Analyst, qcAlpha Earnings Coverage, Zero One

Vincent Fernando, CFA

Analyst, qcAlpha Earnings Coverage

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<div class="content-highlight"><h2><strong>What You Need to Know</strong></h2></div><ul>
<li>
<strong>JD reported revenues of RMB60.7 billion, 38% higher YoY, while earning an adjusted EPS of US$0.03. </strong>Revenue beat analyst expectations by 3%, while EPS surpassed estimates of negative US$0.06 by nine cents.</li>
<li>
<strong>3Q16’s GMV (excluding virtual items) increased by 47% YoY to RMB155.6 billion</strong>. Online direct sales GMV increased by 42% to RMB68.8 billion, while Online Marketplace GMV increased by 56% to RMB86.8 billion.</li>
<li>
<strong>Revenue as a % of GMV stands at 39%. </strong>As of 3Q16, Online Marketplace…</li>
</ul>

What You Need to Know

JD reported revenues of RMB60.7 billion, 38% higher YoY, while earning an adjusted EPS of US$0.03. Revenue beat analyst expectations by 3%, while EPS surpassed estimates of negative US$0.06 by nine cents.

3Q16’s GMV (excluding virtual items) increased by 47% YoY to RMB155.6 billion. Online direct sales GMV increased by 42% to RMB68.8 billion, while Online Marketplace GMV increased by 56% to RMB86.8 billion.

Revenue as a % of GMV stands at 39%. As of 3Q16, Online Marketplace…


JD 3Q16 Earnings: Revenue and EPS Beat; Guidance Implies Upward Consensus Revision

<p>Since JD.com’s latest earnings release in August, the Company’s stock price has experienced several upticks – increasing by a total of 7% in the span of two months preceding the Donald Trump win in the US. Increases in the Company’s stock price came as JD.com reported better-than-expected profitability, and launched new partnerships &amp; initiatives.</p><p>Since Trump’s win, the stock has declined however.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/362/original/Screen%20Shot%202016-11-15%20at%2011.53.49.png?1479182095" class="editor-image img-responsive" data-smartkarma-image-id="16362"></figure><div class="content-highlight"><h2><strong>Walmart increases stake in JD to 10.8%. Further business integration expected.</strong></h2></div><p>Notably in October…</p>

Since JD.com’s latest earnings release in August, the Company’s stock price has experienced several upticks – increasing by a total of 7% in the span of two months preceding the Donald Trump win in the US. Increases in the Company’s stock price came as JD.com reported better-than-expected profitability, and launched new partnerships &amp; initiatives.Since Trump’s win, the stock has declined however.Walmart increases stake in JD to 10.8%. Further business integration expected.Notably in October…

JD.com 3Q16 Earnings Preview: Can Growth Beat Alibaba Again?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<ul><li><strong>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </strong></li><li><strong>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</strong></li><li><strong>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</strong></li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

<p>Shares of <a href="https://www.smartkarma.com/entities/23628" target="_blank" data-smartkarma-citation="entities:23628:1">ZTO Express (ZTO US) </a>now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express parcel delivery market. In this note we examine some of those concerns, present some scenarios for ZTO's earnings growth in 2017e, and preview the company's first earnings release, which will take place on the afternoon of November 28th in New York.</p><p><em>There is anecdotal evidence that underlying demand growth is slowing:</em> Since ZTO's October 27th IPO, we have…</p>

Shares of ZTO Express (ZTO US) now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express parcel delivery market. In this note we examine some of those concerns, present some scenarios for ZTO's earnings growth in 2017e, and preview the company's first earnings release, which will take place on the afternoon of November 28th in New York.There is anecdotal evidence that underlying demand growth is slowing: Since ZTO's October 27th IPO, we have…

ZTO Express -26.7% Since IPO; New Signs of Slowing Growth and a Q3 Results Preview

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<p>This article looks at the impact of artificial intelligence (AI) technology on the investment management community.</p><p>AI will change the investment landscape in three ways. First, investors will be forced to place more value on the quality of a company’s AI assets. Second, investors themselves will rely far more on AI-based research techniques to support their investment approach. And third, investors will compete head to head for AI talent with the technology sector.</p>

This article looks at the impact of artificial intelligence (AI) technology on the investment management community.AI will change the investment landscape in three ways. First, investors will be forced to place more value on the quality of a company’s AI assets. Second, investors themselves will rely far more on AI-based research techniques to support their investment approach. And third, investors will compete head to head for AI talent with the technology sector.

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)

JD 3Q16 Earnings: Revenue and EPS Beat; Guidance Implies Upward Consensus Revision

What You Need to Know JD reported revenues of RMB60.7 billion, 38% higher YoY, while earning an adjusted EPS of US$0.03. Revenue beat analyst...

Vincent Fernando, CFA

JD.com 3Q16 Earnings Preview: Can Growth Beat Alibaba Again?

Since JD.com’s latest earnings release in August, the Company’s stock price has experienced several upticks – increasing by a total of 7% in the...

Vincent Fernando, CFA

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

ZTO Express -26.7% Since IPO; New Signs of Slowing Growth and a Q3 Results Preview

Shares of ZTO Express (ZTO US) now trade almost 27% below the IPO price of US$19.50 amid concerns over slowing demand growth in China's express...

Daniel Hellberg

What AI Means for Investors

This article looks at the impact of artificial intelligence (AI) technology on the investment management community.AI will change the investment...

CM Research

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