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>Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.</li>
<li>GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.</li>
<li>Cotti Coffee plans to extend its “RMB9.90” sales to three years.</li>
</ul>


Xiaomi’s global market increased to 15% in 2Q24 compared with 13% in 2Q23.
GAC Aion began to be produced in Thailand to bypass the new tariff barriers from the US and the European Union.
Cotti Coffee plans to extend its “RMB9.90” sales to three years.


China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

<ul>
<li>Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24, which is the most rapid growth among the global top five.</li>
<li>Xiaomi is the only clear gainer of market share among the global top five.</li>
<li>We believe the stock has an upside of 35% and the target price is HK$22.30 for the end of 2024.</li>
</ul>


Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24, which is the most rapid growth among the global top five.
Xiaomi is the only clear gainer of market share among the global top five.
We believe the stock has an upside of 35% and the target price is HK$22.30 for the end of 2024.


Xiaomi (1810 HK): 2Q24 Shipments – High Growth and High Market Share

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the coming week  to see two more listing, with both likely to do well.</li>
<li>On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the coming week  to see two more listing, with both likely to do well.
On the placement front, Japan continued to dominate the ECM flows, with India, Taiwan and Australia joining in.


ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.</li>
<li>Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.</li>
<li>Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.</li>
</ul>


Significant revenue guidance hike -- TSMC reported 2Q24 results, increasing 2024E revenue growth guidance to exceed 'mid-20's' percent, a significant hike from previous guidance.
Management is low-balling LT margins -- Latest figures and long-term margin color makes us believe that TSMC will be able to increase GM much higher than current official LT guidance.
Signs of Apple expecting strong iPhone 16 sales -- TSMC reported strength in smartphone end-applications and we believe this is reflective of Apple ramping up re: stronger iPhone volume expectations.


We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

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

Thematic (Sector/Industry)

<ul>
<li>981 HK/1810 HK: Huawei to launch updated Nova series smartphones (+//)</li>
<li>BEKE US:China's residential property prices show narrowing MoM decline in June (+)</li>
<li>1810 HK/AAPL US: IDC publishes 2Q24 smartphone sales data (+)</li>
</ul>


981 HK/1810 HK: Huawei to launch updated Nova series smartphones (+//)
BEKE US:China's residential property prices show narrowing MoM decline in June (+)
1810 HK/AAPL US: IDC publishes 2Q24 smartphone sales data (+)


[Blue Lotus Daily]:981 HK/1810 HK/BEKE US/AAPL US/688036 CH/QCOM US

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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P/E	0.00
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Apple (AAPL US)

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

[Blue Lotus Daily]:981 HK/1810 HK/BEKE US/AAPL US/688036 CH/QCOM US

Huawei to launch updated Nova series smartphones, China's residential property prices show narrowing decline, IDC publishes 2Q24 smartphone sales...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Consumption Weekly (2024 Jul 22): Xiaomi, Guangzhou Automobile, NIO, AAPL, Starbucks

Xiaomi’s global market share increased to 15% in 2Q24 from 13% in 2Q23. GAC Aion began to produce in Thailand. Cotti Coffee extended its sales to...

Ming Lu

Xiaomi (1810 HK): 2Q24 Shipments – High Growth and High Market Share

Xiaomi (XM)’s shipments increased by 29% YoY in 2Q24. Xiaomi is the only clear gainer of market share. We believe the stock has an upside 35% for...

Ming Lu

ECM Weekly (22nd July 2024) - Kokusai, Honda, ASICS, ZIP, Invincible, Hyundai, Premier, Timee, Sanil

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

We See TSMC's Margins Increasing Much Higher Than Guidance in Long-Term; 2Q24 Shows Apple Ramping Up

​TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Vincent Fernando, CFA

[Blue Lotus Daily]:981 HK/1810 HK/BEKE US/AAPL US/688036 CH/QCOM US

​Huawei to launch updated Nova series smartphones, China's residential property prices show narrowing decline, IDC publishes 2Q24 smartphone sales...

Blue Lotus Research Institute

TSMC raises revenue guidance significantly for 2024E. We also see many signs that TSMC can earn higher LT margins than it is guiding. TSMC shows...

Huawei to launch updated Nova series smartphones, China's residential property prices show narrowing decline, IDC publishes 2Q24 smartphone sales...