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 Capital Markets

Hive Box Holdings / Equity Capital Markets

<ul>
<li>A change in depreciation policy boosted reported profits in Jan-May 2024</li>
<li>But Adjusted EBITDA margins have declined consistently in recent periods</li>
<li>Among our growing list of questions: why hasn't Hive Box grown faster?</li>
</ul>


A change in depreciation policy boosted reported profits in Jan-May 2024
But Adjusted EBITDA margins have declined consistently in recent periods
Among our growing list of questions: why hasn't Hive Box grown faster?


Hive Box Holdings Pre-IPO, Part 2: Segments, P&L, Balance Sheet & CF, Key Drivers, & More Questions

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SOUTHBOUND was a net buyer this week, again, after a small net sell week broke the 28-week buying streak. This week, over four days, it was +HK$9.3bn.</li>
<li>ETFs were a net buy this week; CCB, ICBC, Meituan, China Mobile, as well as BYD, Nonfu Spring, and ANTA Sports stand out among net buys. Sells were small. </li>
<li>This week sees <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> eligible for SOUTHBOUND buying. And what was supposed to be the HSI/HSCEI/HSTECH rebals Friday are pushed to Monday (link <a href="https://www.smartkarma.com/insights/hang-seng-hscei-hstech-sep24-rebal-final-capping-flows" target="_blank" rel="noopener">here</a>).</li>
</ul>


SOUTHBOUND was a net buyer this week, again, after a small net sell week broke the 28-week buying streak. This week, over four days, it was +HK$9.3bn.
ETFs were a net buy this week; CCB, ICBC, Meituan, China Mobile, as well as BYD, Nonfu Spring, and ANTA Sports stand out among net buys. Sells were small. 
This week sees Alibaba Group Holding (9988 HK) eligible for SOUTHBOUND buying. And what was supposed to be the HSI/HSCEI/HSTECH rebals Friday are pushed to Monday (link here).


HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.


HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

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)

<ul>
<li>The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.</li>
<li>
 Macro data points: Chinese PMI data, South Korean exports and inflation data.</li>
<li>
 Companies mentioned:<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>, <a href="https://www.smartkarma.com/entities/beijing-douyin-information-service-co-ltd-bytedance" target="_blank" data-smartkarma-citation="entities:27936:1" rel="noopener">ByteDance (1439927D CH)</a>
</li>
</ul>


The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.

 Macro data points: Chinese PMI data, South Korean exports and inflation data.

 Companies mentioned:Alibaba Group Holding (9988 HK), ByteDance (1439927D CH)



GEMWeekly (6 Sep 2024): Mixed China Activity Data; South Korea Macro; Alibaba Group, ByteDance

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

<ul>
<li>BABA US/700 HK/WB US/PDD US/JD US/VIPS US:Taobao to launch WeChat Pay support this month (+/+/-/-/-/-)</li>
<li>3690HK: Meituan Plans to Increase Marketing Investment to Support Small and Medium-sized Restaurant Businesses(+)</li>
<li>3690HK: Meituan food delivery and Meituan hotel services launch on Alipay Mini Program(+)</li>
</ul>


BABA US/700 HK/WB US/PDD US/JD US/VIPS US:Taobao to launch WeChat Pay support this month (+/+/-/-/-/-)
3690HK: Meituan Plans to Increase Marketing Investment to Support Small and Medium-sized Restaurant Businesses(+)
3690HK: Meituan food delivery and Meituan hotel services launch on Alipay Mini Program(+)


[Blue Lotus Daily-TMT Update]:BABA US/700 HK/WB US/PDD US/JD US/VIPS US/3690HK/1810 HK

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)

Hive Box Holdings Pre-IPO, Part 2: Segments, P&L, Balance Sheet & CF, Key Drivers, & More Questions

When it comes to evaluating Hive Box's financial performance, a recent change in depreciation policy muddies the waters. But it's clear that core...

Tracking Traffic

HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

The week before BABA gets SOUTHBOUND flows was weak in HK, but SOUTHBOUND was still a net buyer over the 4-day (typhoon-shortened week).

Travis Lundy

HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Aug 30th and highlight short interest changes in Trip.Com, Shk Ppt, Anta...

Ke Yan, CFA, FRM

GEMWeekly (6 Sep 2024): Mixed China Activity Data; South Korea Macro; Alibaba Group, ByteDance

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

[Blue Lotus Daily-TMT Update]:BABA US/700 HK/WB US/PDD US/JD US/VIPS US/3690HK/1810 HK

Taobao to support WeChat Pay, Meituan increases marketing for small businesses and launches services on Alipay Mini Program.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hive Box Holdings Pre-IPO, Part 2: Segments, P&L, Balance Sheet & CF, Key Drivers, & More Questions

When it comes to evaluating Hive Box's financial performance, a recent change in depreciation policy muddies the waters. But it's clear that core...

Tracking Traffic

HK Connect SOUTHBOUND Flows (To 6 Sep 2024); Weak Data

The week before BABA gets SOUTHBOUND flows was weak in HK, but SOUTHBOUND was still a net buyer over the 4-day (typhoon-shortened week).

Travis Lundy

HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Aug 30th and highlight short interest changes in Trip.Com, Shk Ppt, Anta...

Ke Yan, CFA, FRM

GEMWeekly (6 Sep 2024): Mixed China Activity Data; South Korea Macro; Alibaba Group, ByteDance

The Global Emerging Markets Weekly summarises the key news and related developments impacting the largest countries and constituents of the Global...

Wium Malan, CFA

[Blue Lotus Daily-TMT Update]:BABA US/700 HK/WB US/PDD US/JD US/VIPS US/3690HK/1810 HK

​Taobao to support WeChat Pay, Meituan increases marketing for small businesses and launches services on Alipay Mini Program.

Blue Lotus Research Institute

Taobao to support WeChat Pay, Meituan increases marketing for small businesses and launches services on Alipay Mini Program.