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 inflation, net exports, GDP growth, industrial production, and retail sales data.</li>
<li>
 Companies mentioned:<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">Taiwan Semiconductor (TSMC) (2330 TT)</a>, <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/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</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 inflation, net exports, GDP growth, industrial production, and retail sales data.

 Companies mentioned:Taiwan Semiconductor (TSMC) (2330 TT), Alibaba Group Holding (9988 HK), Baidu (9888 HK)



GEMWeekly (18 Oct 2024): Further Chinese Stimulus; China Macro Data; TSMC, Alibaba, Baidu

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

China Traditional Chinese Medicine / Event-Driven

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a>, <a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a>, <a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, <a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a> IPOs.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" target="_blank" data-smartkarma-citation="entities:351:1" rel="noopener">China Traditional Chinese Medicine (570 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>, <a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a>, <a href="https://www.smartkarma.com/entities/fuji-soft-inc" target="_blank" data-smartkarma-citation="entities:17504:1" rel="noopener">Fuji Soft Inc (9749 JP)</a>, <a href="https://www.smartkarma.com/entities/dyna-mac-holdings-ltd" target="_blank" data-smartkarma-citation="entities:16153:1" rel="noopener">Dyna Mac Holdings (DMHL SP)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: Tokyo Metro (9023 JP), Rigaku Holdings (268A JP), Horizon Robotics (9660 HK), China Resources Beverage (2460 HK) and Hyundai Motor India (1342Z IN) IPOs.
Event-Driven developments: China Traditional Chinese Medicine (570 HK), Greatview Aseptic Packaging (468 HK), Sun Art Retail (6808 HK), Fuji Soft Inc (9749 JP), Dyna Mac Holdings (DMHL SP).



Weekly Deals Digest (20 Oct) - China TCM, GA Pack, Tokyo Metro, Rigaku, CR Beverage, Horizon Robotic

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>This past week saw mainland investors trade HK$476bn of stock. Not as big as last "week" but still big. BABA buying has slowed, but net buying was still HK$24.4bn </li>
<li>The buying is starting to see a longer tail of net positive names, and properties this week saw big net buying, even before the Sunac placement which added more.</li>
<li>High-Div SOEs are seeing outflows as beta sees inflows. I expect this to continue.</li>
</ul>


This past week saw mainland investors trade HK$476bn of stock. Not as big as last "week" but still big. BABA buying has slowed, but net buying was still HK$24.4bn 
The buying is starting to see a longer tail of net positive names, and properties this week saw big net buying, even before the Sunac placement which added more.
High-Div SOEs are seeing outflows as beta sees inflows. I expect this to continue.


HK Connect SOUTHBOUND Flows (To 18 Oct 2024); Net Flows Big, Selling in Brokers, Buying in Props

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Horizon Robotics / Equity Capital Markets

<ul>
<li>Horizon Robotics, a Beijing-based fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, plans to raise ~$700M at the high end of the range at HK$3.99/share.</li>
<li>The IPO is expected to be between HK$3.73 and HK$3.99. However, the offer price may be, but is not expected to be, lower than the lower end of the range.</li>
<li>I believe that at the high end of the range, the company’s valuation is full, and I would await a share pull-back before becoming more positive on the stock.</li>
</ul>


Horizon Robotics, a Beijing-based fast-growing provider of integrated ADAS and AD solutions for passenger vehicles, plans to raise ~$700M at the high end of the range at HK$3.99/share.
The IPO is expected to be between HK$3.73 and HK$3.99. However, the offer price may be, but is not expected to be, lower than the lower end of the range.
I believe that at the high end of the range, the company’s valuation is full, and I would await a share pull-back before becoming more positive on the stock.


Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

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>JD US/BABA US/1810 HK: Jiangsu Province adds seven new products to the list of appliances eligible for subsidies(+/+/+)</li>
<li>700 HK: Tencent's MOBA Game &lt;Pokémon Unite&gt; Mobile Version Set for Release on November 7(+)</li>
<li>700 HK: Tencent-owned Riot Games Announces Layoffs, Offering Severance of at Least Six Months' Salary, Aiming to Keep &lt;League of Legends&gt; Thriving for 15 More Years(/)</li>
</ul>


JD US/BABA US/1810 HK: Jiangsu Province adds seven new products to the list of appliances eligible for subsidies(+/+/+)
700 HK: Tencent's MOBA Game &lt;Pokémon Unite&gt; Mobile Version Set for Release on November 7(+)
700 HK: Tencent-owned Riot Games Announces Layoffs, Offering Severance of at Least Six Months' Salary, Aiming to Keep &lt;League of Legends&gt; Thriving for 15 More Years(/)


[Blue Lotus Daily-TMT Update]:JD US/BABA US/1810 HK/700 HK/NTES US/3690 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.

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Alibaba Group Holding (9988 HK)

GEMWeekly (18 Oct 2024): Further Chinese Stimulus; China Macro Data; TSMC, Alibaba, Baidu

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

Wium Malan, CFA

Weekly Deals Digest (20 Oct) - China TCM, GA Pack, Tokyo Metro, Rigaku, CR Beverage, Horizon Robotic

Last week, notable developments occurred in Event-Driven (Beijing Grand, China TCM, GA Pack, Sun Art Retail, Fuji Soft, Dyna Mac) and ECM (Tokyo...

Arun George

HK Connect SOUTHBOUND Flows (To 18 Oct 2024); Net Flows Big, Selling in Brokers, Buying in Props

HK Southbound Connect investors traded HK$475bn and net bough HK$24bn+ this past week, with almost every sector seeing inflows except tech. Some...

Travis Lundy

Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Andrei Zakharov

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

Jiangsu Province adds new products to subsidy list; Tencent to release Pokémon Unite mobile game; Riot Games announces layoffs to support League...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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GEMWeekly (18 Oct 2024): Further Chinese Stimulus; China Macro Data; TSMC, Alibaba, Baidu

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

Wium Malan, CFA

Weekly Deals Digest (20 Oct) - China TCM, GA Pack, Tokyo Metro, Rigaku, CR Beverage, Horizon Robotic

Last week, notable developments occurred in Event-Driven (Beijing Grand, China TCM, GA Pack, Sun Art Retail, Fuji Soft, Dyna Mac) and ECM (Tokyo...

Arun George

HK Connect SOUTHBOUND Flows (To 18 Oct 2024); Net Flows Big, Selling in Brokers, Buying in Props

HK Southbound Connect investors traded HK$475bn and net bough HK$24bn+ this past week, with almost every sector seeing inflows except tech. Some...

Travis Lundy

Horizon Robotics IPO (9660.HK): Global Offering and Valuation Update

​Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Andrei Zakharov

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

​Jiangsu Province adds new products to subsidy list; Tencent to release Pokémon Unite mobile game; Riot Games announces layoffs to support League...

Blue Lotus Research Institute

Beijing-based Horizon Robotics will price its IPO next week. The technology company will likely to get a premium valuation given its high growth...

Jiangsu Province adds new products to subsidy list; Tencent to release Pokémon Unite mobile game; Riot Games announces layoffs to support League...