Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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 Bottom-Up

<ul>
<li>The global game market can shrink in 2022, which will impact Chinese game companies’ global diversification.</li>
<li>NetEase formally launched its own social networking service to compete with Tencent.</li>
<li>Kuaishou announced that it would launch an e-commerce channel on its App’s homepage.</li>
</ul>


The global game market can shrink in 2022, which will impact Chinese game companies’ global diversification.
NetEase formally launched its own social networking service to compete with Tencent.
Kuaishou announced that it would launch an e-commerce channel on its App’s homepage.


China Internet Weekly (3Oct2022): Tencent, NetEase, Alibaba, Kuaishou, Uxin

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. </li>
<li>Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.</li>
<li>Other supermarket chains are already preparing to sign-up with Rakuten. </li>
</ul>


The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. 
Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.
Other supermarket chains are already preparing to sign-up with Rakuten. 


Rakuten’s Netsuper Expands with New Partners

Event-Driven

<ul>
<li>Japan’s cosmetics market is the focus of attention from many large international businesses thanks to strong sales and new growth businesses. </li>
<li>The latest is Amazon, which is to become the biggest shareholder in <a href="https://www.smartkarma.com/entities/istyle-inc" target="_blank" data-smartkarma-citation="entities:9010:1" rel="noopener">Istyle Inc (3660 JP)</a>, providing a major boost to the @Cosme operator.</li>
<li>IStyle, meanwhile, plans to offer cosmetics brands the chance to open popup stores within its retail chain for fixed monthly fees.</li>
</ul>


Japan’s cosmetics market is the focus of attention from many large international businesses thanks to strong sales and new growth businesses. 
The latest is Amazon, which is to become the biggest shareholder in Istyle Inc (3660 JP), providing a major boost to the @Cosme operator.
IStyle, meanwhile, plans to offer cosmetics brands the chance to open popup stores within its retail chain for fixed monthly fees.


IStyle's @Cosme Gets a Boost from Amazon Investment

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>CALB aims to raise around US$1.5bn in its Hong Kong IPO.</li>
<li>CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.</li>
<li>In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.</li>
</ul>


CALB aims to raise around US$1.5bn in its Hong Kong IPO.
CALB undertakes design, R&amp;D, production and sales of EV batteries and Energy Storage Systems (ESS) products.
In our previous note, we undertook a peer comparison. In this note, we will talk about valuations.


<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.</li>
<li>The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things are starting to move with Leapmotor and Onewo, while CALB continues to have second thoughts.
The biggest placement this week was Doosan, but there was news of Tencent setting its sights on sizeable future placements via divestments.


ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

China Internet Weekly (3Oct2022): Tencent, NetEase, Alibaba, Kuaishou, Uxin

The global game market shrink will impact Chinese game companies’ global diversification. NetEase launched its own social networking service....

Ming Lu

Rakuten’s Netsuper Expands with New Partners

Rakuten continues to maintain leadership in Japanese e-commerce against rivals Amazon and Z Holdings and could emerge as the top player in the...

Michael Causton

IStyle's @Cosme Gets a Boost from Amazon Investment

iStyle is a leading cosmetics social platform and retailer and was already well-positioned to take advantage of Japan's cosmetics boom but will now...

Michael Causton

CALB Pre-IPO - Thoughts on Valuation

CALB aims to raise around US$1.5bn in its Hong Kong IPO. In this note, we talk about our earnings forecast and valuations estimates.

Sumeet Singh

ECM Weekly (4th Sep 2022) - China ADRs, Tencent, Leapmotor, Onewo, Hongjiu Fruit, Doosan Ener

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)