Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Equity Bottom-Up

<ul>
<li>There have been several developments in the Southeast Asian e-commerce space over the past few days that we believe will have a negative impact on <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a>’s financial performance.</li>
<li>A few days ago, TikTok, owned by <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>, announced a $1.5bn investment in Tokopedia.</li>
<li>Today, Nikkei reported that <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a> has infused an additional $634m into Lazada, its Southeast Asia e-commerce unit, to enhance its competitive position in the face of escalating competition.</li>
</ul>


There have been several developments in the Southeast Asian e-commerce space over the past few days that we believe will have a negative impact on Sea (SE US)’s financial performance.
A few days ago, TikTok, owned by ByteDance (1439927D CH), announced a $1.5bn investment in Tokopedia.
Today, Nikkei reported that Alibaba (ADR) (BABA US) has infused an additional $634m into Lazada, its Southeast Asia e-commerce unit, to enhance its competitive position in the face of escalating competition.


Sea Ltd: TikTok's Tokopedia Deal and Lazada's Financial Boost Raise Concerns

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.

Thematic (Sector/Industry)

<ul><li>Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. </li><li>Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.</li><li>Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.</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>

Huawei's role in offering alternatives to foreign tech’s is prominent, but it's important to highlight the contribution of other smaller yet significant players in the development of home-grown solutions in China. Nvidia faces significant revenue decline in China in the upcoming year to comply with US export curbs. The company is determined to protect its substantial revenue from the China market and expand its global presence aggressively to make up for the potential revenue loss from the China market.Nvidia CFO said “China and other affected destinations consistently contributed approximately 2025% of data center revenue over the past few quarters”.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.

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy 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/TCOM: China Tourism - Singapore and China to establish mutual 30-day visa exemption (+)</li>
<li>NIO: NIO Auto to spin off its battery manufacturing business for financing (+)</li>
<li>HTHT/ATAT: China Tourism Update - Chinese Embassies abroad temporarily reduce visa fees (+)</li>
</ul>


BABA/TCOM: China Tourism - Singapore and China to establish mutual 30-day visa exemption (+)
NIO: NIO Auto to spin off its battery manufacturing business for financing (+)
HTHT/ATAT: China Tourism Update - Chinese Embassies abroad temporarily reduce visa fees (+)


[Blue Lotus Daily]: BABA/TCOM/NIO/HTHT/ATAT

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)</li>
<li>700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)</li>
<li>BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)</li>
</ul>


BABA/MELI/PDD/Shein/1519 HK: Cainiao launches charter flight route to Mexico (+/+/-/-/-/)
700 HK: Tencent gaming studio &lt;Level Infinite&gt; announced 4 new games at The Game Award 2023(+)
BABA/Temu/Shein/CPNG/SE/AMZN/MELI: Alibaba plans to launch LLM AI-powered &lt;1688&gt; in South Korea(+/+/+/+/+/-/-)


[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

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

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

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 (9988 HK)

Sea Ltd: TikTok's Tokopedia Deal and Lazada's Financial Boost Raise Concerns

Recent developments in Southeast Asian e-commerce, including TikTok's investment in Tokopedia and Alibaba's infusion of funds into Lazada, are...

Oshadhi Kumarasiri

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

[Blue Lotus Daily]: BABA/TCOM/NIO/HTHT/ATAT

China and Singapore agree to a 30-day visa exemption for tourism, NIO Auto plans to separate its battery manufacturing for funding, and Chinese...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Sea Ltd: TikTok's Tokopedia Deal and Lazada's Financial Boost Raise Concerns

​Recent developments in Southeast Asian e-commerce, including TikTok's investment in Tokopedia and Alibaba's infusion of funds into Lazada, are...

Oshadhi Kumarasiri

China Semiconductor – Domestic AI Chip Makers Accelerating Their Push as Nvidia’s Alternatives

As the US tightens China’s access to advanced chips, we maintain our earlier view that domestic companies will look for Nvidia’s alternatives at a...

CMB International

[Blue Lotus Daily]: BABA/TCOM/NIO/HTHT/ATAT

​China and Singapore agree to a 30-day visa exemption for tourism, NIO Auto plans to separate its battery manufacturing for funding, and Chinese...

Blue Lotus Research Institute

[Blue Lotus Daily - TMT Update]:700 HK/BABA/Temu/Shein/PDD/CPNG/SE/AMZN/MELI/JD/1024 HK/2618 HK

​Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...

Blue Lotus Research Institute

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Recent developments in Southeast Asian e-commerce, including TikTok's investment in Tokopedia and Alibaba's infusion of funds into Lazada, are...

China and Singapore agree to a 30-day visa exemption for tourism, NIO Auto plans to separate its battery manufacturing for funding, and Chinese...

Cainiao launches charter flight route to Mexico; Tencent gaming studio announces 4 new games; Alibaba plans to launch LLM AI-powered 1688 in South...