intensifying, we see the landscape stabilizing rather than deteriorating.
Early yet clear signals are flashing that incumbents like Alibaba are regaining footing whereas challengers such as PDD and Douyin are losing momentum.
Alibaba is our top pick for its improving fundamentals and discounted valuation. We are positive on Meituan for the near term but underweight PDD and see JD fairly priced.


China Online Marketplaces: Expecting Slow yet Steady Growth

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)

Alibaba (BABA US) – A recovery year ahead with more to expect

With the unveiling of reorganization plan on 28 March, we expect overall business agility and innovative capabilities would be better propelled,...

CMB International

Alibaba Group Holding Ltd (9988 HK) - Initial Upswing Is Correcting Lower – Testing Key MA Support

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

ZJLD Group Pre-IPO Peer Comparison - Smallest but Compensated with Growth. Sentiment Picking Up

ZJLD Group (ZJLD HK) is looking to raise up to US$500m in its upcoming Hong Kong IPO. In this note, we discuss the industry dynamics and undertake...

Clarence Chu

JD Industrials Pre-IPO Tearsheet

JD Industrials (2231713D CH) is looking to raise about US$1bn in its upcoming HK IPO. The deal will be run by Bank of America, Goldman Sachs and...

Ethan Aw

China Online Marketplaces: Expecting Slow yet Steady Growth

The competitive landscape for China online marketplaces is stabilizing rather than deteriorating as investors feared. Incumbents are regaining...

Eric Chen

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