Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Thematic (Sector/Industry)

<p>This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. </p><p><strong><em>Companies mentioned this week:</em></strong></p><p><a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a>, <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a>, <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a></p>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices. Companies mentioned this week:SK Hynix (000660 KS), Paytm (PAYTM IN), Naspers (NPN SJ), Prosus (PRX NA)

Global Emerging Markets Weekly: 11 June 2021

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

<div><p><a href="https://www.smartkarma.com/entities/aihuishou" target="_blank" data-smartkarma-citation="entities:33426:1" rel="noopener">Aihuishou (RERE US)</a> (AHS), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$243m via a US listing. It is backed by <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>, Morningside and Tiger Global.</p></div><div>
<p>We covered some aspects of the deal in our earlier notes:</p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/aihuishou-pre-ipo-mostly-positive-pre-owned-but-well-loved" target="_blank" rel="noopener">AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved</a>. </li>
<li><a href="https://www.smartkarma.com/insights/aihuishou-pre-ipo-first-stab-at-valuation" target="_blank" rel="noopener">AiHuiShou Pre-IPO - First Stab at Valuation</a></li>
<li><a href="https://www.smartkarma.com/insights/aihuishou-pre-ipo-pricing-my-mobile-handset-at-physical-stores" target="_blank" rel="noopener">Aihuishou (爱回收) Pre-IPO: Pricing My Mobile Handset at Physical Stores</a></li>
</ul>
<p>In this note, we will talk about the deal dynamics and run the deal through our ECM Framework.</p>
</div>

Aihuishou (RERE US) (AHS), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$243m via a US listing. It is backed by JD.com Inc (ADR) (JD US), Morningside and Tiger Global.
We covered some aspects of the deal in our earlier notes:


AiHuiShou Pre-IPO - Mostly Positive - Pre-Owned but Well Loved. 
AiHuiShou Pre-IPO - First Stab at Valuation
Aihuishou (爱回收) Pre-IPO: Pricing My Mobile Handset at Physical Stores

In this note, we will talk about the deal dynamics and run the deal through our ECM Framework.


AiHuiShou IPO - Priced to Go but Won't Do a Kanzhun

<p>DiDi Chuxing (Didi), the world’s largest mobility technology platform, aims to raise around US$10bn in its US listing. It is backed by Softbank and Tencent, along with other investors.</p><p>It is present in over 4,000 cities, counties and towns across 15 countries. As of twelve months ending (LTM) 1Q21, it had 493m annual active users and 15m drivers, who participated in 41m average daily transactions. It generated a gross transaction value of RMB341bn over LTM1Q21.  </p><p>In this note, we provide a brief background and financials overview.</p><p><br><br></p>

DiDi Chuxing (Didi), the world’s largest mobility technology platform, aims to raise around US$10bn in its US listing. It is backed by Softbank and Tencent, along with other investors.It is present in over 4,000 cities, counties and towns across 15 countries. As of twelve months ending (LTM) 1Q21, it had 493m annual active users and 15m drivers, who participated in 41m average daily transactions. It generated a gross transaction value of RMB341bn over LTM1Q21.  In this note, we provide a brief background and financials overview.  

DiDi Chuxing Pre-IPO - One of Asia's Largest IPOs This Year - Tearsheet

<div>
<p><a href="https://www.smartkarma.com/entities/kanzhun-ltd" target="_blank" data-smartkarma-citation="entities:33368:1" rel="noopener">Kanzhun (BZ US)</a>, an online recruitment platform in China, raised around US$912m in its US IPO. The company is backed by <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>. Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, thus, providing more convenience to both.</p>
</div>
<div></div>
<div>
<p>We have covered various aspects of the deal in our earlier notes <a href="https://www.smartkarma.com/insights/kanzhun-pre-ipo-bumble-meets-linkedin" target="_blank" rel="noopener">Kanzhun Pre-IPO -Bumble meets Linkedin</a> and <a href="https://www.smartkarma.com/insights/kanzhun-ipo-fast-growth-strong-investor-support-cash-flow-positive" target="_blank" rel="noopener">Kanzhun IPO - Fast Growth, Strong Investor Support, Cash Flow Positive...</a>.</p>
<p>In this note, we look at deal dynamics and provide an update on valuation.  </p>
</div>


Kanzhun (BZ US), an online recruitment platform in China, raised around US$912m in its US IPO. The company is backed by Tencent (700 HK). Kanzhun runs BOSS Zhipin APP, which allows enterprise users and jobseekers to directly chat, thus, providing more convenience to both.



We have covered various aspects of the deal in our earlier notes Kanzhun Pre-IPO -Bumble meets Linkedin and Kanzhun IPO - Fast Growth, Strong Investor Support, Cash Flow Positive....
In this note, we look at deal dynamics and provide an update on valuation.  


Kanzhun IPO Trading - Should Be Able to Turn the China ADR Sentiment Around

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

<ul>
<li>With a population size similar to Vietnam and an overall GDP close to Indonesia (Malaysia, on a per capita basis), Turkey shares many similarities with Southeast Asian countries.</li>
<li>Strategically located between Asia and Europe, it has been a testing ground for companies trying to expand into Europe and the Middle East.</li>
<li>The country’s tech scene has been thriving in recent years and has attracted a lot of international attention.</li>
<li>Clear winners seemed to have emerged from various tech sectors with the potential listing in international capital markets in the coming years.</li>
<li>Looking at the development of other emerging markets, we believe exciting developments would be seen in the country's Fintech sector in the next 3 - 5 years.</li>
</ul>


With a population size similar to Vietnam and an overall GDP close to Indonesia (Malaysia, on a per capita basis), Turkey shares many similarities with Southeast Asian countries.
Strategically located between Asia and Europe, it has been a testing ground for companies trying to expand into Europe and the Middle East.
The country’s tech scene has been thriving in recent years and has attracted a lot of international attention.
Clear winners seemed to have emerged from various tech sectors with the potential listing in international capital markets in the coming years.
Looking at the development of other emerging markets, we believe exciting developments would be seen in the country's Fintech sector in the next 3 - 5 years.


Tech in Turkey: Through the Lens of Southeast Asia

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)

Global Emerging Markets Weekly: 11 June 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

AiHuiShou IPO - Priced to Go but Won't Do a Kanzhun

Aihuishou (RERE US), China’s largest pre-owned consumer electronics transactions and services platform, aims to raise up to US$243m via a US...

Sumeet Singh

DiDi Chuxing Pre-IPO - One of Asia's Largest IPOs This Year - Tearsheet

DiDi Chuxing (Didi), the world’s largest mobility technology platform, aims to raise around US$10bn in its US listing. It is backed by Softbank and...

Sumeet Singh

Kanzhun IPO Trading - Should Be Able to Turn the China ADR Sentiment Around

Kanzhun (BZ US), an online recruitment platform in China, raised around US$912m in its US IPO. The company is backed by Tencent (700 HK).

Sumeet Singh

Tech in Turkey: Through the Lens of Southeast Asia

The Insight targets to showcase Turkey by comparing it with Southeast Asia and looks into the tech scene that has been thriving in the country for...

Alec Tseung

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