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.

Equity Bottom-Up

<div><ul><li>2Q22 result beat again, with DAU/rev +18.5%/13% YoY (1%/5% above consensus), and bottom line at -RMB1.3bn (vs. consensus at -RMB2.9bn).</li><li><span style="font-size: var(--content-font-size);">We view this result as positive, given its resilient topline growth and better-than- expected margin (domestic biz OP breakeven ahead of guidance). </span></li><li><span style="font-size: var(--content-font-size);">2H22E guidance was largely in line, with 3Q22/4Q22E rev +12% YoY/15% YoY. </span></li></ul></div><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>

2Q22 result beat again, with DAU/rev +18.5%/13% YoY (1%/5% above consensus), and bottom line at -RMB1.3bn (vs. consensus at -RMB2.9bn).We view this result as positive, given its resilient topline growth and better-than- expected margin (domestic biz OP breakeven ahead of guidance). 2H22E guidance was largely in line, with 3Q22/4Q22E rev +12% YoY/15% YoY. 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.

Kuaishou (1024 HK) – Another Upbeat Quarter; 2H22E Outlook on Track

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

China Tourism Group Duty Free / Equity Capital Markets

<ul>
<li>China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.</li>
<li>As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.</li>
<li>In this note, we talk about the deal pricing and the trading dynamics.</li>
</ul>


China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158/share.
As per Frost &amp; Sullivan, CDF had 92.3% market share by retail revenue in China duty-free merchandise sales in 2020.
In this note, we talk about the deal pricing and the trading dynamics.


China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> reported 2Q2022 results today. Revenue grew 13.4% YoY to RMB21.7bn (vs consensus RMB20.7bn) while reported operating losses dropped to RMB3.1bn (vs consensus RMB4.6bn).</li>
<li>Though top line growth of online marketing services has been declining, the company managed to report growth while peers have been facing decrease in revenues.</li>
<li>Kuaishou’s domestic biz has turned profitable at the OPM line while there has been significant decrease in Op. losses from the overseas segment.</li>
</ul>



Kuaishou Technology (1024 HK) reported 2Q2022 results today. Revenue grew 13.4% YoY to RMB21.7bn (vs consensus RMB20.7bn) while reported operating losses dropped to RMB3.1bn (vs consensus RMB4.6bn).
Though top line growth of online marketing services has been declining, the company managed to report growth while peers have been facing decrease in revenues.
Kuaishou’s domestic biz has turned profitable at the OPM line while there has been significant decrease in Op. losses from the overseas segment.


Kuaishou: Profitability to Improve Further with Monetisation of Overseas Business

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

<ul>
<li>In 2Q22, the company’s adverting revenue increased by 11% YoY, while the market size shrank by 8% YoY.</li>
<li>The company raised both of its user base and Time Spent per Daily Active User.</li>
<li>The company’s operating margin continued to shrink due to the layoff at the beginning of this year.</li>
</ul>


In 2Q22, the company’s adverting revenue increased by 11% YoY, while the market size shrank by 8% YoY.
The company raised both of its user base and Time Spent per Daily Active User.
The company’s operating margin continued to shrink due to the layoff at the beginning of this year.


Kuaishou (1024 HK): 2Q22, Many Encouraging Points Behind “Slowdown”, 48% Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.</li>
<li>However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.</li>
<li>There is a fair bit of flow, but the obvious big name - <a href="https://www.smartkarma.com/entities/sensetime-group-inc" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (20 HK)</a> - has potential overhang. Watch <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>. </li>
</ul>


The Hang Seng Index Team announced the index review for the Hang Seng Tech Index Friday after the close. There were no additions or deletions.
However, there is a 4.9% one-way turnover on reasonably heavy FAF and capping changes. Sensetime sees a huge FAF increase. Tencent, Meituan, and Kuaishou get re-capped higher. Xiaomi lower.
There is a fair bit of flow, but the obvious big name - SenseTime Group (20 HK) - has potential overhang. Watch Haier Smart Home Co Ltd (6690 HK). 


Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) – Another Upbeat Quarter; 2H22E Outlook on Track

2Q22 result beat again, with DAU/rev +18.5%/13% YoY (1%/5% above consensus), and bottom line at -RMB1.3bn (vs. consensus at -RMB2.9bn).

CMB International

China Tourism Group A/H Trading - Decent Support from Long-Only but Minimal Retail Participation

China Tourism Group Duty Free Corporation Limited (CDF) raised around US$2.4bn in its H-share listing in Hong Kong, after pricing its IPO at HKD158...

Sumeet Singh

Kuaishou: Profitability to Improve Further with Monetisation of Overseas Business

Earnings beat consensus and losses further declined with monetisation of overseas livestreaming biz. Online ad maintained growth and domestic biz...

Shifara Samsudeen, ACMA, CGMA

Kuaishou (1024 HK): 2Q22, Many Encouraging Points Behind “Slowdown”, 48% Upside

The company’s adverting revenue increased by 11% YoY, while the market size shrank. The company raised both of its user base and Time on Site. The...

Ming Lu

Hang Seng Tech Rebalance - No Name Changes But Lots of Flow

On Friday the the HS Tech Index review was announced. NO ADDs. NO DELETEs, but ~5% one-way turnover on capping and FAF/share flow. Sensetime is big...

Travis Lundy

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