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>Based on NBS data, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.</li><li>The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).</li><li>In our view, this heralds that overall consumption sentiment still takes time to recover. </li></ul>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.

Based on NBS data, 11M23 online retail sales GMV/ online physical goods GMV reached RMB14.0/11.8tn, up 11.0/8.3% YoY.The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year CAGR of 4.3%/1.8% (slowed from 10.0%/3.5% in Oct 2023).In our view, this heralds that overall consumption sentiment still takes time to recover. 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 Internet – November online retail sales recap

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>AMZN/PDD/Shein: Amazon launches new supply chain solution for China merchants (+/-/-)</li>
<li>JD/2618 HK: Richard Liu Qiangdong responds to article written by internal employee (+/+)</li>
<li>772 HK/700 HK: Yuewen will acquire Tencent Comics business line and related IP for 600 million RMB. (+/+) </li>
</ul>


AMZN/PDD/Shein: Amazon launches new supply chain solution for China merchants (+/-/-)
JD/2618 HK: Richard Liu Qiangdong responds to article written by internal employee (+/+)
772 HK/700 HK: Yuewen will acquire Tencent Comics business line and related IP for 600 million RMB. (+/+) 


[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

INOX India Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/inox-india-limited" target="_blank" data-smartkarma-citation="entities:40138:1" rel="noopener">INOX India Limited (INOX IN)</a> is looking to raise up to US$175m in its Indian IPO.</li>
<li>Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.</li>
<li>In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.</li>
</ul>



INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO.
Inox India is a manufacturer of cryogenic equipment. As per CRISIL, the firm was the largest Indian exporter of cryogenic tanks in terms of FY23 sales.
In our previous note, we looked at the company’s background. In this note, we talk about the company’s performance and share our quick thoughts on valuation.


Inox India IPO - Offering Access to a Niche Sector

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

<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>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.

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

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)

China Internet – November online retail sales recap

The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year...

CMB International

[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...

Blue Lotus Research Institute

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Internet – November online retail sales recap

The YoY growth of online physical goods GMV/total retail sales in Nov 2023 came in at 7.6%/10.1% (Oct 2023: 4.9/7.6%), which implies a two-year...

CMB International

[Blue Lotus Daily - TMT Update]:SE/GRAB/GOTO IJ/1519 HK/JD/2618 HK/AMZN/PDD/Shein/BABA/700 HK/772 HK

​Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...

Blue Lotus Research Institute

Inox India IPO - Offering Access to a Niche Sector

INOX India Limited (INOX IN) is looking to raise up to US$175m in its Indian IPO. In this note, we talk about the company’s performance and share...

Ethan Aw

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

Amazon introduces a supply chain solution for Chinese merchants, Richard Liu Qiangdong responds to an internal article, and Yuewen acquires...

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